Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 ASSET PURCHASE AGREEMENT

 BY AND AMONG 

AMERICAN ELECTRIC TECHNOLOGIES INC., 

AS GUARANTOR, 
 M&I
ELECTRIC INDUSTRIES, INC., 
 AS SELLER, 

M&I ELECTRIC, LLC, AS BUYER 

AND 
 MYERS POWER
PRODUCTS, INC., AS GUARANTOR 
 August 6, 2018 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Article I Definitions
	  	 	1	 
	 Section 1.1
	  	Definitions	  	 	1	 
	 Section 1.2
	  	Interpretations	  	 	17	 
		
	 Article II Purchase and Sale
	  	 	18	 
	 Section 2.1
	  	Purchase and Sale of Assets	  	 	18	 
	 Section 2.2
	  	Assumed Liabilities	  	 	18	 
	 Section 2.3
	  	Purchase Price	  	 	18	 
	 Section 2.4
	  	Closing	  	 	19	 
	 Section 2.5
	  	Deliveries at Closing	  	 	19	 
	 Section 2.6
	  	Working Capital Adjustment	  	 	21	 
	 Section 2.7
	  	Allocation	  	 	23	 
	 Section 2.8
	  	Non-Transferability	  	 	24	 
	 Section 2.9
	  	Tax Withholding	  	 	25	 
		
	 Article III Sellers’ Representations and Warranties
	  	 	25	 
	 Section 3.1
	  	Organization and Standing	  	 	25	 
	 Section 3.2
	  	Reserved	  	 	25	 
	 Section 3.3
	  	Authority, Validity and Effect; No Conflict; Required Filings and Consents	  	 	26	 
	 Section 3.4
	  	Title to Assets	  	 	27	 
	 Section 3.5
	  	Sufficiency of Assets	  	 	27	 
	 Section 3.6
	  	Financial Statements	  	 	27	 
	 Section 3.7
	  	Taxes	  	 	28	 
	 Section 3.8
	  	Real Property	  	 	28	 
	 Section 3.9
	  	Furnishings and Equipment	  	 	29	 
	 Section 3.10
	  	Acquired Assets not Owned by Seller	  	 	29	 
	 Section 3.11
	  	Compliance With Laws	  	 	30	 
	 Section 3.12
	  	Permits	  	 	30	 
	 Section 3.13
	  	Employee Benefit Plans	  	 	30	 
	 Section 3.14
	  	Material Contracts	  	 	32	 
	 Section 3.15
	  	Litigation	  	 	33	 
	 Section 3.16
	  	Intellectual Property	  	 	33	 
	 Section 3.17
	  	Insurance	  	 	36	 
	 Section 3.18
	  	Labor Matters	  	 	36	 
	 Section 3.19
	  	Environmental Matters	  	 	37	 
	 Section 3.20
	  	Conduct of the Business in Ordinary Course	  	 	37	 
	 Section 3.21
	  	Brokers	  	 	38	 
	 Section 3.22
	  	Customers	  	 	38	 
	 Section 3.23
	  	Related Party Transactions	  	 	39	 
	 Section 3.24
	  	Employees	  	 	39	 
	 Section 3.25
	  	Government Contracts	  	 	39	 
	 Section 3.26
	  	Accounts Payable	  	 	39	 
	 Section 3.27
	  	Accounts Receivable	  	 	40	 
	 Section 3.28
	  	Inventory	  	 	40	 
	 Section 3.29
	  	Product Warranties and Liabilities	  	 	40	 
	 Section 3.30
	  	Continuation of Business	  	 	41	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 Section 3.31
	  	Work in Process	  	 	41	 
		
	 Article IV Buyer’s Representations and Warranties
	  	 	41	 
	 Section 4.1
	  	Organization and Standing	  	 	41	 
	 Section 4.2
	  	Authorization, Validity and Effect	  	 	41 	 
	 Section 4.3
	  	No Conflict, Required Filings and Consents	  	 	42	 
	 Section 4.4
	  	Legal Proceedings	  	 	42	 
	 Section 4.5
	  	Brokers	  	 	42	 
		
	 Article V Post-Closing Covenants 
	  	 	42	 
	 Section 5.1
	  	Confidentiality	  	 	42	 
	 Section 5.2
	  	Cooperation	  	 	43	 
	 Section 5.3
	  	Further Assurances; Inadvertent Transfers of Assets	  	 	43	 
	 Section 5.4
	  	Litigation Support	  	 	44	 
	 Section 5.5
	  	Run-Off; Change of Name; No Use of M&I Marks	  	 	44	 
	 Section 5.6
	  	Non-Competition	  	 	45	 
	 Section 5.7
	  	Non-Solicitation	  	 	45	 
	 Section 5.8
	  	Covered Employees	  	 	45	 
	 Section 5.9
	  	Recording of Intellectual Property Assignments	  	 	48	 
	 Section 5.10
	  	Taxes	  	 	48	 
	 Section 5.11
	  	BOMAY Electric Industries Co., Ltd.	  	 	49	 
	 Section 5.12
	  	Transition Services & Use of Houston Office	  	 	49	 
	 Section 5.13
	  	Warranty Service Obligations; Product Liability	  	 	49	 
	 Section 5.14
	  	Accounts Receivable	  	  
	 50
	  

		
	 Article VI Conditions to closing
	  	 	51	 
	 Section 6.1
	  	Conditions to Obligations of All Parties	  	 	51	 
	 Section 6.2
	  	Conditions to Obligations of Buyer	  	 	51	 
	 Section 6.3
	  	Conditions to Obligations of Seller	  	 	52	 
	 Section 6.4
	  	Termination of Agreement	  	 	52	 
	 Section 6.5
	  	Effect of Termination	  	 	53	 
		
	 Article VII Indemnification
	  	 	54	 
	 Section 7.1
	  	Survival of Representations and Warranties	  	 	54	 
	 Section 7.2
	  	Indemnification Provisions for Buyer’s Benefit	  	 	54	 
	 Section 7.3
	  	Indemnification Provisions for Seller’s Benefit	  	 	54	 
	 Section 7.4
	  	Limitations on Indemnification; Calculation of Damages	  	 	55	 
	 Section 7.5
	  	Matters Involving Third Parties	  	 	56	 
	 Section 7.6
	  	Claims and Payment; Treatment of Payments; R&W Policy	  	 	57	 
	 Section 7.7
	  	Exclusive Remedy	  	 	58	 
		
	 Article VIII Miscellaneous
	  	 	58	 
	 Section 8.1
	  	Expenses	  	 	58	 
	 Section 8.2
	  	Entire Agreement	  	 	58	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 Section 8.3
	  	Incorporation of Annexes, Exhibits and Disclosure Schedule	  	 	58	 
	 Section 8.4
	  	Amendments and Waivers	  	 	58	 
	 Section 8.5
	  	Buyer Parent	  	 	59	 
	 Section 8.6
	  	AETI Guaranty	  	 	59	 
	 Section 8.7
	  	Succession and Assignment	  	 	59	 
	 Section 8.8
	  	Notices	  	 	60	 
	 Section 8.9
	  	Governing Law	  	 	61	 
	 Section 8.10
	  	Submission to Jurisdiction; Service of Process	  	 	61	 
	 Section 8.11
	  	Waivers of Jury Trial	  	 	61	 
	 Section 8.12
	  	Specific Performance	  	 	61	 
	 Section 8.13
	  	Severability	  	 	62	 
	 Section 8.14
	  	No Third Party Beneficiaries	  	 	62	 
	 Section 8.15
	  	Mutual Drafting	  	 	62	 
	 Section 8.16
	  	Disclosure Schedule	  	 	62	 
	 Section 8.17
	  	Headings; Table of Contents	  	 	62	 
	 Section 8.18
	  	Counterparts; Facsimile and Electronic Signatures	  	 	62	 

  

	
	Exhibit A – Form of Bill of Sale
	Exhibit B – Form of Assignment and Assumption Agreement
	Exhibit C – Form of Intellectual Property Assignments
	Exhibit D – Form of Special Warranty Deed
	Exhibit E – [Intentionally Omitted]
	Exhibit F – Form of Non-Competition Agreement for Seller Parties
	Exhibit G – Form of Non-Competition Agreement for Buyer Parties
	Exhibit H – Form of Release by Subsidiaries/JVs
	Exhibit I – [Intentionally Omitted]
	Exhibit J – [Intentionally Omitted]
	Exhibit K – Form of License Agreement for use of M&I Marks in Brazil
	Exhibit L – Form of R&W Policy
	
	Annex A – Transferred IP
	Annex B – Transferred Contracts
	Annex B-1 – Acquired Assets
	Annex C – Description of Beaumont Property
	Annex D – Covered Employees
	Annex E – Excluded Assets
	Annex F – Specified Assumed Liabilities
	Annex G – Illustrative Net Working Capital Determination
	Annex H – Permitted Exceptions to Title Policy for Beaumont Property
	Annex I – Seller’s Past Practices with respect to Warranty Obligations
	Annex J – Promotional Allowances, Vendor Rebates, Credits and similar items
	Annex K – Required Consents
	
	Disclosure Schedules

 ASSET PURCHASE AGREEMENT 

This ASSET PURCHASE AGREEMENT (this “Agreement”) is entered into as of August 6, 2018 by and among AMERICAN
ELECTRIC TECHNOLOGIES, INC., a Florida corporation (“AETI”), M&I ELECTRIC INDUSTRIES, INC., a Texas corporation (“M&I”) (the “Seller”) M&I ELECTRIC, LLC, a Delaware limited liability
company (“Buyer”), and MYERS POWER PRODUCTS, INC., a Delaware corporation (“Buyer’s Parent”). AETI, the Seller, Buyer, and Buyer’s Parent are referred to collectively herein as the
“Parties” and individually as a “Party”. 
 WITNESSETH 

WHEREAS, M&I is engaged in designing, engineering, selling, manufacturing, remanufacturing, maintaining, commissioning, installing,
testing, upgrading, retrofitting, repairing, inspecting, and servicing (i) low voltage, medium voltage and arc resistant switchgear, switchboards and motor control centers (“MCC”), (ii) electrical distribution, relay and control
enclosures, (iii) pad-mounted, pier-mounted and skid-mounted power distribution and power control centers (“PDC” and “PCC” respectively) integrated or otherwise, (iv) bus duct,
(v) closed-circuit television systems (“CCTV”), (vi) power distribution automation and control, (vii) low voltage silicon controlled rectifier (DC) and low voltage variable frequency (AC) drive products for drilling and
marine vessel applications, (viii) automation, monitoring, security systems and controls, and medium voltage drives for drilling and marine vessel applications, (ix) automation and software and hardware integration and engineering
solutions for products and systems described in the preceding clauses (i) through (viii), and (x) electrical construction services and technical field services for products and systems described in the preceding clauses (i) through
(ix), from its location(s) in the United States to customers in the United States and globally, including any business initiated by M&I in the United States, wherever it is ultimately consummated (the “Business”); 

WHEREAS, Seller wishes to sell, and Buyer wishes to buy, the assets and properties held by the Seller or its Affiliates and used in the
conduct of the Business, on the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the
mutual promises herein made, and in consideration of the representations, warranties and covenants herein contained, the Parties agree as follows. 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. For purposes of this Agreement: 

“Accounts Receivable” means all accounts, notes and other receivables whether current or noncurrent and all related claims,
rights, causes of action and suits related to the same. 

  
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 “Acquired Assets” means all of the Seller’s and its Affiliates’
assets used in the conduct of the Business (wherever located), including but not limited to the following: 
 (a) Furnishings
and Equipment used in or related to the conduct of the Business; 
 (b) Records in any way used in or related to the conduct
of the Business; 
 (c) Seller Intellectual Property used in or related to the conduct of the Business, together with all
telephone numbers, facsimile numbers, internet domains and URLs used or held for use in the conduct of the Business listed on Annex A hereto (the “Transferred IP”); 

(d) all rights under Contracts used in the conduct of the Business and listed on Annex B hereto (the “Transferred
Contracts”); 
 (e) all assets reflected as “assets” on the Conclusive Net Working Capital Statement; 

(f) all inventories of raw materials, work in process, including costs in excess of billings, finished goods and other
materials and supplies (including packaging and shipping materials) owned by the Seller or an Affiliate of the Seller and used in or related to the conduct of the Business (collectively, “Inventory”); 

(g) the Accounts Receivable (other than Accounts Receivable – other, GL account 11099-00-0, as shown in the detailed balance sheet), as well as all certificates of deposit and deposit accounts with any bank or other financial institution maintained by Seller that are used in or related
to the conduct of the Business (including cash and short term investments in (but not limited to) accounts 10101-00-0, 10111-00-0, 10113-00-0, 10198-00-0, 10600-00-0 as shown in the detailed balance sheet; 

(h) all Prepaid Items arising from or related to the Business or the Acquired Assets, except that the prepaid expenses and
other current assets under the following accounting line items will not be Acquired Assets: 14001-00-0;
14004-00-0; 14008-00-0;
14009-00-0; 14010-00-0;
14011-00-0; and 14011-00-6; 

(i) promotional allowances and vendor rebates, vendor credits and similar items in any way used in or related to the conduct of
the Business, including but not limited to those listed on Annex J; 
 (j) claims, deposits, pre payments, refunds, causes of
action, rights of set off, rights to insurance proceeds and rights of recoupment (including any such item relating to the payment of Taxes, other than such items relating to Income Taxes of a Seller) attributable to the Acquired Assets or the
Business; 

  
 Page 2 

 (k) to the fullest extent assignable without violating any applicable Laws,
all Permits (all Permits contemplated by this clause (k), the “Transferred Permits”) used in the conduct of the Business; 

(1) the right to receive and retain payments of Accounts Receivable, mail relating to Accounts Receivable, and other
communications relating to Accounts Receivable, in each case to the extent related to the Acquired Assets or the Business; 

(m) the right to bill and receive payments for products shipped or delivered and/or services performed but unbilled or unpaid
as of the Closing unless related solely to an Excluded Asset; 
 (n) all goodwill as a going concern and all other intangible
property in each case that is used in or related to the conduct of the Business; 
 (o) the Beaumont Property and Real
Property Leases, including the Sellers’ interest in any security deposits under the Real Property Leases; 
 (p) all
rights, to the extent such rights are transferable (but if not transferable, then subject to Section 2.8), to seniority, preferred status or similar benefits at any trade show, including but not limited to the Offshore
Technology Conference; and 
 (q) all other properties, assets and rights owned by the Seller or in which the Seller has an
interest, or that are owned by an Affiliate of Seller and used in or related to the conduct of the Business, unless expressly included as an Excluded Asset. 

For avoidance of doubt, the Acquired Assets shall include but not be limited to all of the right, title, and interest in and to all the assets set forth on
Annex B-1 hereto. 
 “Adjustment Determination Effective Time” has the meaning set forth in
Section 2.6 (a). 
 “Affiliate” means, with respect to any specified Person, any other Person
that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with such specified Person. The term “control” (including the terms “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the preamble. 

“Allocation Principles” has the meaning set forth in Section 2.7. 

“Assignment and Assumption Agreement” has the meaning set forth in Section 2.5(a)(iii). 

“Assumed Indebtedness” has the meaning set forth in Section 2.3(b). 

  
 Page 3 

 “Assumed Liabilities” means only the following Liabilities of Seller and/or
its Affiliates to the extent primarily used in the conduct of the Business as of the Closing Date: 
 (a) all Liabilities
reflected on the Conclusive Net Working Capital Statement; 
 (b) all Liabilities of Seller or its Affiliates under the
Transferred Contracts arising on or after the Closing Date but only to the extent such Transferred Contracts are assigned to Buyer or Buyer otherwise receives the rights and benefits of such Transferred Contracts pursuant to Section 2.8,
but specifically excluding any Liability relating to or arising out of such Transferred Contracts as a result of (i) any breach of such Transferred Contracts occurring prior to the Closing Date, (ii) any violation of Law, breach of
warranty, tort or infringement occurring prior to the Closing Date; (iii) any charge, complaint, action, suit, proceeding, hearing, investigation, claim or demand arising out of or relating to any period occurring on or prior to the Closing
Date; or (iv) any particular product shipped or discrete service completed by Seller prior to the Closing Date with respect to a Transferred Contract that provided for the shipping of multiple products or the provision of multiple discrete
services; 
 (c) all Liabilities to be assumed by Buyer in accordance with the provisions of
Section 5.8; 
 (d) the Transfer Taxes and Property Taxes to the extent allocated to Buyer pursuant
to Section 5.10; and 
 (e) subject to the provisions of and as specifically provided for in
Section 5.13, all Warranty Service Obligations; 
 provided, however, notwithstanding the above, the Assumed Liabilities shall not include any
Excluded Liabilities. 
 “Balance Sheet Date” has the meaning set forth in Section 3.6(a). 

“Beaumont Property” means the Real Property and improvements and fixtures thereon owned by Seller and located in Beaumont,
Texas, and being more particularly described on Annex C. 
 “Bill of Sale” has the meaning set forth in
Section 2.5(a)(ii) 
 “Business” has the meaning set forth in the recitals. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which banks located in Houston, Texas shall be
authorized or required by law to close. 
 “Buyer” has the meaning set forth in the preamble. 

“Buyer Indemnified Party” has the meaning set forth in Section 7.2. 

  
 Page 4 

 “Cash” means cash, cash equivalents and liquid investments. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act, as amended, 42 U.S.C. § 9601 et
seq. 
 “Closing” has the meaning set forth in Section 2.4. 

“Closing Date” has the meaning set forth in Section 2.4. 

“COBRA” has the meaning set forth in Section 5.8(f). 

“Compensation Plans” has the meaning set forth in Section 3.13(a). 

“Conclusive Net Working Capital Statement” has the meaning set forth in Section 2.6(a). 

“Confidentiality Agreement” means the confidentiality and nondisclosure letter agreement, dated as of November 20, 2017,
by and between AETI and Myers Power Products, Inc. 
 “Confidential Information” has the meaning set forth in
Section 5.1. 
 “Consent” means any consent, approval, authorization, qualification, waiver,
registration or notification required to be obtained from, filed with or delivered to a Governmental Authority or other Person in connection with the consummation of the transactions provided for in this Agreement or the Related Agreements. 

“Contract” means all written or oral legally binding contracts, subcontracts, leases, mortgages, licenses, sublicenses,
instruments, notes, guarantees, commitments, undertakings, indentures, letters of intent, purchase orders and other agreements of any nature. 

“Covered Employee” means an employee of Seller that is named on Annex D. 

“Damages” has the meaning set forth in Section 7.2. 

“Decree” means any judgment, decree, ruling, injunction, assessment, attachment, undertaking, award, charge, writ, executive
order, administrative order or any other order of any Governmental Authority. 
 “Disclosure Schedule(s)” has the meaning
set forth in the introduction to Article III. 
 “Disputed Item” has the meaning set forth in
Section 2.6(d). 
 “Documentation” means printed, visual or electronic materials, reports, white
papers, documentation, specifications, designs, flow charts, code listings, instructions, user manuals, frequently asked questions, release notes, recall notices, error logs, diagnostic reports, marketing materials, packaging, labeling, service
manuals and other information describing the use, operation, installation, configuration, features, functionality, pricing, marketing or correction of a product, whether or not provided to end user. 

  
 Page 5 

 “Due Diligence Adjustment” means an amount equal to Four Hundred and Five
Thousand Dollars ($405,000). 
 “Employer’s Obligations” means all obligations or requirements related to the
employment of personnel that an employer needs to comply with in its relation with employees, former employees, employee representatives, trade unions, public authorities, pension funds and insurance companies, whether statutory, regulatory,
contractual or otherwise, including any obligation to discharge remuneration, benefits, bonus and incentive payments, holiday pay, termination indemnities, insurance premiums, pension fund contributions, tax and social security contributions. 

“Employment Documentation” has the meaning set forth in Section 5.8. 

“Employment Arrangement” has the meaning set forth in Section 3.13(a). 

“Environment” means soil, surface waters, groundwater, land, stream sediments and ambient air. 

“Environmental Law” means all Laws or Decrees with respect to pollution or protection of the Environment, including without
limitation CERCLA. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any trade or business, whether or not incorporated, which is treated as a single employer with Seller
pursuant to Subsections (b), (c), (m) or (o) of Section 414 of the IRC or Section 4001(b)(1) of ERISA. 
 “ERISA
Benefit Plan” means an employee benefit plan, program or other arrangement that is an “employee pension benefit plan” (as defined in Section 3(2) of ERISA), or an “employee welfare benefit plan” (as defined in
Section 3(1) of ERISA). 
 “Escrow Account” has the meaning set forth in Section 2.3. 

“Escrow Agent” has the meaning set forth in Section 2.3. 

“Escrow Agreement” has the meaning set forth in Section 2.3. 

“Escrow Amount” has the meaning set forth in Section 2.3. 

“Estimated Net Working Capital Amount” has the meaning set forth in Section 2.6(a). 

“Estimated Net Working Capital Statement” has the meaning set forth in Section 2.6(a). 

“Excess Warranty Service Costs” has the meaning set forth in Section 5.14. 

  
 Page 6 

 “Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Assets” means the following assets of the Seller as of the Closing: 

(a) (i) certificates of incorporation and organizational documents, qualifications to conduct business as a foreign
corporation, arrangements with registered agents relating to foreign qualifications, taxpayer and other identification numbers, seals, minute books, stock transfer books, stock certificates and other documents relating to the organization,
maintenance and existence of the Sellers; (ii) documentation or records related to Taxes paid or payable by Seller; or (iii) any Tax asset of or with respect to Seller (provided, however, that with respect to any
documentation related to the foregoing, Buyer shall be entitled to receive a copy of such documentation by making a written request to Sellers); 

(b) except as expressly provided in Section 5.8, all rights and assets under or related to any Seller Benefit Plan;

 (c) all Permits other than Transferred Permits; 

(d) all insurance policies and binders; 

(e) claims for and rights to receive refunds of insurance premiums for insurance carried by Seller that will be terminated by
Seller on the Closing Date; 
 (f) all rights, claims and counterclaims with respect to the Retained Litigation Matters; 

(g) Seller’s rights under this Agreement or any Related Agreement; 

(h) refunds of Taxes attributable to the Acquired Assets for a Pre-Closing Tax Period;

 (i) net operating losses and income tax benefits of Seller; 

(j) the Subsidiaries and Joint Ventures, except for assets of the Subsidiaries and Joint Ventures that are in any way used in
or relate to the Business, which assets will be transferred to M&I prior to the Closing or to Buyer at the Closing; and 

(k) any other assets in any way used in or related to the Business that are listed on Annex E hereto. 

“Excluded Liabilities” means all of the following Liabilities of Seller and its Affiliates: 

(a) any Liability in respect of any of the Excluded Assets (including under any Contracts, commitments or understandings
related thereto), including but not limited to any Liabilities of Seller pursuant to the Joint Venture Contracts and any Liabilities of the Subsidiaries, unless expressly listed on Annex F hereto; 

  
 Page 7 

 (b) any Liability for the Retained Litigation Matters and all Product
Liability claims related to all products shipped by Seller prior to the Closing Date; 
 (c) any Liability of Seller for
Taxes with respect to the Business, or otherwise except a portion of Property Taxes as provided in Section 5.10(c) and any Liability of Seller or an Affiliate of Seller for Taxes arising in connection with the consummation of the transactions
contemplated hereby (including any Income Taxes arising because the Seller or its Affiliates are transferring the Acquired Assets), except a portion of Transfer Taxes as provided in Section 5.10(a), except, in each such case, to the
extent set forth in the Conclusive Net Working Capital Statement or otherwise taken into account as an adjustment to the Purchase Price as expressly set forth in this Agreement; 

(d) all Liabilities relating to employees of Seller in connection with withheld payroll Taxes, payroll, workman’s
compensation benefits and accounts payable employee withholding, in each case, accrued prior to the Closing (other than any such Liabilities set forth on the Conclusive Net Working Capital Statement); 

(e) all Liabilities of Seller or its Affiliates under this Agreement or any Related Agreement and the transactions contemplated
hereby or thereby; 
 (f) Seller Transaction Expenses, including but not limited to any and all Liabilities for expenses or
fees incident to or arising out of the negotiation, preparation, approval or authorization of this Agreement or any Related Agreement or the consummation (or preparation for the consummation) of the transactions contemplated hereby or thereby
(including all attorneys’ and accountants’ fees and brokerage fees); 
 (g) any Liabilities arising out of or
relating to the operation of the Business prior to the Closing Date (i) arising by reason of any violation or alleged violation of any Law or any requirement of any Governmental Authority, (ii) arising by reason of any breach by Seller or
an Affiliate of Seller of any Contract (including but not limited to Liabilities under warranties and indemnifications by Seller for, or under statutory, common law or other products liability claims with respect to, any product manufactured, sold
or provided by Seller, subject to Buyer’s Warranty Service Obligations provided for the benefit of Seller as provided for in Section 5.13, license, commitment, instrument, judgment, order or decree, or (iii) arising under any
Environmental Law; 
 (h) Liabilities relating to any action, proceeding or claim arising out of or in connection with
Seller’s conduct of the Business or any other conduct of Seller, an Affiliate of Seller, or any officer, director, member, manager, employee, consultant, agent or advisor of Seller or an Affiliate of Seller, on or prior to the Closing Date;

 (i) any Liabilities for Indebtedness of Seller or an Affiliate of Seller; 

(j) except as provided in Section 5.8, all Liabilities of Seller or any ERISA Affiliate with respect
to any Seller Benefit Plan; 

  
 Page 8 

 (k) any Liability of Seller or an Affiliate of Seller imposed upon Buyer as
a successor to or acquiror of the Business where such liability has not been expressly assumed by Buyer as an Assumed Liability; 

(l) any Liability arising from, or relating to, the formation, organization or capitalization of Seller, or the equity
interests of Seller, and including any Liability relating to the manner in which any equity interests, or any rights to acquire any equity interests of Seller, were issued or granted, or relating to the distribution of proceeds from the transaction
contemplated hereby to holders of equity securities of Seller; 
 (m) any Liability based on misappropriation, unauthorized
use or infringement of any Intellectual Property of any Person by Seller or an Affiliate of Seller or with respect to the Seller Intellectual Property; 

(n) any Liability of Seller or an Affiliate of Seller based upon any act or omission of Seller or such Affiliate that occurs
after the Closing; and 
 (o) any Liability of Seller not included in the determination of Net Working Capital pursuant to
the Conclusive Net Working Capital Statement. 
 “Excluded Warranty Claims” means, without implied limitation, any Warranty
Claim in any way related to purchase order number ECP011288 with Solar Turbines, a Caterpillar company, issued on November 16, 2017; purchase order number ECP011288 (revision 2) with Solar Turbines, a Caterpillar company, issued on
March 21, 2018; purchase order number ECP011447 with Solar Turbines, a Caterpillar company, issued on April 4, 2018; or the Integrated Solar Inversion Station sold and shipped to Siemens in Atwater, California in September, 2012, as well
as any Warranty Claim related to any matter that should have been listed on Section 3.29(b) of the Disclosure Schedule. 

“Financial Statements” has the meaning set forth in Section 3.6(a). 

“Flexible Benefit Plans” has the meaning set forth in Section 3.13(a). 

“Fundamental Representations” has the meaning set forth in Section 7.1. 

“Funded Indebtedness” has the meaning set forth in Section 2.3(b). 

“Furnishings and Equipment” means tangible personal property (other than Seller Intellectual Property) owned or leased by the
Seller in any way used in or related to the Business or the Acquired Assets, including machinery, machine tools, equipment, motor vehicles, trucks, trailers, rolling stock, fixtures, office equipment, furniture, furnishings, motors, tools, dies,
parts, jigs, molds, models, computers, data processing equipment, security systems, and any and all attachments, accessories, accessions, replacements, substitutions, additions and improvements thereto, whether owned or leased by the Seller,
wherever located. 

  
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 “GAAP” means United States generally accepted accounting principles
consistently applied. 
 “Governmental Authority” means any federal, state, local or foreign governmental or regulatory
authority, agency, commission, court, body or other governmental entity. 
 “Government Bid” means a bid which, if
accepted, would result in a Government Contract. 
 “Government Contract” means any Contract (including but not limited to
any prime contract, subcontract, letter contract, purchase order, task order, delivery order, teaming agreement or letter of intent) related to the Business that is (a) between Seller and a Governmental Authority or (b) is entered into by
Seller as a subcontractor (at any tier) in connection with a Contract between another entity and a Governmental Authority. 

“Hazardous Material” means “hazardous substance,” “pollutant or contaminant,” and “petroleum”,
as those terms are defined or used in or CERCLA. 
 “Income Taxes” means any Tax based on or measured by reference to
income (or franchise tax imposed in lieu of), including any interest, penalty or addition thereto, whether disputed or not. 

“Indebtedness” means (i) any indebtedness for borrowed money; (ii) any indebtedness evidenced by any note, bond,
debenture or other debt security; (iii) any liabilities or obligations for the deferred purchase price of property or services with respect to which Seller is liable, contingently or otherwise, as obligor or otherwise; (iv) any commitment
by which Seller assures a creditor against loss (including contingent reimbursement obligations with respect to letters of credit); (v) any indebtedness guaranteed in any manner by Seller (including guarantees in the form of an agreement to
repurchase or reimburse); (vi) any indebtedness or liabilities secured by a Lien on the Acquired Assets; (vii) any obligations under capital leases; (viii) any amounts owed to Affiliates of a Seller; and (ix) any amounts due and
outstanding to a holder of any preferred stock or other equity security of a Seller. 
 “Indemnified Party” has the meaning
set forth in Section 7.4. 
 “Indemnifying Party” has the meaning set forth in
Section 7.4. 
 “Initial Purchase Price” has the meaning set forth in
Section 2.3. 
 “Intellectual Property” means any and all of the following in any jurisdiction
throughout the world (a) trademarks and service marks, including all applications and registrations and the goodwill connected with the use of and symbolized by the foregoing, (b) copyrights, including all applications and registrations,
and works of authorship, whether or not copyrightable; (c) trade secrets and confidential know-how; (d) patents and patent applications; (e) inventions existing at the time of transfer of the
Acquired Assets (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all utility models, and patent 

  
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 disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations relating thereto; (f) websites and internet domain name registrations; and (g) all other intellectual property and industrial
property rights and assets, and all rights, interests and protections that are associated with, similar to, or required for the exercise of, any of the foregoing and (h) registrations and applications for any of the foregoing. 

“Intellectual Property Assignments” has the meaning set forth in Section 2.5(a)(iv). 

“Interim Financial Statements” has the meaning set forth in Section 3.6(a). 

“IRC” means the Internal Revenue Code of 1986, as amended. 

“IRS” means the Internal Revenue Service. 

“Inventory” has the meaning set forth in the definition of Acquired Assets. 

“Joint Ventures” means BOMAY Electric Industries Co., Ltd., M&I Electric Far East PTE ltd. and any other joint venture or
other entity in which Seller owns an interest. 
 “Knowledge” of a Person (and other words of similar import) means the
actual knowledge of (i) with respect to Seller or an Affiliate of Seller, Charles Dauber, Bill Brod, Leslie Chow or Landon Frioux, and (ii) with respect to Buyer, Barnet Rogers, Diana Grootonk, Stein Agee, and Tom Rothenberger. 

“Laws” means all applicable laws (whether statutory, common law, or otherwise), rules, regulations, orders, ordinances,
judgments, decrees, writs, statutes, codes and injunctions enacted or promulgated by any Governmental Authority. 
 “Leased Real
Property” has the meaning set forth in Section 3.8. 
 “Liability” means any liability
or obligation of whatever kind or nature (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated and whether due or to become due) regardless of when
arising, including any liability for Taxes. 
 “Lien” means any mortgage, pledge, lien, charge, security interest, option,
right of first refusal, easement, security agreement or other encumbrance or restriction on the use or transfer of any property; provided, however, that “Lien” shall not be deemed to include any license of Intellectual
Property. 
 “Limited Damages” has the meaning set forth in Section 7.4(c). 

“Litigation” means any action, cause of action, suit, claim, investigation, audit, demand, hearing or proceeding, whether
civil, criminal, administrative or arbitral, whether at law or in equity and whether before any Governmental Authority. 
 “Major
Customer” has the meaning set forth in Section 3.22. 

  
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 “Material Adverse Effect” means any event, circumstance, occurrence, fact,
condition, effect or change that, individually or in the aggregate with all other such matters, has or could reasonably be anticipated to have a material and adverse effect upon (a) the Business, results of operations, financial condition,
Liabilities or assets of the Business, taken as a whole, or (b) the ability of Seller or an Affiliate of Seller to consummate the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not include
any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions generally affecting the industry in which the Business operates;
(iii) any changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any security (other than AETI’s) or any market index or any change in prevailing interest rates;
(iv) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required or permitted by this Agreement or any action taken (or omitted to be taken) with the written
consent of or at the written request of Buyer; (vi) any changes in applicable Laws or accounting rules (including GAAP) or the enforcement, implementation or interpretation thereof; (vii) the announcement, pendency or completion of the
transactions contemplated by this Agreement, including losses or threatened losses of employees, customers, suppliers, distributors or others having relationships with the Seller and the Business, so long as Seller and its Affiliates have not
breached this Agreement related thereto; (viii) any natural or man-made disaster or acts of God; or (ix) any failure by the Business to meet any internal or published projections, forecasts or
revenue or earnings predictions (provided that the underlying causes of such failures (subject to the other provisions of this definition) shall not be excluded). 

“Material Contract” has the meaning set forth in Section 3.14(a). 

“Material In-Bound License Agreements” has the meaning set forth in
Section 3.16(h). 
 “M&I Marks” has the meaning set forth in
Section 5.5(b). 
 “Neutral Arbitrator” has the meaning set forth in
Section 2.6(a). 
 “Net Asset Adjustment” means an amount equal to Eight Hundred and Twelve
Thousand and Seven Dollars ($812,007). 
 “Net Working Capital” means (A) current assets of the Business (excluding
deferred Tax assets) less (B) current liabilities of the Business (excluding deferred Tax liabilities), in either case as determined in accordance with GAAP, except to the extent set forth in the illustrative determination of Net Working
Capital set forth in the attached Annex G hereto and the notes included therein. 
 “Open Warranty Claims” has the meaning
set forth in Section 3.29(b). 
 “Organizational Documents” means the certificate or articles of
incorporation, organization or formation and the bylaws, partnership agreement or operating or limited liability company agreement and any other documents governing the internal operations of an entity. 

  
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 “Party” has the meaning set forth in the preamble. 

“Permit” means any franchise, approval, permit, license, order, registration, certificate, variance or similar right obtained
from any Governmental Authority. 
 “Permitted Lien” means (a) Liens for Taxes not yet due and payable or which are
being contested in good faith by appropriate proceedings; (b) mechanic’s, workmen’s, repairmen’s, warehousemen’s, carrier’s or other similar Liens, arising or incurred in the ordinary course of business for amounts that
are not yet delinquent or which are being contested in good faith by appropriate proceedings as to which a Person shall, to the extent required by GAAP have set aside on its books adequate reserves and which in any event are shown in the
determination of Net Working Capital; (c) any right, interest, Lien or title of a licensor, sublicensor, lessor or sublessor, or any license rights of a licensee or sublicensee, under any license or lease agreement not constituting Indebtedness
in the property being leased or licensed; (d) encumbrances and restrictions on real property (including easements, covenants, conditions, rights of way and similar restrictions) that are disclosed in publicly recorded documents listed on the
title policy to be delivered by Seller at the Closing (but excluding in all events any Liens securing the payment of money), including those items noted on Annex H; and (e) with respect to real property, zoning, building codes and other land
use laws regulating the use or occupancy of such real property or the activities conducted thereon which are imposed by any Governmental Authority having jurisdiction over such real property. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or any other entity, including any Governmental Authority or any group of any of the foregoing. 

“Post-Closing Net Working Capital Statement” has the meaning set forth in
Section 2.6(b). 
 “Pre-Closing Tax
Period” means all taxable periods ending on or before the Closing Date and the portion through the end of the Closing Date for any taxable period that includes (but does not end on) the Closing Date. In the case of any taxable period that
includes (but does not end on) the Closing Date (a “Straddle Period”), the amount of any Taxes based on or measured by income, receipts, or payroll of for the Pre-Closing Tax Period shall be
determined based on an interim closing of the books as of the close of business on the Closing Date and the amount of other Taxes for a Straddle Period that relates to the Pre-Closing Tax Period shall be
deemed to be the amount of such Tax for the entire taxable period multiplied by a fraction the numerator of which is the number of days in the taxable period ending on the Closing Date and the denominator of which is the number of days in such
Straddle Period. 
 “Prepaid Items” means all credits, cash reserves, prepaid expenses, advance payments, security
deposits, escrows and other prepaid items of or for the benefit of Seller arising from or related to the Business or the Acquired Assets. 

  
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 “Pre-Signing Working Capital
Adjustment” means an amount equal to Three Million Seven Hundred and Seven Thousand and Nine Hundred and Three Dollars ($3,707,903); provided, however, if the Closing Date is not within fourteen (14) days after the date of this
Agreement, the Pre-Signing Working Capital Adjustment shall be re-determined in good faith by Seller and Buyer. 

“Purchase Price” has the meaning set forth in Section 2.3. 

“Purchase Price Allocation” has the meaning set forth in Section 2.7. 

“Real Property” means all of a Seller’s real property and interests in real property, including any leaseholds and
subleaseholds, purchase options to acquire real property, easements, licenses, to use real property, rights to access, rights of way, all buildings and other improvements thereon, and other real property interests currently used in the Business.

 “Real Property Leases” has the meaning set forth in Section 3.8. 

“Records” means the books, records, ledgers, invoices, documents, correspondence, lists (including customer lists and
supplier lists), plans, drawings, designs, specifications, advertising and promotional materials, reports, human resources and other employment records, data and other printed materials of Seller or an Affiliate of Seller (in any form or medium)
related to, used or held for use in connection with the Business or the Acquired Assets, together with true and complete copies of all other books and records pertaining to the Business including all records of all banks with respect to accounts,
loans or other relationships with of the Sellers. 
 “Related Agreements” means the Bill of Sale, the Assignment and
Assumption Agreement, the Intellectual Property Assignments, and all other Contracts, schedules, certificates or other documents being delivered pursuant to or in connection with this Agreement, the Bill of Sale, the Assignment and Assumption
Agreement or the Intellectual Property Assignments. 
 “Release” means any releasing, spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, escaping, disposing or dumping of a Hazardous Material into the Environment. 

“Representative” means, when used with respect to a Person, the Person’s controlled Affiliates and such Person’s
and any of the foregoing Persons’ respective officers, directors, managers, members, shareholders, partners, employees, agents, representatives, advisors (including financial advisors, bankers, consultants, legal counsel and accountants) and
financing sources. 
 “Resolution Period” has the meaning set forth in Section 2.6(c). 

“Retained Litigation Matters” means the Litigation and other matters listed on Section 3.6 or
Section 3.15 of the Disclosure Schedule. 
 “R&W Policy” means that certain Buyer-Side
Representations and Warranties Insurance Policy, by and between Buyer and Concord Specialty Risk. 

  
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 “Seller” has the meaning set forth in the preamble. 

“Seller Benefit Plans” has the meaning set forth in Section 3.13(a). 

“Seller Financial Statements” has the meaning set forth in Section 3.6(a). 

“Seller Indemnified Party” has the meaning set forth in Section 7.3. 

“Seller Intellectual Property” means all Intellectual Property that is owned by Seller or an Affiliate of Seller that has
been used, held for use in connection with or relates to the Business, together with all rights to collect royalties, products, payments and proceeds in connection therewith, all rights to sue for past, present and future infringement,
misappropriation or dilution thereof, or for any other conflict therewith or violation thereof, and all rights to recover damages or lost profits or other amounts in connection therewith, and including all of the Intellectual Property set forth on
Section 3.16(a) of the Disclosure Schedule and all rights in and to the “M&I Electric Industries, Inc.,” “Drillassist”, “Empowering Energy” and “Intellisafe” names and marks (and
derivations thereof, including but not limited to “M&I”) in any jurisdiction (together with all translations, adaptations, derivations, and combinations thereof, all applications, registrations, and renewals in connection therewith,
and all goodwill associated with any of the foregoing), and all rights, presently or hereafter existing, whether arising by operation of Law, contract, license or otherwise corresponding or related to any of the foregoing in any jurisdiction
throughout the world. 
 “Seller Software” has the meaning set forth in Section 3.16(f). 

“Seller Systems” has the meaning set forth in Section 3.16(e). 

“Seller Transaction Expenses” means the collective amounts payable by Seller or an Affiliate of Seller for all of the out-of-pocket fees and expenses incurred in connection with the preparation, negotiation, execution and consummation of the transactions contemplated hereby, including
(a) all fees, expenses and disbursements of counsel, accountants, investment bankers, experts and consultants to Seller and (b) any retention, bonus or similar compensatory amounts payable to any employees or service providers of Seller
that become due and payable by Seller as a result of the consummation of the transactions contemplated hereby. 

“Software” means any and all (i) computer programs, including any and all software implementations of algorithms, models
and methodologies, whether in source code or object code, (ii) databases and compilations, including any and all data and collections of data, whether machine readable or otherwise, (iii) descriptions, schematics, flow-charts and other
work product used to design, plan, organize and develop any of the foregoing, and screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons and (iv) all Documentation (including user manuals and
other training documentation) related to any of the foregoing. 

  
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 “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, partnership, joint venture, association or other business entity of which, directly or indirectly, (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or
(ii) if a limited liability company, partnership, joint venture, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof and for this purpose, a Person or Persons owns a majority ownership interest in such a business entity (other than a corporation) if such Person or
Persons shall be allocated a majority of such business entity’s gains or losses or shall be or control any managing director, managing venturer or general partner of such business entity (other than a corporation). 

“Target Net Working Capital Amount” has the meaning set forth in Section 2.6(a). 

“Tax” or “Taxes” means any federal, state, local or foreign income, gross receipts, license, payroll,
employment, excise, stamp, occupation, premium, windfall profits, environmental (including taxes under Section 59A of the IRC), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment,
disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated or other tax of any kind whatsoever, whether computed on a separate or
consolidated, unitary or combined basis or in any other manner, including any interest, penalty or addition thereto, whether disputed or not. 

“Tax Return” means any return, declaration, report, claim for refund or information return or statement relating to Taxes,
including any schedule or attachment thereto, and including any amendment thereof. 
 “Third Party Claim” has the meaning
set forth in Section 7.5(a). 
 “Transfer Tax” has the meaning set forth in
Section 5.10. 
 “Transferred Contracts” has the meaning set forth in the definition of Acquired
Assets. 
 “Transferred Employee” has the meaning set forth in Section 5.8(a) 

“Transferred Permits” has the meaning set forth in the definition of Acquired Assets. 

“WARN Act” means the Worker Adjustment and Retraining Notification Act of 1989. 

“Warranty Claim” means any claim with respect to products manufactured, sold or delivered or services provided by Seller
under a valid warranty provided by Seller that a product or service exhibits a defect in design, material or workmanship or does not conform with the specifications for such product or service. 

  
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 “Warranty Service Obligations” means the Buyer’s obligation to provide
services on behalf of Seller related to Open Warranty Claims as of the Closing Date, as well as all new Warranty Claims made after the Closing Date with respect to products shipped by Seller prior to the Closing Date, pursuant to the warranty terms
under which the product was originally sold by Seller and in accordance with Sellers’ past practices as set forth on Annex I, which services include the repair or replacement of products that exhibit a defect in design, material or
workmanship or which do not conform with the specifications for such product. 
 Section 1.2 Interpretations. Unless otherwise
indicated herein to the contrary: 
 (a) When a reference is made in this Agreement to an Article, Section, Annex, Exhibit, Schedule, clause
or subclause, such reference shall be to an Article, Section, Annex, Exhibit, Schedule, clause or subclause of this Agreement. 
 (b) The
words “include,” “includes” or “including” and other words or phrases of similar import, when used in this Agreement, shall be deemed to be followed by the words “without limitation.” 

(c) The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, refer
to this Agreement as a whole and not to any particular provision of this Agreement. 
 (d) The word “if” and other words of similar
import shall be deemed, in each case, to be followed by the phrase “and only if.” 
 (e) The use of “or” herein is not
intended to be exclusive. 
 (f) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of
such terms. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice versa. 

(g) All terms defined in this Agreement have their defined meanings when used in any certificate or other document made or delivered pursuant
hereto, unless otherwise defined therein. 
 (h) References herein to a Person are also to its permitted successors and assigns. Any
reference herein to a Governmental Authority shall be deemed to include reference to any successor thereto. 
 (i) Any reference herein to
“Dollars” or “$” shall mean United States dollars. 
 (j) Seller and Buyer acknowledge and agree that the specification
of any dollar amount in the representations, warranties or covenants contained in this Agreement is not intended to imply that such amounts or higher or lower amounts are or are not material, and neither Seller nor Buyer shall use the fact of the
setting of such amounts in any dispute or controversy between the Parties as to whether any obligation, item or matter is or is not material. 

  
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 ARTICLE II 

PURCHASE AND SALE 

Section 2.1 Purchase and Sale of Assets. On the terms and subject to the conditions set forth in this Agreement, Buyer will
purchase from the Seller, and the Seller will sell, transfer, assign, convey and deliver to Buyer at the Closing all of the Acquired Assets, free and clear of all Liens other than Permitted Liens. To the extent any Acquired Asset is now owned by an
Affiliate of the Seller, such Acquired Asset shall be transferred to the Seller prior to the Closing and then transferred to Buyer or, at Seller’s option, conveyed directly to Buyer at the Closing. Notwithstanding anything to the contrary in
this Agreement, the Excluded Assets are not part of the sale contemplated hereby and shall remain the property of Seller or its Affiliates. 

Section 2.2 Assumed Liabilities. On the terms and subject to the conditions set forth in this Agreement, Buyer will assume and
become responsible for the Assumed Liabilities at the Closing. Buyer agrees to pay, perform, honor and discharge, or cause to be paid, performed, honored and discharged, all Assumed Liabilities in a timely manner in accordance with the terms
thereof. 
 Section 2.3 Purchase Price. 

(a) The Purchase Price for the Acquired Assets will be an amount equal to Seventeen Million Two Hundred and Fifty Thousand Dollars
($17,250,000), plus the Net Asset Adjustment, less the Due Diligence Adjustment and less the Pre-Signing Working Capital Adjustment (the “Cash Purchase Price”) plus the value of the Assumed
Indebtedness. At the Closing, Buyer shall: (a) deposit with a mutually agreeable agent, as escrow agent (the “Escrow Agent”), by wire transfer of immediately available funds to an account designated by the Escrow Agent prior to
the Closing Date, an amount equal to (x) $600,000 plus (y) the amount of the retention under the R&W Policy (such amount, the “Escrow Amount”) to be deposited in an escrow account (the “Escrow Account”) to
be established and maintained by the Escrow Agent pursuant to an escrow agreement (the “Escrow Agreement”), to be entered into on the Closing Date by Seller, Buyer and the Escrow Agent; (b) pay the Funded Indebtedness as
described in Section 2.3(b); and (c) pay to Seller an amount equal to the Cash Purchase Price less the Funded Indebtedness, as adjusted pursuant to Section 2.6(a) (such amount together with
the Escrow Amount, the “Initial Purchase Price” and as further adjusted by the payments contemplated by Section 2.6(d), if any, the “Purchase Price”), by wire transfer of immediately available funds to
an account or accounts designated by Seller prior to the Closing Date. The Escrow Agreement shall reflect that the Escrow Amount is solely (i) for any payment due to Buyer from Seller as contemplated by Section 2.6(d) (and if all or any
portion of the $500,000 included in the Escrow Amount solely for such purpose remains in the Escrow Account after the Conclusive Net Working Capital Statement is finalized and any post-closing adjustments are completed and paid, such amount shall be
immediately paid to Seller by the Escrow Agent), (ii) for reimbursement of the retention under the R&W Policy or payment to Buyer as contemplated by Section 5.14 (and 

  
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the amount included in the Escrow Amount solely for such purpose that (y) remains in the Escrow Account at 210 days after Closing and (z) is not subject to a pending claim under the
R&W Policy or under the Escrow Agreement, shall be immediately paid to Seller by the Escrow Agent), and (iii) to cover any run-off claims as contemplated by Section 5.8(f) (and if all or any
portion of the $100,000 included in the Escrow Amount solely for such purpose remains in the Escrow Account after the deadline for submitting claims, as appropriate, has passed, such amount shall be immediately paid to Seller by the Escrow Agent).

 (b) It is contemplated by the Parties that, upon the Closing, all of the Indebtedness of the Company as of the Closing Date, including the
Indebtedness set forth on Section 2.3(b) of the Disclosure Schedules (the “Funded Indebtedness”) but excluding the Indebtedness and accounts payable set forth on Section 2.3(b)-1 of the Disclosure Schedules (the “Assumed Indebtedness”), will be fully repaid and that such repayment will be funded with a portion of the Initial Purchase Price. In order to
facilitate such repayment, the Seller has obtained payoff letters for all of the Funded Indebtedness as of the Closing Date (the “Payoff Letters”), which Payoff Letters shall indicate that such lenders have agreed to release and
terminate all Liens in respect of such Funded Indebtedness relating to the Acquired Assets upon receipt of the amounts indicated in such Payoff Letters. The Seller hereby instructs the Buyer to make the payments referenced in such Payoff Letters on
the Closing Date in order to discharge such Indebtedness covered thereby. 
 (c) It is contemplated by the Parties that, upon the Closing all
of the Seller Transaction Expenses as of the Closing Date will be fully paid and that such payment will be funded with a portion of the Cash Purchase Price. The amount of the Seller Transaction Expenses as of the Closing Date shall be adjusted, if
required, in accordance with Section 2.6 below. 
 Section 2.4 Closing. The closing of the
transactions contemplated by this Agreement (the “Closing”) shall take place remotely via the exchange of documents and signatures by facsimile or electronic transmission on the date that is two (2) Business Days after the date
that all of the conditions set forth in Article VI are either satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing Date), or at such other time, date or place as Seller and Buyer may mutually
agree upon in writing. The date on which the Closing is to occur is herein referred to as the “Closing Date.” 

Section 2.5 Deliveries at Closing. 

(a) At the Closing, the Seller will deliver to Buyer the following duly executed documents and other items: 

(i) the Escrow Agreement duly executed by Seller and the Escrow Agent; 

(ii) a Bill of Sale substantially in the form of Exhibit A hereto (the “Bill of Sale”): 

  
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 (iii) an Assignment and Assumption Agreement substantially in the form of Exhibit B
hereto (the “Assignment and Assumption Agreement”); 
 (iv) instruments of assignment substantially in the form of
Exhibit C hereto or as required by applicable law for each issued patent, registered trademark, and registered copyright, and for each pending application therefor, that is included in the Acquired Assets (collectively, the
“Intellectual Property Assignments”); 
 (v) a Special Warranty Deed substantially in the form of Exhibit D hereto
conveying the Beaumont Property to the Buyer (the “Deed”), together with such certifications and affidavits as are customary or reasonably required by the issuer of the Title Policy in order for the Buyer to obtain title insurance
covering the Beaumont Property; 
 (vi) a non-foreign affidavit, dated as of the Closing Date, sworn
under penalty of perjury and in form and substance required under Treasury Regulations issued pursuant to Sections 1445 and 1446(f) of the IRC stating that Seller is not a “foreign person” as defined in Section 1445 of the IRC; 

(vii) except as set forth in Section 5.4 of the Disclosure Schedules, evidence of the receipt of all third party consents or sublicenses
from third parties and delivery of all notices to or from third parties that are necessary to transfer all Material Contracts (not including purchase orders or master supply agreements) or for Buyer to enforce payment of any acquired Accounts
Receivable, as specifically listed on Annex K and subject to Section 5.4 set forth below; 
 (viii) a
Non-Disclosure, Non-competition and Non-solicitation agreement substantially in the form of Exhibit F hereto, duly
executed by AETI, Seller, M&I Electric Brazil Sistemas e Servicos em Energia Ltda (“M&I Brazil”), and Charles Dauber; 

(ix) the Payoff Letters; 
 (x) a
full and final release of the Buyer from all liabilities and obligations owed by the Seller to its Affiliates in substantially in the form of Exhibit H attached hereto; 

(xi) a title policy covering the Beaumont Property with coverage in the amount of the appraised amount according to Seller’s appraisal
(or such other amount as allowed under applicable law) and subject to no exceptions other than those set forth on Annex H to this Agreement; 

(xii) acknowledgment of the receipt of the Initial Purchase Price (excluding the Escrow Amount, Funded Indebtedness and Seller Transaction
Expenses) from the respective recipients thereof; and 

  
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 (b) At the Closing, Buyer will deliver to the Seller the following duly executed documents
and other items: 
 (i) the Bill of Sale; 

(ii) the Assignment and Assumption Agreement; 

(iii) the Intellectual Property Assignments, to the extent that Buyer is a signatory thereto; 

(iv) the Escrow Agreement; 
 (v)
a non-competition agreement substantially in the form of Exhibit G hereto, duly executed by Buyer; 

(vi) evidence of the receipt of all third party consents or sublicenses from third parties and notices to or from third parties that are
required to be delivered or obtained pursuant to this Agreement and delivered by Buyer; 
 (vii) counterparts of the Employment Agreements;
and 
 (viii) the Initial Purchase Price. 

Section 2.6 Working Capital Adjustment. 

(a) Pre Closing Adjustment. For the purpose of determining the Initial Purchase Price, no less than five (5) Business Days prior to
the Closing Date, Seller shall cause to be prepared and delivered to Buyer a statement setting forth an estimate of the Net Working Capital as of 12:01 a.m. (Central time) on the Closing Date (the “Adjustment Determination Effective
Time”) after giving effect to the transactions contemplated hereby (the “Estimated Net Working Capital Amount”) and the components and calculation thereof (the “Estimated Net Working Capital Statement”).
The Estimated Net Working Capital Statement shall be subject to the review of Buyer, and Buyer and Seller shall cooperate and negotiate in good faith to resolve any dispute regarding the Estimated Net Working Capital Statement prior to the Closing
(the results of any such resolution to be reflected on a new Estimated Net Working Capital Statement, which shall be considered the Estimated Net Working Capital Statement for all further purposes); provided that if any item of dispute regarding the
Estimated Net Working Capital Statement is not resolved by agreement in writing between Buyer and Seller not less than two (2) Business Days prior to the Closing, then Seller’s estimate of such disputed item shall be deemed final for
purposes of the Closing; but further provided that if Seller’s estimate varies from the Target Net Working Capital by more than 20%, then the difference between such variance and the 20% of Target Net Working Capital shall be added to the
Escrow Amount. To the extent that the Estimated Net Working Capital Amount set forth on the Estimated Net Working Capital Statement exceeds negative Two Million Four Hundred and Eight Thousand and Two Hundred and Eighty-Eight Dollars (-$2,408,288)
(the “Target Net Working Capital Amount”), the purchase price payable at the Closing set forth in Section 2.3 shall be increased on a dollar for dollar basis by the amount of the excess. If the Closing does not occur within 14
days after the date of this Agreement, Seller and Buyer shall in good faith adjust the Target Net Working Capital Amount based on the methodology used to determine the Target Net Working Capital Amount set forth above. To the extent that the Target
Net Working Capital Amount exceeds the Estimated Net Working Capital Amount set forth on the Estimated Net Working Capital Statement, the purchase price payable at the Closing set forth in Section 2.3 shall be reduced on a dollar for dollar
basis by the amount of the excess. 

  
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 (b) Post-Closing Net Working Capital Statement. Within seventy-five
(75) calendar days after the Closing Date, Buyer shall cause to be prepared and delivered to Seller a statement setting forth the Net Working Capital, after giving effect to the transactions contemplated hereby, as of the Adjustment
Determination Effective Time, and the components and calculation thereof (the “Post-Closing Net Working Capital Statement”). 

(c) Determination of Conclusive Net Working Capital. Seller shall have thirty (30) calendar days following the receipt of the
Post-Closing Net Working Capital Statement to review the Post-Closing Net Working Capital Statement. During such time, Seller may dispute any items set forth on the Post-Closing Net Working Capital Statement (or specific calculations or methods
contemplated thereby), and Buyer shall give Seller access to all Records, facilities and personnel of Buyer as are reasonably requested by Seller to review the Post-Closing Net Working Capital Statement. Unless Seller deliver written notice to Buyer
of dispute thereof on or prior to the thirtieth (30th) calendar day after Sellers’ receipt of the Post-Closing Net Working Capital Statement, Seller shall be deemed to have accepted and
agreed to the Post-Closing Net Working Capital Statement and such statement (and the specific calculations or methods contemplated thereby) shall be final, binding and conclusive. If Seller notifies Buyer in writing of disputed items contained in
the Post-Closing Net Working Capital Statement (or specific calculations or methods contemplated thereby) (each a “Disputed Item” and collectively the “Disputed Items”) within such thirty (30) calendar day
period, for thirty (30) calendar days following delivery of such notice by Seller to Buyer (the “Resolution Period”), Buyer and Seller shall attempt in good faith to resolve their differences with respect to the Disputed Items.
Upon delivery of any such notice of Disputed Items by Seller, Seller shall be deemed to have accepted and agreed to all items on the Post-Closing Net Working Capital Statement (and the specific calculations or methods contemplated thereby) other
than the Disputed Items, and such items (and the specific calculations or methods contemplated thereby) other than the Disputed Items shall be final, binding and conclusive. Any resolution by Buyer and Seller during the Resolution Period as to any
Disputed Items shall be set forth in writing and will be final, binding and conclusive. If Buyer and Seller do not resolve all Disputed Items by the end of the Resolution Period, then all Disputed Items remaining in dispute shall be submitted by
either one of the Parties within thirty (30) calendar days after the expiration of the Resolution Period to a national or regional independent accounting firm mutually acceptable to Buyer and Seller (the “Neutral Arbitrator”).
The Neutral Arbitrator shall act as an arbitrator to determine only those Disputed Items remaining in dispute as of the end of the Resolution Period. In resolving such Disputed Items, the Neutral Arbitrator may not assign a value to any Disputed
Item greater than the greatest value for such Disputed Item claimed by any Party or less than the lowest value for such Disputed Item claimed by any Party. All fees and expenses relating to the work, if any, to be performed by the Neutral Arbitrator
shall be allocated and borne between Buyer and Seller in the same proportion that the aggregate amount of the Disputed Items so submitted to the Neutral Arbitrator that is unsuccessfully disputed by each such Party (as finally determined by the

  
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Neutral Arbitrator) bears to the total amount of such Disputed Items so submitted. In addition, Buyer and Seller shall give the Neutral Arbitrator access to all Records, facilities and personnel
of such Party and its Affiliates and Representatives as is reasonably necessary to perform its function as arbitrator. Buyer and Seller shall use their commercially reasonable efforts to cause the Neutral Arbitrator to deliver to Buyer and Seller a
written determination (such determination to include an explanation in reasonable detail of the reasons for such determination and a work sheet setting forth all material calculations and methods used in arriving at such determination) of the
Disputed Items submitted to the Neutral Arbitrator and the resulting effect thereof on the Post-Closing Net Working Capital Statement within thirty (30) calendar days of receipt of such Disputed Items, which determination will be final, binding
and conclusive and upon which judgment may be entered. The final, binding and conclusive Post-Closing Net Working Capital Statement based either upon agreement or deemed agreement by Buyer and Seller or the written determination delivered by the
Neutral Arbitrator in accordance with this Section 2.6(a) will be the “Conclusive Net Working Capital Statement.” 

(d) Post-Closing Adjustment. If the amount of the Net Working Capital set forth on the Conclusive Net Working Capital Statement exceeds
the Estimated Net Working Capital Amount set forth on the Estimated Net Working Capital Statement, Buyer shall pay the Seller the amount of the excess. If the Estimated Net Working Capital Amount set forth on the Estimated Net Working Capital
Statement exceeds the amount of the Net Working Capital set forth on the Conclusive Net Working Capital Statement, Seller shall pay Buyer the amount of the excess and/or, without duplication, Buyer may recover the amount of the excess from the
Escrow Account, at its option. All payments to be made pursuant to this Section 2.6(d) shall be made no later than the second (2nd) Business Day following the date on
which Buyer and Seller agree, or are deemed to have agreed to, or the Neutral Arbitrator delivers, the Conclusive Net Working Capital Statement. 

(e) Remedies. Buyer acknowledges and agrees that if Buyer seeks any adjustment pursuant to this Section 2.6 or
if any Working Capital Statements, Calculation, or other determination contemplated by this Section 2.6 provides for or otherwise addresses any facts or circumstances that could be the basis for such an adjustment, Buyer
shall not be permitted to pursue any indemnification claim pursuant to Article VII related thereto based on a beach of a representation or warranty to the extent of any recovery by Buyer pursuant to this Section 2.6 so that there
is no duplication of recovery by Buyer. 
 Section 2.7 Allocation. Buyer and the Seller agree to allocate the Purchase Price (as
finally determined hereunder), the Assumed Liabilities and all other items required under the IRC among the Acquired Assets in accordance with Section 1060 of the IRC and the Treasury Regulations thereunder, and any similar provision of state,
local, or non-U.S. law (the “Allocation Principles”). No later than thirty (30) days after the Purchase Price is finally determined hereunder, Buyer shall deliver to Seller an allocation
of the Purchase Price and the Assumed Liabilities (and all other required items under the IRC) as of the Closing Date determined in a manner consistent with the Allocation Principles (the “Purchase Price Allocation”). The Purchase
Price Allocation will be binding on the Parties if (a) Seller fail to object in writing within thirty (30) days after receipt of the Purchase Price Allocation or (b) 

  
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Seller approve the Purchase Price Allocation in a written notice to Buyer. If Seller does not agree with the Purchase Price Allocation, and Buyer and Seller cannot mutually agree on revisions to
the same, then within thirty (30) days following Sellers’ objection to the Purchase Price Allocation (or such later date as may be mutually agreed by Buyer and Sellers), Buyer and Seller shall engage the Neutral Arbitrator, which shall
within thirty (30) days after such engagement resolve the allocation of the consideration and any items with respect to which there is a dispute between the Parties. If such a review is conducted, then Buyer, on the one hand, and Seller, on the
other hand, shall pay fifty percent (50%) of all the Neutral Arbitrator’s fees and expenses associated with such review, and the determination of the Neutral Arbitrator shall be binding on the Parties. Buyer and Seller agree to prepare and file
IRS Form 8594 and all Tax Returns on a basis consistent with the Purchase Price Allocation as finally determined pursuant to this Section 2.7. None of the Parties will take any position
inconsistent with the Purchase Price Allocation as finally determined pursuant to this Section 2.7 on any Tax Return or in any audit or Tax proceeding, unless otherwise required by Law. 

Section 2.8 Non-Transferability. Nothing contained herein shall be deemed by Seller or
Buyer to constitute an agreement of Seller to assign or transfer (including, if applicable, solely for purposes of this Section 2.8, an assignment by operation of a change of control or event giving rise to any successor
liability of any Person, or purported change of control or event giving rise to any successor liability of any Person) any Transferred Contract, Permit or other Acquired Asset to Buyer in connection with the transactions contemplated hereby if an
attempted assignment or transfer thereof without the consent of or notice to a third party thereto would constitute a breach or default thereof, cause or permit the acceleration or termination thereof or in any way adversely affect the rights of
Seller (as such rights would have existed prior to the attempted assignment or transfer) or Buyer (as such rights would have existed following the attempted assignment or transfer if this Section 2.8 did not apply to the
assignment or transfer) thereunder unless such consent has been delivered and/or such notice has been properly made. If any Transferred Contract or Acquired Asset that would otherwise be or be deemed to have been assigned or transferred to Buyer
pursuant to Section 2.1 cannot be or could not have been deemed to have been assigned or transferred or a third party shall not provide or have provided its necessary consent to, or receive or have received its notice of,
such assignment or transfer, at the Closing despite Seller’s reasonable commercial efforts to obtain such consent or give such notice, as applicable, then Seller shall assign and transfer to Buyer, to the extent legally possible and without
causing any of the consequences to assignment or transfer in the immediately preceding sentence to occur, all of Seller’s right and title to and interests in and to each such Transferred Contract or Acquired Asset and, where necessary or
appropriate, Seller shall be deemed to be Buyer’s duly appointed agent for the purpose of completing, fulfilling and discharging all of Buyer’s rights and Liabilities arising after the Closing Date with respect to each such Transferred
Contract or Acquired Asset. In that event, Seller shall use its reasonable commercial efforts at Buyer’s sole cost and expense to: (i) provide Buyer with the benefit of each such Transferred Contract or Acquired Asset, including
(A) enforcing any rights with respect to any such Transferred Contract or Acquired Asset (including the right to terminate in accordance with the terms thereof upon the request of Buyer), and (B) permitting Buyer to enforce and exercise
any rights as if such Transferred Contract or Acquired Asset had been assigned or transferred to Buyer, and (ii) to the extent Seller shall have failed to obtain the 

  
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consent of all parties or to deliver notice to all parties prior to the Closing with respect to such Transferred Contract or other Acquired Asset necessary to permit the assignment or transfer to
Buyer of each such Transferred Contract or other Acquired Asset without causing any of the consequences to assignment in the first sentence of this Section 2.8 to occur, when all such consents shall have been obtained or
notices have been delivered, assign and transfer such Transferred Contract or Acquired Asset to Buyer. 
 Section 2.9 Tax
Withholding. Notwithstanding anything in this Agreement to the contrary, Buyer shall be entitled to deduct and withhold from the consideration otherwise payable to any Person pursuant to this Agreement such amounts as it is required to deduct
and withhold with respect to the making of such payment under any provision of applicable Law. If the applicable withholding Party or agent determines that deduction or withholding is required pursuant to this Section 2.9, it shall give
advance notice of any amount to be deducted or withheld to the Person in respect of which such deduction or withholding would be made. The Parties shall reasonably cooperate with each other, as and to the extent reasonably requested by the other
Party, to minimize or eliminate to the extent permissible under applicable Laws the amount of any such deduction or withholding. To the extent the Buyer withholds any such amounts, such amounts shall be treated for all purposes of this Agreement as
having been paid to the applicable Person in respect of which such deduction and withholding was made. 
 ARTICLE III 

SELLERS’ REPRESENTATIONS AND WARRANTIES 

Except as set forth in the disclosure schedule accompanying this Agreement (the “Disclosure Schedule”), which shall qualify
the representations and warranties of the Seller set forth in this Article III and which shall be organized in parts corresponding to the numbering in this Article III with disclosures in each part specifically corresponding to or
cross-referencing to a particular section of this Article III, the Seller represents and warrants to and for the benefit of Buyer as follows: 

Section 3.1 Organization and Standing. M&I is a corporation duly organized, validly existing and in good standing under the
laws of the State of Texas. AETI is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida. Seller has all requisite power and authority to carry on the business in which it is presently engaged
and to own, lease and use the properties presently owned, leased and used by it. A true and correct copy of the Organizational Documents, as amended to date, of the Seller and AETI has been made available to Buyer. Seller and AETI are duly qualified
to do business, and in good standing, in each jurisdiction in which the character of the properties owned or leased by it or in which the conduct of its business requires it to be so qualified. 

Section 3.2 Reserved. 

  
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 Section 3.3 Authority, Validity and Effect; No Conflict; Required Filings and
Consents. 
 (a) Seller and AETI (to the extent a party thereto) have full power and authority to enter into and perform its obligations
under this Agreement and the Related Agreements and to consummate the transactions contemplated hereby and thereby, and this Agreement has been (and the Related Agreements will be) duly executed and delivered by Seller and AETI (to the extent a
party thereto) pursuant to all necessary authorization and is (and with respect to the Related Agreements, will be) the legal, valid and binding obligation of Seller and AETI, enforceable against Seller and AETI in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

(b) The execution and delivery of this Agreement and the Related Agreements by Seller and AETI (to the extent a party thereto), the
consummation by Seller and AETI of the transactions contemplated hereby and thereby, and compliance by Seller and AETI with all of the provisions hereof and thereof (including, without limitation, any
non-competition, non-solicitation or non-disclosure agreement or provision by the Seller or an Affiliate of Seller for the
benefit of Buyer), do not and will not (i) conflict with or result in a breach of any provisions of any Organizational Document of the Seller, AETI or any such Affiliate, (ii) except as set forth in Section 3.3(b) of
the Disclosure Schedule, constitute or result in a material breach of any term, condition or provision of, or constitute a default (with or without notice or lapse of time or both) under, or give rise to any right of termination, cancellation or
acceleration with respect to, or result in the creation or imposition of a material Lien upon any property or assets of Seller or AETI pursuant to any Contract, or (iii) subject to receipt of the requisite approvals referred to in
Section 3.3(c) of the Disclosure Schedule, violate in any material respect any Decree or Law applicable to Seller or AETI, any of the Acquired Assets or any of its or their other properties or assets. No Subsidiary or Joint
Venture has any right to impose a Lien on the Acquired Assets and no Subsidiary or Joint Venture has a Lien on the Acquired Assets and no event has occurred that with the passage of time may result in a Lien on the Acquired Assets by a Subsidiary or
Joint Venture. 
 (c) Other than as set forth in Section 3.3(c) of the Disclosure Schedule, no Consent is required to be obtained
by Seller or an Affiliate of Seller for the consummation by Seller or any such Affiliate of the transactions contemplated by this Agreement and the Related Agreements (including but not limited to the transfer or assignment of any Acquired Asset)
that if not obtained would reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. The Seller and AETI have received the consent of Hunting Dog Capital, LLP and HD Special-Situations III, LP to the execution and
delivery of, and the performance under, this Agreement and the Related Agreements, and delivered to Seller a copy of such consent as well as the payoff amounts owed to them as of the Effective Date. Without limiting the generality of the foregoing,
AETI, as the sole stockholder of Seller, has duly authorized, by all necessary corporate action, the execution and delivery of, and performance of all obligations under, this Agreement and the Related Agreements by Seller, and the shareholders of
AETI are not obligated, necessary or required pursuant to its Organizational Documents, by law or 

  
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otherwise to authorize the same. Additionally, AETI represents and warrants that (a) the Acquired Assets are not “substantially all” of the assets of AETI under Florida law or its
Organizational Documents, (b) the quantitative or qualitative impact of the sale of the Acquired Assets does not and will not fundamentally change the nature of AETI, and (c) the sale of the Acquired Assets does not substantially affect
the existence and purpose of AETI and does not destroy the means to accomplish the purposes or objects for which AETI was incorporated and actually performs. 

Section 3.4 Title to Assets. Except with respect to Real Property, which is addressed in Section 3.8, Seller will
convey at the Closing, subject to the operation of Section 2.8, good and marketable title to, or Seller’s valid and enforceable rights to use, all of the Acquired Assets, free and clear of all Liens (other than Permitted Liens).

 Section 3.5 Sufficiency of Assets. Except as otherwise expressly set forth in this Agreement, as of the Closing, the Acquired
Assets are all of the assets necessary for Buyer to operate the Business in the manner in which the Seller currently operates the Business. 

Section 3.6 Financial Statements. 

(a) The Seller has delivered true and complete copies of the following financial statements to Buyer: (i) the audited consolidated balance
sheets of AETI and its Affiliates, including the Seller, as of December 31, 2015, 2016 and 2017 and the related audited consolidated statements of income, stockholders’ equity, and cash flows for the fiscal years then ended, together with
the notes thereto (the “Financial Statements”), and (ii) the unaudited consolidated balance sheet of AETI and its Affiliates, including the Seller, as of May 31, 2018 (the “Balance Sheet Date”), and the
related unaudited consolidated statements of income, stockholders’ equity and cash flows for the one-month period then ended (the “Interim Financial Statements” and together with the
Financial Statements, the “Seller Financial Statements”). 
 (b) The Financial Statements have been prepared in accordance
with GAAP in all material respects and fairly present, in all material respects, the financial position, results of operations, stockholders’ equity, and cash flows of the Seller and its Affiliates, as of the respective dates thereof and for
the periods indicated therein. The Interim Financial Statements have been prepared by management in accordance with GAAP in all material respects (except for the absence of footnote disclosure and customary
year-end adjustments which will not be material individually or in the aggregate) and fairly present, in all material respects, the financial position and results of operations of the Seller and its Affiliates
as of the respective dates and for the periods indicated therein. The Seller’s Financial Statements were derived from the books and records of the Seller and its Affiliates. 

(c) Except as disclosed in Section 3.6 of the Disclosure Schedule, since December 31, 2017, the Seller does not
have any material liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise), other than liabilities or obligations (i) incurred in the ordinary course of business (excluding liability for breach of Contract,
infringement or tort) or (ii) that were expressly disclosed or reserved against in the Interim Financial Statements. 

  
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 Section 3.7 Taxes 

Except as set forth in Section 3.7 of the Disclosure Schedule: 

(a) All Tax Returns required to be filed by Seller and its Affiliates, relating to or that could have any impact on the Acquired Assets or
Buyer’s rights thereto, have been filed when due and all Taxes (whether or not shown on any Tax Return) owed by Seller or an Affiliate of Seller that have become due have been paid in full. All such Tax Returns were correct and complete in all
material respects. Seller is not the beneficiary of any extension of time within which to file any Tax Return relating to the Acquired Assets. 

(b) Seller has not agreed to any extension or waiver of the statute of limitations applicable to any Tax Return in any way relating to the
Acquired Assets, or agreed to any extension of time with respect to a Tax assessment or deficiency in any way relating to the Acquired Assets, which period (after giving effect to such extension or waiver) has not yet expired. 

(c) Seller is not a party to or bound by, and the Acquired Assets are not in any way affected by, any Tax allocation or sharing agreement
relating to the Acquired Assets. 
 (d) There are no Liens (other than Permitted Liens) for unpaid Taxes on the Acquired Assets. 

(e) There is no Litigation currently pending or threatened with respect to Seller or any Affiliate of Seller in respect of any Tax relating to
the Acquired Assets or the Business. Neither Seller nor any Affiliate of Seller has received from any federal, state, local, or non-U.S. taxing authority (including jurisdictions where Seller has not filed Tax
Returns) any (i) written notice indicating an intent to open an audit or other review relating to any Acquired Assets or (ii) notice of deficiency or proposed adjustment for any amount of Tax proposed, asserted, or assessed by any taxing
authority relating to any Acquired Assets. 
 (f) No claim has ever been made by any Governmental Authority in a jurisdiction where Seller or
an Affiliate of Seller does not file Tax Returns that Seller is or may be subject to taxation in that jurisdiction. Seller has withheld and paid all Taxes required to have been withheld and paid in connection with the Acquired Assets or Business and
any employee, independent contractor, creditor, stockholder, or other third party relating thereto. 
 Section 3.8 Real
Property. Section 3.8 of the Disclosure Schedule lists all Real Property leased or subleased by Seller (the “Leased Real Property”) and all Real Property owned by Seller. Seller does not own any Real Property other than the
Beaumont Property. The Seller has made available to Buyer copies of all leases and subleases for the Leased Real Property (each, a “Real Property Lease”). Except for the Leased Real Property and the Beaumont Property and any Real
Property rights appurtenant to the Beaumont Property, Seller does not occupy or have any interest in any Real Property. Each Real Property Lease is in full force and effect in all material respects and constitutes a legal, valid and binding
obligation of Seller, and, to Seller’s Knowledge, of the other parties thereto, subject to bankruptcy, insolvency, fraudulent 

  
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 transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles. To Seller’s Knowledge, (i) there is no material breach or default by a Seller, or, by any other third party under any Real Property Lease, and (ii) no event has occurred which,
with notice or lapse of time or both, would constitute a material breach or default or would permit termination, modification or acceleration thereof in any material respect by any party to such Real Property Lease. Seller has not received written
notice of, and to Seller’s knowledge there are no, facts regarding or related to the Beaumont Property that would make the facts set forth in Seller’s appraisal of the Real Property materially misleading. Seller has not received written
notice of any condemnation, expropriation or other proceeding in eminent domain, pending or, to any Seller’s Knowledge, threatened, affecting the Beaumont Property, any Leased Real Property or any material portion of either thereof.
Seller’s, possession and quiet enjoyment of the Leased Real Property under such Real Property Lease or the Beaumont Property has not been disturbed, and Seller has not received written notice of any pending claims challenging the applicable
Seller’s right to possession and quiet enjoyment of such Real Property Lease or the Beaumont Property. To Seller’s Knowledge, Seller has not received written notice from owners or occupants of properties adjacent to the Beaumont Property
making material objections to the operation of the Beaumont Property or claiming that the Beaumont Property is a nuisance. Other than pursuant to a Permitted Lien or as disclosed in Section 3.8 of the Disclosure Schedule, (i) Seller has
not subleased, licensed or otherwise granted any Person the right to use or occupy the Beaumont Property, the Leased Real Property or any portion of either thereof, and (ii) Seller has not collaterally assigned or granted any other security
interest in any of the Real Property or any interest therein. Except as set forth in Section 3.8 of the Disclosure Schedule, the buildings, plants, structures, owned or leased by Seller are structurally sound, are in good
operating condition and repair, are adequate for the uses to which they are being put, none of such buildings, plants, structures is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material in
nature or cost, and are sufficient in character and quality for the operation of the Business as currently conducted. For the purposes of the preceding sentence, “material” shall mean maintenance or repairs costing in excess of $50,000 for
any particular maintenance or repair. Seller has not received written notice of any plans to modify or realign any street adjacent to the Beaumont Property that would prevent, or materially impair the continued use of the Beaumont Property as
heretofore used in the conduct of the Business. 
 Section 3.9 Furnishings and Equipment. The Furnishings and Equipment used in
the conduct of the Business are free from material defects and are in good operating condition and repair in all material respects. For the purposes of the preceding sentence, “material” shall mean defects, maintenance or repairs costing
in excess of $15,000 for any particular defect, maintenance or repair. 
 Section 3.10 Acquired Assets not Owned by Seller.
Section 3.10 of the Disclosure Schedule sets forth a list of all Acquired Assets not owned by the Seller on the Balance Sheet Date unless acquired by Seller after the Balance Sheet Date in the ordinary course of business. 

  
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 Section 3.11 Compliance With Laws. (a) Seller and its Affiliates are in
compliance with all Laws and Decrees applicable to the Acquired Assets or the Business, except to the extent any non-compliance would not have a Material Adverse Effect; 

(b) Seller has not received any written or oral notification or communication from any Governmental Authority within the past five
(5) years (i) asserting that Seller or any Affiliate of Seller is not in compliance with any Law, or (ii) threatening to revoke any Permit owned or held by a Seller, other than any Permit the absence of which would not have a Material
Adverse Effect on the Business; and 
 (c) Except as set forth in Section 3.6 of the Disclosure Schedule, no
investigation or review is pending or, to any Seller’s Knowledge, threatened by any Governmental Authority with respect to any alleged violation by Seller or any Affiliate of Seller of any Law. 

Section 3.12 Permits. Section 3.12 of the Disclosure Schedule contains a complete list of all Permits
issued to Seller or an Affiliate of Seller that are used or have been used within the 2 years prior to the Closing by Seller in connection with the Business or the Acquired Assets. Seller is not in default or violation in any respect of any term,
condition or provision of any Permit used in connection with the Business except to the extent any default or violation would not have a Material Adverse Effect. No such Permit will be impaired by the consummation of the transactions contemplated by
this Agreement or the Related Agreements. 
 Section 3.13 Employee Benefit Plans. 

(a) Section 3.13 of the Disclosure Schedule lists and generally describes each of the following arrangements (including, with respect to
nonqualified deferred compensation only, a description of the vesting and payment triggers and whether or not IRC Section 409A applies) with respect to which Seller or any ERISA Affiliate has any obligation, whether absolute, accrued,
contingent or otherwise due or to become due: (i) each ERISA Benefit Plan; (ii) each other bonus, incentive, equity, equity-based compensation, deferred compensation, change in control compensation, fringe benefits, holiday, vacation pay, sick
time and other employee benefit plan, program or arrangement (written or otherwise) that is not an ERISA Benefit Plan (collectively, the “Compensation Plans”); (iii) each written employment, termination, retention, severance and
other employment Contract or arrangement (each, an “Employment Arrangement”); and (iv) each “cafeteria plan” or transportation fringe plan governed by IRC Section 125 or IRC Section 132(f) (each, a
“Flexible Benefit Plan”). For purposes of this Agreement, the ERISA Benefit Plans, the Compensation Plans, the Employment Arrangements and the Flexible Benefit Plans listed in Section 3.13 of the Disclosure
Schedule, which shall include any such arrangements maintained by a third party on behalf of a Seller, or its or their respective employees, are collectively referred to as the “Seller Benefit Plans”). 

(b) Seller has made available to Buyer a complete and correct copy (to the extent applicable) of each Seller Benefit Plan (or, if such Seller
Benefit Plan is not written, a written summary thereof) and all amendments thereto; (ii) each trust or insurance policy relating to each Seller Benefit Plan; (iii) the most recent summary plan description or other written 

  
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explanation (if any) of each Seller Benefit Plan provided to participants; (iv) the three most recent annual reports (Form 5500, including all attachments thereto) filed with the U.S.
Department of Labor with respect to each Seller Benefit Plan that is an ERISA Benefit Plan for which such a report must be filed; and (v) the most recent opinion letter for prototype or volume submitter retirement plans or determination letter,
if any, issued by the IRS with respect to any Seller Benefit Plan intended to be qualified under Section 401(a) of the IRC. The Seller and its ERISA Affiliates have timely filed all Forms 5500 required to be filed by the IRC and ERISA with
respect to the Seller Benefit Plans. 
 (c) Each Seller Benefit Plan maintained by or on behalf of Seller or any of the ERISA Affiliates has
been maintained in compliance with its terms and in all material respects, both as to form and in operation, with the requirements of applicable Law. All employer or employee contributions, premiums and expenses to or in respect of each Seller
Benefit Plan have been paid in full or, to the extent not yet due, have been adequately accrued on the applicable financial statements of Seller included in the Seller Financial Statements in accordance with GAAP. Neither Seller nor any of the ERISA
Affiliates has at any time maintained, contributed to, been obligated to contribute to or incurred any liability under any “multiemployer plan” (as defined in Section 3(37) of ERISA), any “multiple employer welfare
arrangement” as defined in Section 3(40)(A) of ERISA, or any ERISA Benefit Plan that is subject to Title IV of ERISA or Section 412 of the IRC. 

(d) To the Knowledge of the Seller, there are no investigations pending by any Governmental Authority involving any Seller Benefit Plan. As of
the date of this Agreement, there is no pending or, to the Knowledge of Seller, threatened Litigation involving a Seller Benefit Plan (other than routine claims for benefits payable under any such Seller Benefit Plan) or against Seller or any of its
ERISA Affiliates or fiduciary of any Seller Benefit Plan with respect to the operation of such plan or asserting any rights or claims to benefits under any Seller Benefit Plan or against the assets of any trust under such plan that would reasonably
be expected to result in a material liability of a Seller, nor, to the Knowledge of the Seller, are there any facts which would give rise to any such liability. 

(e) Each Seller Benefit Plan intended by its terms to be qualified under Section 401(a) of the IRC has been determined by the IRS to be so
qualified, a timely application for such determination is now pending or is not yet required to be filed, or Seller or the ERISA Affiliate has duly adopted a prototype or volume submitter plan document and is relying on the IRS opinion letter for
such document, and, to the Knowledge of Seller, each such Seller Benefit Plan is qualified in operation. Except as set forth in Section 3.13 of the Disclosure Schedule, neither Seller nor any of the ERISA Affiliates has any
liability or obligation under any Seller Benefit Plan that is an “employee welfare benefit plan” (as defined in Section 3(1) of ERISA) to provide benefits after termination of employment to any employee or dependent other than as
required by Section 4980B of the IRC or other applicable Law. 

  
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 (f) There have been no material “prohibited transactions” (as defined in Sections
406 of ERISA or 4975 of the IRC) with respect to any Seller Benefit Plan that could result in liability to a Seller. No “fiduciary” (as defined in Section 3(21) of ERISA) has any liability for breach of fiduciary duty or any other
failure to act or comply in connection with administration or investment of the assets of any Seller Benefit Plan that is an ERISA Benefit Plan that could result in liability to a Seller. 

(g) The consummation of the transactions contemplated by this Agreement and the Related Agreements will not accelerate the time of the payment
or vesting of, or increase the amount of, or result in the forfeiture of any compensation or benefits under any Seller Benefit Plan. No Seller or its Affiliates are obligated to make any payment or transfer, accelerate any payment or transfer, or
otherwise provide any benefit that would constitute an “excess parachute payment” under IRC Section 280G. 

Section 3.14 Material Contracts. 

(a) Section 3.14 of the Disclosure Schedule lists all of the following Contracts to which Seller or an Affiliate of Seller is a party or
by which it is bound and in any way affects or is necessary to operate the Business (collectively, “Material Contracts”): (i) Contracts for the sale of any of the assets of Seller or for the grant to any Person of any preferential
rights to purchase any of Seller’s assets, with all open orders identified separately in Section 3.31 of the Disclosure Schedule; (ii) Contracts containing covenants of or binding on Seller or the owner of any of
the Acquired Assets not to compete in any line of business or with any Person in any geographical area or that materially restrict the ability of Seller (including any Intellectual Property) in any geographic region or for a particular use;
(iii) Contracts relating to the acquisition by Seller of any operating business or the capital stock or equity interest of any other Person; (iv) all employment and consulting Contracts in any way related to Seller’s operation of the
Business; (v) all settlement, conciliation and other similar Contracts, the performance of which will involve payment by Buyer or Seller after the Closing Date of consideration in excess of $50,000 or will, after the Closing Date impose (or
continue to impose) any injunctive or similar equitable relief on Buyer, Seller or any Acquired Assets; (vi) lease or agreement under which Seller is lessee of or holds or operates any personal property, owned by any other party for which the
annual rent exceeds $50,000; (vii) registration rights agreement or any other agreement or arrangement granting any Person a right to acquire equity interests in Seller; (viii) Contracts relating to the borrowing of money or the extension of
credit or evidencing Indebtedness or securing Indebtedness with a principal amount in excess of $50,000; (ix) Contracts pursuant to which Seller has advanced (other than in the ordinary course of business) or loaned any amount to any of its or an
Affiliate’s shareholders, officers or directors; (x) a Contract, the performance of which involves payment or the provision of services to or from such subject Person in excess of $50,000 in any year or which involves the manufacture or
sale of any product by Seller for more than $50,000; (xi) employment-related Contracts, nondisclosure Contracts, noncompetition Contracts, or other agreements or arrangements containing restrictive covenants or other obligations, with current or
former employees of Seller, relating to (A) the right of any such employee to be employed by Seller or (B) the knowledge or use of trade secrets or proprietary information; (xii) Contracts relating to Intellectual Property (including
license, royalty, development, hosting, covenants not to sue or other agreements) except that Section 3.14 of the Disclosure Schedule shall not be required to list licenses of unmodified commercially available, off-the-shelf Software with a replacement cost and/or 

  
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annual license or maintenance fee of less than $50,000; (xiii) any other Contracts pursuant to which Seller has made or received payments in excess of $50,000 during the eighteen-month period
ending on May 31, 2018; and (xiv) partnership, joint venture and similar Contracts to which Seller is a party, and Contracts relating to any investment by Seller in another Person. 

(b) Seller has made available to Buyer a true, correct and complete copy of each Material Contract (including all amendments thereto). Except
as set forth in Section 3.14 of the Disclosure Schedule, (i) neither Seller nor any Affiliate of Seller is in breach of or default (with or without notice, lapse of time or both) under the terms of any Material Contract,
(ii) to the Knowledge of Seller, as of the date hereof, no other party to any Material Contract is in breach of or default (with or without notice, lapse of time or both) under the terms of any Material Contract, (iii) to the Seller’s
Knowledge each Material Contract is a valid and binding obligation of Seller and is in full force and enforceable against Seller in accordance with its terms, (iv) to the Knowledge of each Seller, each Material Contract is a valid and binding
obligation of the counterparty(s) thereto and is in full force and enforceable against such counterparty(s) in accordance with its terms, and (v) neither Seller nor any Affiliate of Seller has received any written notice from any other party to
any Material Contract that such other party intends to terminate, or not renew any Material Contract, or is seeking to renegotiate the terms thereof or substitute performance thereunder. Except as set forth in Section 5.12(b), no Material
Contract requires Seller, nor will any Material Contract require Buyer, to provide (directly or indirectly) any direct and substantive assistance to any of the Joint Ventures in terms of operation, technology, products or market development or
require the Consent of any of the Joint Ventures or any shareholder, joint venturer, member, director or manager of the Joint Ventures to the transactions contemplated hereby. 

Section 3.15 Litigation. Except as set forth in Section 3.15 of the Disclosure Schedule, there is no
Litigation (a) that has been served upon Seller or an Affiliate of Seller or, to Seller’s Knowledge, that is otherwise pending or threatened, against Seller or any of its Affiliates or any of the Acquired Assets or (b) that
challenges, or that may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement or the Related Agreements. Seller is not subject to any Decree. 

Section 3.16 Intellectual Property. 

(a) Section 3.16(a) of the Disclosure Schedule contains a complete and accurate list of all of the following that are owned or
exclusively licensed by Seller in any way used in or related to the Business (identifying for each, as applicable, the owner (including, if not solely owned by a Seller, any joint owner), any exclusive licensee, the jurisdiction, and, as applicable,
the serial/application number, the patent or registration number, the filing date, the issuance or registration date, the registrant and the registrar thereof, and if licensed to Seller, the corresponding license agreement pursuant to which Seller
has the right to use such Intellectual Property): (i) patented or registered Intellectual Property (including Internet domain names), (ii) pending patent applications or applications for registration of other Intellectual Property,
(iii) material unregistered Trademarks, and (iv) Software. 

  
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 (b) Seller solely and exclusively owns and possesses, free and clear of any Liens, all
right, title and interest in and to, or has the right to use pursuant to a valid and enforceable written license set forth in Section 3.14(a)(xiv) of the Disclosure Schedule, all of the Seller Intellectual Property and the Seller
Intellectual Property constitutes all of the Intellectual Property used in the Business. Except as set forth in Section 3.14(a)(xiv) of the Disclosure Schedule, all of the Seller Intellectual Property set forth in
Section 3.16(a) of the Disclosure Schedule is valid, subsisting and enforceable and in full force and effect. Seller has taken commercially reasonable actions and actions common in the industry to protect and maintain the
Seller Intellectual Property. 
 (c) Except as set forth in Section 3.16 of the Disclosure Schedule, (i) there is no
Litigation (including oppositions or cancellation actions) against Seller or an Affiliate of Seller that was either made within the past six (6) years or has been served on Seller, or to Seller’s Knowledge, otherwise pending or threatened,
contesting the validity, use, ownership, enforceability or registrability of any of the Seller Intellectual Property, (ii) to the Knowledge of Seller, Seller has not infringed, misappropriated or otherwise conflicted with or violated, and the
operation of the Business as currently conducted does not infringe, misappropriate or otherwise conflict with or violate any Intellectual Property or other rights of any Person, Seller is not aware of any facts which indicate a likelihood of any of
the foregoing, and neither Seller nor any Affiliate of Seller has received any threats or notices regarding any of the foregoing (including any demands or offers to license any Intellectual Property from any other Person); and (iii) to the
Knowledge of the Seller, no Person has infringed, misappropriated or otherwise conflicted with or violated any of the Seller Intellectual Property. The Seller Intellectual Property is not subject to any outstanding consent, settlement, decree,
order, injunction, judgment or ruling against Seller restricting the use thereof and to Seller’s knowledge, the Seller Intellectual Property is not subject to any outstanding consent, settlement, decree, order, injunction, judgment or ruling
restricting the use thereof. The transactions contemplated by this Agreement and the Related Agreements shall not impair the right, title or interest of Seller, in or to the Seller Intellectual Property and Seller Systems, and all of the Seller
Intellectual Property and Seller Systems shall be solely and exclusively owned or available for use by Buyer immediately after the Closing on terms and conditions identical to those under which Seller owned or used the Seller Intellectual Property
and Seller Systems immediately prior to the Closing. 
 (d) All past and present employees and independent contractors of, and consultants
to, Seller have entered into agreements pursuant to which such employee, independent contractor or consultant agrees to protect the confidential information of Seller and assigns to Seller all Intellectual Property authored, developed or otherwise
created by such employee, independent contractor or consultant in the course of such Person’s employment or other engagement with Seller, without further consideration or any restrictions or obligations whatsoever (including on the use,
ownership or disposition of such Intellectual Property), and to the extent not prohibited by applicable law, such agreements are valid and enforceable in accordance with their terms. 

  
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 (e) Except as set forth in Section 3.16 of the Disclosure
Schedule, the computer systems, including the Software, hardware, networks, platforms and related systems owned, used, distributed, provided, licensed or leased by, Seller or used by Seller to provide any products or services to any of
Seller’s customers (collectively, the “Seller Systems”) in the conduct of the Business are sufficient for the immediate needs of the Business, including as to capacity, scalability and ability to process current and anticipated
peak volumes in a timely manner. In the last eighteen (18) months, there have been no failures, breakdowns, continued substandard performance or other adverse events (including any malicious code) affecting any Seller Systems that have caused
or could reasonably be expected to result in the substantial disruption or interruption in or to the use of Seller Systems and/or the conduct of the Business. The Acquired Assets include a sufficient number of licenses for all Software used in the
conduct of the Business. To the Knowledge of Seller, there has not been any unauthorized access of any Seller Systems that has resulted in, or could reasonably be expected to result in, any misappropriation, damage, destruction, loss, corruption,
alteration or misuse of any data or information stored or contained therein or transmitted, accessed or processed thereby, or a material liability for, or other adverse impact on, Seller. To the Knowledge of Seller, Seller has taken commercially
reasonable steps to provide for the security, continuity and integrity of the Seller Systems and the back-up and recovery of data and information stored or contained therein or processed thereby, including by
backing up all data and databases at an on-site and off-site location on at least a daily basis to ensure there is no loss of data or other information and to prevent
and guard against any unauthorized access or use thereof. To the Knowledge of Seller, Seller maintains commercially reasonable security, disaster recovery and business continuity plans, procedures and facilities, acts in compliance therewith and has
taken commercially reasonable steps to test such plans and procedures on a periodic basis, and such plans and procedures have been proven effective upon such testing. 

(f) To the Seller’s Knowledge, neither Seller nor any Affiliate of Seller is a party to any agreement or arrangement, or otherwise subject
to any duty or obligation, which (in either case) (i) restricts the free use, license or disclosure by Seller of any source code relating to any of Seller’s proprietary Software (collectively, “Seller Software”), or
(ii) requires Seller to (x) include any source code relating to any Seller Software with any distribution or delivery (whether physical or on a hosted basis) of such software and/or (y) permit any licensee of any Seller Software to
modify any source code relating to any Seller Software. No source code for any Seller Software has been delivered, licensed, or made available to any escrow agent. To the Seller’s Knowledge, neither Seller has a duty or obligation (whether
present, contingent, or otherwise) to deliver, license, or make available the source code for any Seller Software to any escrow agent or other Person who is not, as of the date of this Agreement, an employee of Seller. No event has occurred, and no
circumstance or condition exists, that (with or without notice or lapse of time) will, or could reasonably be expected to, result in the delivery, license, or disclosure of the source code for any Seller Software to any Person who is not, as of the
date of this Agreement, an employee of Seller. In each agreement in which Seller has licensed Seller Software to any Person, Seller has not (A) failed to limit its liability to the amount of the fees paid pursuant to the agreement, or
(B) warranted as to the performance or functionality of the Seller Software other than stating that the Seller Software would perform in accordance with its documentation and/or specifications. The Seller Software is sufficient to operate the
Business as presently conducted. 

  
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 (g) Section 3.16 of the Disclosure Schedule sets forth a list of
all agreements to which Seller is a party, or pursuant to which Seller is granted the right to use any Person’s Intellectual Property (excluding licenses pertaining to unmodified, commercially-available, off-the-shelf Software with a replacement cost and/or annual license or maintenance fee of less than $25,000 in the aggregate) that (i) is embedded, integrated, bundled or redistributed with, or
otherwise is material to the functionality of, any material Acquired Asset, or is material for the performance of any currently provided service, of Seller, or (ii) is material to the operation of the Business (the foregoing being,
collectively, the “Material In-Bound License Agreements”). Seller are not, and as of the date of this Agreement, have not received written notice alleging them to be, in breach or default of
any Material In-Bound License Agreement. 
 (h) To the Knowledge of Seller, neither Seller nor any
Affiliate of Seller has directly or indirectly used any funding, facilities, personnel or other resources or any Intellectual Property (whether pursuant to any license or otherwise) of any Governmental Authority or of any university or other
educational institution or research center, in connection with the development, invention or other creation of any Intellectual Property or any Software or other products. 

Section 3.17 Insurance. Section 3.17 of the Disclosure Schedule lists each insurance policy maintained by, at the expense of
or for the benefit of Seller with respect to the Business or an Acquired Asset. Each such insurance policy is in full force and effect, and neither Seller nor any Affiliate of Seller is in default with respect to its obligations under any such
insurance policy. The insurance coverage of the Seller is customary for business entities of similar size engaged in similar lines of business. Neither Seller nor any Affiliate of Seller has received any written notice regarding any
(i) cancellation or invalidation of any insurance policy, (ii) refusal of any coverage or rejection of any claim under any insurance policy or (iii) adjustment in the amount of premiums payable with respect to any insurance policy.
Seller has provided to Buyer a three-year claims history under the above-referenced insurance policies. 
 Section 3.18 Labor
Matters. 
 (a) There are no collective bargaining agreements or other labor union Contracts applicable to any Business Employee. To the
Knowledge of Seller, there are no labor union organizing activities pending or threatened as of the date hereof with respect to any Business Employee. Seller has not knowingly committed any material unfair labor practice. 

(b) Seller has not, within the past six months, and is not currently, engaged in any layoffs or employment terminations sufficient in number to
trigger application of the WARN Act, or any similar state, local or foreign law. 
 (c) To the Knowledge of Seller, no Business Employee is
in any material respect in violation of any term of any employment-related agreement, nondisclosure agreement, noncompetition agreement, restrictive covenant or other obligation to a former employer of any such Business Employee relating to
(i) to the right of any such Business Employee to be employed by a Seller, or Buyer or (ii) the use or disclosure of trade secrets or proprietary information. 

  
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 Section 3.19 Environmental Matters. Except as set forth in
Section 3.19 of the Disclosure Schedule: Seller, for the past five (5) years has been, in material compliance with all Environmental Laws applicable to it or its use of the Beaumont Property or Leased Real Property;

 (b) Neither Seller nor any of its Affiliates, nor any of their respective predecessors, has treated, stored, arranged for or permitted the
disposal of, transported, handled, exposed any Person to, or Released any Hazardous Material, or owned or operated any property or facility, in each case that requires cleanup or remediation, or that would give rise to any current or future
liabilities of Seller or an Affiliate of Seller pursuant to any Environmental Law; 
 (c) except for matters that been resolved without
future obligation, neither Seller nor any of its Affiliates has (i) received written notice under the citizen suit provisions of any Environmental Law; (ii) received any written claim, demand, request for information, notice or other
information with respect to any violation of or liability under any Environmental Law; or (iii) been subject to or, to Seller’s Knowledge, threatened with any Litigation or Decree with respect to any Environmental Law; and 

(d) Seller has provided to Buyer all environmental audits, assessments and reports and all other documentation bearing on environmental, health
or safety matters, in each case relating to them or their predecessors’ past or current properties, facilities or operations, to the extent such documents are in Seller’s possession or under its reasonable control. 

Section 3.20 Conduct of the Business in Ordinary Course. Except for the transactions contemplated hereby or as set forth in
Section 3.20 of the Disclosure Schedule, since July 1, 2017, (a) Seller has conducted its Business in the ordinary course of business consistent with past practices and (b) there has not been any change that has
had or would reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, since July 1, 2017, except as set forth in Section 3.20 of the Disclosure Schedule or as required
by this Agreement, the Seller has not done any of the following with respect to the Business: 
 (a) made any capital expenditure or entered
into any Contract or commitment therefor in excess of $75,000 individually or in the aggregate; 
 (b) entered into, modified, amended or
terminated any Contract for the purchase or lease (as lessor or lessee) of real property; 
 (c) sold, leased (as lessor or lessee), failed
to maintain, abandoned, allowed to lapse, assigned, licensed (as licensor or licensee), transferred, encumbered or otherwise disposed of, mortgaged or pledged or imposed any Lien (other than Permitted Liens) on any portion of the Acquired Assets,
other than sales or other disposition of inventory, or non-exclusive licenses of Intellectual Property granted, in the ordinary course of business consistent with past practices; 

(d) instituted any material increase in any, or adopted any new Seller Benefit Plan, other than in the ordinary course of business as required
by the terms of any such existing plan; 

  
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 (e) (i) made any change in the compensation of employees of Seller, other than changes made
in accordance with normal compensation practices and consistent with past practices of Seller, as applicable, or changes required by any Law or (ii) except to the extent required by applicable Law or by written agreements existing on
July 1, 2017, (A) granted or announced any option, equity or incentive awards; (B) hired any new employees, except in the ordinary course of business consistent with past practices with respect to employees with an annual base salary that
is less than $75,000, (C) paid or agreed to pay any pension, retirement allowance, termination or severance pay, bonus or other employee benefit required by any existing Seller Benefit Plan or other agreement or arrangement in effect on July 1,
2017, (D) entered into or amended any Contracts of employment or any consulting, bonus, severance, retention, retirement or similar agreement, except for agreements for newly hired employees in the ordinary course of business consistent with past
practices with an annual base salary that is less than $75,000, or (E) entered into or adopted any new, or materially increased benefits under, or renewed, amended or terminated any, Seller Benefit Plan or any collective bargaining agreement
existing as of July 1, 2017; 
 (f) acquired or purchased any material properties or assets (other than in the ordinary course of
business), merged or consolidated with, or acquired all or substantially all of the assets of, or otherwise acquired, any Person, or made any material investment in any Person; 

(g) made any change in any existing inventory management or credit, collection or payment policies or practices with respect to accounts
receivable or accounts payable; 
 (h) made or changed any election related to Taxes relating to or that in any way could affect Seller, the
Acquired Assets, the Business or Buyer, (ii) filed any amended Tax Return relating to Seller, the Acquired Assets or the Business, (iii) entered into any closing agreement with respect to Taxes relating to Seller, the Acquired Assets or
the Business, or (iv) failed to pay any Tax relating to Seller, the Acquired Assets or Business when it becomes due and payable; 
 (i)
made any change to a Seller’s accounting methods, principles or practices, except as may be required by GAAP or changes in Law; or 

(j) agreed or committed, whether orally or in writing, to do any of the foregoing. 

Section 3.21 Brokers. Except as set forth in Section 3.21 of the Disclosure Schedule, no broker, finder
or similar agent has been employed by or on behalf of Seller or an Affiliate of Seller, and no Person with which Seller or an Affiliate of Seller has had any dealings or communications of any kind is entitled to any brokerage commission,
finder’s fee or any similar compensation, in connection with this Agreement, the Related Agreements or the transactions contemplated hereby or thereby. 

Section 3.22 Customers. Section 3.22 of the Disclosure Schedule accurately sets forth a list of the top
twenty-five (25) customers of the Business (based on billings) and the top ten (10) customers of the Business (based on service billings only) for the twelve (12) months ended March 31, 2018 (each, a “Major
Customer”). Except as set forth in Section 3.22 of the Disclosure Schedule, since March 31, 2018, no Major Customer who has been a Major Customer 

  
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 pursuant to the foregoing definition for at least the two full calendar years prior to the Closing
(i) has provided notice that it intends to cease purchasing services from Seller and, to the Knowledge of Seller, no such Major Customer is considering ceasing purchasing services from Seller, (ii) to the Knowledge of Seller, is
considering materially reducing the aggregate purchases of services from Seller or in connection with the Business or (iii) materially modified the terms and conditions from those previously used in its purchases of services from Seller, or
provided written notice that it intends to change the terms and conditions from those previously used in its purchases of services from Seller. Neither Seller nor any of its Subsidiaries has received any written notice from a Major Customer alleging
a claim against Seller (or its Affiliates, officers, members or employees) due to an error or omission in the course of performing services in an engagement for a Major Customer. 

Section 3.23 Related Party Transactions. Section 3.23 of the Disclosure Schedule sets forth a list of
all existing business relationships (other than employment), Contracts and other understandings between Seller, on the one hand, and any of its or its Affiliates, equity holders, partners, members, Affiliates, employees, officers, or directors, on
the other hand. 
 Section 3.24 Employees. 

(a) To the Knowledge of Seller, no key employee and no group of employees of Seller has any plans to terminate or modify (in a manner that is
adverse to Seller) his or her status as an employee of a Seller, including upon consummation of the transactions contemplated by this Agreement and the Related Agreements. 

(b) Seller has set forth in Section 3.24 of the Disclosure Schedule a true, complete and accurate list as of two
business days before the Effective Date of each Person who is employed by Seller as of such date (including Persons on disability leave or leave of absence, whether paid or unpaid) (the “Business Employees”) and with respect to each such
Person, Seller which employs such Person, such Person’s date(s) of hire by Seller, position and title (if any), current rate of compensation (including bonuses, commissions and incentive compensation, if any), whether such employee is hourly or
salaried, whether such employee is exempt or non-exempt, the number of such employee’s accrued personal time off days, whether such employee is absent from active employment and, if so, the date such employee became inactive, the reason for
such inactive status and, if applicable, the anticipated date of return to active employment. 
 Section 3.25 Government
Contracts. Seller does not have any Government Contracts in excess of $25,000. 
 Section 3.26 Accounts Payable. All
accounts payable of Seller as of April 30, 2018, including but not limited to all commissions owed by Seller to a Covered Employee (“Accounts Payable”), as well as disputed Accounts Payable, are described on
Section 3.26 of the Disclosure Schedule. 

  
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 Section 3.27 Accounts Receivable. Section 3.27 of the
Disclosure Schedule sets forth a true and complete schedule of the Accounts Receivable of Seller as of April 30, 2018, together with an accurate aging of the same. All Accounts Receivable set forth on Section 3.27 of
the Disclosure Schedule and all Accounts Receivable and sales orders generated since the date of such schedule of Accounts Receivable resulted from valid bona-fide transactions in the ordinary course of business, are accounted for according to
GAAP, are true in all material respects as of the date thereof and are collectible in full without any setoff within one hundred eighty (180) days after the Closing Date (net of the reserves shown on the Financial Statements or Interim Balance
Sheet, which reserves are calculated consistent with past practice). Except as set forth in Section 3.27 of the Disclosure Schedule, there is no contest, claim, defense or right of setoff, other than returns in the Ordinary Course of
Business of Seller, under any Contract with any account debtor of an Account Receivable relating to the amount or the validity of such Account Receivable. 

Section 3.28 Inventory. All Inventory has been reflected in the Financial Statements and/or on the accounting records of Seller in
accordance with GAAP. 
 Section 3.29 Product Warranties and Liabilities. 

(a) Each product designed, manufactured, sold, leased or delivered by the Seller has been in conformity with all applicable Contracts, and all
express and implied warranties, and, except for the warranties delivered by the Seller in the ordinary course of business that are set forth on Section 3.29(a) of the Disclosure Schedule (noting, for the avoidance of doubt,
that Seller has, and shall have, no obligation for any repair, replacement, damages or any other alleged warranty obligation that is not covered by said warranties pursuant to the terms thereof), any reserve for warranty or other related liabilities
included in the Conclusive Net Working Capital Statement, the Seller does not have Knowledge of any Liability (and the Seller does not have Knowledge of any basis for any present or future action against any Seller giving rise to any Liability) for
replacement or repair thereof or other damages in connection therewith. Except as set forth on Section 3.29(a) of the Disclosure Schedule, no product designed, manufactured, sold, leased or delivered by Seller or for which Seller is
responsible is subject to any guaranty, warranty, or other indemnity or similar Liability beyond the applicable standard terms and conditions of the provision of services, or sale or lease of equipment or warranties implied by applicable Legal
Requirements. Section 3.29(a) of the Disclosure Schedule includes copies of the standard terms and conditions of sale or lease for Seller (containing, applicable guaranty, warranty, and similar Liability indemnity
provisions). 
 (b) Except as set forth on Section 3.29(b) of the Disclosure Schedule, to the Knowledge of the
Seller there is no basis for a third party to allege any claim, Liability, damage, loss, cost or expense as a result of any defect or other deficiency (whether of design, materials, workmanship, labeling instructions or otherwise) (“Product
Liability”), with respect to any product sold or services rendered by or on behalf of Seller or an Affiliate of Seller now or in the past, whether such Product Liability is incurred by reason of any express warranty (including, without
limitation, any warranty of merchantability or fitness), any doctrine of common law (tort, contract or other), any statutory provision, or otherwise and irrespective of whether such Product Liability is covered by insurance. Without limiting the
generality of the foregoing, Section 3.29(b) of the Disclosure Schedule also lists all open, pending or potential Warranty Claims of which Seller has notice through any written or oral statement of a complaint, concern or
potential problem with a product or service provided by Seller (“Open Warranty Claims”), even if no formal notice of a Warranty Claim has been made, together with the estimated cure cost for such Open Warranty Claim. 

  
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 Section 3.30 Continuation of Business. After the Closing Seller intends to
continue operating a business directly or through an Affiliate and does not presently intend to terminate its existence. 

Section 3.31 Work in Process. Seller’s Revenue recognition policy and practices and Percentage of Completion calculation are
in accordance with GAAP, are true in the aggregate in all material respects at the Balance Sheet Date to the Knowledge of Seller and were calculated consistent with the process used for the Seller’s most recent
year-end audited Financial Statements. 
 ARTICLE IV 

BUYER’S REPRESENTATIONS AND WARRANTIES 

Buyer represents and warrants to and for the benefit of the Seller that the following statements are true as of the date hereof: 

Section 4.1 Organization and Standing. Buyer is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Delaware and is a wholly-owned subsidiary of Buyer Parent. Buyer Parent is a corporation duly organized, validly existing in good standing under the laws of the State of Delaware and is the ultimate parent corporation
of Buyer and its Affiliates. Buyer and Buyer Parent are each duly qualified to do business, and in good standing, in each jurisdiction in which the character of the properties owned or leased by it or in which the conduct of its business requires it
to be so qualified. 
 Section 4.2 Authorization, Validity and Effect. Both Buyer and Buyer Parent (to the extent a party
thereto) each have the requisite power and authority to enter into and perform its obligations under this Agreement and the Related Agreements and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this
Agreement and the Related Agreements and the consummation of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary action on the part of Buyer and Buyer Parent (to the extent a party thereto). This
Agreement has been (and the Related Agreements will be) duly and validly executed and delivered by Buyer and Buyer Parent (to the extent a party thereto) and shall constitute (and the Related Agreements will constitute) the legal, valid and binding
obligation of Buyer and Buyer Parent (to the extent a party thereto), enforceable against Buyer and Buyer Parent in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general equity principles (regardless of whether enforcement is sought in a proceeding at law or in equity). 

  
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 Section 4.3 No Conflict, Required Filings and Consents. 

(a) Neither the execution and delivery of this Agreement and the Related Agreements by Buyer or Buyer Parent, nor the consummation by Buyer or
Buyer Parent of the transactions contemplated hereby and thereby, nor compliance by Buyer or Buyer Parent with any of the provisions hereof and thereof, will (i) conflict with or result in a breach of any provisions of any Organizational
Document of Buyer and/or Buyer Parent, or (ii) violate any Decree or Law applicable to Buyer and/or Buyer Parent or any of their properties or assets. 

(b) No Consent is necessary for the consummation by Buyer or Buyer Parent of the transactions contemplated by this Agreement and the Related
Agreements that if not obtained would materially adversely affect the ability of Buyer and/or Buyer Parent to consummate the transactions contemplated by this Agreement or the Related Agreements. 

Section 4.4 Legal Proceedings. There are no actions, suits, claims, investigations or other legal proceedings pending or, to
Buyers Knowledge (or Buyer’s Parent’s Knowledge), threatened against or by Buyer or any Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement or the Related
Agreements. 
 Section 4.5 Brokers. No broker, finder or similar agent has been employed by or on behalf of Buyer or Buyer Parent,
and neither Buyer, Buyer’s Parent, nor any Person with which Buyer has had any dealings or communications of any kind is entitled to any brokerage commission, finder’s fee or any similar compensation, in connection with this Agreement or
the transactions contemplated hereby. 
 ARTICLE V 

POST-CLOSING COVENANTS 
 The
Parties agree as follows with respect to the period from and after the Closing: 
 Section 5.1 Confidentiality. Without the prior
written consent of Buyer, from and after the Closing, the Seller, for itself and its Affiliates, hereby agrees to, and shall cause its Affiliates to, treat, maintain and hold as confidential, in the strictest confidence, all Confidential Information
(as defined below) and to not use, disclose, furnish, make available or otherwise provide access to any Confidential Information to any other Person; except for any disclosure required by applicable Law, provided that, to the extent
consistent with such Law, Seller shall, prior to any disclosure, notify Buyer of such disclosure, consult with Buyer and limit such disclosure to the extent required under applicable Law (as advised by legal counsel) and, if requested by Buyer,
Seller shall and shall cause its Affiliates to, cooperate with Buyer (or its designee) in seeking confidential treatment of the information to be disclosed or to limit the scope of the proposed disclosure (such as, for example, by seeking a
protective order). Seller hereby acknowledges and agrees that the Confidential Information is vital, sensitive, confidential and proprietary to the Business. As used herein, “Confidential Information” means any information relating to
(i) any Seller or Buyer or any of their respective Affiliates or any of their respective businesses, properties, assets, employees or other affairs (including any information relating to any of their respective financial statements, actual or
potential client(s) or customer(s), employees, suppliers, servicing methods and processes, technologies, databases, data, systems, equipment, programs, strategies and information, analyses, profit margins and

  
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other business, technical or proprietary information); or (ii) this Agreement or any Related Agreement or the transactions contemplated hereby or thereby; provided, however,
that Confidential Information shall not include (x) any information which is in the public domain or becomes generally known in the public domain through no direct or indirect act or omission of Seller or Seller’s Affiliates or
Representatives or (y) any information relating exclusively to the Excluded Assets. Notwithstanding the foregoing, each Party acknowledges and agrees that the foregoing is not intended and shall not be construed to prohibit any other Party from
making any public disclosure it believes in good faith is required by applicable Law (including but not limited to federal or state securities Law) or any listing or trading agreement concerning its publicly-traded securities (in which case the
disclosing Party will use its reasonable best efforts to advise the other Party prior to making the disclosure to the extent practicable and permissible under applicable Law); and provided that each of the Parties may make announcements to their
respective employees and the public with respect to the transaction contemplated by this Agreement that do not reveal any of the material economic terms of this Agreement. 

Section 5.2 Cooperation The Parties shall cooperate with each other, and shall use commercially reasonable best efforts to cause
their respective Representatives to cooperate with each other, to provide an orderly transition of the Business from the Seller to Buyer and to minimize the disruption to the Business resulting from the transactions contemplated hereby as requested
by any Party and at the requesting Party’s sole cost and expense for out-of-pocket third party costs and expenses (and without liability of any kind to the other
Party cooperating with such request in providing such requested actions other than arising from the cooperating Party’s gross negligence, willful misconduct or bad faith in connection therewith). Without limiting the generality of the
foregoing, Seller (and its Affiliates) and Buyer will cooperate with each other with respect to open orders as of the Closing Date that are either completed but not invoiced, essentially completed except for minor tasks or not transferred due to
lack of customer consent (“Transition Projects”). In such cases, to the extent that Buyer completes an open order, Seller will invoice the customer for such work and collect and deliver to Buyer the amount attributable to
Buyer’s work. For nine (9) months after the Closing Date, Buyer shall provide, or cause to be provided, to Seller, and Seller shall provide, or cause to be provided, to Buyer, reasonably requested support services and other assistance
related to accounting and finance matters, provided that the requesting Party shall pay for all out-of-pocket third party costs and expenses and that such services and
assistance do not unreasonably interfere with the non-requesting Party’s business operations. For six (6) months following the Closing Date, Buyer shall forward emails received by M&I Electric
Brazil employees under their mielectric.com email accounts to such employees at their AETI email accounts specified by AETI. 

Section 5.3 Further Assurances; Inadvertent Transfers of Assets. 

(a) In case at any time after the Closing any further action is necessary or desirable to carry out the purposes of this Agreement, at any
Party’s request and sole cost and expense for out-of-pocket third party costs and expenses, each Party shall take such further action (including the execution and
delivery to any other Party of such other reasonable instruments of sale, transfer, conveyance, assignment, endorsement, assumption and confirmation, providing materials and information and granting access to Records) as another 

  
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 Party may reasonably request as shall be deemed reasonably necessary to transfer, convey and assign to Buyer
all of the Acquired Assets, to confirm Buyer’s assumption of the Assumed Liabilities (including as may be necessary to record any assignment of any patented, registered or applied for Intellectual Property included in the Acquired Assets in the
United States Patent and Trademark Office or the United States Copyright Office and in any similar Governmental Authority outside the United States) and to confirm Buyer’s failure to assume the Excluded Liabilities. 

(b) Without limiting the provisions of Section 5.3, to the extent that either Buyer or Seller discovers any additional assets or
properties, including any Intellectual Property, which should have been transferred or assigned to Buyer as Acquired Assets but were not so transferred or assigned, Buyer, Seller and Seller’s Affiliates shall reasonably cooperate and execute
and deliver any instruments of transfer or assignment reasonably necessary to transfer and assign such asset or property to Buyer. 

Section 5.4 Litigation Support. In the event and for so long as any Party actively is contesting or defending against any
Litigation commenced by any third party with respect to (a) any transaction contemplated by this Agreement or any Related Agreement or (b) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event,
incident, action, failure to act or transaction involving the Business, the other Party will cooperate with the contesting or defending Party and its counsel in the contest or defense, make available its personnel and provide such testimony and
access to its books and records as shall be reasonably necessary in connection with the contest or defense, all at the sole cost and expense of the contesting or defending Party (unless the contesting or defending Party is entitled to
indemnification therefor pursuant to Article VII); provided, however, that, for avoidance of doubt, the foregoing shall not require any Party to take any such action if it (x) would result in a waiver or breach of any
attorney/client privilege, (y) would result in violation of applicable Law, or (z) providing such access or information would be unreasonably disruptive to its operations. 

Section 5.5 Run-Off; Change of Name; No Use of M&I Marks. 

(a) From and after the Closing Date and until six (6) months following the date thereof, Seller shall refer all client or supplier
inquiries received by Seller or an Affiliate of Seller relating to the Business to Buyer. 
 (b) From and after the Closing Date, except as
set forth in Section 5.5(c), Seller shall (and shall cause each of its Affiliates to), as soon as practicable following the Closing (but in no event more than sixty (60) days following the Closing Date), cease all uses of and shall
not (and shall ensure that none of its Affiliates) use at any time thereafter, “M&I Electric Industries,” or any other name or any Trademark included in the Seller Intellectual Property or any translations, adaptations, derivations or
combinations thereof or any other name or Trademark that is similar to any of the foregoing as a part of any name or Trademark or in any other form or manner (including in the name of Seller) in any jurisdiction anywhere in the world (whether alone
or in combination with any other words, phrases or designs or any derivatives, abbreviations, acronyms or other formatives based on, derived from, similar to or including any 

  
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of the foregoing or any other name or Trademark similar thereto) (collectively, the “M&I Marks”). Seller hereby acknowledges and agrees that the M&I Marks are included as
part of the Acquired Assets. Without limiting the Seller’s obligations set forth above, as soon as practicable after the Closing Date, but in no event more than thirty (30) Business Days thereafter, unless changed to “M&I
Holdings, Inc.,” the name of M&I shall be changed to a name that does not include “M&I” or any other M&I Marks. Without limiting the generality of the foregoing, in no event shall Seller use the M&I logo in the name of
M&I Holdings, Inc. or any other name. Further, in no event shall the name M&I Holdings, Inc. be used in any advertising, marketing, promotion or other commercial activity, its sole use being in China in connection with owning interests in
Bomay, when necessary in connection with the execution of documents in its corporate name, when necessary for filing documents with a governmental authority and when necessary to wind down the activities of Seller. 

(c) Notwithstanding anything stated in Section 5.6(b), Buyer agrees to grant M&I Brazil a license to use, solely in Brazil, the
name “M&I” and the M&I logo, such license to be in the form attached hereto as Exhibit K. 
 Section 5.6 Non-Competition. The parties agree to enter into agreements regarding non-competition in the forms attached hereto as Exhibit F and Exhibit G. 

Section 5.7 Non-Solicitation. The parties agree to enter into agreements regarding non-solicitation in the forms attached hereto as Exhibit F and Exhibit G. 

Section 5.8 Covered Employees. 

(a) Offer of Employment. Provided Seller discloses an updated list for Annex D no less than 20 days prior to the Closing Date,
then prior to the Closing Date, Buyer shall make an offer of employment, effective as of the Closing Date, to no less than ninety percent (90%) of the Covered Employees; provided, however, that any offer of employment to a Covered
Employee shall be contingent upon the Closing actually occurring and the Covered Employee executing Buyer’s standard “new employee” packet (collectively, “Employee Documentation”), including but not limited to a non-competition, confidentiality, trade secrets agreement similar to such agreement used by Seller (or if Seller does not use any such agreement, then similar to such agreement used by Buyer). Any Covered Employee
who accepts such offer is referred to herein as a “Transferred Employee.” Notwithstanding the foregoing, nothing herein shall be construed as to prevent Buyer from terminating the employment of any Transferred Employee at any time
on or following the Closing Date for any reason (or no reason). 
 (b) Compensation and Benefits. 

(i) Commencing on the Closing Date and continuing through December 31, 2018, Buyer shall provide or cause to be provided to the
Transferred Employees (x) salary reasonably comparable to that provided by the Seller as of the Balance Sheet Date (or for employees hired after the Balance Sheet Date, such employee’s initial base salary), and (y) employee benefits
(other than the matching award under the Sellers’ 401(k) program and any education reimbursement or benefit) that in the aggregate are comparable to those provided to Buyer’s similarly-situated new hires. 

  
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 (ii) Buyer shall assume the Liabilities with respect to the Transferred Employees solely to
the extent expressly set forth in this Section 5.8 and to the extent those Liabilities arise after Closing. 
 (c)
Service Credit. Each Transferred Employee shall be given credit for all service with Seller under any employee benefit plans or arrangements of Buyer and its Affiliates, to the extent authorized under such plans, including any such plans
providing vacation and sick pay, maintained by Buyer in which such Transferred Employees participate for purposes of eligibility, vesting and entitlement to benefits, including for vacation entitlement (but not for accrual of pension benefits), but
only to the extent such credit was provided under the comparable Seller Benefit Plan and was set forth on the Financial Statements or Section 5.9(c) of the Disclosure Schedules. Notwithstanding the foregoing, nothing in
this Section shall be construed to require crediting of service that would result in a duplication of benefits. 
 (d) Waiver of Pre-Existing Conditions; Crediting of Co-Payments and Deductibles. To the extent available on a commercially reasonable basis, as determined by Buyer, Buyer shall cause
(i) the waiver of all limitations as to pre-existing conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to the Transferred Employees under any of
Buyer’s welfare benefit plans to the extent that such conditions, exclusions or waiting periods would not apply under the Seller Benefit Plans, and (ii) for the plan year in which the Closing Date occurs (or, if later, in the calendar year
in which Transferred Employees and their dependents commence participation in the applicable welfare plans), the crediting of each Transferred Employee with any co-payments and deductibles paid prior to
participation in such welfare plans in satisfying any applicable deductible or out-of-pocket requirements thereunder. No later than 30 days following the Closing Date,
Seller shall provide a report to Buyer that provides each Transferred Employee’s co-payments, deductibles and out-of-pocket
expenses paid under the Seller Benefit Plans through the Closing Date. 
 (e) Accrued Vacation. With each Transferred Employee’s
final paycheck from Seller, Seller shall pay each Transferred Employee for all vacation and sickness benefit days such Transferred Employee has accrued but not used in the calendar year in which the Closing Date occurs. Each Transferred Employee
shall begin employment with Buyer without any accrued vacation or sickness benefit, but with the service credit as described above. 
 (f)
Welfare Benefit Claims; COBRA. Except as expressly set forth in this Agreement, Seller shall be responsible in accordance with its applicable welfare plans (and the applicable welfare plans of its Affiliates) in effect prior to the Closing
Date for all reimbursement claims (such as medical and dental claims) for expenses incurred, and for all non-reimbursement claims (such as life insurance claims) incurred, under such plans prior to the Closing
by the Transferred Employees and their dependents. Buyer shall be responsible in accordance with the applicable welfare plans of Buyer and its Affiliates for all reimbursement 

  
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claims (such as medical and dental claims) for expenses incurred, and for all non-reimbursement claims (such as life insurance claims) incurred, on or
after the Closing (or the date of commencement of employment with Buyer, if later) by Transferred Employees and their dependents who are eligible for and participating in any applicable welfare plans at the time of the incurrence of such claims and
expenses after the Closing Date. For purposes of this Section, a claim shall be deemed to have been incurred as follows: (i) for health, dental and prescription drug benefits, upon provision of such goods or services, (ii) for life,
accidental death and dismemberment, disability and business travel accident insurance benefits, upon the death, injury, illness or accident giving rise to such benefits, and (iii) for hospital-provided health, dental, prescription drug or the
benefits which become payable with respect to any hospital confinement, pro-rata based upon the number of days of such confinement occurring before and after the Closing Date. The Seller and its Affiliates
shall remain obligated under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) with respect to qualifying events occurring on or prior to the Closing Date. Notwithstanding the foregoing, at the Closing, Buyer will
assume Seller’s medical insurance plans (standard medical plan and premium medical plan, dental plan and vision plan) described on Section 3.13 of the Disclosure Schedule, including but not limited to the stop-loss reinsurance plan
related thereto; provided, however, in order to cover run-off claims after the Closing, the Net Working Capital calculations will include a reserve of $100,000 and the Escrow Amount will be increased by an
additional $100,000, which $100,000 additional Escrow Amount shall be retained by the Escrow Agent pursuant to the Escrow Agreement until the later of the deadline for employees covered by such plans immediately prior to the Closing Date to
(i) submit all medical insurance claims for expenses incurred during the period prior to the Closing or (ii) submit all medical insurance claims for expenses incurred during the COBRA period, for those who timely elected COBRA coverage
under such plans for qualifying events occurring on or prior to the Closing Date. Notwithstanding such reserve and additional Escrow Amount, Seller shall retain all Liability incurred by the sponsor of such medical plans for covered claims by or on
behalf of employees of Seller that are made with respect to expenses incurred under such plans prior to the Closing, and shall immediately pay any such claims in excess of the $100,000 reserve and $100,000 additional Escrow Amount, together with all
costs and expenses, including but not limited to attorney’s fees, of collection incurred by Buyer to enforce Seller’s obligations hereunder. With respect to Seller’s Flexible Benefit Plans, effective as of the Closing Date, Buyer
agrees to have in effect flexible spending reimbursement accounts for medical and dependent care expenses under a cafeteria plan qualified under Section 125 of the Code and will credit such accounts with the amount credited as of the Closing
under comparable accounts maintained with Seller for each Transferred Employee from the beginning of the plan year to the Closing Date. As soon as practical after the Closing Date (i) Seller will pay to Buyer in cash the amount, if any, by
which aggregate contributions made by Transferred Employees to Seller’s Flexible Benefit Plan accounts for such plan year exceeded the aggregate benefits provided to the Transferred Employees for such plan year as of the Closing Date or
(ii) Buyer will pay to Seller in cash the amount, if any, by which aggregate benefits provided to the Transferred Employees under Seller’s Flexible Benefit Plan accounts exceeded the aggregate contributions made by the Transferred
Employees for such plan year as of the Closing Date. No later than thirty (30) days following the Closing Date, Seller shall provide a report to Buyer of the foregoing calculations. 

  
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 (g) Liabilities. Buyer shall be solely responsible for all employment and employee
benefits-related Liabilities that are incurred or arise as a result of events that occurred after the Closing and relate to any Transferred Employee (or any dependent or beneficiary of any Transferred Employee) and Seller shall not have any
responsibility for any such Liability. Except to the extent such Liability is an Assumed Liability (including any Liability set forth on the Conclusive Net Working Capital Statement) or as otherwise provided in this Agreement (including in this
Section 5.8), Seller shall be solely responsible for all employment and employee benefits-related Liabilities that are incurred or arise as a result of events that occurred upon or prior to the Closing in respect of Transferred Employees
(or any dependent or beneficiary thereof) or in respect of any Seller Benefit Plan and for all Liabilities regardless of when they occur, with respect to any Covered Employee who is not a Transferred Employee. For the avoidance of doubt, if any
Covered Employee becomes entitled to any severance benefits in connection with his or her termination of employment from Seller or its Affiliates, Seller (or its applicable Affiliate) shall be solely responsible for such benefits. 

(h) WARN Act. In reliance upon the terms and agreements set forth in this Section 5.8, neither Seller nor
Buyer shall provide a notice under the WARN Act. 
 (i) Provision of Information/Cooperation. Seller shall provide Buyer all
information it reasonably requires to comply with its obligations under this Section 5.8. Seller and Buyer shall reasonably cooperate to implement the provisions of this Section 5.8. 

(j) No Third Party Beneficiary Rights. The Parties agree that nothing in this Section 5.8, whether express or implied, is
intended to create any third party beneficiary rights in any Covered Employee or dependent thereof. Without limiting the generality of the foregoing, no provision of this Agreement shall create any third-party beneficiary rights in any employee or
former employee of Seller or any of its Affiliates (including any beneficiary or dependent thereof) in respect of continued employment by such Person or otherwise. Nothing herein, other than as expressly provided in this Section 5.8,
shall (i) preclude the ability of Buyer or its Affiliates to terminate any employee for cause or for any reason more than three (3) months after the Closing Date, or (ii) require Buyer or any of its Affiliates to continue any employee
compensation or benefits plans or arrangements or prevent the amendment, modification or termination thereof after the Closing Date. Nothing herein is intended to, or shall be deemed to, amend any employee benefit plan, program or arrangement of
Seller or Buyer. 
 Section 5.9 Recording of Intellectual Property Assignments. All of the Intellectual Property Assignments
shall be recorded and filed by Buyer and the applicable Seller in each jurisdiction where there is any patented, registered or applied for Intellectual Property included in the Acquired Assets, at Buyer’s sole cost and expense, with the
appropriate Governmental Authorities as promptly as practicable following the Closing. 
 Section 5.10 Taxes

 (a) Any stamp, documentary, registration, sales, use, transfer, added-value or other transfer-related
non-income Tax (a “Transfer Tax”) imposed under applicable Law in connection with the transactions contemplated hereby shall be borne by 50% by the Seller and 50% by the Buyer. Seller and
Buyer shall cooperate to prepare and timely file any Tax Returns required to be filed in connection with Transfer Taxes described in the immediately preceding sentence. 

  
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 (b) Buyer and the Seller further agree, upon request, to use commercially reasonable efforts
to obtain any certificate or other document from any governmental authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including, but not limited to, with respect to the transactions
contemplated hereby). 
 (c) Property Taxes and ad valorem Taxes (“Property Taxes”) on the Acquired Assets shall be prorated
between Buyer and Seller effective as of the Closing Date, with Seller being responsible for amounts relating to the period on or prior to the Closing Date and Buyer being responsible for amounts relating to the period after the Closing Date. The
Property Taxes shall be estimated as of the Closing Date based on Property Taxes for the prior year and current tax rates and valuations applicable to the Acquired Assets. At the Closing, the Property Taxes shall be prorated based on such estimate
and Buyer shall be entitled to a credit equal to the amount that Seller is obligated to pay, and Buyer shall pay such Property Taxes prior to delinquency. If the estimate is incorrect, the party determining the same shall provide written notice to
the other party with reasonable evidence of actual property taxes including the reproration of the actual Property Taxes and the Party that paid more than its pro rata portion shall pay to the other Party the amount equal to such overpayment within
30 days of its receipt of notice and reasonable evidence therefor. 
 Section 5.11 BOMAY Electric Industries Co., Ltd. For the
two (2) years following the Closing Date, Buyer shall provide Bomay with technical and engineering support services for up to twenty (20) hours per week at Buyer’s actual cost plus twenty percent (20%); provided, however, in no event
shall Buyer be obligated to hire any person to provide such services or otherwise interfere with Buyer’s ordinary course of business. 

Section 5.12 Use of Houston Office. For forty-five (45) days after the Closing Date, Charles Dauber, Arthur Dauber, Bill Brod
and Frank Gu are authorized (during Buyer’s normal business hours), to use their former office space in the space leased by M&I in Houston for $500 per week. 

Section 5.13 Warranty Service Obligations. Buyer will perform, or will cause to be performed, the Warranty Service Obligations for
all Warranty Claims (other than the Excluded Warranty Claims) in accordance with Seller’s past practices as set forth on Annex I that occurs within the warranty period of the relevant product and warranty upon which such Warranty Claim
is based. Notwithstanding anything to the contrary contained in this Agreement, the cost incurred by Buyer in connection with fulfilling Warranty Service Obligations (“Warranty Service Costs”) shall include all reasonable, industry
standard costs incurred in connection with Buyer’s good faith efforts to determine whether or not the cause of the reported problem is the result of a defect in design, material or workmanship of the product or nonconformance with the
specifications for such product. Warranty Service Costs shall be determined using Buyer’s costs for the applicable work. Notwithstanding anything to the 

  
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contrary contained in this Agreement, Seller shall pay Buyer for all Warranty Service Costs incurred or that may be incurred by Buyer in excess of $375,000 in the aggregate (being the sum of a
$325,000 reserve established in the determination of Net Working Capital and then $50,000 to be incurred directly by Buyer) (the “Excess Warranty Service Costs”) within ten (10) days after Buyer’s notification of such
excess or the expectation of such excess if such expected excess will exceed $10,000. Seller’s obligation to pay Buyer for Excess Warranty Service Costs shall survive the Closing and remain in full force and effect until the resolution of all
Warranty Claims with respect to products or services shipped by Seller. For the avoidance of doubt, Seller shall have no obligation to pay Buyer for Excess Warranty Costs unless such costs relate to products shipped or services provided in full
prior to the Closing Date (even if such products or services were manufactured or delivered in part by Seller prior to the Closing Date); provided, however, if a purchase order covers multiple products and/or ongoing services, any Warranty Claim
related to an individual product delivered or service completed prior to the Closing Date shall be subject to payment by Seller pursuant to this Section 5.13. Buyer will provide to Seller prompt written notice of any
Warranty Claims that Buyer could reasonably anticipate would likely result in Excess Warranty Costs, in each case (i) identifying the customer and the underlying Contract, (ii) providing a reasonably detailed description of the Warranty
Claim and any investigation or other efforts by Buyer to determine the propriety of such claim, and (iii) if proper, the potential costs of such claim and the method by which Buyer will service such claim. Buyer will provide to Seller a monthly
report detailing all Warranty Claims that are the subject of this section, including the status of the claim, the work performed and the costs incurred and expected to be incurred in connection therewith. Notwithstanding anything contained herein to
the contrary, Buyer shall give AETI a reasonable opportunity to review any Warranty Claim prior to: (i) any work being conducted pursuant to any Warranty Claim if such work will Warranty Service Costs in excess of $50,000 for such Warranty
Claim; (ii) any claim being offset against the deductible under the R&W Policy; or (iii) any other obligation to Buyer is triggered pursuant to this Section 5.13. Notwithstanding anything stated in this Agreement, in no event
shall Warranty Service Obligations include any services, repairs or other work in connection with the Excluded Warranty Claims, which shall be the sole obligation of Seller. 

Section 5.14 Accounts Receivable. Buyer shall use commercially reasonable efforts (not including litigation or referral to a
collection agency) to collect all Accounts Receivable in full consistent with Seller’s past practices as expressly set forth on Section 5.14 of the Disclosure Schedule. Buyer shall not make any claim alleging a breach
of Section 3.27 regarding the collectability of Accounts Receivable until the amount of uncollected Accounts Receivable (as described in Section 3.27) exceeds the sum of the Accounts Receivable reserve reflected in the Conclusive
Net Working Capital Statement or the Post-Closing Working Capital Statement if the Conclusive Net Working Capital Statement has not been finalized. The oldest uncollected Accounts Receivables shall count against the reserve until it is exhausted.
After the reserve is exhausted, uncollected Accounts Receivable may be recovered through a claim under the R&W Policy or a claim under the Escrow Agreement. Further, the funds held pursuant to the Escrow Agreement for purposes of this
Section 5.14 may be distributed to Buyer for uncollected Accounts Receivable (as described in Section 3.27) up to the retention amount. No funds other than the $340,000 in the Escrow Account for such purpose shall be applied against the
retention amount or disbursed in connection with any uncollected Accounts Receivable. Any remaining 

  
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uncollected Accounts Receivable then counted against the retention amount under the R&W Policy shall be assigned to Seller at no cost. Notwithstanding anything contained herein to the
contrary, unless consistent with Seller’s past practices or unless applied against the reserve for Accounts Receivable reflected in the Conclusive Net Working Capital Statement, Buyer will not “mark-down,” settle, or negotiate any
Accounts Receivable (in connection with making a claim alleging a breach of Section 3.27 regarding the collectability of Accounts Receivable) without the prior consent of AETI, which consent will not be unreasonably withheld, conditioned or
delayed. 
 ARTICLE VI 

CONDITIONS TO CLOSING 

Section 6.1 Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions contemplated by
this Agreement shall be subject to the fulfillment, at or prior to the Closing the following condition: no Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and has the
effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 Section 6.2 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following conditions: 
 (a)
The representations and warranties of Seller contained in Article III shall be true and correct in all respects as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties
that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date). 
 (b) Seller
shall have duly performed and complied with all agreements, covenants and conditions required by this Agreement prior to or on the Closing Date. 

(c) Seller shall have delivered to Buyer duly executed counterparts of the Related Documents (other than this Agreement) and such other
documents and deliveries set forth in Section 2.5(a). 
 (d) Buyer shall have received a certificate, dated the
Closing Date and signed by a duly authorized officer of any Seller, that each of the conditions set forth in Section 2.5(a) and Section 2.5(b) have been satisfied (the “Seller Closing
Certificate”). 
 (e) Concord Specialty Risk shall have issued, subject to payment of the applicable premium, the R&W policy in
substantially the form attached hereto as Exhibit L. 
 (f) There shall not have occurred any Material Adverse Effect (not including a
decline in orders to Seller between the Effective Date and the Closing Date). 

  
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 (g) There shall not be any pending or threatened litigation affecting the Business or the
Acquired Assets that could impair the ability to consummate the Closing. 
 (h) Provided that Buyer has made an offer to each Covered
Employee to the extent required pursuant to Section 5.8(a), at least fifty percent (50%) of the Covered Employees to whom Buyer made such an offer shall have accepted such offer of employment and satisfied Buyer’s conditions to employment
as set forth in Section 5.8(a). 
 Section 6.3 Conditions to Obligations of Seller. The obligations of
Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or Seller’s waiver, at or prior to the Closing, of each of the following conditions: 

(a) The representations and warranties of Buyer contained in Article IV shall be true and correct in all respects as of the Closing Date
with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date). 

(b) Buyer shall have duly performed and complied with all agreements, covenants and conditions required by this Agreement and each of the other
Related Agreements to be performed or complied with by it prior to or on the Closing Date. 
 (c) Buyer shall have delivered to Seller the
Purchase Price, duly executed counterparts to the Transaction Documents (other than this Agreement) and such other documents and deliveries set forth in Section 2.5(b). 

(d) Seller shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the
conditions set forth in Section 2.5(a) and Section 2.5(b) have been satisfied (the “Buyer Closing Certificate”). 

(e) There shall not be any pending or threatened litigation affecting the Business or the Acquired Assets that could impair the ability to
consummate the Closing or could reasonably be expected to cause a Material Adverse Effect. 
 Section 6.4 Termination of
Agreement. The Parties may terminate this Agreement at any time prior to the Closing as provided below: 
 (a) Buyer and
Seller may terminate this Agreement by mutual written consent; 
 (b) Buyer may terminate this Agreement by giving written
notice to Seller: 
 (i) if the Closing shall not have occurred prior to September 30, 2018 (the “Outside Date”);
provided, however, that the right to terminate this Agreement under this Section 6.4(b)(i) shall not be available to Buyer if its failure to fulfill any obligation under this Agreement has been the cause of,
or resulted in, the failure of the Closing to have occurred on or before the Outside Date; 

  
 Page 52 

 (ii) if any event, circumstance, condition, fact or effect has occurred or exists which
(A) would result in a failure of a condition to Buyer’s obligations to consummate the transactions contemplated hereby set forth in Section 6.1 or Section 6.2 (unless the failure results
solely from Buyer itself breaching any representation, warranty or covenant set forth in this Agreement), and (B) cannot reasonably be cured prior to the Outside Date; provided, however, that Buyer shall have given Seller written
notice, delivered at least ten (10) Business Days prior to such termination stating its intention to terminate this Agreement pursuant to this Section 6.4(b)(ii) and the basis for such termination with reasonable
particularity and provided Seller the opportunity to cure any breach giving rise to the effects set forth in clauses (A) and (B) above during such time; or 

(iii) if a Material Adverse Effect has occurred; 

(c) Seller may terminate this Agreement by giving written notice to Buyer: 

(i) if the Closing shall not have occurred prior to the Outside Date; provided, however, that the right to terminate this
Agreement under this Section 6.4(c)(i) shall not be available to Seller if its failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to have occurred on or before the
Outside Date; or 
 (ii) if any event, circumstance, condition, fact or effect has occurred or exists which (A) would result in a
failure of a condition to Seller’s obligations to consummate the transactions contemplated hereby set forth in Section 6.1 or Section 6.3 (unless the failure results solely from Seller itself
breaching any representation, warranty or covenant set forth in this Agreement), and (B) cannot reasonably be cured prior to the Outside Date; provided, however, that Seller shall have given Buyer written notice thereof, delivered
at least ten (10) Business Days prior to such termination stating its intention to terminate this Agreement pursuant to this Section 6.4(c)(ii) and the basis for such termination with reasonable particularity and provided Buyer the
opportunity to cure any breach giving rise to the effects set forth in clauses (A) and (B) above during such time. 
 Section 6.5
Effect of Termination. If any Party terminates this Agreement pursuant to Section 6.4, all rights and obligations of the Parties hereunder shall terminate upon such termination and shall become null and void (except that
Article I (Definitions), Section 5.1 (Confidentiality), Article VIII (Miscellaneous) and this Section 6.5 (Effect of Termination) shall survive any such termination) and no Party
shall have any Liability to the other Party hereunder; provided, however, that nothing in this Section 6.5 shall relieve any Party from Liability for any breach occurring prior to any such termination of any
of the representations and warranties (but solely to the extent such breach was willful, grossly negligent or fraudulent and would result in a failure of the condition set forth in Section 6.2(a) or
Section 6.3(a), as appropriate) or covenants (but solely to the extent such breach would result in a failure of the condition set forth in Section 6.2(b) or Section 6.3(b), as appropriate) set
forth in this Agreement. 

  
 Page 53 

 ARTICLE VII 

INDEMNIFICATION 
 Section 7.1
Survival of Representations and Warranties. The representations and warranties of the Parties will survive the Closing and will remain in full force and effect thereafter until the eighteen month anniversary following the Closing Date (the
“Termination Date”), after which time they shall be of no further force or effect and upon which no claim for indemnification may be made with respect to breaches thereof; provided; however, (x) the
representations and warranties set forth in Sections 3.1, 3.2, 3.2, 3.4, 3.6 and 3.21 and Sections 4.1, 4.2, 4.3 and 4.5 (collectively, the “Fundamental
Representations”) shall survive indefinitely and (y) the representations and warranties set forth in Sections 3.7 and 3.13 shall survive the Closing and remain in full force and effect thereafter until ninety (90) days
after the expiration of the applicable statute of limitations. All the covenants and agreements contained in this Agreement that contemplate performance, in whole or in part, following the Closing Date shall survive the Closing in accordance with
their respective term until the time when such covenants or agreements are fully performed in accordance with their respective terms. 

Section 7.2 Indemnification Provisions for Buyer’s Benefit. Subject to the limits set forth in this Article VII, from
and after the Closing, the Seller shall indemnify, defend and hold Buyer, its Affiliates and its and their respective officers, directors, stockholders, employees, agents and other Representatives (each, a “Buyer Indemnified Party”)
harmless from and against any and all losses, claims, liabilities, debts, damages, fines, penalties, costs (including reasonable fees and expenses of counsel) (collectively, “Damages”) incurred as a result of: 

(a) any breach of any representation or warranty of Seller set forth in this Agreement or any Related Agreement; 

(b) any failure to perform any covenant or agreement of Seller set forth in this Agreement or any Related Agreement; or 

(c) any of the Excluded Liabilities. 

Section 7.3 Indemnification Provisions for Seller’s Benefit. Subject to the limits set forth in this Article VII, from
and after the Closing, Buyer shall defend and hold Seller, its respective Affiliates and its and their respective officers, directors, stockholders, employees, agents and other Representatives (each, a “Seller Indemnified Party”)
harmless from and against any and all Damages incurred as a result of: 
 (a) any breach of any representation or warranty of Buyer set forth
in this Agreement or any Related Agreement; 
 (b) any failure to perform any covenant or agreement of Buyer set forth in this Agreement or
any Related Agreement; or 
 (c) any of the Assumed Liabilities. 

  
 Page 54 

 Section 7.4 Limitations on Indemnification; Calculation of Damages. 

(a) Notwithstanding anything to the contrary set forth in this Agreement or the Related Agreements, Buyer, on behalf of itself and each other
Buyer Indemnified Party, acknowledges and agrees that the sole and exclusive remedy of any Buyer Indemnified Party for any claim related to or arising under Section 7.2(a), except a claim based on fraud or a breach of
Section 3.3(c), shall be to make a claim against the R&W Policy. Buyer, on behalf of itself and each other Buyer Indemnified Party, further acknowledges and agrees that the provisions of this Section 7.4 shall
apply regardless of whether (a) the R&W Policy is revoked, cancelled or modified in any manner after issuance as a result of any act or omission of a Buyer Indemnified Party, or (b) any Buyer Indemnified Party makes a claim under the
R&W Policy and such claim is denied by the insurer. 
 (b) For purposes of calculating Damages hereunder, any materiality, Material
Adverse Effect or knowledge qualifications in the representations, warranties, covenants and agreements shall be disregarded. 
 (c)
Notwithstanding any other provision of this Agreement to the contrary, no indemnified party (including any Buyer Indemnified Party or any Seller Indemnified Party) (“Indemnified Party”) shall, in any event, be entitled to
indemnification pursuant to this Article VII or otherwise for punitive, indirect, exemplary or special damages or any consequential damages, including loss of revenue, income or profits, or loss in value of assets or securities, relating to
any breach of this Agreement (“Limited Damages”); provided, however, if an Indemnified Party is held liable pursuant to a Third Party Claim (including a Third Party Claim by any Governmental Authority) for any such
Limited Damages and such indemnifying party (“Indemnifying Party”) is obligated to indemnify the Indemnified Party for the matter that gave rise to such Limited Damages pursuant to this Agreement, then the Indemnifying Party shall
be liable for and obligated to reimburse the Indemnified for such Limited Damages. No limitation in this Article VII shall apply to any Damages based on fraud or breach of a Fundamental Representation. 

(d) The Buyer Indemnified Parties shall not, with respect to a Liability on the Conclusive Net Working Capital Statement, be entitled to
recover from the Seller Damages to the extent of the amount reflected on the Conclusive Net Working Capital Statement as a reserve or Liability for such Liability. 

(e) Payments by an Indemnifying Party pursuant to Section 6.2 or Section 6.3 in respect to
Damages shall be reduced by an amount equal to any Tax benefit realized or reasonably expected to be realized as a result of such Damage by the Indemnified Party. 

(f) The amount of any Damages for which indemnification is provided under this Article VII shall be computed net of any third party
insurance proceeds and recoveries in respect of third party indemnification obligations actually received by the Indemnified Party in connection with such Damages. Each Indemnified Party agrees to use its commercially reasonable efforts to obtain
recovery in respect of any Damages from any third party insurance or third party indemnity which is available in respect of Damages. If an Indemnified Party 

  
 Page 55 

 receives such insurance proceeds or indemnification recoveries in connection with Damages for which it has
been indemnified hereunder, the Indemnified Party shall notify the Indemnifying Party and refund to the Indemnifying Party the amount of such insurance proceeds or indemnification recoveries when received (net of any costs incurred by the
Indemnified Party in collecting such amounts or increase in insurance premiums due to submitting such claims), up to the amount for which indemnification was paid hereunder. 

Section 7.5 Matters Involving Third Parties 

(a) If any third party shall notify any Indemnified Party of any third party claim, demand, assessment or the commencement of any Litigation
(each, a “Third Party Claim”) which may give rise to a claim for indemnification pursuant to this Article VII, the Indemnified Party shall within (and in any event within ten (10) Business Days after receiving notice of
the Third Party Claim or the commencement of Litigation with respect thereto) notify the Indemnifying Party thereof in writing stating that the Third Party Claim may give rise to a claim for indemnification against the Indemnifying Party and
specifying the facts constituting the basis for such claim and the amount, to the extent known, of the claim asserted; provided, however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party shall
relieve the Indemnifying Party from any obligation hereunder unless (and then solely to the extent) the Indemnifying Party is actually prejudiced thereby. 

(b) The Indemnifying Party has the right, exercisable by written notice to the Indemnified Party within sixty (60) days of receipt of a
notice from such Indemnified Party pursuant to Section 7.5(a), to, at its own expense, assume the defense against the Third Party Claim with counsel of its choice reasonably satisfactory to the Indemnified Party and control the defense of
such Third Party Claim so long as the Indemnifying Party conducts such defense in a reasonably diligent manner; provided, however, that the Indemnifying Party shall not be entitled to assume the conduct and control of defense (unless
otherwise agreed to in writing by the Indemnified Party) if (i) the claim for indemnification relates to or arises in connection with any criminal proceeding not involving the Indemnifying Party, (ii) the Third Party Claim seeks an
injunction or equitable relief against the Indemnified Party or (iii) the Third Party Claim involves defense of claims by any Governmental Authority. In the event of the preceding (i), (ii) or (iii), the Indemnifying Party shall pay the
reasonable fees and expenses of one counsel selected by the Indemnified Party (and reasonably satisfactory to the Indemnifying Party). 
 (c)
From and after the date that the Indemnifying Party has assumed and is conducting the defense of the Third Party Claim in accordance with Section 7.5(b), (i) the Indemnifying Party will not be liable for any legal expenses subsequently
incurred by any Indemnified Party in connection with the defense of such claim unless the Indemnified Party is advised in writing by counsel chosen by it that there are one or more defenses available to the Indemnified Party that the Indemnifying
Party cannot assert on behalf of the Indemnified Party (in which case the Indemnifying Party shall pay the reasonable fees and expenses of one counsel selected by the Indemnified Party (and reasonably satisfactory to the Indemnifying Party)); (ii)
the Indemnifying Party and the Indemnified Party shall cooperate fully with each other and their respective counsel in connection with the defense, negotiation or settlement of any such Third 

  
 Page 56 

 
Party Claim, including providing access to any relevant books and records, properties, employees and Representatives; provided, however, that, for avoidance of doubt, the foregoing
shall not require any Party to waive, or take any action which has the effect of waiving, its attorney-client privilege with respect thereto; (iii) the Indemnifying Party will not consent to the entry of any judgment on or enter into any
settlement with respect to the Third Party Claim without the prior written consent of the Indemnified Party unless the judgment or proposed settlement involves only the payment of money damages by the Indemnifying Party, does not impose an
injunction or other equitable relief upon the Indemnified Party and includes as an unconditional term thereof the giving by each claimant or plaintiff to such Indemnified Party of an irrevocable release from all liability with respect to such claim
or litigation; and (iv) the Indemnified Party will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the Indemnifying Party, which consent will not
be unreasonably withheld, conditioned or delayed. 
 (d) If the Indemnifying Party has not assumed the defense of the Third Party Claim
within sixty (60) days after notice thereof, (i) the Indemnified Party may defend against the Third Party Claim in any manner it reasonably may deem appropriate; (ii) the Indemnifying Party will reimburse the Indemnified Party
promptly and periodically for the costs of defending against the Third Party Claim (including reasonable attorneys’ fees and expenses) to the extent such costs are Damages for which the Indemnified Party is actually entitled to indemnification
hereunder; and (iii) the Indemnifying Party will remain responsible for any costs the Indemnified Party may incur resulting from the Third Party Claim to the extent such costs are Damages for which the Indemnified Party is actually entitled to
indemnification hereunder. 
 Section 7.6 Claims and Payment; Treatment of Payments; R&W Policy 

(a) On each occasion that any Indemnified Party shall be entitled to indemnification under this Article VII, the Indemnifying Party
shall, at each such time, promptly pay the amount of such indemnification following the receipt of notice of a claim therefor. All notices of claims for indemnification hereunder by any Indemnified Party shall be made with reasonable particularity
and shall state the amount of Damages sought thereunder, to the extent then known. Any indemnification payments made pursuant to this Agreement shall be treated for tax purposes as an adjustment to the Purchase Price, unless otherwise required by
applicable law. 
 (b) Notwithstanding any other provision in this Agreement, except in the event of fraud or breach of Section 3.3(c),
the Seller and its Affiliates shall have no liability for a breach of a representation or warranty made by Seller under this Agreement except to the extent liability under this Agreement is a condition to filing a claim under the R&W Policy.
Except in the event of fraud or a breach of the representation and warranty set forth in Section 3.2(c), the sole recourse for any Buyer Indemnified Party for any breach of any such representation or warranty by Seller shall be to the
R&W Policy. From and after the Closing, the Seller and its Affiliates shall use good faith efforts to reasonably cooperate with any Buyer Indemnified Party and the issuer of the R&W Policy in connection with any claim made by any such party
under the R&W Policy. 

  
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 Section 7.7 Exclusive Remedy. From and after the Closing, other than in the
event of fraud or a breach of a representation or warranty set forth in Section 3.3(c) or pursuant to Section 5.13 and Section 5.14, the remedies set forth in this Article VII shall be the sole and
exclusive remedy of the Indemnified Parties for Damages relating to the subject matter hereof. For the avoidance of doubt, nothing in this Section 7.7 shall interfere with or impede a Party’s right to seek equitable
remedies (including specific performance or injunctive relief) to enforce any covenant in this Agreement to be performed after the Closing in accordance with Section 8.12. 

ARTICLE VIII 
 MISCELLANEOUS 

Section 8.1 Expenses. Except as otherwise expressly set forth herein, each Party will bear its own costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby, including all fees of law firms, commercial banks, investment banks, accountants, public relations firms, experts and consultants. The Seller shall pay the standard title
insurance premium for a title policy covering the Beaumont Property based on a value of the Beaumont Property at its fair market value as reasonably determined by the Seller and Buyer. Seller and Buyer shall each pay
one-half (1/2) of all charges imposed by the issuer of the R&W Policy, including but not limited to the underwriting fee and the premium. 

Section 8.2 Entire Agreement. This Agreement, the Related Agreements and the Confidentiality Agreement constitute the entire
agreement between the Parties and supersede any prior understandings, agreements or representations (whether written or oral) by or between the Parties, written or oral, to the extent they relate in any way to the subject matter hereof. 

Section 8.3 Incorporation of Annexes, Exhibits and Disclosure Schedule. The Annexes and Exhibits to this Agreement and the
Disclosure Schedule are incorporated herein by reference and made a part hereof. 
 Section 8.4 Amendments and Waivers. No
amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by each Party. No waiver of any breach of this Agreement shall be construed as an implied amendment or agreement to amend or modify any
provision of this Agreement. No waiver by any Party of any default, misrepresentation or breach of warranty or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the Party making such
waiver, nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent default,
misrepresentation or breach of warranty or covenant. No conditions, course of dealing or performance, understanding or agreement purporting to modify, vary, explain or supplement the terms or conditions of this Agreement shall be binding unless this
Agreement is amended or modified in writing pursuant to the first sentence of this Section 8.4 except as expressly provided herein. Except where a specific period for action or inaction is provided herein, no delay on the
part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof. 

  
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 Section 8.5 Buyer Parent. Buyer Parent absolutely, unconditionally and
irrevocably guarantees to Seller, AETI, and its successors, transferees and assigns (collectively, the “Seller Successors”) the performance when due of all obligations of the Buyer in which Seller has any beneficial interest,
arising under this Agreement and/or the Related Agreements, including but not limited to every agreement, covenant and obligation contained in this Agreement or the Related Agreements to be performed or complied with by the Buyer (collectively, the
“Buyer Obligations”), and agrees that if, for any reason, Buyer fails to perform when due any of such Buyer Obligations, the Buyer and the Buyer Parent will, jointly and severally, perform the Buyer Obligations. The liability of the
Buyer and Buyer Parent under this Section 8.5 shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale, or other disposition of all or substantially all of the assets, marshalling of
assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar event or proceeding, affecting the Buyer, Buyer Parent, or any of
their assets. This guaranty is an absolute, unconditional, primary, present and continuing guaranty of performance and compliance and not of collectability and is in no way conditioned or contingent upon any attempt by the Seller and/or AETI to
enforce performance or compliance by the Buyer or upon any other action, occurrence, event or circumstance whatsoever. This Section 8.5 survives the Closing. 

Section 8.6 AETI Guaranty. AETI absolutely, unconditionally and irrevocably guarantees to Buyer, Buyer Parent and their respective
successors, transferees and assigns (collectively, the “Buyer Successors”) the performance when due of all obligations of the Seller or AETI in which Buyer has any beneficial interest, arising under this Agreement and/or the Related
Agreements, including but not limited to every agreement, covenant and obligation contained in this Agreement or the Related Agreements to be performed or complied with by the Seller or AETI (collectively, the “Seller Obligations”),
and agrees that if, for any reason, Seller or AETI fails to perform when due any of such Seller Obligations, Seller and AETI will, jointly and severally, perform the Seller Obligations. The liability of Seller and AETI under this
Section 8.6 shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale, or other disposition of all or substantially all of the assets, marshalling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar event or proceeding, affecting Seller, AETI, or any of their assets. This guaranty is an
absolute, unconditional, primary, present and continuing guaranty of performance and compliance and not of collectability and is in no way conditioned or contingent upon any attempt by the Buyer or Buyer Parent to enforce performance or compliance
by Seller or AETI or upon any other action, occurrence, event or circumstance whatsoever. This Section 8.6 survives the Closing. 

Section 8.7 Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and permitted assigns. No Party may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written consent of the other Parties. 

  
 Page 59 

 Section 8.8 Notices. All notices, requests, demands, claims and other
communications hereunder shall be in writing except as expressly provided herein. Any notice, request, demand, claim or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient; (ii) one (1)
Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid or charged to an existing account); (iii) upon receipt of confirmation of receipt if sent by facsimile transmission or e-mail; or (iv) three (3) Business Days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth
below: 
  

			
	 If to a Seller:
	  	M&I Electric Industries, Inc.
		  	1250 Wood Branch Park Drive, Suite 600
		  	Houston, TX 77079
		  	Attention: Charles Dauber
		  	cdauber@mielectric.com
		
		  	With a copy (which shall not constitute notice to a Seller) to:
		
		  	 Ben Cowan
 Locke Lord, LLP

JPMorgan Chase Tower
 600 Travis

Houston, TX 77002
 bcowan@lockelord.com

713-226-1339

		
	 If to Buyer:
	  	 M&I Electric, LLC
 219 East Maple Street

Suite 100-200 East
 North Canton, OH 44720

Attention: Barnet Rogers

                 Tom Rothenberger

Barnet.rogers@myerspower.com

Tom.Rothenberger@myerspower.com

		
		  	With a copy (which shall not constitute notice to Buyer) to:
		
		  	 Lee E. Herman
 Hirsch & Westheimer,
P.C.
 1415 Louisiana, 36th Floor

Houston, TX 77002
 lherman@hirschwest.com

(713) 220-9143

  
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 Any Party may change the address to which notices, requests, demands, claims and other communications
hereunder are to be delivered by giving the other Parties notice in the manner set forth in this Section 8.8. 

Section 8.9 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF
TEXAS. 
 Section 8.10 Submission to Jurisdiction; Service of Process. Each of the Parties irrevocably and unconditionally
submits to the exclusive jurisdiction of any state or federal court sitting in Harris County, Texas in any Litigation arising out of or relating to this Agreement or any Related Agreement and agrees that all claims in respect of such Litigation may
be heard and determined in any such court. Each Party also agrees not to bring any action or proceeding arising out of or relating to this Agreement or any Related Agreement in any other court. Each of the Parties irrevocably and unconditionally
waives any objection to the laying of venue in, and any defense of inconvenient forum to the maintenance of, any Litigation so brought and waives any bond, surety or other security that might be required of any other Party with respect thereto. Any
Party may make service on any other Party by sending or delivering a copy of the process to the Party to be served at the address and in the manner provided for the giving of notices in Section 8.8; provided,
however, that nothing in this Section 8.10 shall affect the right of any Party to serve legal process in any other manner permitted by law or in equity. Each Party agrees that a final judgment in any Litigation so
brought shall be conclusive and may be enforced by Litigation or in any other manner provided by law or in equity. The Parties intend that all foreign jurisdictions will enforce any Decree of any state or federal court sitting in Harris County,
Texas in any Litigation arising out of or relating to this Agreement or any Related Agreement. 
 Section 8.11 Waivers of Jury
Trial. EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Section 8.12 Specific Performance. Each Party acknowledges and agrees that the other Parties would be damaged
irreparably in the event any provision of this Agreement is not performed in accordance with its specific terms or otherwise breached, so that, in addition to any other remedy that a Party may have under law or equity, a Party shall be entitled to
injunctive relief to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof. 

  
 Page 61 

 Section 8.13 Severability. The invalidity or unenforceability of any provision
of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement. In the event that any of the provisions of this Agreement shall be held by a court or other tribunal of competent jurisdiction to be
illegal, invalid or unenforceable, such provisions shall be limited or eliminated only to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect. 

Section 8.14 No Third Party Beneficiaries. Except as provided in Article VII (the provisions of which shall inure to the
benefit of the Persons referenced therein, as third party beneficiaries of such provisions), this Agreement shall not confer any rights or remedies upon any Person other than the Parties and the respective successors and permitted assigns of the
foregoing. 
 Section 8.15 Mutual Drafting. The Parties have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue
of the authorship of any of the provisions of this Agreement. 
 Section 8.16 Disclosure Schedule. All capitalized terms not
defined in the Disclosure Schedule shall have the meanings ascribed to them in this Agreement. No disclosure in the Disclosure Schedule relating to any possible breach or violation of any Contract or Law shall be construed as an admission or
indication that any such breach or violation exists or has actually occurred. All attachments to the Disclosure Schedule are incorporated by reference into the Disclosure Schedule in which they are referenced. The information contained in the
Disclosure Schedule is in all events provided subject to the Confidentiality Agreement. 
 Section 8.17 Headings; Table of
Contents. The section headings and the table of contents contained in this Agreement and the Disclosure Schedule are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 8.18 Counterparts; Facsimile and Electronic Signatures. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original but all of which together will constitute one and the same instrument. This Agreement or any counterpart may be executed and delivered by facsimile copies or delivered by electronic communications by portable
document format (.pdf) or similar format, each of which shall be deemed an original. 
 {Remainder of page intentionally left blank.}

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

			
	SELLER:
	
	M&I ELECTRIC INDUSTRIES, INC.
		
	By:	 	 /s/ Charles Dauber

	Name:	 	Charles Dauber
	Title:	 	CEO
	
	GUARANTOR:
	
	AMERICAN ELECTRIC TECHNOLOGIES, INC.
		
	By:	 	 /s/ Charles Dauber

	Name:	 	Charles Dauber
	Title:	 	CEO
	
	BUYER:
	
	M&I ELECTRIC, LLC
		
	By:	 	 /s/ Diana Grootonk

	Name:	 	Diana Grootonk
	Title:	 	Managing Member
	
	BUYER PARENT:
	
	MYERS POWER PRODUCTS, INC.
		
	By:	 	 /s/ Diana Grootonk

	Name:	 	Diana Grootonk
	Title:	 	CEOEX-10.10.1

 Exhibit 10.10.1 
  

 
 1 Shipbroke BIMCO STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001” PART I 2. Place and date 25 May 2018 Owners/Place
of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1) Ocean Dazzle Shipping Limited / Room 2310, 23/F C C Wu Jasmer Shipholding Ltd / Trust Company Complex, Ajeltake Building, 302-308, Hennessy Road, Wanchai, Hong Kong Road, Ajeltake
Island, Majuro, MH96960, Marshall Islands I 5. Vessel’s name, call sign and flag (Cl. 1 and 3) APL Atlanta / 3EDF7 / Panama or any other Flag State I 6. Type of Vessel 7. GT/NT Container 43,071 / 26,516 8. When/Where built 9. Total DWT (abt.)
in metric tons on summer freeboard 2008 / New Century Shipbuilding Co., Ltd. 56,100 10. Classification Society (Cl. 3) 11. Date of last special survey by the Vessel’s classification society DNV GL or any other Classification Society 21/06/2017
12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) IMO No.: 9345972 Length: 256.42 metres Breadth: 32.20 metres Depth: 16.75 metres 13. Port or Place of delivery (Cl.
3) 14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34 See Clause 33 16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading and class
certificates At a safe, ice free port or place in such ready safe berth as the upon redelivery (2LJ5) Owners may direct See Clause 40 18. Running days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking (Cl. 10(g)) N/A In
accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Worldwide within Institute Warranty Limits, please also see Clauses 46.1 (n), 46.1 (o) and 46.1 (q) o o 21. Charter period (Cl. 2) 22. Charter hire (Cl. 11)
See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii)) N/A 24. Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency
and method of payment (Cl. 11) PART IV Dollars/bank transfer See Clause 36.10 - neither Clause 11(f) nor Part IV applies This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form
must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BlMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage
or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26. Place of payment; also state beneficiary and bank account (Cl. 11)
27. Bank-Corporate guarantee/fesm* (sum and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code:
MSBCHKHH 28. Mortgage(s), if any (state whether 12(a) or (b) applies: if 12(b) 29. Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) applies state date of Financial Instrument and name of or, if applicable, acc. to Cl.
14(k)) (also state if Cl. 14 applies) Mortgagee(s)/Place of business) (Cl. 12) See Clause 35 See Clause 38 “ CLAUSE14 D0ES NOT APPLY 30. Additional insurance cover, if any, for Owners’ account limited to 31. Additional insurance cover, if
any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Cl. 3) 33. Brokerage
commission and to whom payable (Cl. 27) N/A N/A 34. Grace period (state number of clear banking daysBusiness Days) (Cl. 28) DisPute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30) See Clause 44
See Clause 30(a) War cancellation (indicate countries agreed) (Cl. 26(f)) N/A Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38 Name and place of Builders (only to be filled in if PART III applies) applies)
(optional) N/A No, Part III does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) 40. Date of Building Contract (only to be filled in if PART III applies) N/A N/A Liquidated damages and costs shall accrue to
(state party acc. to Cl. 1) N/A N/A N/A Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional)
applies) (optional) No, Part IV does not apply No, Part V does not apply 44. Flag and Country of the Bareboat Charter Registry (only to be filled 45- Country of the Underlying Registry (only to be filled in if PART V applies) in if PART V applies)
N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I
and PART II. In the event of a conflict of conditions, the provisions of PARTI shall prevail over those of PART II to the extent of such conflict but no further, It is further mutually agreed that PART III and/or PART IV and/or PARTY shall only
apply and only form part of this Charter if expressly agreed and stated in Boxes 37.42 and 43. If PART III and/or PART IV and/or PARTV apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II
shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) Signature (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: This document is a
computer generated document 

 

 
 BARECON 2001 form printed by authority of BIMCO Any insertion or deletion to the form must be clearly visible In the event of any
modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated document “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26 Place of payment; also state beneficiary and bank account (Cl. 11) 27 Bank-Corporate guarantee/bond (sum
and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code: MSBCHKHH 28 Mortgage(s), if any (state whether
12(a) or (b] applies; if 12(b) 29 Insurance (hull and machinery and war risks) (state value acc to Cl. 13(f) applies state date of Financial Instrument and name of or, if applicable, acc to Cl. 14(k)) (also state if Cl. 14 applies)
Mortgagee(s)/Place of business) (CM2) See Clause 35 See Clause 38 - CLAUSE 14 D0ES N0T APPLY 30. Additional insurance cover, if any, for Owners’ account limited to 31 Additional insurance cover, if any, for Charterers’ account limited to
(Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32 Latent defects (only to be filled in if period other than stated in Cl. 3) 33 Brokerage commission and to whom payable (Cl. 27) N/A N/A
34 Grace period (state number of clear banking daysBusiness Days) (Cl. 28) 35 Dispute Resolution (state 30(a). 30 or 30(c): if 30(c) agreed Place of Arbitration must be stated (Cl 30) See Clause 44 See Clause 30(a) War cancellation (indicate
countries agreed) (Cl. 26(f)) N/A Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38 Name and place of Builders (only to be filled in if PART III applies) applies) (optional) No, Part III does not apply 39
Vessel’s Yard Building No. (only to be filled in if PART III applies) 40 Date of Building Contract (only to be filled in if PART III applies) N/A N/A 41 Liquidated damages and costs shall accrue to (state party acc to Cl. 1) N/A N/A N/A
Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) applies) (optional) No, Part IV does not apply
No, Part V does not apply 44 Flag and Country of the Bareboat Charter Registry (only to be filled ^5 Country of the Underlying Registry (only to be filled in if PART V applies) in if PART V applies) N/A N/A 46 Number of additional clauses
covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II In the event of a conflict
of conditions, the pro visions of PART I shall prevail over those of PART II to the extent of such conflict but no further II is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter
if expressly agreed and stated in Boxes 37.42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III
and/or PART IV and/or PART V to the extent of such conflict but no further Signature (Owners) Signature (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: Name; Efstratios G, Camatsos Title: Title: This document
is a computer generated BARECON 2001 form printed by authority of BIMCO Any insertion or deletion to the form must be clearly visible In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 In this Charter, the following
terms shall have the 2 meanings hereby assigned to them: 3 “The Owners” shall mean the party identified in Box 3; 4 “The Charterers” shall mean the party identified in Box 4; 5 “The Vessel” shall mean the vessel named
in Box 5 and 6 with particulars as stated in Boxes 6 to 12. 7 “Financial Instrument” means the mortgage, deed of 8 covenant or other such financial security instrument as 9 annexed to this Charter and stated in Box 28. 10 2. Charter Period
11 In consideration of the hire detailed in Box 22, 12 the Owners have agreed to let and the Charterers have 13 agreed to hire the Vessel for the period stated in Box 21 14 (“The Charter Period”). See also Clause 32 and Clause 15 36. 3.
Delivery 16 (not applicable when Part III applies, as indicated in Box 37) 17 (a) The Owners shall before and at the time of delivery 18 exercise due diligence to make the Vessel seaworthy 19 And in every respect ready in hull, machinery and 20
equipment for service under this Charter. 21 The Vessel shall be delivered by the Owners and taken 22 over by the Charterers at the port or place indicated in 23 Box 13 in such ready safe berth as the Charterers may 24 direct. 25 (b) The Vessel
shall beis properly documented on 26 delivery in accordance with the laws of the fFlag State 27 indicated in Box 5 and the requirements of the 28 cClassification sSociety stated in Box 10. The Vessel 29 upon delivery shall have her survey cycles up
to date and 30 trading and class certificates valid for at least the number 31 of months agreed in Box 12. 32 (c) The delivery of the Vessel by the Owners and the 33 taking over of the Vessel by the Charterers shall 34 constitute a full performance
by the Owners of all the 35 Owners’ obligations under this Clause 3, and thereafter 36 the Charterers shall not be entitled to make or assert 37 any claim against the Owners on account of any 38 conditions, representations or warranties
expressed or 39 implied with respect to the Vessel but the Owners shall 40 be liable for the cost of but not the time for repairs or 41 renewals occasioned by latent defects in the Vessel, 42 her machinery or appurtenances, existing at the time of
43 delivery under this Charter, provided such defects have 44 manifested themselves within twelve (12) months after 45 delivery unless otherwise provided in Box 32. 46 4. Time for Delivery See Clauses 32 and 34 47 (not applicable when Part III
applies, as indicated in Box 37) 48 The Vessel shall not be delivered before the date 49 indicated in Box 14 without the Charterers’ consent and 50 the Owners shall exercise due diligence to deliver the 51 Vessel not later than the date
indicated in Box 15. 52 Unless otherwise agreed in Box 18, the Owners shall 53 give the Charterers not less than thirty (30) running days’ 54 preliminary and not less than fourteen (14) running days’ 55 definite notice of the date on which
the Vessel is 56 expected to be ready for delivery. 57 The Owners shall keep the Charterers closely advised 58 of possible changes in the Vessel’s position. 59 5. Cancelling See Clause 33 60 (not applicable when Part III applies, as indicated
in Box 37) 61 (a) Should the Vessel not be delivered latest by the 62 cancelling date indicated in Box 15, the Charterers shall 63 have the option of cancelling this Charter by giving the 64 Owners notice of cancellation within thirty-six (36) 65
running hours after the cancelling date stated in Box 66 15, failing which this Charter shall remain in full force 67 and effect. 68 (b) If it appears that the Vessel will be delayed beyond 69 the cancelling date, the Owners may, as soon as they 70
are in a position to state with reasonable certainty the 71 day on which the Vessel should be ready, give notice 72 thereof to the Charterers asking whether they will 73 exercise their option of cancelling, and the option must 74 then be declared
within one hundred and sixty-eight 75 (168) running hours of the receipt by the Charterers of 76 such notice or within thirty-six (36) running hours after 77 the cancelling date, whichever is the earlier. If the 78 Charterers do not then exercise
their option of cancelling, 79 the seventh day after the readiness date stated in the 80 Owners’ notice shall be substituted for the cancelling 81 date indicated in Box 15 for the purpose of this Clause 5. 82 (c) Cancellation under this Clause
5 shall be without 83 prejudice to any claim the Charterers may otherwise 84 have on the Owners under this Charter. 85 6. Trading Restrictions See also Clauses 46.1(n) and 86 46.1(o) and 46.1(q) The Vessel shall be employed in lawful trades for the
87 carriage of suitable lawful merchandise within the trading 88 limits indicated in Box 20. 89 The Charterers undertake not to employ the Vessel or 90 suffer the Vessel to be employed otherwise than in 91 conformity with the terms of the contracts
of insurance 92 (including any warranties expressed or implied therein) 93 without first obtaining the consent of the insurers to such 94 employment and complying with such requirements as 95 to extra premium or otherwise as the insurers may 96
prescribe. 97 The Charterers also undertake not to employ the Vessel 98 or suffer her employment in any trade or business which 99 is forbidden by the law of any country to which the Vessel 100 may sail or is otherwise illicit or in carrying illicit
or 101 prohibited goods or in any manner whatsoever which 102 may render her liable to condemnation, destruction, 103 seizure or confiscation. 104 Notwithstanding any other provisions contained in this 105 Charter it is agreed that nuclear fuels or
radioactive 106 products or waste are specifically excluded from the 107 cargo permitted to be loaded or carried under this 108 Charter. This exclusion does not apply to radio-isotopes 109 used or intended to be used for any industrial, 110
commercial, agricultural, medical or scientific purposes 111 provided the Owners’ prior approval has been obtained 112 to loading thereof. 113 7. Surveys on Delivery and Redelivery 114 (not applicable when Part III applies, as indicated in Box
37) 115 The Owners and Charterers shall each appoint 116 surveyors for the purpose of determining and agreeing 117 in writing the condition of the Vessel at the time of 118 delivery and redelivery pursuant to Clause 40.3 (with 119 the relevant costs
paid by the Charterers).hereunder. The Owners shall bear all expenses of the On-hire Survey including loss 120 of time, if any, and the Charterers shall bear all expenses 121 of the Off-hire Survey including loss of time, if any, at 122 the daily
equivalent to the rate of hire or pro rata thereof. 123 8. Inspection 124 The Owners shall have the right at any time either (i) 125 once every calendar year provided no Potential Termination Event or Termination Event has occurred (after giving
reasonable notice to the Charterers and provided that the Owners do not unduly interfere with or cause delay to the commercial operation of the Vessel) or (ii) at any time following the occurrence of a Potential Termination Event or Termination
Event and for as long as it is continuing (after giving reasonable notice to the Charterers), to inspect or survey 126 the Vessel or instruct a duly authorised surveyor to carry 127 out such survey on their behalf:- 128 (a) to ascertain the
condition of the Vessel and satisfy 129 themselves that the Vessel is being properly repaired 130 and maintained. The costs and fees for such inspection 131 or survey shall be paid by the Charterers, subject to the 132 above conditions as may be
applicable from lines 125 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and
this computer generated document 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel is found to require repairs or
maintenance in order to 133 achieve the condition so provided; 134 (b) in dry-dock if the Charterers have not dry-docked 135 Her in accordance with Clause 10(g). The costs and fees 136 for such inspection or survey shall be paid by the 137
Charterers, subject to the above conditions as may be 138 applicable from lines 125 to 128; and (c) for any other commercial reason they consider 139 necessary (provided it does not unduly interfere with 140 the commercial operation of the Vessel).
The costs and 141 fees for such inspection and survey shall be paid by the 142 OwnersCharterers, subject to the above conditions as 143 may be applicable from lines 125 to 128. All time used in respect of inspection, survey or repairs 144 shall be
for the Charterers’ account and form part of the 145 Charter Period. 146 The Charterers shall also permit the Owners to inspect 147 the Vessel’s log books whenever requested and shall 148 whenever required by the Owners furnish them with
full 149 information regarding any casualties or other accidents 150 or damage to the Vessel. 151 The Charterers shall provide such necessary assistance to the Owners, their representatives or agents in respect of any inspection hereunder. 9.
Inventories, Oil and Stores See Clause 34.7 152 A complete inventory of the Vessel’s entire equipment, 153 outfit including spare parts, appliances and of all 154 consumable stores on board the Vessel shall be made 155 by the Charterers in
conjunction with the Owners on 156 delivery and again on redelivery of the Vessel. The 157 Charterers and the Owners, respectively, shall at the 158 time of delivery and redelivery take over and pay for all 159 bunkers, lubricating oil, unbroached
provisions, paints, 160 ropes and other consumable stores (excluding spare 161 parts) in the said Vessel at the then current market prices 162 at the ports of delivery and redelivery, respectively. The 163 Charterers shall ensure that all spare
parts listed in the 164 inventory and used during the Charter Period are 165 replaced at their expense prior to redelivery of the 166 Vessel. 167 10. Maintenance and Operation 168 (a)(i)Maintenance and Repairs - During the Charter 169 Period the
Vessel shall be in the full possession 170 and at the absolute disposal for all purposes of the 171 Charterers and under their complete control in 172 every respect. The Charterers shall maintain the 173 Vessel, her machinery, boilers, appurtenances
and 174 spare parts in a good state of repair, in efficient 175 operating condition and in accordance with good 176 commercial maintenance practice and, except as 177 provided for in Clause 14(l), if applicable, at their 178 own expense they shall
at all times keep the 179 Vessel’s Class classification fully up to date with 180 the Classification Society indicated in Box 10 and maintain all other 181 necessary certificates in force at all times. 182 (ii) New Class and Other Safety
Requirements - In the 183 event of any improvement, structural changes or 184 new equipment becoming necessary for the 185 continued operation of the Vessel by reason of new 186 class requirements or by compulsory legislation 187 costing (excluding
the Charterers’ loss of time) 188 more than the percentage stated in Box 23, or if 189 Box 23 is left blank, 5 per cent. of the Vessel’s 190 insurance value as stated in Box 29, then the 191 extent, if any, to which the rate of hire shall
be varied 192 and the ratio in which the cost of compliance shall 193 be shared between the parties concerned in order 194 to achieve a reasonable distribution thereof as 195 between the Owners and the Charterers having 196 regard, inter alia, to
the length of the period 197 remaining under this Charter shall, in the absence 198 of agreement, be referred to the dispute resolution 199 method agreed in Clause 30., the Charterers shall 200 ensure that the same are complied with and the time and
costs of compliance shall be for the Charterers’ account. (iii) Financial Security - The Charterers shall maintain 201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including
federal, state or municipal or other division 204 or authority thereof, to enable the Vessel, without 205 penalty or charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous 207 waters of any country, state or
municipality in 208 performance of this Charter without any delay. This 209 obligation shall apply whether or not such 210 requirements have been lawfully imposed by such 211 government or division or authority thereof. 212 The Charterers shall make
and maintain all arrange- 213 ments by bond or otherwise as may be necessary to 214 satisfy such requirements at the Charterers’ sole 215 expense and the Charterers shall indemnify the Owners 216 against all consequences whatsoever (including
loss of 217 time) for any failure or inability to do so. 218 (b) Operation of the Vessel - The Charterers shall at 219 their own expense and by their own procurement man, 220 victual, navigate, operate, supply, fuel and, whenever 221 required,
repair the Vessel during the Charter Period 222 and they shall pay all charges and expenses of every 223 kind and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, including 225 annual flag Flag State fees
and any foreign general 226 municipality and/or state taxes. The Master, officers 227 and crew of the Vessel shall be the servants of the Charterers 228 for all purposes whatsoever, even if for any reason 229 appointed by the Owners. 230 Charterers
shall comply with the regulations regarding 231 officers and crew in force in the country of the Vessel’s 232 flag or any other applicable law. 233 (c) The Charterers shall keep the Owners and the 234 mMortgagee(s) advised of the intended
employment 235 (other than in respect of time charterers which are less than 13 months in duration (after including any optional extension periods)), planned dry-docking (other than the periodical dry- 236 docking referred to under paragraph (g)
below) and major repairs of the Vessel, as reasonably required. 237 (d) Flag and Name of Vessel – During the Charter 238 Period, the Charterers shall have the liberty to paint the 239 Vessel in their own colours, install and display their 240
funnel insignia and fly their own house flag (with all fees, 241 costs and expenses arising in relation thereto for the Charterers account). The Charterers shall also have the liberty, with the Owners’ 242 consent, which shall not be
unreasonably withheld, to 243 change the flag of the Vessel to that of another Flag 244 State (with all fees, costs and expenses arising in relation thereto for the Charterers’ account) and/or with the Owners’ consent, the name of the
Vessel (with all fees, costs and expenses arising in relation thereto for the Charterers’ account) during the Charter Period. Any Ppainting and re-painting, 245 instalment and re-instalment, registration (including maintenance 246 and renewal
thereof) and re-registration, if required by the Owners, shall be at the Charterers’ 247 expense and time. If the Flag State requires the 248 Owners to establish a physical presence or office in the jurisdiction of such Flag State, all fees,
costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. (e) Changes to the Vessel – Subject to Clause 10(a)(ii) and 249 Clause 10(b), the Charterers shall
make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed
text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved
document and this computer generated document. 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I This document is a computer generated BARECON 2001 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter Vessel which materially adversely affect the Vessel’s 251
classification or value or changes in the machinery, boilers, appurten- ances or spare parts thereof without in each instance 252 first securing the Owners’ approval thereof. If the Owners 253 so agree, the Charterers shall, if the Owners so
require, 254 restore the Vessel to its former condition before the 255 termination of this Charter. 256 (f) Use of the Vessel’s Outfit, Equipment and 257 Appliances - The Charterers shall have the use of all 258 outfit, equipment, and
appliances on board the Vessel 259 at the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners 261 on redelivery (without prejudice to Clauses 40.6 and 262 40.7 and if redelivery is required
pursuant to this Charter) in the same good order and condition as when received, ordinary wear and tear excepted. The 263 Charterers shall from time to time during the Charter 264 Period replace such items of equipment as shall be so 265 damaged or
worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 in such manner (both as regards workmanship and 269 quality of materials) as not to
diminish the value of the 270 Vessel. Title of any equipment so replaced shall vest 271 in and remain with the Owners. The Charterers have the right to fit additional equipment at their expense and risk (provided that no 272 permanent structural
damage is caused to the Vessel by reason of such installation) andbut the Charterers shall, at their expense, remove such equipment and 273 make good any damage caused by the fitting or removal of such additional equipment before the Vessel is
redelivered to the Owners pursuant to Clause 40.3 and without prejudice to Clauses 40.6 and 40.7,at the end of the period if requested by the Owners. Any equipment including radio 274 equipment on hire on the Vessel at time of delivery shall 275 be
kept and maintained by the Charterers and the 276 Charterers shall assume the obligations and liabilities 277 of the Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for all 279 expenses incurred in
connection therewith, also for any 280 new equipment required in order to comply with radio 281 regulations. 282 (g) Periodical Dry-Docking - The Charterers shall dry- 283 dock the Vessel and clean and paint her underwater 284 parts whenever the
same may be necessary, but not 285 less than once during the period stated in Box 19 or, if 286 Box 19 has been left blank, every sixty (60) calendar 287 months after delivery or such other period as may be 288 required by the Classification Society
or flag State. 289 11. Hire See Clause 36 290 (a) The Charterers shall pay hire due to the Owners 291 punctually in accordance with the terms of this Charter 292 in respect of which time shall be of the essence. 293 (b) The Charterers shall pay to
the Owners for the hire 294 of the Vessel a lump sum in the amount indicated in 295 Box 22 which shall be payable not later than every thirty 296 (30) running days in advance, the first lump sum being 297 payable on the date and hour of the
Vessel’s delivery to 298 the Charterers. Hire shall be paid continuously 299 throughout the Charter Period. 300 (c) Payment of hire shall be made in cash without 301 discount in the currency and in the manner indicated in 302 Box 25 and at the
place mentioned in Box 26. 303 (d) Final payment of hire, if for a period of less than 304 thirty (30) running days, shall be calculated proportionally 305 according to the number of days and hours remaining 306 before redelivery and advance payment
to be effected 307 accordingly. 308 (e) Should the Vessel be lost or missing, hire shall 309 cease from the date and time when she was lost or last 310 heard of. The date upon which the Vessel is to be treated 311 as lost or missing shall be ten
(10) days after the Vessel 312 was last reported or when the Vessel is posted as 313 missing by Lloyd’s, whichever occurs first. Any hire paid 314 in advance to be adjusted accordingly. 315 (f) Any delay in payment of hire shall entitle the 316
Owners to interest at the rate per annum as agreed 317 in Box 24. If Box 24 has not been filled in, the three months 318 Interbank offered rate in London (LIBOR or its successor) 319 for the currency stated in Box 25, as quoted by the British 320
Bankers’ Association (BBA) on the date when the hire 321 fell due, increased by 2 per cent., shall apply. 322 (g) Payment of interest due under sub-clause 11(f) 323 shall be made within seven (7) running days of the date 324 of the Owners’
invoice specifying the amount payable 325 or, in the absence of an invoice, at the time of the next 326 hire payment date. 327 12. Mortgage See Clause 35 328 (only to apply if Box 28 has been appropriately filled in) 329 *) (a) The Owners warrant
that they have not effected 330 any mortgage(s) of the Vessel and that they shall not 331 effect any mortgage(s) without the prior consent of the 332 Charterers, which shall not be unreasonably withheld. 333 *) (b) The Vessel chartered under this
Charter is financed 334 by a mortgage according to the Financial Instrument. 335 The Charterers undertake to comply, and provide such 336 information and documents to enable the Owners to 337 comply, with all such instructions or directions in
regard 338 to the employment, insurances, operation, repairs and 339 maintenance of the Vessel as laid down in the Financial 340 Instrument or as may be directed from time to time during 341 the currency of the Charter by the mortgagee(s) in 342
conformity with the Financial Instrument. The Charterers 343 confirm that, for this purpose, they have acquainted 344 themselves with all relevant terms, conditions and 345 provisions of the Financial Instrument and agree to 346 acknowledge this in
writing in any form that may be 347 required by the mortgagee(s). The Owners warrant that 348 they have not effected any mortgage(s) other than stated 349 in Box 28 and that they shall not agree to any 350 amendment of the mortgage(s) referred to in
Box 28 or 351 effect any other mortgage(s) without the prior consent 352 of the Charterers, which shall not be unreasonably 353 withheld. 354 *) (Optional, Clauses 12(a) and 12(b) are alternatives; 355 indicate alternative agreed in Box 28). 356 13.
Insurance and Repairs See also Clause 38 357 (a) Subject and without prejudice to Clause 38, 358 Dduring the Charter Period the Vessel shall be kept insured by the Charterers at their expense against hull 359 and machinery, marine and war (including
blocking 360 and trapping) and Protection and Indemnity risks (excluding freight, demurrage and defence risks) (and any risks against which it is compulsory to insure 361 for the operation of the Vessel, including but not limited 362 to maintaining
financial security in accordance with sub-clause 363 10(a)(iii)) in such form as the Owners shall in writing 364 approve, which approval shall not be un-reasonably 365 withheld. During the Charter Period, the Charterers 366 shall procure (at
Charterers’ expense) that there are in place innocent Owners’ interest insurance, Owner’s additional perils (pollution) insurance and if applicable Mortgagees’ interest insurance and Mortgagees’ additional perils (pollution)
insurance. Such insurances as specified in this Clause 13 shall be arranged by the Charterers to protect the interests of both the Owners 367 and the Charterers and the mortgageeMortgagee(s) (if 368 any),. and The Charterers shall be at liberty to
protect under such 369 insurances the interests of any managers they may 370 appoint. Insurance policies shall cover the Owners and 371 the Charterers and the Mortgagees (if any) according to 372 This document is a computer generated BARECON 2001
form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter their respective interests. Subject to the provisions of the Financial
Instruments (if 373 any), if and the agreed loss payable clauses, any, and the approval of the Owners and the insurers, 374 the Charterers shall effect all insured repairs and shall 375 undertake settlement and reimbursement from the 376 insurers of
all costs in connection with such repairs as 377 well as insured charges, expenses and liabilities to the 378 extent of coverage under the insurances herein provided 379 for. 380 The Charterers also to remain responsible for and to 381 effect
repairs and settlement of costs and expenses 382 incurred thereby in respect of all other repairs not 383 covered by the insurances and/or not exceeding any 384 possible franchise(s) or deductibles provided for in the 385 insurances. 386 All time
used for repairs under the provisions of sub- 387 clause 13(a) and for repairs of latent defects according 388 to Clause 3(c) above, including any deviation, shall be 389 for the Charterers’ account. 390 (b) If the conditions of the above
insurances permit 391 additional insurance to be placed by the parties, such 392 cover shall be limited to the amount for each party set 393 out in Box 30 and Box 31, respectively. The Owners or 394 the Charterers as the case may be shall
immediately 395 furnish the other partyOwners with particulars of any 396 additional insurance effected, including copies of any cover notes 397 or policies and the written consent of the insurers of 398 any such required insurance in any case where
the 399 consent of such insurers is necessary. The Charterers 400 hereby undertake that any additional insurances that they arrange now or in the future will always be compliant with the terms of the underlying hull and machinery policies. (c) The
Charterers shall upon the request of the 401 Owners, provide information and promptly execute such 402 documents as may be required to enable the Owners to 403 comply with the insurance provisions of the each 404 Financial Instrument (if any). 405
(d) Subject to the provisions of the Financial Instru- 406 ments, if any, and Clause 38 and Clause 40, should the 407 Vessel become an actual, constructive, compromised or agreed a tTotal lLoss under 408 the insurances required under sub-clause
13(a), all 409 insurance payments for such loss shall be paid to the 410 Owners (or if applicable, their financiers) in 411 accordance with the agreed loss payable clauses who shall distribute the moneys between the Owners and the Charterers
according to their respective 412 interests. The Charterers undertake to notify the Owners 413 and the mortgageeMortgagee(s), if any, of any 414 occurrences in consequence of which the Vessel is likely to become a 415 Ttotal Lloss as defined in this
Clause. 416 (e) The Owners shall upon the request of the 417 Charterers, promptly execute such documents as may 418 be required to enable the Charterers to abandon the 419 Vessel to insurers and claim a constructive total loss. 420 (f) For the
purpose of insurance coverage against hull 421 and machinery and war risks under the provisions of 422 sub-clause 13(a), the value of the Vessel is the sum 423 indicated in Box 29Clause 38. 424 14. Insurance, Repairs and Classification –
intentionally 425 omitted (Optional, only to apply if expressly agreed and stated 426 in Box 29, in which event Clause 13 shall be considered 427 deleted). 428 (a) During the Charter Period the Vessel shall be kept 429 insured by the Owners at their
expense against hull and 430 machinery and war risks under the form of policy or 431 policies attached hereto. The Owners and/or insurers 432 shall not have any right of recovery or subrogation 433 against the Charterers on account of loss of or any
434 damage to the Vessel or her machinery or appurt- 435 enances covered by such insurance, or on account of 436 payments made to discharge claims against or liabilities 437 of the Vessel or the Owners covered by such insurance. 438 Insurance
policies shall cover the Owners and the 439 Charterers according to their respective interests. 440 (b) During the Charter Period the Vessel shall be kept 441 insured by the Charterers at their expense against 442 Protection and Indemnity risks (and
any risks against 443 which it is compulsory to insure for the operation of the 444 Vessel, including maintaining financial security in 445 accordance with sub-clause 10(a)(iii)) in such form as 446 the Owners shall in writing approve which approval
shall 447 not be unreasonably withheld. 448 (c) In the event that any act or negligence of the 449 Charterers shall vitiate any of the insurance herein 450 provided, the Charterers shall pay to the Owners all 451 losses and indemnify the Owners
against all claims and 452 demands which would otherwise have been covered by 453 such insurance. 454 (d) The Charterers shall, subject to the approval of the 455 Owners or Owners’ Underwriters, effect all insured 456 repairs, and the
Charterers shall undertake settlement 457 of all miscellaneous expenses in connection with such 458 repairs as well as all insured charges, expenses and 459 liabilities, to the extent of coverage under the insurances 460 provided for under the
provisions of sub-clause 14(a). 461 The Charterers to be secured reimbursement through 462 the Owners’ Underwriters for such expenditures upon 463 presentation of accounts. 464 (e) The Charterers to remain responsible for and to 465 effect
repairs and settlement of costs and expenses 466 incurred thereby in respect of all other repairs not 467 covered by the insurances and/or not exceeding any 468 possible franchise(s) or deductibles provided for in the 469 insurances. 470 (f) All
time used for repairs under the provisions of 471 sub-clauses 14(d) and 14(e) and for repairs of latent 472 defects according to Clause 3 above, including any 473 deviation, shall be for the Charterers’ account and shall 474 form part of the
Charter Period. 475 The Owners shall not be responsible for any expenses 476 as are incident to the use and operation of the Vessel 477 for such time as may be required to make such repairs. 478 (g) If the conditions of the above insurances permit
479 additional insurance to be placed by the parties such 480 cover shall be limited to the amount for each party set 481 out in Box 30 and Box 31, respectively. The Owners or 482 the Charterers as the case may be shall immediately 483 furnish the
other party with particulars of any additional 484 insurance effected, including copies of any cover notes 485 or policies and the written consent of the insurers of 486 any such required insurance in any case where the 487 consent of such insurers
is necessary. 488 (h) Should the Vessel become an actual, constructive, 489 compromised or agreed total loss under the insurances 490 required under sub-clause 14(a), all insurance payments 491 for such loss shall be paid to the Owners, who shall
492 distribute the moneys between themselves and the 493 Charterers according to their respective interests. 494 (i) If the Vessel becomes an actual, constructive, 495 compromised or agreed total loss under the insurances 496 arranged by the Owners
in accordance with sub-clause 497 14(a), this Charter shall terminate as of the date of such 498 loss. 499 (j) The Charterers shall upon the request of the 500 Owners, promptly execute such documents as may be 501 required to enable the Owners to
abandon the Vessel 502 to the insurers and claim a constructive total loss. 503 (k) For the purpose of insurance coverage against hull 504 and machinery and war risks under the provisions of 505 sub-clause 14(a), the value of the Vessel is the sum
506 indicated in Box 29. 507 (l) Notwithstanding anything contained in sub-clause 508 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of
any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 10(a), it is agreed that under the provisions of Clause 509 14, if
applicable, the Owners shall keep the Vessel’s 510 Class fully up to date with the Classification Society 511 indicated in Box 10 and maintain all other necessary 512 certificates in force at all times. 513 15. Redelivery See Clause 40 514 At
the expiration of the Charter Period the Vessel shall 515 be redelivered by the Charterers to the Owners at a 516 safe and ice-free port or place as indicated in Box 16, in 517 such ready safe berth as the Owners may direct. The 518 Charterers shall
give the Owners not less than thirty 519 (30) running days’ preliminary notice of expected date, 520 range of ports of redelivery or port or place of redelivery 521 and not less than fourteen (14) running days’ definite 522 notice of
expected date and port or place of redelivery. 523 Any changes thereafter in the Vessel’s position shall be 524 notified immediately to the Owners. 525 The Charterers warrant that they will not permit the 526 Vessel to commence a voyage
(including any preceding 527 ballast voyage) which cannot reasonably be expected 528 to be completed in time to allow redelivery of the Vessel 529 within the Charter Period. Notwithstanding the above, 530 should the Charterers fail to redeliver the
Vessel within 531 The Charter Period, the Charterers shall pay the daily 532 equivalent to the rate of hire stated in Box 22 plus 10 533 per cent. or to the market rate, whichever is the higher, 534 for the number of days by which the Charter Period
is 535 exceeded. All other terms, conditions and provisions of 536 this Charter shall continue to apply. 537 Subject to the provisions of Clause 10, the Vessel shall 538 be redelivered to the Owners in the same or as good 539 structure, state,
condition and class as that in which she 540 was delivered, fair wear and tear not affecting class 541 excepted. 542 The Vessel upon redelivery shall have her survey cycles 543 up to date and trading and class certificates valid for at 544 least the
number of months agreed in Box 17. 545 16. Non-Lien 546 Other than Permitted Security Interests, Tthe 547 Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their 548 agents, which might have priority
over the title and 549 interest of the Owners in the Vessel. The Charterers 550 further agree to fasten to the Vessel in a conspicuous 551 place and to keep so fastened during the Charter Period 552 a notice reading as follows: 553 “This Vessel
is the property of (name of Owners). It is 554 under charter to (name of Charterers) and by the terms 555 of the Charter Party neither the Charterers nor the 556 Master have any right, power or authority to create, incur 557 or permit to be imposed
on the Vessel any lien 558 whatsoever.” 559 or a notice in such form as required by any Mortgagee(s). 17. Indemnity See Clauses 37.3, 38.14, 38.15, 40.5, 41.2 560 and 50 (a) The Charterers shall indemnify the Owners against 561 any loss, damage
or expense incurred by the Owners 562 arising out of or in relation to the operation of the Vessel 563 by the Charterers, and against any lien of whatsoever 564 nature arising out of an event occurring during the 565 Charter Period. If the Vessel be
arrested or otherwise 566 detained by reason of claims or liens arising out of her 567 operation hereunder by the Charterers, the Charterers 568 shall at their own expense take all reasonable steps to 569 secure that within a reasonable time the
Vessel is 570 released, including the provision of bail. 571 Without prejudice to the generality of the foregoing, the 572 Charterers agree to indemnify the Owners against all 573 consequences or liabilities arising from the Master, 574 officers or
agents signing Bills of Lading or other 575 documents. 576 (b) If the Vessel be arrested or otherwise detained by 577 reason of a claim or claims against the Owners, the 578 Owners shall at their own expense take all reasonable 579 steps to secure
that within a reasonable time the Vessel 580 is released, including the provision of bail. 581 In such circumstances the Owners shall indemnify the 582 Charterers against any loss, damage or expense 583 incurred by the Charterers (including hire
paid under 584 this Charter) as a direct consequence of such arrest or 585 detention. 586 18. Lien 587 The Owners to have a lien upon all cargoes, sub-hires 588 and sub-freights belonging or due to the Charterers or 589 any sub-charterers and any
Bill of Lading freight for all 590 claims under this Charter, and the Charterers to have a 591 lien on the Vessel for all moneys paid in advance and 592 not earned. 593 19. Salvage 594 All salvage and towage performed by the Vessel shall 595 be for
the Charterers’ benefit and the cost of repairing 596 damage occasioned thereby shall be borne by the 597 Charterers. 598 20. Wreck Removal 599 In the event of the Vessel becoming a wreck or 600 obstruction to navigation the Charterers shall
indemnify 601 the Owners against any sums whatsoever which the 602 Owners shall become liable to pay and shall pay in 603 consequence of the Vessel becoming a wreck or 604 obstruction to navigation. 605 21. General Average 606 The Owners shall not
contribute to General Average. 607 22. Assignment, Sub-Charter and Sale (see Clauses 608 46.1(v)) and 40.3) (a) The Charterers shall not assign this Charter nor 609 sub-charter the Vessel on a bareboat basis except with 610 the prior consent in
writing of the Owners, which shall 611 not be unreasonably withheld, and subject to such terms 612 and conditions as the Owners shall approve. 613 (b) The Owners shall not sell the Vessel during the 614 currency of this Charter except with the prior
written 615 consent of the Charterers, which shall not be unreason- 616 ably withheld, and subject to the buyer accepting an 617 assignment of this Charter. 618 23. Contracts of Carriage 619 *) (a) The Charterers are to procure that all documents
620 issued during the Charter Period evidencing the terms 621 and conditions agreed in respect of carriage of goods 622 shall contain a paramount clause incorporating any 623 legislation relating to carrier’s liability for cargo 624
compulsorily applicable in the trade; if no such legislation 625 exists, the documents shall incorporate the Hague-Visby 626 Rules. The documents shall also contain the New Jason 627 Clause and the Both-to-Blame Collision Clause. 628 *) (b) The
Charterers are to procure that all passenger 629 tickets issued during the Charter Period for the carriage 630 of passengers and their luggage under this Charter shall 631 contain a paramount clause incorporating any legislation 632 relating to
carrier’s liability for passengers and their 633 luggage compulsorily applicable in the trade; if no such 634 legislation exists, the passenger tickets shall incorporate 635 the Athens Convention Relating to the Carriage of 636 Passengers and
their Luggage by Sea, 1974, and any 637 protocol thereto. 638 *) Delete as applicable. 639 24. Bank Corporate Guarantee 640 (Optional, only to apply if Box 27 filled in) 641 The Charterers undertake to furnish, on or about the 642 date of this
Charter before delivery of the Vessel, a first class bank a corporate guarantee from 643 the Guarantor or bond in the sum and at the place as indicated in Box 27 as 644 This document is a computer generated BARECON 2001 form printed by authority of
BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter guarantee, and on or about the date of this Charter the other Security
Documents (as the case may be) as 645 security, in each case for full performance of their obligations under this Charter. 646 25. Requisition/Acquisition 647 (a) Subject to the provisions of the Financial 648 Instruments (if any) and the General
Assignment, Iin the event of the Requisition for Hire of the Vessel by any governmental or other competent authority 649 (hereinafter referred to as “Requisition for Hire”) 650 irrespective of the date during the Charter Period when 651
“Requisition for Hire” may occur and irrespective of the 652 length thereof and whether or not it be for an indefinite 653 or a limited period of time, and irrespective of whether it 654 may or will remain in force for the remainder of the
655 Charter Period, this Charter shall not be deemed thereby 656 or thereupon to be frustrated or otherwise terminated 657 and the Charterers shall continue to pay the stipulated 658 hire in the manner provided by this Charter until the time 659
when the Charter would have terminated pursuant to 660 any of the provisions hereof always provided however 661 that if all hire has been paid by the Charterers 662 hereunder then in the event of “Requisition for Hire” any Requisition Hire
or compensation is received or receivable by the 663 Owners, the same shall be payable to the Charterers 664 during the remainder of the Charter Period or the period of the 665 “Requisition for Hire” whichever be the shorter. 666 (b) In
the event of the Owners being deprived of their 667 ownership in the Vessel by any Compulsory Acquisition 668 of the Vessel or requisition for title by any governmental 669 or other competent authority (hereinafter referred to as 670
“Compulsory Acquisition”), then, irrespective of the date 671 during the Charter Period when “Compulsory Acqui- 672 sition” may occur, this Charter shall be deemed 673 terminated as of the date of such “Compulsory 674
Acquisition”. In such event Charter Hire to be considered 675 as earned and to be paid up to the date and time of 676 such “Compulsory Acquisition”. 677 26. War 678 (a) Subject to the provisions of the Financial 679 Instruments (if
any), Ffor the purpose of this Clause, the words “War Risks” shall include any war (whether actual or 680 threatened), act of war, civil war, hostilities, revolution, 681 rebellion, civil commotion, warlike operations, the laying 682 of
mines (whether actual or reported), acts of piracy, 683 acts of terrorists, acts of hostility or malicious damage, 684 blockades (whether imposed against all vessels or 685 imposed selectively against vessels of certain flags or 686 ownership, or
against certain cargoes or crews or 687 otherwise howsoever), by any person, body, terrorist or 688 political group, or the Government of any state 689 whatsoever, which may be dangerous or are likely to be 690 or to become dangerous to the Vessel,
her cargo, crew 691 or other persons on board the Vessel. 692 (b) Without first obtaining the consent of the 693 insurers to such employment and complying with the terms of Clause 38 and such other requirements as to extra insurance premiums or any
other requirements as may be prescribed by the insurers, tThe Vessel, unless the written consent of the Owners be first obtained, shall not continue to or go 694 through any port, place, area or zone (whether of land 695 or sea), or any waterway or
canal, where it reasonably 696 appears that the Vessel, her cargo, crew or other 697 persons on board the Vessel, in the reasonable 698 judgement of the Owners, may be, or are likely to be, 699 exposed to War Risks. Should the Vessel be within any
700 such place as aforesaid, which only becomes danger- 701 ous, or is likely to be or to become dangerous, after her 702 entry into it, the Owners shall have the right to require 703 the Vessel to leave such area. 704 (c) The Vessel shall not load
contraband cargo, or to 705 pass through any blockade, whether such blockade be 706 imposed on all vessels, or is imposed selectively in any 707 way whatsoever against vessels of certain flags or 708 ownership, or against certain cargoes or crews or
709 otherwise howsoever, or to proceed to an area where 710 she shall be subject, or is likely to be subject to 711 a belligerent’s right of search and/or confiscation. 712 (d) If the insurers of the war risks insurance, when 713 Clause 14 is
applicable, should require payment of 714 premiums and/or calls because, pursuant to the 715 Charterers’ orders, the Vessel is within, or is due to enter 716 and remain within, any area or areas which are specified 717 by such insurers as being
subject to additional premiums 718 because of War Risks, then such premiums and/or calls 719 shall be reimbursed by the Charterers to the Owners at 720 the same time as the next payment of hire is due. 721 (e) The Charterers shall have the liberty:
722 (i) to comply with all orders, directions, recommend- 723 ations or advice as to departure, arrival, routes, 724 sailing in convoy, ports of call, stoppages, 725 destinations, discharge of cargo, delivery, or in any 726 other way whatsoever,
which are given by the 727 Government of the Nation under whose flag the 728 Vessel sails, or any other Government, body or 729 group whatsoever acting with the power to compel 730 compliance with their orders or directions; 731 (ii) to comply with
the orders, directions or recom- 732 mendations of any war risks underwriters who have 733 the authority to give the same under the terms of 734 the war risks insurance; 735 (iii) to comply with the terms of any resolution of the 736 Security
Council of the United Nations, any 737 directives of the European Community, the effective 738 orders of any other Supranational body which has 739 the right to issue and give the same, and with 740 national laws aimed at enforcing the same to which
741 the Owners are subject, and to obey the orders 742 and directions of those who are charged with their 743 enforcement. 744 (f) In the event of outbreak of war (whether there be a 745 declaration of war or not) (i) between any two or more 746 of
the following countries: the United States of America; 747 Russia; the United Kingdom; France; and the People’s 748 Republic of China, (ii) between any two or more of the 749 countries stated in Box 36, both the Owners and the 750 Charterers
shall have the right to cancel this Charter, 751 whereupon the Charterers shall redeliver the Vessel to 752 the Owners in accordance with Clause 15, if the Vessel 753 has cargo on board after discharge thereof at 754 destination, or if debarred
under this Clause from 755 reaching or entering it at a near, open and safe port as 756 directed by the Owners, or if the Vessel has no cargo 757 on board, at the port at which the Vessel then is or if at 758 sea at a near, open and safe port as
directed by the 759 Owners. In all cases hire shall continue to be paid in 760 accordance with Clause 11 and except as aforesaid all 761 other provisions of this Charter shall apply until 762 redeliverythe end of the Security Period. 763 27.
Commission – intentionally omitted 764 The Owners to pay a commission at the rate indicated 765 in Box 33 to the Brokers named in Box 33 on any hire 766 paid under the Charter. If no rate is indicated in Box 33, 767 the commission to be paid by
the Owners shall cover 768 the actual expenses of the Brokers and a reasonable 769 fee for their work. 770 If the full hire is not paid owing to breach of the Charter 771 by either of the parties the party liable therefor shall 772 indemnify the
Brokers against their loss of commission. 773 Should the parties agree to cancel the Charter, the 774 Owners shall indemnify the Brokers against any loss of 775 commission but in such case the commission shall not 776 This document is a computer
generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter exceed the brokerage on one year’s hire. 777 28. Termination See
Clauses 40 and 44 778 (a) Charterers’ Default 779 The Owners shall be entitled to withdraw the Vessel from 780 the service of the Charterers and terminate the Charter 781 with immediate effect by written notice to the Charterers if: 782 (i) the
Charterers fail to pay hire in accordance with 783 Clause 11. However, where there is a failure to 784 make punctual payment of hire due to oversight, 785 negligence, errors or omissions on the part of the 786 Charterers or their bankers, the Owners
shall give 787 the Charterers written notice of the number of clear 788 banking days stated in Box 34 (as recognised at 789 the agreed place of payment) in which to rectify 790 the failure, and when so rectified within such 791 number of days
following the Owners’ notice, the 792 payment shall stand as regular and punctual. 793 Failure by the Charterers to pay hire within the 794 number of days stated in Box 34 of their receiving 795 the Owners’ notice as provided herein, shall
entitle 796 the Owners to withdraw the Vessel from the service 797 of the Charterers and terminate the Charter without 798 further notice; 799 (ii) the Charterers fail to comply with the requirements of: 800 (1) Clause 6 (Trading Restrictions) 801
(2) Clause 13(a) (Insurance and Repairs) 802 provided that the Owners shall have the option, by 803 written notice to the Charterers, to give the 804 Charterers a specified number of days grace within 805 which to rectify the failure without
prejudice to the 806 Owners’ right to withdraw and terminate under this 807 Clause if the Charterers fail to comply with such 808 notice; 809 (iii) the Charterers fail to rectify any failure to comply 810 with the requirements of sub-clause
10(a)(i) 811 (Maintenance and Repairs) as soon as practically 812 possible after the Owners have requested them in 813 writing so to do and in any event so that the Vessel’s 814 insurance cover is not prejudiced. 815 (b) Owners’ Default
816 If the Owners shall by any act or omission be in breach 817 of their obligations under this Charter to the extent that 818 the Charterers are deprived of the use of the Vessel 819 and such breach continues for a period of fourteen (14) 820
running days after written notice thereof has been given 821 by the Charterers to the Owners, the Charterers shall 822 be entitled to terminate this Charter with immediate effect 823 by written notice to the Owners. 824 (c) Loss of Vessel 825 This
Charter shall be deemed to be terminated if the 826 Vessel becomes a total loss or is declared as a 827 constructive or compromised or arranged total loss. For 828 the purpose of this sub-clause, the Vessel shall not be 829 deemed to be lost unless
she has either become an 830 actual total loss or agreement has been reached with 831 her underwriters in respect of her constructive, 832 compromised or arranged total loss or if such agreement 833 with her underwriters is not reached it is
adjudged by a 834 competent tribunal that a constructive loss of the Vessel 835 has occurred. 836 (d) Either party shall be entitled to terminate this 837 Charter with immediate effect by written notice to the 838 other party in the event of an
order being made or 839 resolution passed for the winding up, dissolution, 840 liquidation or bankruptcy of the other party (otherwise 841 than for the purpose of reconstruction or amalgamation) 842 or if a receiver is appointed, or if it suspends
payment, 843 ceases to carry on business or makes any special 844 arrangement or composition with its creditors. 845 (e) The termination of this Charter shall be without 846 prejudice to all rights accrued due between the parties 847 prior to the
date of termination and to any claim that 848 either party might have. 849 29. Repossession 850 In the event of the Owners have made a request for 851 redelivery of the Vessel termination of this Charter in accordance with the applicable provisions
of Clause 852 28Clause 40.3, the Owners shall in addition have the right to repossess 853 the Vessel from the Charterers at her current or next port of call, or 854 at a port or place convenient to them without hindrance 855 or interference by the
Charterers, courts or local 856 authorities. Pending physical repossession of the Vessel 857 in accordance with this Clause 29 and/or Clause 40, the 858 Charterers shall hold the Vessel as gratuitous bailee only to the Owners 859 and the Charterers
shall procure that the master and crew follow the orders and directions of the Owners. The Owners shall arrange for an authorised represent- 860 ative to board the Vessel as soon as reasonably 861 practicable following the termination of the
Charter. The 862 Vessel shall be deemed to be repossessed by the 863 Owners from the Charterers upon the boarding of the 864 Vessel by the Owners’ representative. All arrangements 865 and expenses relating to the settling of wages, 866
disembarkation and repatriation of the Charterers’ 867 Master, officers and crew shall be the sole responsibility 868 of the Charterers. 869 30. Dispute Resolution 870 *) (a) This Contract Charter and any non-contractual 871 obligations arising
out of or in connection with it shall be governed by and construed in accordance with English law and any dispute arising 872 out of or in connection with this Contract Charter shall be 873 referred to arbitration in London in accordance with the
Arbitration 874 Act 1996 or any statutory modification or re-enactment 875 thereof save to the extent necessary to give effect to 876 the provisions of this Clause. 877 The arbitration shall be conducted in accordance with 878 the London Maritime
Arbitrators Association (LMAA) 879 Terms current at the time when the arbitration proceed- 880 ings are commenced. 881 The reference shall be to three arbitrators. A party 882 wishing to refer a dispute to arbitration shall appoint its 883
arbitrator and send notice of such appointment in writing 884 to the other party requiring the other party to appoint its 885 own arbitrator within 14 calendar days of that notice and 886 stating that it will appoint its arbitrator as sole
arbitrator 887 unless the other party appoints its own arbitrator and 888 gives notice that it has done so within the 14 days 889 specified. If the other party does not appoint its own 890 arbitrator and give notice that it has done so within the
891 14 days specified, the party referring a dispute to 892 arbitration may, without the requirement of any further 893 prior notice to the other party, appoint its arbitrator as 894 sole arbitrator and shall advise the other party 895 accordingly.
The award of a sole arbitrator shall be 896 binding on both parties as if he had been appointed by 897 agreement. 898 Nothing herein shall prevent the parties agreeing in 899 writing to vary these provisions to provide for the 900 appointment of a
sole arbitrator. 901 In cases where neither the claim nor any counterclaim 902 exceeds the sum of US$50,000 (or such other sum as 903 the parties may agree) the arbitration shall be conducted 904 in accordance with the LMAA Small Claims Procedure
905 current at the time when the arbitration proceedings are 906 commenced. 907 *) (b) This Contract shall be governed by and construed 908 in accordance with Title 9 of the United States Code 909 and the Maritime Law of the United States and any
910 dispute arising out of or in connection with this Contract 911 shall be referred to three persons at New York, one to 912 be appointed by each of the parties hereto, and the third 913 by the two so chosen; their decision or that of any two 914
This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not
clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer
generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter of them shall be final, and for the purposes of enforcing 915 any
award, judgement may be entered on an award by 916 any court of competent jurisdiction. The proceedings 917 shall be conducted in accordance with the rules of the 918 Society of Maritime Arbitrators, Inc. 919 In cases where neither the claim nor any
counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at
924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928
connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there. 931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to refer to mediation
any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following shall apply:- 938 (i) Either
party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on the other 942 party to agree to
mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a mediator within a further 947 14
calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate for that 951 purpose. The mediation
shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If the other party does not agree to
mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The mediation shall not affect the right
of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The arbitration procedure shall 966 continue
during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or specified in the 971 mediation terms, each
party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice 975 and confidential and no information or
documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties should be aware that the mediation 980 process
may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d) shall 983 apply in all cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are
alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party to the other 988 party shall be in writing and may be sent by fax, telex, 989 registered or recorded mail or by
personal service. 990 (b) The address of the Parties for service of such 991 communication shall be as stated in Boxes 3 and 4 992 respectively. 993 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion
or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART III PART PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY
(Optional, only to apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 (a) The Vessel shall be constructed in accordance with 2 the Building Contract (hereafter called “the Building 3 Contract”) as
annexed to this Charter, made between the 4 Builders and the Owners and in accordance with the 5 specifications and plans annexed thereto, such Building 6 Contract, specifications and plans having been counter- 7 signed as approved by the
Charterers. 8 (b) No change shall be made in the Building Contract or 9 in the specifications or plans of the Vessel as approved by 10 the Charterers as aforesaid, without the Charterers’ 11 consent. 12 (c) The Charterers shall have the right
to send their 13 representative to the Builders’ Yard to inspect the Vessel 14 during the course of her construction to satisfy themselves 15 that construction is in accordance with such approved 16 specifications and plans as referred to under
sub-clause 17 (a) of this Clause. 18 (d) The Vessel shall be built in accordance with the 19 Building Contract and shall be of the description set out 20 therein. Subject to the provisions of sub-clause 2(c)(ii) 21 hereunder, the Charterers shall be
bound to accept the 22 Vessel from the Owners, completed and constructed in 23 accordance with the Building Contract, on the date of 24 delivery by the Builders. The Charterers undertake that 25 having accepted the Vessel they will not thereafter
raise 26 any claims against the Owners in respect of the Vessel’s 27 performance or specification or defects, if any. 28 Nevertheless, in respect of any repairs, replacements or 29 defects which appear within the first 12 months from 30
delivery by the Builders, the Owners shall endeavour to 31 compel the Builders to repair, replace or remedy any defects 32 or to recover from the Builders any expenditure incurred in 33 carrying out such repairs, replacements or remedies. 34
However, the Owners’ liability to the Charterers shall be 35 limited to the extent the Owners have a valid claim against 36 the Builders under the guarantee clause of the Building 37 Contract (a copy whereof has been supplied to the 38
Charterers). The Charterers shall be bound to accept such 39 sums as the Owners are reasonably able to recover under 40 this Clause and shall make no further claim on the Owners 41 for the difference between the amount(s) so recovered and 42 the
actual expenditure on repairs, replacement or 43 remedying defects or for any loss of time incurred. 44 Any liquidated damages for physical defects or deficiencies 45 shall accrue to the account of the party stated in Box 41(a) 46 or if not filled
in shall be shared equally between the parties. 47 The costs of pursuing a claim or claims against the Builders 48 under this Clause (including any liability to the Builders) 49 shall be borne by the party stated in Box 41(b) or if not 50 filled in
shall be shared equally between the parties. 51 2. Time and Place of Delivery 52 (a) Subject to the Vessel having completed her 53 acceptance trials including trials of cargo equipment in 54 accordance with the Building Contract and specifications
55 to the satisfaction of the Charterers, the Owners shall give 56 and the Charterers shall take delivery of the Vessel afloat 57 when ready for delivery and properly documented at the 58 Builders’ Yard or some other safe and readily accessible
59 dock, wharf or place as may be agreed between the parties 60 hereto and the Builders. Under the Building Contract the 61 Builders have estimated that the Vessel will be ready for 62 delivery to the Owners as therein provided but the delivery 63
date for the purpose of this Charter shall be the date when 64 the Vessel is in fact ready for delivery by the Builders after 65 completion of trials whether that be before or after as 66 indicated in the Building Contract. The Charterers shall not
67 be entitled to refuse acceptance of delivery of the Vessel 68 and upon and after such acceptance, subject to Clause 69 1(d), the Charterers shall not be entitled to make any claim 70 against the Owners in respect of any conditions, 71
representations or warranties, whether express or implied, 72 as to the seaworthiness of the Vessel or in respect of delay 73 in delivery. 74 (b) If for any reason other than a default by the Owners 75 under the Building Contract, the Builders
become entitled 76 under that Contract not to deliver the Vessel to the Owners, 77 the Owners shall upon giving to the Charterers written 78 notice of Builders becoming so entitled, be excused from 79 giving delivery of the Vessel to the Charterers
and upon 80 receipt of such notice by the Charterers this Charter shall 81 cease to have effect. 82 (c) If for any reason the Owners become entitled under 83 the Building Contract to reject the Vessel the Owners shall, 84 before exercising such
right of rejection, consult the 85 Charterers and thereupon 86 (i) if the Charterers do not wish to take delivery of the Vessel 87 they shall inform the Owners within seven (7) running days 88 by notice in writing and upon receipt by the Owners of
such 89 notice this Charter shall cease to have effect; or 90 (ii) if the Charterers wish to take delivery of the Vessel 91 they may by notice in writing within seven (7) running days 92 require the Owners to negotiate with the Builders as to the 93
terms on which delivery should be taken and/or refrain from 94 exercising their right to rejection and upon receipt of such 95 notice the Owners shall commence such negotiations and/ 96 or take delivery of the Vessel from the Builders and deliver 97
her to the Charterers; 98 (iii) in no circumstances shall the Charterers be entitled to 99 reject the Vessel unless the Owners are able to reject the 100 Vessel from the Builders; 101 (iv) if this Charter terminates under sub-clause (b) or (c) of
102 this Clause, the Owners shall thereafter not be liable to the 103 Charterers for any claim under or arising out of this Charter 104 or its termination. 105 (d) Any liquidated damages for delay in delivery under the 106 Building Contract and any
costs incurred in pursuing a claim 107 therefor shall accrue to the account of the party stated in 108 Box 41(c) or if not filled in shall be shared equally between 109 the parties. 110 3. Guarantee Works 111 If not otherwise agreed, the Owners
authorise the 112 Charterers to arrange for the guarantee works to be 113 performed in accordance with the building contract terms, 114 and hire to continue during the period of guarantee works. 115 The Charterers have to advise the Owners about the
116 performance to the extent the Owners may request. 117 4. Name of Vessel 118 The name of the Vessel shall be mutually agreed between 119 the Owners and the Charterers and the Vessel shall be 120 painted in the colours, display the funnel insignia
and fly 121 the house flag as required by the Charterers. 122 5. Survey on Redelivery 123 The Owners and the Charterers shall appoint surveyors 124 for the purpose of determining and agreeing in writing the 125 condition of the Vessel at the time of
re-delivery. 126 Without prejudice to Clause 15 (Part II), the Charterers 127 shall bear all survey expenses and all other costs, if any, 128 including the cost of docking and undocking, if required, 129 as well as all repair costs incurred. The
Charterers shall 130 also bear all loss of time spent in connection with any 131 docking and undocking as well as repairs, which shall be 132 paid at the rate of hire per day or pro rata. 133 This document is a computer generated BARECON 2001 form
printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved
document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART IV PART HIRE/PURCHASE AGREEMENT (Optional, only to apply if
expressly agreed and stated in Box 42) On expiration of this Charter and provided the Charterers 1 have fulfilled their obligations according to Part I and II 2 as well as Part III, if applicable, it is agreed, that on 3 payment of the final payment
of hire as per Clause 11 4 the Charterers have purchased the Vessel with 5 everything belonging to her and the Vessel is fully paid 6 for. 7 In the following paragraphs the Owners are referred to 8 as the Sellers and the Charterers as the Buyers. 9
The Vessel shall be delivered by the Sellers and taken 10 over by the Buyers on expiration of the Charter. 11 The Sellers guarantee that the Vessel, at the time of 12 delivery, is free from all encumbrances and maritime 13 liens or any debts
whatsoever other than those arising 14 from anything done or not done by the Buyers or any 15 existing mortgage agreed not to be paid off by the time 16 of delivery. Should any claims, which have been incurred 17 prior to the time of delivery be
made against the Vessel, 18 the Sellers hereby undertake to indemnify the Buyers 19 against all consequences of such claims to the extent it 20 can be proved that the Sellers are responsible for such 21 claims. Any taxes, notarial, consular and
other charges 22 and expenses connected with the purchase and 23 registration under Buyers’ flag, shall be for Buyers’ 24 account. Any taxes, consular and other charges and 25 expenses connected with closing of the Sellers’ register,
26 shall be for Sellers’ account. 27 In exchange for payment of the last month’s hire 28 instalment the Sellers shall furnish the Buyers with a 29 Bill of Sale duly attested and legalized, together with a 30 certificate setting out the
registered encumbrances, if 31 any. On delivery of the Vessel the Sellers shall provide 32 for deletion of the Vessel from the Ship’s Register and 33 deliver a certificate of deletion to the Buyers. 34 The Sellers shall, at the time of
delivery, hand to the 35 Buyers all classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 be in Sellers’ possession. 38 The Wireless Installation and Nautical Instruments, 39 unless on
hire, shall be included in the sale without any 40 extra payment. 41 The Vessel with everything belonging to her shall be at 42 Sellers’ risk and expense until she is delivered to the 43 Buyers, subject to the conditions of this Contract and 44
the Vessel with everything belonging to her shall be 45 delivered and taken over as she is at the time of delivery, 46 after which the Sellers shall have no responsibility for 47 possible faults or deficiencies of any description. 48 The Buyers
undertake to pay for the repatriation of the 49 Master, officers and other personnel if appointed by the 50 Sellers to the port where the Vessel entered the Bareboat 51 Charter as per Clause 3 (Part II) or to pay the equivalent 52 cost for their
journey to any other place. 53 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of
this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved
document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT
CHARTER REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 For the purpose of this PART V, the following terms shall 2 have the meanings hereby assigned to them: 3 “The Bareboat Charter Registry”
shall mean the registry 4 of the State whose flag the Vessel will fly and in which 5 the Charterers are registered as the bareboat charterers 6 during the period of the Bareboat Charter. 7 “The Underlying Registry” shall mean the registry
of the 8 state in which the Owners of the Vessel are registered 9 as Owners and to which jurisdiction and control of the 10 Vessel will revert upon termination of the Bareboat 11 Charter Registration. 12 2. Mortgage 13 The Vessel chartered under
this Charter is financed by 14 a mortgage and the provisions of Clause 12(b) (Part II) 15 shall apply. 16 3. Termination of Charter by Default 17 If the Vessel chartered under this Charter is registered 18 in a Bareboat Charter Registry as stated in
Box 44, and 19 if the Owners shall default in the payment of any amounts 20 due under the mortgage(s) specified in Box 28, the 21 Charterers shall, if so required by the mortgagee, direct 22 the Owners to re-register the Vessel in the Underlying 23
Registry as shown in Box 45. 24 In the event of the Vessel being deleted from the 25 Bareboat Charter Registry as stated in Box 44, due to a 26 default by the Owners in the payment of any amounts 27 due under the mortgage(s), the Charterers shall
have 28 the right to terminate this Charter forthwith and without 29 prejudice to any other claim they may have against the 30 Owners under this Charter. 31 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 Execution Version 

ADDITIONAL CLAUSES TO BARECON 2001 DATED 25 MAY 2018 

CLAUSE 32  – CHARTER PERIOD 
  

	 32.1
	 For the avoidance of doubt, notwithstanding the fact that the Charter Period shall commence on the Commencement
Date, this Charter shall be: 

  

	 (a)
	 in full force and effect; and 

 

	 (b)
	 valid, binding and enforceable against the parties hereto, 

 

	 (c)
	 with effect from the date of this Charter until the end of the Charter Period (subject to the terms of this Charter).

  

	 32.2
	 The Charter Period shall, subject to the terms of this Charter, continue for a period of sixty (60) months
from the Commencement Date. 

 CLAUSE 33  – CANCELLATION 

 

	 33.1
	 If: 

  

	 (a)
	 a Termination Event occurs prior to the delivery of the Vessel by the Charterers as sellers to Owners as buyers under
the MOA; 

  

	 (b)
	 it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their obligations under the MOA
or any of the obligations of the Owners under the MOA are not or cease to be legal, valid, binding and enforceable; and/or 

  

	 (c)
	 the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and
effect for any reason, 

 then this Charter shall immediately terminate and be cancelled (provided that any
provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever provided that the Owners shall be entitled to
retain all fees or amounts paid by the Charterers pursuant to Clause 41.1 and Clause 41.2(and without prejudice to Clause 41.1 or Clause 41.2 and if such fees or amounts have not been paid but are due and payable, the Charterers shall forthwith pay
such fees or amounts to the Owners in accordance with Clause 41.1) and such payment and any default interest in relation thereto shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners
in entering into this Charter upon the terms and conditions contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as compensation to the Owners, provided that if such termination or cancellation is
solely attributable to the Owners’ breach of their obligations under the Leasing Documents, any Total Loss or any incidents beyond the control of the Charterers (but in any case excluding, for the avoidance of doubt, any act or incident which
has taken place after the occurrence of a Termination Event or Potential Termination Event), then the Charterers shall not be discharged from the payment obligations under Clause 41.1 and if any fee has been paid by the Charterers (and actually
received by the Owners) prior to such termination or cancellation the Owners shall refund such fee to the Charterers (in any case without interest). 

  
 1 

 CLAUSE 34  – DELIVERY OF VESSEL 

34.1 
  

	 (a)
	 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one
of the Leasing Documents. 

  

	 (b)
	 Prior to the Owners’ prepositioning of the Relevant Amount on the Prepositioning Date in accordance with clause
19(b) of the MOA, the Charterers shall in advance provide the Owners with the documents or evidence set out in Part A of Schedule II in form and substance satisfactory to the Owners. 

 

	 (c)
	 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:

  

	 	 (i)
	 the delivery of the Vessel by the Charterers as sellers to the Owners as buyers in accordance with the terms of the
MOA with such Delivery occurring on or before the Cancelling Date(and, for the purposes of this Charter, the Vessel shall be deemed delivered to the Charterers simultaneously with delivery of the Vessel to the Owners pursuant to the MOA);

  

	 	 (ii)
	 no Potential Termination Event or Termination Event having occurred and being continuing as at the Commencement Date;

  

	 	 (iii)
	 the representations and warranties contained in Clause 45 being true and correct on the date of this Charter and each
day thereafter until and including the last day of the Charter Period; 

  

	 	 (iv)
	 the Owners having received from the Charterers: 

 

	 	 (A)
	 on or prior to Delivery, the documents or evidence set out in Part B of Schedule II in form and substance satisfactory
to them; and 

  

	 	 (B)
	 after Delivery, the documents or evidence set out in Part C of Schedule II in form and substance satisfactory to them
within the time periods set out thereunder; 

  

	 	  
	 and if any of the documents listed in sub-paragraph (iv) above are not in
the English language then they shall be accompanied by a certified English translation. 

  

	 34.2
	 The conditions precedent or conditions subsequent specified in Clause (b)(iv) are inserted for the sole benefit
of the Owners and may be waived or deferred in whole or in part and with or without conditions by the Owners. 

  

	 34.3
	 On delivery to and acceptance by the Owners of the Vessel under the MOA from the Charterers as sellers and
subject to the provisions of this Clause 34, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of
the Vessel on and subject to the terms and conditions of this Charter. 

  

	 34.4
	 On Delivery, as evidence of the commencement of the Charter Period the Charterers shall sign and deliver to the
Owners the Acceptance Certificate. Without prejudice to this Clause 34.4, the Charterers shall be deemed to have accepted the Vessel under this Charter and the commencement of the Charter Period having started, on Delivery even if for whatever
reason, the Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time. 

  

	 34.5
	 Save where any of the events set out under Clause 44.1(f)(iv), (v), (vi) and (viii) below applies in
relation to the Owners (and in the absence of a Termination Event or Potential Termination 

  
 2 

	     
	 Event having occurred at the same time), the Charterers shall not be entitled for any reason whatsoever to refuse to
accept delivery of the Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners under the MOA from the Charterers as sellers, and the Owners shall not be liable for any losses, costs or expenses whatsoever or
howsoever arising including, without limitation, any loss of profit or any loss or otherwise: 

  

	 (a)
	 resulting directly or indirectly from any defect or alleged defect in the Vessel or any failure of the Vessel; or

  

	 (b)
	 arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.

  

	 34.6
	 The Owners will not and shall not be obliged to deliver the Vessel to the Charterers with any bunkers and
unused lubricating oils and greases (whether in storage tanks and unopened drums or otherwise) except such items (including bunkers, lubricating oils, unbroached provisions, paints, ropes and other consumable stores) as are on the Vessel on
Delivery.  

  

	 34.7
	 The Charterers shall, following the Owners’ delivery of items on board the Vessel on Delivery pursuant to
Clause 34.6, keep all such items on board the Vessel for the Charterers’ own use.  

 CLAUSE 35  –
QUIET ENJOYMENT 
  

	 35.1
	 Provided that no Potential Termination Event or Termination Event has occurred pursuant to the terms of this
Charter, the Owners hereby agree not to disturb or interfere (or instruct or authorise another party to disturb or interfere) with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period.

  

	 35.2
	 The Owners shall use best endeavors to procure that their financier(s) enter into a Quiet Enjoyment Agreement
with the Charterers on such terms as may be mutually agreed between the Owners, the Owners’ financier(s) and the Charterers. 

  

	 35.3
	 Subject to Clause 35.1 above, the Charterers acknowledge that, at any time during the Charter Period:

  

	 (a)
	 the Owners are entitled to enter into certain funding arrangements with their financier(s), (the
“Mortgagee”), in order to finance in part or in full of the Purchase Price (such financing amount not to exceed the Outstanding Principal Balance at the relevant time), which funding arrangements may be secured, inter alia,
by the relevant Financial Instruments; 

  

	 (b)
	 the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case without consent of the Charterers: 

  

	 	 (i)
	 execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee;

  

	 	 (ii)
	 assign their rights and interests to, in or in connection with this Charter and any other Leasing Document in favour
of that Mortgagee; 

  

	 	 (iii)
	 assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of that Mortgagee; and 

  

	 	 (iv)
	 enter into any other document or arrangement which is necessary to give effect to such financing arrangements
(including without limitation creating or permitting the creation of any Security Interests over the direct or indirect equity interests or shares of the Owners); and 

 

	 (c)
	 the Charterers undertake to comply, and provide such information and documents reasonably required to enable the
Owners to comply, with all such instructions or directions in regard to 

  
 3 

	     
	 the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument
or as may be directed from to time during the currency of this Charter by the Mortgagee in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial
Instrument (if any) and agree to acknowledge this in writing in any form that may be reasonably required by the Mortgagee. 

CLAUSE 36  – CHARTERHIRE AND DEPOSIT 
  

	 36.1
	 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the
request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners, the Charterhire, the Deposit, and the Purchase Obligation Price or, as the case may be, the Purchase Option Price. 

 

	 36.2
	 The Charterers shall pay an amount in Dollars equivalent to the Deposit Amount as the deposit (the
“Deposit”) to the Owners at least three (3) Business Days prior to the Commencement Date (the “Deposit Date”) to an account nominated by the Owners and notified to the Charterers reasonably prior
to the Deposit Date without set off. The Owners may, in their absolute discretion, either refrain from applying the Deposit (or any part of the Deposit) held or apply the same in such manner and order as they see fit upon the occurrence of any
Termination Event towards payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document (including without limitation, the Charterhire, the Termination Purchase Price, the
Purchase Option Price and the Purchase Obligation Price) (any amount so applied by the Owners, the “Applied Amount”) and the Charterers shall immediately and in any event within ten (10) days upon Owners’
demand pay to the Owners an amount in Dollars equivalent to the Applied Amount so that at all time the Deposit held by the Owners is not less than the Deposit Amount (for the avoidance of doubt any amount paid by the Charterers to the Owners in
respect of any Applied Amount pursuant to this Clause 36.2 shall constitute part of the Deposit ). The Deposit (after deducting any payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any
Leasing Documents) shall be refunded to the Charterers (in any case without interest) upon irrevocable payment in full of all amounts due and payable under the Leasing Documents. The Deposit paid to the Owners shall be in the possession and
ownership of the Owners until the Deposit is refunded in accordance with this Clause 36.2. For the avoidance of doubt, if the Owners, upon the, occurrence of any Termination Event,elect to apply the Deposit or any part of the Deposit towards payment
of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document, any shortfall of such due and payable amount not satisfied by the application of the Deposit (or part of the Deposit)
shall remain outstanding payment obligations of the Charterers, such Relevant Party or the Approved Manager (as the case may be). 

  

	 36.3
	 Subject to the terms of this Clause 36, the Charterers shall pay the Charterhire monthly in arrears in sixty
(60) consecutive instalments to the Owners under this Charter with the first instalment of the Charterhire payable on the date falling one (1) month after the Commencement Date and the final instalment of the Charterhire payable on the
last day of the Charter Period.  

  

	 36.4
	 The Vessel shall not at any time be deemed off-hire and the
Charterers’ obligation to pay all Charterhire, the Deposit and other amounts payable under the Leasing Documents shall be absolute and unconditional under any and all circumstances and shall not be affected by any circumstances of any nature
whatsoever including but not limited to: 

  

	 (a)
	 any set-off, counterclaim, recoupment, defence, claim or other right which the
Charterers may at any time have against the Owners or any other person for any reason whatsoever including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing
between the Owners and the Charterers; 

  
 4 

	 (b)
	 any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the
Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation; 

  

	 (c)
	 any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

  

	 (d)
	 any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel
or the ineligibility of the Vessel for any particular trade; 

  

	 (e)
	 the Total Loss or any damage to or forfeiture or court marshall’s or other sale of the Vessel;

  

	 (f)
	 any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or
prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers; 

  

	 (g)
	 any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings
by or against the Charterers; 

  

	 (h)
	 any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or
complying with any of the terms and provisions of this Charter or the other Leasing Documents by any party to this Charter or any other person; 

  

	 (i)
	 any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing
Documents executed or to be executed pursuant to this Charter; or 

  

	 (j)
	 any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage,
accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this Charter. 

 

	 36.5
	 Time of payment of the Charterhire, the Deposit and other payments by the Charterers shall be of the essence of
this Charter and the other Leasing Documents. 

  

	 36.6
	 All payments of the Charterhire, the Deposit and any other amounts payable under the Leasing Documents shall be
made in Dollars and shall be received by the Owners in same day available funds and by not later than 6:00pm (Shanghai time) on the due date thereof. 

 

	 36.7
	 All Charterhire and any moneys payable hereunder shall be payable by the Charterers to the Owners to such
account as the Owners may notify the Charterers in writing.  

  

	 36.8
	 Payment of the Charterhire and any other amounts payable under the Leasing Documents shall be at the
Charterers’ risk until receipt by the Owners.  

  

	 36.9
	 All stamp duty, value added tax, withholding or other taxes (not including taxes levied on the income of the
Owners) and import and export duties and all other similar types of charges which may be levied or assessed on or in connection with: 

  

	 (a)
	 the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and
the remittance thereof to the Owners; and 

  

	 (b)
	 the import, export, purchase, delivery and re-delivery of the Vessel,

 shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax
levied on any Charterhire and the Deposit and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. 

  
 5 

	 36.10
	 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay interest on
such late payment at the default rate of seven per cent. (7 %) per annum from the date on which such payment became due until the date of payment thereof. 

  

	 36.11
	 All default interest and any other payments under this Charter which are of an annual or periodic nature shall
accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  

	 36.12
	 Any payment which is due to be made on a day which is not a Business Day, shall be made on the preceding
Business Day in the same calendar month. 

  

	 36.13
	 Any payment of the Termination Purchase Price, the Purchase Obligation Price or the Purchase Option Price (as
the case may be) shall be made together with any other amount payable under this Charter. 

 CLAUSE 37  –
POSSESSION OF VESSEL 
  

	 37.1
	 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the
Vessel or any interest therein, its Earnings, Insurances, any Requisition Compensation and/or its rights or interests under any Approved Subcharter and shall not permit the creation of any Security Interest thereon other than the Permitted Security
Interests. 

  

	 37.2
	 The Charterers shall promptly notify any party including any Approved Subcharterer (as the Owners may request),
in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and reasonably satisfactory evidence that such party has received such written notification.

  

	 37.3
	 Other than in the circumstances specified in Clause 37.4, if the Vessel is arrested, seized, impounded,
forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process but other than due to piracy events which are insured against pursuant to Clause 38), the Charterers shall
immediately act to procure the prompt release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall (if it will or is likely to exceed five
(5) days) immediately notify the Owners of such event and shall indemnify the Owners against all losses, documented costs or documented charges incurred by the Owners by reason thereof in re-taking
possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
master, officers or agents signing bills of lading or other documents. 

  

	 37.4
	 If the Vessel is arrested or otherwise detained solely because of the Owners’ direct actions or omissions
and for reasons which are not in any part a consequence of a Relevant Person’s (or its affiliate’s) contributory negligence and/or wilful misconduct, the Owners shall at their own expense take all reasonable steps to procure that within a
reasonable time the Vessel is released, including the provision of bail. 

  

	 37.5
	 The Charterers shall pay and discharge or cause any Approved Subcharterer to pay and discharge all obligations
and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel and take all steps to prevent (and in connection with procuring any Approved Subcharterer who is an Affiliate of the Charterers in
doing the above, to use the best endeavors to procure such Approved Subcharterer to prevent and in connection with procuring any Approved Subcharterer who is not an Affiliate of the Charterers in doing the above, to take all reasonable steps to
procure such Approved Subcharterer to prevent) an arrest (threatened or otherwise) of the Vessel. 

  
 6 

 Clause 38  – INSURANCE 

 

	 38.1
	 The Charterers shall procure that insurances are effected in form and substance satisfactory to the Owners:

  

	 (a)
	 in Dollars; 

  

	 (b)
	 in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an
agreed value basis in an amount (taking into account any increased value for up to 33% of such cover and of the following mentioned amount) of at least the higher of (i) 120% of the then Outstanding Principal Balance and (ii) the Market Value
of the Vessel; 

  

	 (c)
	 in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the highest level of
cover from time to time available under protection and indemnity club entry and in the international marine insurance market and for an amount of not less than $1,000,000,000; and 

 

	 (d)
	 in relation to protection and indemnity risks in respect of the full tonnage of the Vessel; 

 

	 (e)
	 through approved brokers and with first class international insurers and/or underwriters reasonably acceptable to the
Owners (including having a Standard & Poor’s rating of BBB+ or above, a Moody’s rating of A or above or an AM Best rating of A- or above) or, in the case of war risks and protection and
indemnity risks, in a war risks and protection and indemnity risks associations reasonably acceptable to the Owners (including being a member of the International Group of Protection and Indemnity Clubs); and 

 

	 (f)
	 on no less favourable terms which the Charterers may be under an obligation (if any) to maintain under the terms of
any Approved Subcharter. 

  

	 38.2
	 In addition to the terms set out in Clause 13(a), the Charterers shall procure that the obligatory insurances
shall: 

  

	 (a)
	 subject always to paragraph (ii), name the Charterers, the Approved Manager and the Owners (at their option and, if
required by the Owners, the Owners’ financiers) as the only named assureds unless the interest of every other named assured or co-assured is limited: 

 

	 	 (ii)
	 in respect of any obligatory insurances for hull and machinery and war risks; 

 

	 	 (1)
	 to any provable out-of-pocket expenses
that they have incurred and which form part of any recoverable claim on underwriters; and 

  

	 	 (2)
	 to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of
discharge of any claims made against them); and 

  

	 	 (iii)
	 in respect of any obligatory insurances for protection and indemnity risks, to any recoveries they are entitled to
make by way of reimbursement following discharge of any third party liability claims made specifically against them, 

and every other named assured or co-assured has undertaken in writing to the Owners or their
financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they
shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become
payable in respect of the obligatory insurances; 
  

	 (b)
	 whenever a financier of the Owners requires: 

  
 7 

	 	 (i)
	 in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional
named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums,
calls or other assessments in respect of such insurance; 

  

	 	 (ii)
	 in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and 

 

	 	 (iii)
	 name the Owners’ financiers (as applicable) and the Owners (as applicable) as the first ranking loss payee and
the second ranking loss payee respectively (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners’ financiers and the Owners (such
approval not to be unreasonably withheld) with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and their financiers (if any) may specify; 

 

	 (c)
	 provide that all payments by or on behalf of the insurers under the obligatory insurances to the Owners and/or their
financiers (as applicable) shall be made without set-off, counterclaim or deductions or condition whatsoever; 

  

	 (d)
	 provide that such obligatory insurances shall be primary without right of contribution from other insurances which may
be carried by the Owners or their financiers (if any); 

  

	 (e)
	 provide that the Owners and/or their financiers (if any) may make proof of loss if the Charterers fail to do so; and

  

	 (f)
	 provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which
adversely affects the interest of the Owners , or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the
Owners and/or their financiers (if any) for fourteen (14) days (or seven (7) days in the case of war risks), or such other period as may be agreed by the Owners and/or their financiers (if any), after receipt by the Owners and/or their
financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse. 

  

	 38.3
	 The Charterers shall: 

 

	 (a)
	 at least fourteen (14) days prior to Delivery (or such shorter period agreed by the parties), notify in writing
the Owners (copied to their financiers (if any)) of the terms and conditions of all Insurances; 

  

	 (b)
	 at least fourteen (14) days before the expiry of any obligatory insurance notify the Owners (copied
to their financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew that obligatory insurance and of the proposed terms of renewal and obtain
the Owners’ approval (such approval not to be unreasonably withheld and who shall have regard to the requirements as to insurance cover required under the provisions of this Clause 38); 

 

	 (c)
	 at least seven (7) days before the expiry of any obligatory insurance, procure that such obligatory
insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter; 

  

	 (d)
	 procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a
renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to their financiers (if any)) in writing of the terms and conditions of the renewal; and

  
 8 

	 (e)
	 as soon as practicable after the expiry of any obligatory insurance, deliver to the Owners a letter of undertaking as
required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to this Clause 38.3 together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or
their financiers (if any). 

  

	 38.4
	 The Charterers shall ensure that all insurance companies and/or underwriters, and/or (if any) insurance brokers
provide the Owners with all copies of policies, cover notes and certificates of entry (originals where so requested by the Owners following the occurrence of a Termination Event or Potential Termination Event) relating to the obligatory insurances
which they are to effect or renew and of a letter or letters or undertaking in a form required by the Owners and/or the Owners’ financiers (which the Charterers shall procure the relevant insurance companies, underwriters and/or insurance
brokers to provide upon renewal or receipt of the insurance companies, underwriters and/of insurance brokers of an executed notice of assignment). Such letter or letters of undertaking shall include undertakings by the insurance companies and/or
underwriters that: 

  

	 (a)
	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment
complying with the provisions of this Charter and the Financial Instruments; 

  

	 (b)
	 they will hold the benefit of such policies and such insurances, to the order of the Owners and/or their financiers
(if any) and/or such other party in accordance with the said loss payable clause; 

  

	 (c)
	 they will advise the Owners and their financiers (if any) promptly of any material change to the terms of the
obligatory insurances of which they are aware; 

  

	 (d)
	 (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and their financiers
(if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or their financiers (if any) not later than one (1) month before the expiry of the
obligatory insurances they will notify the Owners and their financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the
Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and their financiers (if any) of the terms of the instructions; and 

 

	 (e)
	 if any of the obligatory insurances form part of any fleet cover, the Charterers shall use best endeavours to procure
that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and their financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the
Vessel under such obligatory insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under
them, which they might have in respect of such premiums, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or their financiers (if any) and where practicable. 

  

	 38.5
	 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel
is entered provides the Owners with and their financiers (if any): 

  

	 (a)
	 a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

  

	 (b)
	 a letter or letters of undertaking in such form as may be required by the Owners or in such association’s
standard form (following the relevant association’s receipt of an executed notice of assignment upon the effecting or renewal of insurances); and 

  
 9 

	 (c)
	 a copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive
Material issued by the relevant certifying authority in relation to the Vessel. 

  

	 38.6
	 The Charterers shall ensure that all policies relating to obligatory insurances are deposited with the approved
brokers through which the insurances are effected or renewed. 

  

	 38.7
	 The Charterers shall procure that all premiums or other sums payable in respect of the obligatory insurances
are punctually paid and produce all relevant receipts when so required by the Owners. 

  

	 38.8
	 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect. 

  

	 38.9
	 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which
would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

 

	 (a)
	 the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from
time to time be applicable to the obligatory insurances, and (without limiting the obligations contained in this Clause) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Owners have not
given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of protection and indemnity associations), such
approval not to be unreasonably withheld; 

  

	 (b)
	 the Charterers shall not make or permit any changes relating to the classification or classification society or
manager or operator of the Vessel unless such changes have first been approved by the underwriters of the obligatory insurances or the Owners (such approval not to be unreasonably withheld by the Owners’ but always subject to the Owners
receiving credit approval on such changes); 

  

	 (c)
	 as may be applicable, the Charterers shall procure that all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of the certificate of financial responsibility; and 

 

	 (d)
	 the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	 38.10
	 The Charterers shall not make or agree to any material alteration to the terms of any obligatory insurance nor
waive any right relating to any obligatory insurance without the prior written consent of the Owners (such consent to only be required where such amendment or waiver adversely affects or potentially adversely affects the Owners’ interests under
the Leasing Documents and which is not to be unreasonably withheld or delayed).  

 In this Clause
38.10 “material” alterations shall include, without limitation, change of identity of the beneficiaries under such insurances, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause
a breach under the terms of this Charter, any other Leasing Document or any Approved Subcharter. 
  

	 38.11
	 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for a Total
Loss or for a Major Casualty, and shall do all things necessary and provide 

  
 10 

 all documents, evidence and information to enable the Owners to collect or recover any
moneys which at any time become payable in respect of the obligatory insurances. 
  

	 38.12
	 The Charterers shall provide the Owners, promptly upon the Owners’ written request, copies of:

  

	 (a)
	 all communications between the Charterers and: 

 

	 	 (i)
	 the approved brokers; and 

  

	 	 (ii)
	 the approved protection and indemnity and/or war risks associations; and 

 

	 	 (iii)
	 the approved international insurers and/or underwriters, which relate directly or indirectly to:

  

	 	 (A)
	 the Charterers’ obligations relating to the obligatory insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and 

  

	 	 (B)
	 any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii)
relating wholly or partly to the effecting or maintenance of the obligatory insurances; and 

 any communication
with all parties involved in case of a claim under any of the Vessel’s insurances. 
  

	 38.13
	 The Charterers shall promptly provide the Owners (or any persons which they may designate) with any information
which the Owners reasonably request for the purpose of: 

  

	 (a)
	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory
insurances effected or proposed to be effected; and/or 

  

	 (b)
	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) or dealing with or
considering any matters relating to any such insurances. 

  

	 38.14
	 If one or more of the obligatory insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with
reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a
form acceptable to the Owners. The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required. 

 

	 (a)
	 The Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are
reasonably incurred by (i) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners’ interest insurance, mortgagee’s interest insurance and a lessor’s/mortgagee’s additional
perils (pollution) insurance that is taken out in respect of the Vessel and/or (ii) the financier(s) of the Owners (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee’s interest insurance and a
mortgagee’s additional perils (pollution) insurance that is taken out in respect of the Vessel, in each case, with the Charterers’ insurance brokers as approved by the Owners (in their sole discretion) and provided that the Charterers
shall provide the Owners, as soon as these are dispatched, with copies of all communications between the Charterers and such insurance brokers. In each case, the amount of the cover under the insurances referred to this Clause (a) shall be
equal to at least the higher of (i) 120% of the Outstanding Principal Balance and (ii) the Market Value of the Vessel. 

  
 11 

	 38.15
	 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the
Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, reasonable wear and tear to the
Vessel only excepted. 

  

	 38.16
	 The Charterers shall: 

 

	 (a)
	 reimburse the Owners any expenses incurred by the Owners in obtaining the reports described in Clause 38.13 (provided
that such reimbursement obligation does not arise for the second or subsequent report obtained for any given 12-month period); and 

 

	 (b)
	 procure that there is delivered to the brokers, insurers, underwriters, associations described in Clause 38.1(e) such
information in relation to the Insurances as they may require. 

  

	 38.17
	 The Charterers shall keep the Vessel insured at their expense against such other risks which the Owners or
their financiers (if any) consider reasonable for a prudent shipowner or operator to insure against at the relevant time (as notified by the Owners) and which are, at that time, generally insured against by owners or operators of vessels similar to
the Vessel. 

  

	 38.18
	 The Charterers shall, in the event that the Approved Manager makes a claim under any obligatory insurances
taken out in connection with this Clause 38 but is unable to or otherwise fails to pay in full any deductible in connection with such claim (in an amount as apportioned between the Charterers and every other assured in proportion to the gross claims
made by or paid to each of them), pay such shortfall in deductible payable on behalf of the Approved Manager. 

 CLAUSE
39  – WARRANTIES RELATING TO VESSEL 
  

	 39.1
	 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the
Vessel which has been purchased by the Owners from the Charterers as sellers pursuant to the MOA for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has
been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof). 

  

	 39.2
	 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded. 

  

	 39.3
	 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense
or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be
released from any liability to pay any Charterhire or other payment due under this Charter or the other Leasing Documents. 

CLAUSE 40  – TERMINATION, REDELIVERY AND TOTAL LOSS 
  

	 40.1
	 If the Termination Purchase Price becomes payable in accordance with Clause 44.2, Clause 44.3, Clause 44A.1 or
Clause 44A.2, the same shall (in each case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 40.4 and it is hereby agreed by the parties hereto that payment of the
Termination Purchase Price shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners in buying the Vessel and entering into this Charter upon the terms and conditions contained herein,
in each case, at the request of the Charterers and shall therefore be paid as compensation to the Owners for early termination and acquisition of the Vessel by the Charterers. 

  
 12 

	 40.2
	 Upon irrevocable receipt of the Termination Purchase Price by the Owners pursuant to Clause 40.1 in full, this
Charter shall terminate. 

  

	 40.3
	 

  

	 (a)
	 If the Charterers fail to make any payment of the Termination Purchase Price on the due date thereof,

  

	 	 (i)
	 Clauses 36.10 and 36.11 shall apply; 

 

	 	 (ii)
	 the Charterers’ right to possess and operate the Vessel shall immediately cease and (without in any way affecting
the Charterers’ obligation to pay the Termination Purchase Price ) the Charterers shall, upon the Owners’ request (at Owners’ sole discretion), be obliged to immediately (and at the Charterers’ own cost) redeliver the Vessel to
the Owners at such ready and nearest safe port as the Owners may require; further and for the avoidance of doubt, the Owners shall be entitled (at Owners’ sole discretion) to operate the Vessel as they may require and may create whatsoever
interests thereon, including without limitation charterparties or any other form of employment contracts (“Post-enforcement Interests”); 

 

	 	 (iii)
	 the Owners shall be entitled (at Owners’ sole discretion) to sell the Vessel on terms they deem fit (an
“Owners’ Sale”); and 

  

	 	 (iv)
	 the Owners shall be entitled to terminating this Charter upon service of a prior written notice to the Charterers.

  

	 (b)
	 Prior to effecting an Owners’ Sale, the Owners shall notify the Charterers in writing and the Charterers may
within seven (7) Business Days thereafter submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a purchaser offering by way of a firm offer (subject to customary closing conditions and Owners’
investigation on know your client issues) (a “Charterers’ Offers”) an amount at least equal to the higher of (i) the purchase price contemplated by the Owners’ Sale and (ii) the then current amount
of the Termination Purchase Price in either case following which the Owners will use reasonable endearvours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 	 (c)
	 Without prejudice to the other provisions of this Clause 40.3, the Charterers may at any time following the occurrence
of any event set out in Clause 44.2, Clause 44.3, Clause 44A.1 or Clause 44A.2 (as the case may be) submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a Charterers’ Offer in an amount at least equal to the
then current amount of the Termination Purchase price in which case the Owners will use reasonable endeavours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 (d)
	 The proceeds of any sale of the Vessel pursuant to Clause 40.3(a)(iii) shall be applied: 

 

	 	 (i)
	 first, towards the Owners’ documented costs incurred in relation to such sale; 

 

	 	 (ii)
	 second, towards payment of the outstanding Termination Purchase Price and other sums then due and payable to the
Owners under the Leasing Documents; and 

  

	 	 (iii)
	 third, any remaining balance to be paid to the Charterers subject to all actual and/or contingent liabilities incurred
under any of the Leasing Documents being fully discharged; provided also in the case of an Owners’ Sale that if such proceeds are not in an amount sufficient to discharge in full the aggregate amounts due to the Owners under (i) and (ii),
the Charterers shall continue to be liable for the shortfall. 

  
 13 

	 40.4
	 Concurrently with the Owners receiving irrevocable payment of the Termination Purchase Price in full pursuant
to the terms of this Charter, the Owners shall (save in the event of Total Loss or where ownership has already been or agreed to be transferred pursuant to Clause 40.3) transfer the legal and beneficial ownership of the Vessel on an “as is
where is” basis (and, for the avoidance of doubt but without prejudice to Clause 49.1(b), subject to any Post-enforcement Interests), and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and (b)), to the
Charterers (or their nominees) and shall (at the cost of the Charterers) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to Charterers
(or their nominees) (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners). 

  

	 40.5
	 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel
as a result of the Charterers’ action or performance prior to such transfer of ownership. Any taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners’ register shall be for the Charterers’
account. 

  

	 40.6
	 If the Charterers are required to redeliver the Vessel to the Owners pursuant to Clause 40.3, the Charterers
shall ensure that the Vessel shall, at the time of redelivery to the Owners (at Charterers’ cost and expense): 

  

	 (a)
	 be in compliance with its Insurances; 

 

	 (b)
	 be in an equivalent classification as she was as at the Commencement Date without any outstanding recommendation or
condition, and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel’s classification and in the same or as good structure, state, condition and classification as that in
which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel’s classification excepted; 

  

	 (c)
	 have passed her 5-year and if applicable,
10-year special surveys, and subsequent second intermediate surveys]and drydock at the Charterers’ time and expense without any condition or outstanding issue and to the satisfaction of the Classification
Society and with all the Vessel’s classification, trading, national and international certificates that the Vessel had when she was delivered under this Charter and the log book and whatsoever necessary relating to the operation of the Vessel,
valid and un-extended without conditions or recommendation falling due; 

  

	 (d)
	 have her survey cycles up to date and trading and classification certificate valid for at least six (6) months;

  

	 (e)
	 be redelivered to the Owners together with all spare parts and spare equipment as were on board at the time of
Delivery and to the extent not already expended in the operation of the Vessel, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free of
charge; 

  

	 (f)
	 be free of any Security Interest (save for the Security Interests granted pursuant to the Financial Instruments) and
the Charterer shall use their best endeavours to procure that the Vessel is free of any cargo; 

  

	 (g)
	 be redelivered to the Owners together with all material information generated during the Charter Period in respect of
the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterers’ equipment, computer or property; 

 

	 (h)
	 be free of any charter (unless the Owners wish to retain the continuance of any then existing charter;

  

	 (i)
	 be free of officers and crew (unless otherwise agreed by the Owners);  

  
 14 

	 (j)
	 shall have had her underwater parts treated with ample anti-fouling to last for the ensuing period up to the next
scheduled dry docking of the Vessel; and  

  

	 (k)
	 be in compliance with all laws or regulations relating to the Vessel then applicable, including the ISM Code, the ISPS
Code, all Environmental Laws and the laws of the Vessel’s registry at the time of redelivery  

  

	 40.7
	 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes and other consumable stores in the Vessel at no cost to the Owners. 

  

	 40.8
	 If the Vessel, for any reason, becomes a Total Loss after Delivery, the Charterers shall pay the Termination
Purchase Price to the Owners on the earlier of: 

  

	 (a)
	 the date falling one hundred and twenty (120) days after such Total Loss has occurred; and 

 

	 (b)
	 the date of receipt by the Owners and/or their financiers (if any), in accordance with the terms of the relevant loss
payable clause, of the proceeds of insurance relating to such Total Loss, 

 provided that it is hereby agreed that
any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon
(and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination
Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any Other Charterers any of their Affiliates under any Other Charters pro rata and
thereafter paid to the Charterers by way of rebate of hire. 
 For the avoidance of doubt, in the event that the Vessel becomes a
Total Loss: 
  

	 	 (A)
	 payment of the Charterhire and all other sums payable under the Leasing Documents during such period shall continue to
be made by the Charterers in accordance with the terms thereof unless and until the Owners receive in full the Termination Purchase Price; 

  

	 	 (B)
	 should insurance proceeds be received by the Owners from the insurers, the Charterers’ obligations to pay the
Termination Purchase Price shall be accordingly reduced by an amount corresponding to such insurance proceeds but in the event that such insurance proceeds are less than the amount of the Termination Purchase Price together with any interest accrued
thereon, the Charterers shall remain obliged to pay to the Owners the balance so that the full amount of the Termination Purchase Price due together with any interest accrued thereon is received by the Owners; and 

 

	 	 (C)
	 the obligation of the Charterers to pay the Termination Purchase Price shall remain unaffected and exist regardless of
whether any of the insurers have agreed or refused to meet or have disputed in good faith, the claim for Total Loss. 

  

	 40.9
	 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss. 

 CLAUSE 41       – FEES AND EXPENSES 

 

	 41.1
	 In consideration of the Owners entering into this Charter, the Charterers shall pay to the Owners or their
nominee a non-refundable arrangement fee equal to one point two five per cent. (1.25%) of the Financing Amount which shall be payable, and actually received by the Owners or their nominee, no later than three
(3) Business Days prior to the scheduled delivery date, such scheduled delivery date being the date of delivery of the Vessel set out in the notice to be sent 

  
 15 

	     
	 to the Owners from the Charterers five (5) days before delivery in accordance with Clause 5(b) of the MOA.

  

	 41.2
	 Without prejudice to any other rights of the Owners under this Agreement, the Charterers shall promptly pay to
the Owners on written demand on a full indemnity basis: 

  

	 (a)
	 all documented costs, charges and expenses incurred by the Owners in collecting any Charterhire, the Deposit or other
payments not paid on the due date under this Charter, in remedying any other failure of the Charterers to observe the terms and conditions of this Charter and in enforcing the Owners’ rights under any Leasing Document; and

  

	 (b)
	 all documented costs and expenses (including, but not limited to, legal costs) incurred by the Owners in the
negotiation and execution of all documentation in relation to this Charter and the other Leasing Documents including, but not limited to, all documented] costs incurred by the Owners and all documented legal costs, expenses and other disbursements
incurred by the Owners’ legal counsels in connection with the same, provided that the Charterers shall not be obliged to pay such costs and expenses if this Charter is terminated pursuant to the terms of this Charter prior to the Delivery of
the Vessel solely due to any default by the Owners under a Leasing Document.     

 CLAUSE 42
      - NO WAIVER OF RIGHTS 
  

	 42.1
	 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.

  

	 42.2
	 No right or remedy conferred upon either party by this Charter shall be exclusive of any other right or remedy
provided for herein or by law and all such rights and remedies shall be cumulative. 

 CLAUSE 43
      - NOTICES 
  

	 43.1
	 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to
this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post, fax or by email to the following
respective addresses: 

  

					
	 (A)
	  	 to the Owners:
	  	 Attention: Rita Wang

		  		  	 Room 2310, 23/F C C Wu Building, 302-308, Hennessy Road,

		  		  	 Wanchai, Hong Kong

		  		  	 Email: wangyuping@msfl.com.cn

		  		  	 Tel: +86 010 68940066 9983

		  		  	 Fax: +86 010 68940066 9864

			
	 (B)
	  	 to the Charterers:
	  	 c/o Navios ShipManagement Inc.

		  		  	 Attention: Vassiliki Papaefthymiou

		  		  	 Email: vpapaefthymiou@Navios.com

		  		  	 Tel: +30 210 41 72 050

		  		  	 Fax: +30 210 41 72 070

 or, if a party hereto changes its address or fax number, to such other address or fax number as
that party may notify to the other. 
 CLAUSE 44       – TERMINATION EVENTS 

 

	 44.1
	 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event: 

  
 16 

	 (a)
	 any of the Relevant Persons fails to make any payment on its due date under this Charter or any other Leasing Document
to which such Relevant Person is a party and in each case, such non-payment fails to be rectified within seven (7) Business Days of the relevant due date; or 

 

	 (b)
	 the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (n), (o), (p), (q) or
(r) or the Guarantor breaches or omits to observe or perform its financial covenants contained in clause 11.20 of the Guarantee; or the Charterers fail to obtain and/or maintain the Insurances required under Clause 38 in accordance with
the provisions thereof or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto; or 

  

	 (c)
	 any Relevant Person or the Approved Manager commits any other breach of, or omits to observe or perform, any of their
other obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraph (a) or (b) above) unless such breach or omission is, in the reasonable opinion of the Owners, remediable and such Relevant
Person and/or the Approved Manager remedies such breach or omission to the satisfaction of the Owners within fourteen (14) Business Days of notice thereof from the Owners (except that in the case of Clause 46(l), the relevant period shall be
ten (10) Business Days of notice thereof from the Owners); or 

  

	 (d)
	 any representation or warranty made by the any Relevant Person or the Approved Manager in or pursuant to any Leasing
Document proves to be untrue or misleading when made; or 

  

	 (e)
	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person: 

 

	 	 (i)
	 any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand after any applicable
grace period has expired; or 

  

	 	 (ii)
	 any Financial Indebtedness of a Relevant Person becomes due and payable, or capable of being declared due and payable,
prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary right of prepayment; or 

  

	 	 (iii)
	 a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by
the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or 

  

	 	 (iv)
	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or
becomes capable of being required, as a result of any termination event or event of default (howsoever defined), 

provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person if the aggregate amount of
Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above is less than (A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 ](or its equivalent in any other currency)
in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly from a claim which
is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.  
  

	 (f)
	 any of the following occurs in relation to a Relevant Person: 

 

	 	 (i)
	 a Relevant Person becomes, in the reasonable opinion of the Owners, unable to pay their debts as they fall due; or

  
 17 

	 	 (ii)
	 any assets of a Relevant Person, or any assets of the Guarantor exceeding the value of $10,000,000 (or its equivalent
in any other currency) in aggregate, or the Vessel are subject to any form of execution, attachment, arrest, sequestration or distress which is not discharged within thirty (30) days (or such longer period agreed by the Owners); or

  

	 	 (iii)
	 any administrative or other receiver is appointed over all or a substantial part of the assets of a Relevant Person
unless as part of a solvent reorganisation which has been approved by the Owners; or 

  

	 	 (iv)
	 a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that they are
insolvent or likely to become insolvent, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that they should be wound up, placed in
administration or cease to carry on business; or 

  

	 	 (v)
	 a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a
provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within thirty (30) days of the presentation of the petition; or 

 

	 	 (vi)
	 a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of
them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

  

	 	 (vii)
	 any meeting of the members or directors of a Relevant Person is summoned for the purpose of proposing to authorise or
take any action of a type described in paragraphs (iii) to (vi); or 

  

	 	 (viii)
	 in a country other than England and Wales, any event occurs or any procedure is commenced which, in the reasonable
opinion of the Owners, is similar to any of the foregoing referred to in (ii) to (vii) above inclusive; or 

  

	 	 (ix)
	 any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction)
affects any asset or assets of a Relevant Person; or 

  

	 (g)
	 a Relevant Person suspends or ceases or threatens to suspend or cease carrying on its business; or

  

	 (h)
	 any consent, approval, authorisation, license or permit necessary to enable the Charterers, any Approved Subcharterer
or any Approved Manager to operate or charter the Vessel, to enable any Relevant Person, Approved Subcharterer or any Approved Manager to comply with any provision of any Leasing Document, as the case may be, to ensure that the obligations of any
Relevant Person, Approved Subcharterer or Approved Manager (as the case may be) are legal, valid, binding or enforceable is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent,
approval, authorisation, license or permit is not fulfilled; or 

  

	 (i)
	 any event or circumstance occurs which has or is likely to have a Material Adverse Effect; or 

 

	 (j)
	 this Charter or any Leasing Document or any Security Interest created by a Leasing Document is cancelled, terminated,
rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever; or 

  
 18 

	 (k)
	 a Relevant Person or Approved Manager rescinds or purports to rescind or repudiates or purports to repudiate a Leasing
Document; or 

  

	 (l)
	 the Security Interest constituted by any Security Document is in any way imperiled or in jeopardy; or

  

	 (m)
	 the Vessel is not delivered latest by the Cancelling Date; or 

 

	 (n)
	 there is a merger, amalgamation, demerger or corporation reconstructions of a Relevant Person (other than where, in
the case of the Guarantor, the Guarantor remains the surviving legal entity following the occurrence of such event) or a change of control or legal or beneficial ownership of the Charterers from that set out in Clause 45.1(a) without disclosure to
the Owners and the Owners’ prior written consent; or     

  

	 (o)
	 there is a change in control of the Guarantor from that set out in Clause 45.1(b) or of the Charterers from that set
out in Clause 45.1(a), in any case without disclosure to the Owners and the Owners’ prior written consent; or 

  

	 (p)
	 any Termination Event (as defined in any Other Charter) occurs under such Other Charter; or 

 

	 (q)
	 the occurrence of any of the following events; 

 

	 	 (i)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (ii)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer of such Approved Bareboat Subcharter to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer. 

 

	 44.2
	 Subject to Clause 44.3 below, upon the occurrence of a Termination Event which is continuing (other than
pursuant to: (i) Clause (f), in which case the Owner’s entitlement to issue the notice of termination to the Charterers under Clause 44.3 shall immediately arise), the Owners shall notify the Charterers of occurrence of the same (the
“Termination Event Notice”) whereupon the Charterers may, within three (3) Business Days of the date of the Termination Event Notice, provide to the Owners a written notice advising the Owners of their intention to pay the Termination
Purchase Price to the Owners and terminate this Charter in accordance with the procedures set out in Clause 40. 

  

	 44.3
	 If the Charterers do not notify the Owners of their intention to terminate this Charter pursuant to Clause 44.2
within three (3) Business Days of the date of the Termination Event Notice, or a Termination Event is continuing pursuant to Clause (f), then the Owners shall be entitled, provided the Termination Event is continuing, by notice to the
Charterers to terminate this Charter at any time, and the Charterers shall be required to pay to the Owners the Termination Purchase Price in accordance with the procedures set out in Clause 40. 

 

	 44.4
	 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the
Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter. 

  

	 44.5
	 Without limiting the generality of the foregoing or any other rights of the Owners, upon the occurrence of a
Termination Event which is continuing, the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to or pertaining to the Vessel and this
Charter, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or
take any other action in respect of, any such policy or policies and (iii) change or appoint a new manager for the Vessel other than the Approved Manager 

  
 19 

	 	and the appointment of the Approved Manager may be terminated immediately without any recourse to the Owners. 

CLAUSE 44A       – MANDATORY SALE 
  

	 44A.1
	 If (i) it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as
contemplated by this Charter or any other Leasing Document or the financiers to perform their obligations under the Financial Instruments or (ii) any event described in Clauses 44.1(f)(iii),(iv),(v),(vi) or (vii) applies to the Owners, the
Owners shall notify the Charterers of such event and the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such notice by the Owners or, in the event of (i), if earlier, the date
specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law),and this Charter shall terminate in accordance with the procedures set out in Clause 40.

  

	 44A.2
	 If it is or has become: 

  

	 	 (i)
	 unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	 	 (ii)
	 contrary to, or inconsistent with, any regulation, 

for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other
Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be
legal, valid, binding and enforceable (any such event an “Illegality Event”), the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such occurrence or,
if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 40, provided that if an Illegality
Event applies to the Approved Manager only at the relevant time, the Charterers shall only be obliged to pay the Termination Purchase Price and this Charter shall only terminate pursuant to this Clause 44A.2 if the Charterers fail to replace such
Approved Manager with another Approved Manager to which no Illegality Event applies within sixty (60) days from the occurrence of that Illegality Event (but in any event no later than the date specified by the Owners (being no earlier than the
last day of any applicable grace period permitted by law)).  
 CLAUSE 45
      – REPRESENTATIONS AND WARRANTIES      
  

	 45.1
	 The Charterers represent and warrant to the Owners as of the date of this Charter, and on the first day of each
Term as follows: 

  

	 (a)
	 the Charterers are wholly legally, indirectly and beneficially owned by the Guarantor; 

 

	 (b)
	 Mrs Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or
foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. and/or its Affiliates is the ultimate beneficial owner of, or has ultimate control of the voting rights attaching to, twenty per cent. (20%) of all the issued shares
in the Guarantor;  

  

	 (c)
	 each of the Relevant Persons and Approved Manager is duly incorporated and validly existing under the laws of its
jurisdiction of its incorporation; 

  

	 (d)
	 each of the Relevant Persons and the Approved Manager has the corporate capacity, and has taken all corporate actions
and obtained all consents, approvals, authorisations, licenses or permits necessary for it: 

  
 20 

	 	 (i)
	 to execute each of the Leasing Documents to which it is a party; and 

 

	 	 (ii)
	 to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

  

	 (e)
	 all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(d) remain in force and
nothing has occurred which makes any of them liable to revocation; 

  

	 (f)
	 each of the Leasing Documents to which a Relevant Person or Approved Manager is a party constitutes such Relevant
Person’s or Approved Manager’s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors’ rights generally; 

 

	 (g)
	 no third party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or
claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents or any interest or assets subject to or purported to be subject to any Security Documents; 

 

	 (h)
	 all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a
party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of the jurisdiction of incorporation; 

  

	 (i)
	 no legal or administrative action involving a Relevant Person or Approved Manager has been commenced or taken which is
likely to have a Material Adverse Effect; 

  

	 (j)
	 each of the Relevant Persons and Approved Manager has paid all taxes applicable to, or imposed on or in relation to
it, its business or if applicable, the Vessel, except for those being contested in good faith with adequate reserves; 

  

	 (k)
	 the choice of governing law as stated in each Leasing Document to which a Relevant Person or Approved Manager is a
party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person or Approved Manager; 

 

	 (l)
	 no Relevant Person or Approved Manager nor any of their assets are entitled to immunity on the grounds of sovereignty
or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement); 

 

	 (m)
	 the obligations of each Relevant Person or Approved Manager under each Leasing Document to which it is a party, are
the direct, general and unconditional obligations of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) and, rank at least pari passu with all other present and future unsecured and
unsubordinated creditors of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) save for any obligation which is mandatorily preferred by law and not by virtue of any contract;

  

	 (n)
	 no Relevant Person or Approved Manager (which is an Affiliate of the Charterers) is a US Tax Obligor, and no Relevant
Person or Approved Manager (which is an Affiliate of the Charterers) has established a place of business in the United Kingdom or the United States of America; 

 

	 (o)
	 no Relevant Person, Approved Manager nor any of their respective directors, officers, employees or agents is a
Restricted Person and to the best of the Charterers’ knowledge and belief (after due and careful enquiry), no Approved Subcharterer nor any of its directors, officers, employees or agents is a Restricted Person; 

 

	 (p)
	 each Relevant Person and Approved Manager and their respective directors, officers, employees and agents, and to the
best of the Charterers’ knowledge and belief (after due and careful enquiry), the Approved Subcharterer and its directors, officers, employees and agents, 

  
 21 

	     
	 is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance
with Sanctions, they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions; 

 

	 (q)
	 each Relevant Person and Approved Manager, and to the best of the Charterers’ knowledge and belief (after due and
careful enquiry) any Approved Subcharterer, is not in breach of Anti- Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each of the Relevant Persons and Approved Manager has instituted and maintained systems,
controls, policies and procedures designed to: 

  

	 	 (i)
	 prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

  

	 	 (ii)
	 promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics
Laws. 

  

	 (r)
	 none of the Relevant Persons and the Approved Manager or any of their assets, in each case, has any right to immunity
from set off, legal proceedings, attachment prior to judgment or other attachment or execution of judgment on the grounds of sovereign immunity or otherwise; 

 

	 (s)
	 none of the Relevant Persons and the Approved Manager is insolvent or in liquidation or administration or subject to
any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Relevant Persons or the Approved Manager or all or material
part of their assets; 

  

	 (t)
	 that in respect of any Approved Subcharter: 

 

	 	 (i)
	 the copy of such Approved Subcharter provided to the Owners (if required to be provided under the terms of this
Charter) is a true and complete copy; 

  

	 	 (ii)
	 in the case of an Approved Bareboat Subcharter, the relevant Approved Subcharterer is fully aware of the transactions
contemplated under this Charter; 

  

	 (u)
	 no Termination Event or Potential Termination Event has occurred nor is continuing or might reasonably be expected to
result from the entry into and performance of this Charter or any other Leasing Document; 

  

	 (v)
	 as at the date of this Charter, the Charterers have not entered into any other investments, any sale or leaseback
agreements, any off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except:

  

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel; 

  

	 (w)
	 any factual information provided by any Relevant Person or Approved Manager (which is an Affiliate of the Charterers)
(or on their behalf) to the Owners was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; 

 

	 (x)
	 the entry by each Relevant Person and Approved Manager (which is an Affiliate of the Charterers) into any Leasing
Document does not in any way cause any breach, and is in all 

  
 22 

	     
	 respects permitted, under the terms of any of such entity’s constitutional documents or agreements binding on
such entity; 

  

	 (y)
	 all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of the each
Relevant Person or Approved Manager (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with; 

  

	 (z)
	 no Environmental Claim has been made or threatened against any Relevant Person or Approved Manager or otherwise in
connection with the Vessel; and 

  

	 	 (aa)
	 no Environmental Incident which has led or would lead to any Environmental Claim has occurred and, unless otherwise
notified by the Charterers to the Owners, to the best of their knowledge no person has claimed that an Environmental Incident has occurred. 

CLAUSE 46       – CHARTERERS’ UNDERTAKINGS 

 

	 46.1
	 The Charterers undertake that they shall comply or procure compliance with the following undertakings
commencing from the date of this Charter and up to the last day of the Security Period: 

  

	 (a)
	 there shall be sent to the Owners: 

 

	 	 (i)
	 as soon as possible, but in no event later than 90 days after the end of each financial half-year, the consolidated
semi-annual accounts of the Guarantor certified as to their correctness by an officer of the Guarantor; 

  

	 	 (ii)
	 as soon as possible, but in no event later than 180 days after the end of each financial year of the
Guarantor, the audited consolidated annual financial reports of the Guarantor; 

  

	 (b)
	 they will provide to the Owners, promptly at the Owners’ request, copies of all notices and minutes relating to
any of their extraordinary shareholders’ meeting which are despatched to the Charterers’ or the Guarantor’s respective shareholders or any class of them, save that publicly disclosed notices and minutes not concerning the Vessel or
these Leasing Documents need not be provided to the Owners under this clause; 

  

	 (c)
	 they will provide to the Owners, promptly at the Owners’ requests so long as a Termination Event has occurred and
whilst the same is continuing, copies of all notices and notices of meetings which are despatched to the Charterers’ or Guarantors’ other creditors (if any); 

 

	 (d)
	 they will provide or will procure that each Relevant Person and Approved Manager provides the Owners with details of
any legal, arbitral or administrative action involving such Relevant Person or Approved Manager or the Vessel as soon as such action is instituted or it becomes apparent to such Relevant Person or Approved Manager that it is likely to be instituted
and is likely to have a material adverse effect on the ability of a Relevant Person or Approved Manager to perform their obligations under each Leasing Document to which it is a party (and in the case of such Relevant Person being the Guarantor,
where the claim under such legal, arbitral or administrative action exceeds the sum of US$5,000,000);  

  

	 (e)
	 they will, and will procure that each other Relevant Person and Approved Manager obtains and promptly renews or
procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document
to which it is a party (including without limitation to sell, charter and operate the Vessel); 

  

	 (f)
	 they will not, and will procure that each other Relevant Person and Approved Manager will not, create, assume or
permit to exist any Security Interest of any kind upon any Leasing 

  
 23 

	 	Document or any asset subject thereto to which such Relevant Person or Approved Manager is a party, and if applicable, the Vessel, in each case other than the Permitted Security Interests; 

 

	 (g)
	 they will at their own cost, and will procure that each other Relevant Person and Approved Manager will:

  

	 	 (i)
	 do all that such Relevant Person or Approved Manager reasonably can to ensure that any Leasing Document to which such
Relevant Person or Approved Manager is a party validly creates the obligations and the Security Interests which such Relevant Person or Approved Manager purports to create; and 

 

	 	 (ii)
	 without limiting the generality of paragraph (i), promptly register, file, record or enrol any Leasing Document to
which such Relevant Person or Approved Manager is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
Relevant Person or Approved Manager is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the
priority of any Security Interest which such Relevant Person or Approved Manager creates; 

  

	 (h)
	 they will, and will procure that each other Relevant Person and the Approved Manager will, notify the Owners
immediately of the occurrence of: 

  

	 	 (i)
	 any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to
result, in repairs on the Vessel which exceed $1,000,000; 

  

	 	 (ii)
	 any material safety incidents taking place on board the Vessel; 

 

	 	 (iii)
	 any Termination Event; 

  

	 	 (iv)
	 any default by either an Approved Subcharterer under an Approved Bareboat Subcharter or Charterers of the terms of any
Approved Bareboat Subcharter; 

  

	 	 (v)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling either the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (vi)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer, 

and will keep the Owners fully up-to-date with all
developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or Termination Event; 

 

	 (i)
	 they will, and will procure that each other Relevant Person and Approved Manager will, as soon as practicable after
receiving the request, provide the Owners with any additional financial or other information relating: 

  

	 	 (i)
	 to themselves and/or the Vessel (including, but not limited to the condition and location of the Vessel); or

  

	 	 (ii)
	 to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

  
 24 

	 (j)
	 which may be reasonably requested by the Owners (or their financiers (if any)) at any time; without prejudice to
Clause 46.1(n), comply, or procure compliance, and will procure that each other Relevant Person, Approved Subcharterer and Approved Manager will comply or procure compliance, with all laws or regulations relating to the Vessel and its ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel’s registry; 

 

	 (k)
	 the Vessel shall be classed with the Classification Society and shall be free of all overdue recommendations and
requirements; 

  

	 (l)
	 they will ensure and procure that: 

 

	 	 (i)
	 the Market Value of the Vessel shall be ascertained from time to time in the following circumstances:

  

	 	 (aa)
	 upon the occurrence of a Potential Termination Event or a Termination Event which is continuing, at any time at the
request of the Owners; and 

  

	 	 (bb)
	 in the absence of occurrence of a Potential Termination Event or Termination Event no more than once every calendar
year, with such report to be dated no more than 30 calendar days prior to every anniversary of the Commencement Date occurring within the Charter Period or on such other date as the Owners may request; 

 

	 	 (ii)
	 the Charterers shall pay the amount of the fees and expenses incurred by the Owners in connection with any matter
arising out of this paragraph (l); 

  

	 (m)
	 they will notify the Owners immediately of: 

 

	 	 (i)
	 any Environmental Claim which is made against the Charterers, Approved Subcharterer or Approved Manager in connection
with the Vessel or any Environmental Incident; 

  

	 	 (ii)
	 any arrest or detention of the Vessel (that will or is likely to exceed fifteen (15) days), any exercise or
purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire; and 

  

	 	 (iii)
	 any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise,
likely to become, a Major Casualty; 

  

	 (n)
	 they shall comply, shall procure that each other Relevant Person and Approved Manager comply, and shall use all
reasonable endeavours to procure that the Approved Subcharterer comply, with all laws and regulations in respect of Sanctions, and in particular, each of these entities shall effect and maintain a sanctions compliance policy to ensure compliance
with all such laws and regulations implemented from time to time; 

  

	 (o)
	 they shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary
to any Sanctions (and in particular, the Vessel shall not be used by or to benefit any party which is a target of Sanctions and/or is a Restricted Person or trade to any area or country where trading the Vessel to such area or country would
constitute or reasonably be expected to constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People’s Republic of China),
(ii) would result or reasonably be expected to result in any Relevant Person, Approved Subcharterer, Approved Manager or the Owners becoming a Restricted Person or (iii) would trigger the operation of any sanctions limitation or exclusion
clause in any insurance documentation; 

  

	 (p)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, promptly 

  
 25 

	     
	 notify the Owners of any non-compliance, by any Relevant Person, Approved
Subcharterer or Approved Manager or their respective officers, directors, employees, consultants, agents or intermediaries, with all laws and regulations relating to Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
Business Ethics Laws (including but not limited to notifying the Owners in writing immediately upon being aware that any Relevant Person, Approved Subcharterer, Approved Manager or its shareholders, directors, officers or employees is a Restricted
Person or has otherwise become a target of Sanctions) as well as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in
compliance with such laws; 

  

	 (q)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, (in each case above, including procuring or as the case may be, using all reasonable endeavours to procure the respective officers, directors, employees, consultants, agents and/or
intermediaries of the relevant entity to do the same) shall: 

  

	 	 (i)
	 comply with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

  

	 	 (ii)
	 maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money
Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws; and 

  

	 	 (iii)
	 in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing
Amount for any purpose that would breach any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (r)
	 in respect of the Charterers, not lend, invest, contribute or otherwise make available the Financing Amount to or for
any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (s)
	 they shall not appoint or permit to be appointed any manager of the Vessel unless it is the Approved Manager appointed
on terms acceptable to the Owners and their financiers (if any) and such Approved Manager has (prior to accepting its appointment) entered into a Manager’s Undertaking; 

 

	 (t)
	 they shall ensure that all Earnings and any other amounts received by them in connection with the Vessel are paid into
the Earnings Account and all operating expenses in connection with the Vessel are paid from the Earnings Account; 

  

	 (u)
	 upon request, they will provide or they will procure to be provided to the Owners the report(s) of the survey(s)
conducted pursuant to Clause 7 of this Charter in form and substance satisfactory to the Owners; 

  

	 (v)
	 they shall not permit the sub-chartering of the Vessel save for an Approved
Subcharter provided that: 

  

	 	 (i)
	 in the case of a request from the Charterers for the Owners’ written consent to the terms of an Approved
Subcharter being a time charter exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Owners shall respond to such request within five (5) Business Days or any other longer period
agreed between the Owners and the Charterers; 

  

	 	 (ii)
	 as a condition precedent to the execution of any Approved Subcharter being a bareboat charter or a time charter of a
period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Charterers assign all their rights and interests under such Approved Subcharter in form and substance acceptable to the
Owners and shall use the reasonable 

  
 26 

	 	     
	 endeavours to procure such Approved Subcharter to give a written acknowledgment of such assignment and provide such
documents as the Owners may reasonably require regarding the due execution of such Approved Subcharter;     

  

	 (w)
	 in respect of an Approved Subcharter (other than a Short Term Time Subcharter) which contains an option to extend the
charter period, they shall notify the Owners as soon as they become aware that the relevant Approved Subcharterer does not intend to, or has not by the date falling 20 days prior to the date on which such Approved Subcharter will expire, exercise
the relevant option to extend the time charter period of the Subcharter in accordance with the terms thereunder;  

  

	 (x)
	 in respect of an Approved Subcharter other than a Short Term Time Subcharter, save with the prior written consent of
the Owners, they shall not, and shall procure that the relevant Approved Subcharterer shall not, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing
or waiving any material term of any such Approved Subcharter.  

 In this Clause 46.1(x), “material
term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;  

 

	 (y)
	 they shall not make or pay any dividend or other distribution (in cash or in kind) in respect of its share capital
following the occurrence of a Potential Termination Event or Termination Event or which would result in a Potential Termination Event or Termination Event; 

  

	 (z)
	 the Vessel shall be registered under the Flag State at all times; and 

 

	 (aa)
	 they shall not enter into any other investments, any sale or leaseback agreements, any
off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except: 

 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel. 

 CLAUSE 47       PURCHASE OPTION 

 

	 47.1
	 The Charterers shall, at any time during the Charter Period, have the option to purchase the Vessel on any date
which shall also be a Payment Date (the “Purchase Option Date”) specified in such notice (the “Purchase Option Notice”, which shall be served to the Owners not less than two (2) months prior to the proposed
Purchase Option Date) at the then applicable Purchase Option Price, provided that the Charterers shall not be entitled to serve a Purchase Option Notice if five (5) “Purchase Option Notices” (as defined in any Other Charters) or
“Joint Purchase Option Notices” (as defined in any Other Charters) which, in each case, is unrelated to the exercise of purchase option of the Vessel under this Charter have been delivered by the relevant Other Charterers to the relevant
Other Owners under the relevant Other Charters at such time.  

  

	 47.2
	 A Purchase Option Notice maybe made in connection with the exercise of the option to purchase of any Other
Vessel by the relevant Other Charterers under clause 47 (Purchase Option) of such Other Charters (such Purchase Option Notice, the “Joint Purchase Option Notice”) and shall include any “Purchase Option Notice” (as
defined in any Other Charters) or “Joint Purchase Option Notice” (as defined in any Other Charters) if such “Purchase Option Notice” or “Joint Purchase Option Notice” (each as defined in the relevant Other Charters) is
made also in connection with the purchase of the Vessel). A Purchase Option Notice shall be signed by a duly authorised officer or attorney of the Charterers (and in the case of any Joint Purchase Option Notice, of the relevant Other Charterers
notifying its exercise of the option 

  
 27 

	     
	 to purchase of the relevant Other Vessel or, as the case may be, Other Vessels pursuant to such Joint Purchase Option
Notice) and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the then applicable Purchase Option Price on the Purchase Option Date. The Charterer agrees that any Joint Purchase Option Notice which
is also made in connection with the Charterers’ exercise of purchase option of the Vessel served by any Other Charterers to the relevant Other Owners shall be deemed to be a Purchase Option Notice served by the Charterers to the Owners under
this Clause 47. 

  

	 47.3
	 Upon the Owners’ receipt in full of the Purchase Option Price, the Owners shall (except in the case of
Total Loss) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clauses 49.1(a) and 49.1(b)) to the Charterers or their nominees and
shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes the Vessel shall
be deemed first to have been redelivered to the Owners).  

 CLAUSE 48       – PURCHASE
OBLIGATION 
 Subject to other provisions of this Charter, in consideration of the Owners entering into this Charter, the
Charterers shall on the last day of the Charter Period be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall
perform their obligations referred to in Clause 49 and the Charterers shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the
Charterers agree otherwise. 
 CLAUSE 49       – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

  

	 49.1
	 Completion of the exercise of the Purchase Option (by the Charterers) or the Purchase Obligation (by the
Owners) shall respectively take place on the Purchase Option Date or the Purchase Obligation Date (as the case may be), whereupon the Owners will sell to the Charterers (or their nominee), and the Charterers (or their nominee) will purchase from the
Owners, all the legal and beneficial interest and title in the Vessel, for the Purchase Option Price or the Purchase Obligation Price (as the case may be) on an “as is where is” basis and on the following terms and conditions:

  

	 (a)
	 the Charterers expressly agree and acknowledge that no condition, warranty or representation of any kind is or has
been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any
person on the Owners’ behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality,
merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the
Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law, the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under this
Clause and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or
warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or
waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party; 

 

	 (b)
	 the Vessel shall be free from any registered mortgages, liens, encumbrances or debts incurred by the Owners and any
other claims whatsoever (save for those mortgages, liens, 

  
 28 

	 	encumbrances or debts arising out of or in connection with the Charter or the Leasing Documents); 

  

	 (c)
	 the Purchase Option Price or the Purchase Obligation Price (as the case may be) shall be paid by (or on behalf of) the
Charterers to the Owners on respectively the Purchase Option Date or the Purchase Obligation Date, together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the
Purchase Option Date or Purchase Obligation Date (as the case may be) which remain unpaid; and 

  

	 (d)
	 concurrently with the Owners receiving irrevocable payment of the Purchase Obligation Price or the Purchase Option
Price (as the case may be) and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of Total Loss) (at Charterer’s cost) transfer the legal and beneficial ownership of
the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and Clause 49.1(b)) to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of
sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes, the Vessel shall be deemed first to
have been redelivered to the Owners). 

 CLAUSE 50       INDEMNITIES 

 

	 50.1
	 The Charterers shall pay such amounts to the Owners, on the Owners’ demand, in respect of all documented
claims, expenses, liabilities, losses, fees (including, but not limited to, any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document or in connection
with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners , and the costs related to the prevention or release of liens or
detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it, enforcement of the Owners’ rights under any Leasing Document, and whether prior to, during or after termination of the leasing of this
Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any documented claims, expenses, liabilities and losses which arise, or are asserted,
under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws.

  

	 50.2
	 Without prejudice to the above Clause 50.1, if any sum (a “Sum”) due from a Relevant Person,
the Approved Manager or Approved Subcharterer under the Leasing Documents, or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable
into another currency (the “Second Currency”) for the purpose of: 

  

	 (a)
	 making or filing a claim or proof against that Relevant Person the Approved Manager or Approved Subcharterer (as the
case may be); or 

  

	 (b)
	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum. 
  

	 50.3
	 The obligations of the Charterers under Clause 50 and in respect of any Security Interest created pursuant to
the Security Documents will not be affected or discharged by an act, 

  
 29 

	 	omission, matter or thing which would reduce, release or prejudice any of its obligations under Clause 50 or in respect of any Security Interest created pursuant to the Security Documents (without limitation and whether
or not known to it or any Relevant Person or Approved Manager) including: 

  

	 (a)
	 any time, waiver or consent granted to, or composition with, any Relevant Person or Approved Manager or any other
person; 

  

	 (b)
	 the release of any other Relevant Person or Approved Manager or any other person under the terms of any composition or
arrangement with any creditor of such Relevant Person, Approved Manager or such other person or any of its affiliates; 

  

	 (c)
	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in
perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or Approved Manager or any other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 (d)
	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status
of a Relevant Person or Approved Manager or any other person; 

  

	 (e)
	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or
replacement of any Leasing Document or any other document or security; 

  

	 (f)
	 any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any
other document or security; or 

  

	 (g)
	 any insolvency or similar proceedings. 

 

	 50.4
	 Notwithstanding anything to the contrary under the Leasing Documents (but subject and without prejudice to Clause 33)
and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect
notwithstanding any breach of the terms of this Charter or such Leasing Document or termination or cancellation of this Charter or such Leasing Document pursuant to the terms hereof or thereof or termination of this Charter or such Leasing Document
by the Owners. 

  

	 50.5
	 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers
under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from either the Owner or the Other Owners (or any of them, as the case may be) such amounts in respect of all claims, expenses,
liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such moneys, costs,
fees and expenses upon the Owner’s or any of the Other Owner’s demand. 

  

	 50.6
	 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against
the Other Charterers or the Guarantor or any of them shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any
rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this
Clause: 

  

	 (a)
	 to be indemnified by the Other Charterers or the Guarantor or any of them; 

  
 30 

	 (b)
	 to claim any contribution from any third party providing security for, or any other guarantor of, the Other
Charterers’ or the Guarantor’s obligations under the Leasing Documents; 

  

	 (c)
	 to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Other
Charterers or the Guarantor or any of them under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties; 

 

	 (d)
	 to bring legal or other proceedings for an order requiring any of the Other Charterers or the Guarantor or any of them
to make any payment, or perform any obligation, in respect of any Leasing Document; 

  

	 (e)
	 to exercise any right of set-off against any of the Other Charterers or the
Guarantor or any of them; and/or 

  

	 (f)
	 to claim or prove as a creditor of any of the Other Charterers or the Guarantor or any of them, 

and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or
distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners. 
  

	 50.7
	 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33
(Cancellation)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in
full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. 

CLAUSE 51    – NO SET-OFF OR TAX DEDUCTION 

 

	 51.1
	 All Charterhire or payment of the Purchase Obligation Price or the Purchase Option Price and any other payment
made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually: 

  

	 (a)
	 without any form of set-off, cross-claim or condition and in the case of
Charterhire or Deposit, without previous demand unless otherwise agreed with the Owners; and 

  

	 (b)
	 free and clear of any tax deduction or withholding unless required by law. 

 

	 51.2
	 Without prejudice to Clause 51.1, if the Charterers are required by law to make a tax deduction from any
payment: 

  

	 (a)
	 the Charterers shall notify the Owners as soon as they become aware of the requirement; and 

 

	 (b)
	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive
and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received. 

 

	 51.3
	 In this Clause “tax deduction” means any deduction or withholding for or on
account of any present or future tax, other than a FATCA Deduction. 

 CLAUSE 52    – INCREASED COSTS

  

	 52.1
	 This Clause 52 applies if the Owners notify the Charterers that they consider that as a result of:

  
 31 

	 (a)
	 the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter
in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Charter of a tax on the Owners’ overall net income); or 

 

	 (b)
	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects
the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter, 

the Owners (or a parent company of them) has incurred or will incur an “increased cost”. 

 

	 52.2
	 In this Clause 52, “increased cost” means, in relation to the Owners:

  

	 (a)
	 an additional or increased cost incurred as a result of, or in connection with, the Owners having entered into, or
being a party to, this Charter, of funding the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter; 

  

	 (b)
	 a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a
payment represents to the Owners on their capital; 

  

	 (c)
	 an additional or increased cost of funding the acquisition of the Vessel pursuant to the MOA; or

  

	 (d)
	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or
receivable by the Owners under this Charter, 

  

	 (e)
	 and for the purposes of this Clause 52.2 the Owners may in good faith allocate or spread costs and/or losses among
their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate. 

  

	 52.3
	 Subject to the terms of Clause 52.1, the Charterers shall pay to the Owners, on the Owners’ demand, the
amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost. 

CLAUSE 53    – CONFIDENTIALITY 
  

	 53.1
	 The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the
“Confidential Information”) strictly confidential, provided that a Party may disclose Confidential Information in the following cases: 

 

	 (a)
	 it is already known to the public or becomes available to the public other than through the act or omission of the
disclosing Party; 

  

	 (b)
	 it is required to be disclosed under the applicable laws of any Relevant Jurisdiction or by a governmental order,
decree, regulation or rule, by an order of a court, tribunal or listing exchange of the Relevant Jurisdiction, provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the disclosure unless
such disclosure is made pursuant to any order by the US Securities and Exchange Commission, the New York Stock Exchange, or the NASDAQ Stock Market in which case no such prior written notice is required; 

 

	 (c)
	 in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in
discovery arising out of such proceedings; 

  

	 (d)
	 to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for
circumstances 

  
 32 

 arising which are similar to those described under this Clause or such other circumstances
as may be permitted by all Parties; 
  

	 (e)
	 to any of the following persons on a need to know basis: 

 

	 	 (i)
	 a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof); 

  

	 	 (ii)
	 professional advisers retained by a disclosing party; or 

 

	 	 (iii)
	 persons advising on, providing or considering the provision of financing to the disclosing party or an Affiliate,

 provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose
Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or 

 

	 (f)
	 with the prior written consent of all Parties. 

CLAUSE 54    – PARTIAL INVALIDITY 

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or
impaired. 
 CLAUSE 55    – SETTLEMENT OR DISCHARGE CONDITIONAL 

 

	 55.1
	 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person or Approved
Manager or any other person shall be conditional upon no security or payment to the Owners by any Relevant Person or Approved Manager or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or
otherwise. 

  

	 55.2
	 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or Approved
Manager or Approved Subcharterer of an Approved Subcharter of a period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods) or by any other person in purported payment or discharge of an
obligation of that Relevant Person or Approved Manager or such Approved Subcharterer to the Owners under the Leasing Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or
Approved Manager or such Approved Subcharterer or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents. 

CLAUSE 56 – CHANGES TO THE PARTIES 
  

	 56.1
	 Assignment or transfer by the Charterers 

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents
except with the prior consent in writing of the Owners, provided that the Owners’ consent shall not be unreasonably withheld if the assignee or transferee of such assignment or transfer by the Charterers is an Affiliate of the Charterers. 

 

	 56.2
	 Transfer by the Owners 

 

	 (a)
	 Subject to Clause 35.3, the Owners may transfer by novation (or otherwise) any of its rights and obligations under the
Leasing Documents: 

  
 33 

	 	 (i)
	 in the event of an occurrence of a Termination Event which is continuing; or 

 

	 	 (ii)
	 subject to the consent of such other party under the Leasing Document (which must not be unreasonably withheld or
delayed), to another lessor or financial institution or trust, fund, leasing company or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets,

  

	 (b)
	 During the Charter Period, any change in the registered ownership of the Vessel (other than pursuant to paragraph (a))
above shall require the Charterers’ prior approval which shall not be unreasonably withheld or delayed, provided always that, notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or
mutually agreed amendments). The Guarantor and the Charterers shall remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered ownership
of the Vessel from the Owners to such new owner. 

  

	 56.3
	 The Charterers agree and undertake to enter into any such usual documents as the Owners shall require to
complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause 56.2, with any documented costs or expenses whatsoever arising in relation thereto at no cost to the Charterers.

 CLAUSE 57    – MISCELLANEOUS 

 

	 57.1
	 The Charterers waive any rights of sovereign immunity which they or any of their assets may enjoy in any
jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter. 

  

	 57.2
	 No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not
party to this Charter , save that the Other Owners may rely on the rights conferred on them under Clause 50.5 (Indemnities). 

  

	 57.3
	 This Charter and each Leasing Document 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 Charter or that Leasing Document, as the case may be. 

  

	 57.4
	 These additional clauses shall be read together with the BARECON 2001 to constitute this Charter as a single
instrument. However, in case of any conflict between these additional clauses and the BARECON 2001, the terms of these additional clauses shall prevail. 

CLAUSE 58    – FATCA 
  

	 58.1
	 Defined terms. For the purposes of this Clause 58, the following terms shall have the following meanings:
 

 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder. 

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing
Documents required by or under FATCA. 
 “FATCA Exempt Party” means a Relevant Party that is entitled
under FATCA to receive payments free from any FATCA Deduction. 
 “FATCA FFI” means a foreign financial
institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 

  
 34 

 “FATCA Non-Exempt
Party” means any Relevant Party who is not a FATCA Exempt Party. 
 “IRS” means the United States
Internal Revenue Service or any successor taxing authority or agency of the United States government. 
 “Relevant
Party” means any party to a Leasing Document except an Approved Subcharterer. 
  

	 58.2
	 FATCA Information. 

  

	 (a)
	 Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten
Business Days of a reasonable request by another Relevant Party: 

  

	 	 (i)
	 confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

  

	 	 (ii)
	 supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS
Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including
its applicable “pass thru percentage” or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party’s
compliance with FATCA . 

  

	 (b)
	 If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall so notify all
other Relevant Parties reasonably promptly. 

  

	 (c)
	 Nothing in this clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might
constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided,
however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of
such party for purposes of this paragraph. 

  

	 (d)
	 If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in
accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then: 

  

	 	 (i)
	 if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated
for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and 

  

	 	 (ii)
	 if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes
of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%, 

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to
establish the relevant facts. 
  

	 58.3
	 FATCA Deduction and gross-up by Relevant Party 

 

	 (a)
	 If the representation made by the Charterers under Clause 45.1(n) proves to be untrue or misleading such that the
Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

  
 35 

	 (b)
	 If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them
to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required. 

 

	 (c)
	 The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change
in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to
the Owners evidence reasonably satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	 58.4
	 FATCA Deduction by Owners 

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA
Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction. 

 

	 58.5
	 FATCA Mitigation 

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause
58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in
relation to such transfer shall be for the account of the Charterers. 
 CLAUSE 59    – DEFINITIONS 

 

	 59.1
	 In this Charter the following terms shall have the meanings ascribed to them below: 

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed
by the Charterers at Delivery. 
 “Account Bank” means ABN AMRO, BNP Paribas, HSH Nordbank AG or any
other bank which is acceptable to the Owner. 
 “Account Security” means the document creating security
over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form. 
 “Affiliate”
means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company. 

“Aggregate Outstanding Principal Balance” means, at any time, the sum of (i) the Outstanding Principal
Balance under this Charter at that time; and (ii) the aggregate amount of each “Outstanding Principal Balance” (as defined in each Other Charter) at that time under each such Other Charter. 

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements,
anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of
America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager
or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are
subjected or subject to. 

  
 36 

 “Anti-Terrorism Financing Laws” means all applicable anti-terrorism
laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having
jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners are subjected or subject to. 
 “Approved
Bareboat Subcharter” means an Approved Subcharter as described under paragraph b(i) of the definition of an Approved Subcharter and consented to by the Owners. 

“Applied Amount” has the meaning given to such terms in Clause 36.2. 

“Approved Manager” means (i) Navios Shipmanagement Inc., a corporation incorporated under the laws
of Marshall Islands having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (ii) Navios Containers Management Inc., a corporation incorporated under the laws of Marshall Islands having its registered office at Akti Miaouli 85,
18538, Piraeus, Greece; (iii) any other Affiliate of the Guarantor which acts as a ship manager; (iv) any other ship management company which is an Affiliate of the Charterers; or (v) any other ship management company which is not an
Affiliate of the Charterers but is approved in writing by the Owners.  
 “Approved
Subcharter” means the Subcharter or: 
  

	 	 (a)
	 any Short Term Time Subcharter; 

 

	 	 (b)
	 subject to prior written consent of the Owners: 

 

	 	 (i)
	 a subcharter of the Vessel on a bareboat charter basis; or 

 

	 	 (ii)
	 a subcharter of the Vessel on a time charter basis with a charter period exceeding or capable of exceeding thirteen
(13) months (taking into account any optional extension period). 

 “Approved
Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter, any subcharterer of the Vessel approved by the Owners in writing. 

“Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers A/S, Fearnleys, Howe Robinson,
Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Breakfunding Costs” means all breakfunding costs and expenses (including without limitation any early
termination costs under any swap or hedging arrangements) incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall
on a Payment Date. 
 “Business Day” means a day on which banks are open for business in the principal
business centres of Amsterdam, Beijing, Hong Kong and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open
in New York City. 
 “Business Ethics Law” means any laws, regulations and/or other legally binding
requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the 

  
 37 

 United Kingdom Bribery Act 2010 and (ii) the United States Foreign Corrupt Practices
Act 1977 and all rules and regulations under each of (i) and (ii).     
 “Cancelling
Date” has the meaning given to that term in the MOA. 
 “Charterhire” means, in relation to a Payment
Date, an amount equal to $2,880 multiplied by the number of calendar days in the respective calendar month.  

“Charterhire Principal” means the aggregate amount of Charterhire payable under this Charter. 

“Charterhire Principal Balance” means the Charterhire Principal outstanding under this Charter from time
to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire under this Charter. 

“CISADA” means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 as it applies
to non-US persons. 
 “Charter Period” means the period
commencing on the Commencement Date and described in Clause 32.2 unless it is either terminated earlier or extended in accordance with the provisions of this Charter. 

“Classification Society” means DNV GL or any classification society being a member of the International
Association of Classification Societies (other than PRS (Polski Rejestr Statków)), IRS (Indian Register of Shipping as IRS) or CRS (Hrvatski registar brodova) which is approved by the Owners.  

“Commencement Date” means the date on which Delivery takes place. 

“Delivery” means the delivery of the legal and beneficial interest in the Vessel from the Owners to the Charterers
pursuant to the terms of the MOA. 
 “Deposit” has the meaning given to such terms in Clause 36.2. 

“Deposit Amount” means an amount in Dollars equal to $87,733. 

“Dollars” or “$” have the meanings given to those terms in the MOA. 

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which
arise out of the use or operation of the Vessel, including (but not limited to): 
  

	 	 (a)
	 all freight, hire and passage moneys, compensation payable in the event of requisition of the Vessel for hire, all
moneys which are at any time payable under any Insurances in respect of loss of hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Vessel; and 

  

	 	 (b)
	 if and whenever the Vessel is employed on terms whereby any moneys falling within paragraph (a) are pooled or
shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Vessel; 

“Earnings Account” means, an account in the name of the Charterers with Account Bank or such bank as the
Owners may approve. 
 “Environmental Claim” means: 

 

	 	 (a)
	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which
relates to any Environmental Law; or 

  
 38 

	 	 (b)
	 any claim by any other person which relates to an Environmental Incident, 

and “claim” means a claim for damages, compensation, fines, penalties or any other payment (exceeding $1,000,000 in
each of the above cases); an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means: 

 

	 	 (a)
	 any release of Environmentally Sensitive Material from the Vessel; or 

 

	 	 (b)
	 any incident in which Environmentally Sensitive Material is released from a vessel other than the Vessel and which
involves a collision between the Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Vessel is actually liable to be arrested, attached, detained or injuncted and/or the Vessel
and/or the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action; or 

 

	 	 (c)
	 any other incident involving the Vessel in which Environmentally Sensitive Material is released otherwise than from
the Vessel and in connection with which the Vessel is actually arrested and/or where the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action in respect
of such Vessel. 

 “Environmental Law” means any law relating to pollution or
protection of the environment, to the carriage or releases of Environmentally Sensitive Material. 
 “Environmentally
Sensitive Material” means oil, oil products and any other substances (including any chemical, gas or other hazardous or noxious substance) which are (or are capable of being or becoming) polluting, toxic or hazardous. 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of
the debtor: 
  

	 	 (a)
	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	 (b)
	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	 (c)
	 under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

  

	 	 (d)
	 under a lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services
obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	 (e)
	 under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction
entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	 (f)
	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another
person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person. 

  
 39 

 “Financial Instruments” means the mortgage, deed of
covenant, the general assignment or such other financial security instruments granted to the Owners’ financiers as security for the obligations of the Owners in relation to the financing of the acquisition of the Vessel. 

“Financing Amount” means an amount equal to the Purchase Price. 

“Flag State” means Republic of Panama, the Republic of the Marshall Islands or Republic of Liberia or any
other flag state approved by the Owners in writing.  
 “Fleet Vessel” has the meaning
give to it under clause 11.20 of the Guarantee. 
 “General Assignment” means the general assignment
executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, inter alia, assign their rights under the Insurances, Earnings and Requisition Compensation and any sub-charters having a duration of at least thirteen (13) months (or which are capable of exceeding thirteen (13) months) in respect of the Vessel, in favour of the Owners and in the agreed form.
 
 “Guarantor” means Navios Maritime Containers Inc., a corporation incorporated under the laws of the
Republic of Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.  

“Guarantee” means a guarantee executed by the Guarantor in favour of the Owners dated on or around the date of this
Charter. 
 “Holding Company” means, in relation to a person, any other person in relation to which it
is a subsidiary.  
 “IAPPC” means a valid international air pollution prevention certificate for the Vessel
issued pursuant to the MARPOL Protocol. 
 “Initial Market Value” means, in relation to the Vessel at
any relevant time, the valuation prepared by an Approved Valuer selected by the Charterers:  
  

	 	 (a)
	 on a date no earlier than three (3) months prior to the Commencement Date; 

 

	 	 (b)
	 without physical inspection of the Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment. 

 “Insurances”
means: 
  

	 	 (a)
	 all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks
association, which are effected in respect of the Vessel or otherwise in relation to it whether before, on or after the date of this Charter; and 

  

	 	 (b)
	 all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a
premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Charter. 

  
 40 

 “ISM Code” means the International Safety Management Code
(including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms
“safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code). 

“ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of
Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or
amended from time to time. 
 “Joint Purchase Option Notice” has the meaning given to such term in
Clause 47. 
 “Leasing Documents” means this Charter, the MOA, the Security Documents and the Trust
Deed. 
 “Major Casualty” means any casualty to the Vessel in respect of which the claim or the
aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency. 

“Manager’s Undertaking” means, in relation to an Approved Manager, the letter of undertaking from
the Approved Manager, inter alia, subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners and their financiers (if any) in an agreed form. 

“Market Value” means, in relation to the Vessel or any Other Vessel at any relevant time, the valuation
prepared: 
  

	 	 (a)
	 on a date no earlier than thirty (30) days previously (or, in the case of the Initial Market Value of the Vessel,
three (3) month prior to the Commencement Date);     

  

	 	 (b)
	 without physical inspection of the Vessel or that Other Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment 

 and such valuations shall be
prepared by an Approved Valuer. 
 “MARPOL Protocol” means Annex VI (Regulations for the Prevention of
Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997). 

“Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

  

	 	 (a)
	 the business, operations, property, condition (financial or otherwise) or prospects of the Charterers or the Guarantor
and its subsidiaries as a whole; or 

  

	 	 (b)
	 the ability of any Relevant Person or Approved Manager to perform its obligations under any Leasing Document to which
it is a party; or 

  

	 	 (c)
	 the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to any
of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents. 

  
 41 

 “MOA” means the memorandum of agreement entered into by the Charterers as
sellers and the Owners as buyers dated on the date of this Charter in relation to the sale and purchase of the Vessel. 

“Mortgagee” has the meaning given to that term in Clause 35.3. 

“Original Financial Statements” means the Guarantor’s audited consolidated financial statements for the
financial year ended 31 December 2017.  
 “Original Jurisdiction” means, in
relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be), the jurisdiction under whose laws they are respectively incorporated as at the date of this Charter. 

“Other Charter” means the bareboat charterparty entered into between the relevant Other Owner and the
relevant Other Charterer In respect of any of the Other Vessels. 
 “Other Charterer” means Inastros
Maritime Corp., Jaspero Shiptrade S.A., Thetida Marine Co., Sui An Navigation Limited, Pingel Navigation Limited, Ebba Navigation Limited, Clan Navigation Limited, Evian Shiptrade Ltd, Anthimar Marine Inc., Bertyl Ventures Co., Olympia II Navigation
Limited, Isolde Shipping Inc., Rodman Maritime Corp., Silvanus Marine Company, Morven Chartering Inc., Enplo Shipping Limited or Velour Management Corp. (and “Other Charterers” mean all of them). 

“Other Owner” means Ocean Dawn Shipping Limited or Ocean Wood Tang Shipping Limited (and
“Other Owners” means all of them). 
 “Other Vessel” means APL Denver, APL Los
Angeles, APL Oakland, MOL Dedication, MOL Delight, MOL Destiny, MOL Devotion, Navios Amaranth, Navios Amarillo, Navios Azure, Navios Domino, Navios Indigo, Navios Spring, Navios Summer, Navios Verano, Navios Verde or Navios Vermilion (and
“Other Vessels” means all of them). 
 “Outstanding Principal Balance”
means, at the relevant time, the aggregate of: 
  

	 	 (a)
	 the Charterhire Principal Balance; and 

 

	 	 (b)
	 the then applicable Purchase Obligation Price. 

“Owners’ Sale” has the meaning given to that term in Clause 40.3(a)(iii). 

“Party” means either party to this Charter. 

“Payment Date” means each of the sixty (60) dates upon which Charterhire is to be paid by the
Charterers to the Owners pursuant to Clause 36. 
 “Permitted Security Interests” means: 

 

	 	 (a)
	 Security Interests created by a Leasing Document or a Financial Instrument; 

 

	 	 (b)
	 other Security Interests Permitted by the Owners in writing; 

 

	 	 (c)
	 liens for unpaid master’s and crew’s wages (in each case not overdue) in accordance with the ordinary course
of operation of the Vessel or in accordance with usual reputable maritime practice; 

  

	 	 (d)
	 liens for salvage; 

  

	 	 (e)
	 liens for master’s disbursements incurred in the ordinary course of trading; 

  
 42 

	 	 (f)
	 any other liens arising by operation of law or otherwise in the ordinary course of the operation, repair or
maintenance of the Vessel provided such liens do not secure amounts more than 30 days overdue; 

  

	 	 (g)
	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom
such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good faith by appropriate steps; and 

  

	 	 (h)
	 Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which
are overdue for payment but which are being contested by the Owners or the Charterers in good. 

“Post-enforcement Interests” has the meaning given to that term in 40.3(a)(ii). 

“Potential Termination Event” means, an event or circumstance which, with the giving of any notice, the
lapse of time, a determination of the Owners and/or the satisfaction of any other condition, would constitute a Termination Event. 

“Prepayment Sum” means, in respect of each Purchase Option Date (which shall also be a Payment Date), the
amount in Dollars set out in Schedule IV next to each such Payment Date in Schedule IV. 
 “Prepositioning
Date” means the date on which the Owners are obliged to deposit the Relevant Amount with the Sellers’ Account (as defined in the MOA) pursuant to Clause 19(b) of the MOA. 

“Purchase Obligation” means the purchase obligation referred to in Clause 48.  

“Purchase Obligation Date” means the date on which the Owners shall transfer the legal and beneficial
interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period. 

“Purchase Obligation Price” means fifty per cent. (50%) of the Financing Amount. 

“Purchase Price” has the meaning given to that term in the MOA. 

“Purchase Option” means the early termination option which the Charterers are entitled to pursuant to
Clause 47. 
 “Purchase Option Date” has the meaning given to that term in Clause 47.1. 

“Purchase Option Notice” has the meaning given to that term in Clause 47.1. 

“Purchase Option Price” means the aggregate of: 

 

	 	 (a)
	 Prepayment Sum as at the Purchase Option Date; 

 

	 	 (b)
	 the Charterhire payable on the Purchase Option Date but for the exercise of the purchase option by the Charterers
pursuant to Clause 47; 

  

	 	 (c)
	 any default interest accrued as at the Purchase Option Date; 

 

	 	 (d)
	 any legal costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 47; and

  

	 	 (e)
	 all other amounts payable under this Charter and the other Leasing Documents together with any applicable interest
thereon. 

  
 43 

 “Quiet Enjoyment Agreement” means the quiet enjoyment
agreement executed or to be executed between, amongst others, the Charterers, the Owners and the Owners’ financiers in the agreed form. 

“Relevant Amount” shall have the meaning as defined under the MOA. 

“Relevant Person” means the Charterers, the Other Charterers, the Guarantor, the Shareholder and such
other party providing security to the Owners for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (but not including the Subcharterer, any Approved Subcharterer and the Approved Manager).
 
 “Relevant Jurisdiction” means, in relation to any Relevant Person, Approved
Subcharterer or Approved Manager (as the case may be): 
  

	 	 (a)
	 its Original Jurisdiction; 

 

	 	 (b)
	 any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

  

	 	 (c)
	 any jurisdiction where it conducts its business; and 

 

	 	 (d)
	 any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating a
Security Interest. 

 “Requisition Compensation” includes all compensation or other
moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”. 

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or
trade embargoes, in particular but not limited to pursuant to the U.S.‘s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) or the United Nations including at the date of this Charter, but without
limitation, Iran, North Korea, Sudan and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons. 

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or
incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom, Her Majesty’s Treasury
(“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in
(i) and (ii).  
 “Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or
other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United
States of America (including, without limitation, CISADA and OFAC), the United Nations, the People’s Republic of China or the Council of the European Union.  

“Secured Liabilities” means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of a Relevant Person or the Approved Manager or any Approved Subcharterer to the Owners under or in connection with the Leasing Documents or any judgment relating
to the Leasing Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or
other procedure under the insolvency laws of any country. 

  
 44 

 “Security Documents” means the Guarantee, the Account
Security, the General Assignment, the Shares Pledge, the Manager’s Undertaking and any other security documents granted as security for the obligations of the Charterers under or in connection with this Charter. 

“Security Interest” means: 
  

	 	 (a)
	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any
other security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest; 

  

	 	 (b)
	 the security rights of a plaintiff under an action in rem; or 

 

	 	 (c)
	 any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually
or contingently due to it ahead of the general unsecured creditors of the debtor concerned; however this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or
financial institution. 

 “Security Period” means the period commencing on the date
hereof and ending on the date on which the Owners are reasonably satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full. 

“Shareholder” means Navios Partners Containers Finance Inc. 

“Shares Pledge” means the shares pledge over the shares in the Charterers to be executed by the Guarantor
in favour of the Owners on or around the date of this Charter. 
 “Short Term Time Subcharter” means
a subcharter of the Vessel on a time charter basis with a charter period not exceeding and not capable of exceeding thirteen (13) months (taking into account any optional extension period) 

“Subcharter” means the subcharter with the particulars set out under Schedule IV. 

“Term” means, in relation to the definitions of “Charterhire” and for the purpose of Clause 45, a period of
one (1) month’s duration provided that: 
  

	 	 (a)
	 the first Term shall commence on the Commencement Date; 

 

	 	 (b)
	 each subsequent Term shall commence on the last day of the preceding Term; 

 

	 	 (c)
	 any Term which would otherwise end on a non-Business Day shall instead end on
the next following Business Day or, if that Business Day is in another calendar month, on the immediately preceding Business Day; 

  

	 	 (d)
	 if any Term commences on the last Business Day of a calendar month or on a day for which there is no numerically
corresponding day in the calendar month one (1) month thereafter, as the case may be, that Term shall, subject to paragraphs (c), (e) and (f), end on the last Business Day of such later calendar month; 

 

	 	 (e)
	 any Term which would otherwise overrun a Payment Date shall instead end on that Payment Date; and

  

	 	 (f)
	 , except for the purpose of Clause 45 any Term which would otherwise extend beyond the Charter Period shall instead
end on the last day of the Charter Period. 

 “Termination Event” means any event
described in Clause 44. 

  
 45 

 “Termination Purchase Price” means, in respect of any date
(for the purpose of this definition only, the “Relevant Date”), the aggregate of: 
  

	 	 (a)
	 the Outstanding Principal Balance as at the Relevant Date; 

 

	 	 (b)
	 any accrued but unpaid interest as at the Relevant Date; 

 

	 	 (c)
	 any Breakfunding Costs; 

  

	 	 (d)
	 any documented costs and expenses incurred by the Owners (and their financiers (if any)) in locating, repossessing or
recovering the Vessel or collecting any payments due under this Charter or in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents and any default interest in relation thereto; and

  

	 	 (e)
	 all other outstanding amounts payable under this Charter together with any applicable interest thereon.

 “Total Loss” means: 

 

	 	 (a)
	 actual, constructive, compromised, agreed or arranged total loss of the Vessel; 

 

	 	 (b)
	 any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the
Charterers; or 

  

	 	 (c)
	 any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event
specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers. 

“Trust Deed” means a trust deed dated on or around the date of this Charter entered into between the
Owners, the Other Owners, the Charterers, the Other Charterers, the Guarantor and the Approved Manager which, inter alia, sets out the obligations of the Owners in respect of holding on trust all moneys or other assets received or recovered by or on
behalf of the Owners by virtue of any Security Interest or other rights granted to the Owners under or by virtue of the Security Documents. 

“US Tax Obligor” means (a) a person which is resident for tax purposes in the United States of America or
(b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes. 

“Vessel” means the APL Atlanta with particulars stated in Boxes 6 to 12 of this Charter and which is to be registered
under the name of the Owners with the Marshall Islands registry upon Delivery. 
  

	 59.2
	 In this Charter: 

“Approved Manager”, “Approved Subcharterer”,
“Charterers”, “Other Charterers”, “Other Owners”, “Owners”, “Relevant Person”,
“Subcharterer” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents. 

“agreed form” means, in relation to a document, such document in a form agreed in writing by the Owners;

  
 46 

 “asset” includes every kind of property, asset, interest or right,
including any present, future or contingent right to any revenues or other payment; 
 “company” includes any
partnership, joint venture and unincorporated association; 
 “consent” includes an authorisation, consent, approval,
resolution, licence, exemption, filing, registration, notarisation and legalisation; 
 “contingent
liability” means a liability which is not certain to arise and/or the amount of which remains unascertained; 

“continuing” means, in relation to any Termination Event, a Termination Event which has not been waived by the Owners
and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners; 

“control” over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or
otherwise) to: 
  

	 	 (a)
	 cast, or control the casting of, more than fifty per cent (50%), of the maximum number of votes that might be cast at
a general meeting of such company; or 

  

	 	 (b)
	 appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or

  

	 	 (c)
	 give directions with respect to the operating and financial policies of such company with which the directors or other
equivalent officers of such company are obliged to comply; 

 “document” includes a deed; also a
letter, fax or telex; 
 “expense” means any kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable value added or other tax; 
 “financiers” of the Owners means any financing parties or
creditors of the Owners for financing part or in full of the Purchase Price, provided that such financing amount shall not exceed the Outstanding Principal Balance at the relevant time and such financing is not restricted under this Charter. 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or
regulatory action or investigation; 
 “liability” includes every kind of debt or liability (present or future,
certain or contingent), whether incurred as principal or surety or otherwise; 
 “months” shall be construed in
accordance with Clause 59.3; 
 “person” includes any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
the contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks
covered (excluding freight, demurrage and defence cover) by a protection and indemnity association which is a member of the International Group of P&I Clubs including pollution risks, extended passenger cover and the 

  
 47 

 proportion (if any) of any sums payable to any other person or persons in case of collision
which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the
Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of
law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 59.4; and 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine. 

 

	 59.3
	 Meaning of “month”. A period of one or more “months” ends on the day in the relevant
calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

 

	 	 (a)
	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business
Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	 	 (b)
	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar
month or if the last calendar month of the period has no numerically corresponding day; 

 and
“month” and “monthly” shall be construed accordingly. 
  

	 59.4
	 Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if a
majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P. 

A company (S) is a subsidiary of another company (U) if S is a subsidiary of P and P is in turn a subsidiary of U. 

 

	 59.5
	 In this Charter: 

  

	 	 (a)
	 references to a Leasing Document or any other document being in the form of a particular appendix or to any document
referred to in the recitals include references to that form with any modifications to that form which the Owners approve; 

  

	 	 (b)
	 references to, or to a provision of, a Leasing Document or any other document are references to it as amended or
supplemented, whether before the date of this Charter or otherwise; 

  

	 	 (c)
	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Charter or otherwise; and 

  

	 	 (d)
	 words denoting the singular number shall include the plural and vice versa. 

 

	 59.6
	 Headings. In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded. 

  
 48 

 

 
 (OWNERS SIGNED ) by) as an attorney-in-fact) for and on behalf of)Ocean Dazzle Shipping Limited)in the presence of:) Witness’
signature:) Witness’ name: Cao Ying)Witness’ address: Building 8, Beijing Friendship Hotel,) 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED) by) for and on behalf of) iasmer Shipholding Ltd) As ) in
the presence of: ) Witness’ signature:) Witness’ name:) Witness’ address:)57 

 

 
 (OWNERS SIGNED ) by) as an attorney-in-fact) for and on behalf of)Ocean Dazzle Shipping Limited)in the presence of:) Witness’
signature:) Witness’ name: Cao Ying)Witness’ address: Building 8, Beijing Friendship Hotel,) 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED) by Efstratios G. Camatos) for and on behalf of) iasmer
Shipholding Ltd) As ) in the presence of: SHRAIYA THAPA) Witness’ signature:) Witness’ name:) Witness’ address:)58 

 

 
 MEMORANDUM OF AGREEMENT Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships.
Adopted by BIMCO in 1956. Code-name SALEFORM 2012 Revised 1966, 1983 and 1986/87, 1993 and 2012 Dated: ___ 2018 Jasmer Shipholding Ltd, a corporation incorporated and existing under the laws of the Republic of Marshall Islands having its registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and Ocean Dazzle Shipping Limited, a company incorporated and
existing under the laws of Hong Kong having its registered office at Room 2310, 23/F, C Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong (Name of buyers), hereinafter called the “Buyers”, have agreed to buy: Name of vessel: APL
Atlanta IMO Number: 9345972 Classification Society: DNV GL Class Notation: 100 A5 Container ship BWM SOLAS-II,Reg.19 ERS IW MC AUT Year of Build: 2008 Builder/Yard: New Century Shipbuilding Co., Ltd. Flag: Panama Place of Registration: Marshall
Islands GT/NT: 43,071 / 26,516 hereinafter called the “Vessel”, on the following terms and conditions: Definitions – see also Clause 28 “Agreement” means this memorandum of agreement which shall for the avoidance of doubt,
include the rider provisions from Clauses 19 to 28. “Banking Days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated
in Clause 8 (Documentation) and (add additional jurisdictions as appropriate). “Buyers’ Nominated Flag State” means Panama (state flag state). “Cancelling Date” has the meaning given to that term in Clause 5.
“Conditions Precedent” has the meaning given to that term in Clause 8(a). “Class” means the class notation referred to above. “Classification Society” means the Classification Society referred to above.
“”Dollars” or “$” mean United States dollars, being the lawful currency of the United States of America.Deposit” shall have the meaning given in Clause 2 (Deposit) “Deposit Holder” means __ (state name and
location of Deposit Holder) or, if left blank, the Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement. “In writing” or “written” means a letter handed over from the Sellers to the
Buyers or vice versa, a registered letter, e-mail or telefax. “Parties” means the Sellers and the Buyers. “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price). “Sellers’ Account”
means __ (state details of bank account) at the Sellers’ Bank. “Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the
Purchase Price. 1. Purchase Price See Clause 19The Purchase Price is _ (state currency and amount both in words and figures). 2. Deposit – intentionally omitted This document is a computer generated SALEFORM 2012 form printed by authority of
the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document

 

 
 As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of % (_per cent) or, if left blank, 10%
(ten per cent), of the Purchase Price (the “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three (3) Banking Days after the date that: (i) this Agreement has been signed by the Parties and exchanged
in original or by e-mail or telefax; and (ii) the Deposit Holder has confirmed in writing to the Parties that the account has been opened. The Deposit shall be released in accordance with joint written instructions of the Parties. Interest, if any,
shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the account without delay.
3. Payment See Clause 19On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices): (i) the Deposit shall be
released to the Sellers; and (ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Sellers’ Account. 4. Inspection
– intentionally omitted (a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers have also inspected the Vessel at/in (state place) on _ (state date) and have accepted the Vessel following this inspection
and the sale is outright and definite, subject only to the terms and conditions of this Agreement. (b)* The Buyers shall have the right to inspect the Vessel’s classification records and declare whether same are accepted or not within _ (state
date/period). The Sellers shall make the Vessel available for inspection at/in _ (state place/range) within (state date/period). The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they
shall compensate the Sellers for the losses thereby incurred. The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. During the inspection, the Vessel’s deck and engine log books shall be made available for
examination by the Buyers. The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy-two (72)
hours after completion of such inspection or after the date/last day of the period stated in Line 59, whichever is earlier. Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s
classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void. *4(a) and 4(b)
are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply. 5. Time and place of delivery and notices (a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth
or anchorage at/in (state place/range) in the Sellers’ option and subject to such conditions as may be agreed by the Buyers and subject further to the delivery of the Vessel in such place not causing the Buyers to incur additional tax
liabilities to those that the Buyers would have incurred had the sale been completed in international waters. Notice of Readiness shall not be tendered before: _(date) Cancelling Date (see Clauses 5(c) , 6 (a)(i), 6 (a) (iii) and 14): 30 June 2018
(or such later date as may be agreed by the Sellers and the Buyers in writing) (the “Cancelling Date”) This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any
insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 2 

 

 
 (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20),
ten (10), five (5) and three (3) days’ notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery. When the Vessel is, on a day being a Business Day, at the place of delivery and physically ready
for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for
delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the
option of either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Business Days of receipt of the notice or of accepting the new date as the new Cancelling Date. If the Buyers have not declared
their option within three (3) Banking Business Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new Cancelling Date and shall be
substituted for the Cancelling Date stipulated in line 79. If this Agreement is maintained with the a new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full
force and effect. (d) Cancellation, failure to cancel or acceptance of the a new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready
by the original Cancelling Date. (e) Should the Vessel become an actual, constructive or compromised t Total lLoss before delivery the Deposit together with interest earned, if any, shall be released immediately to the Buyers whereafter this
Agreement shall be null and voidterminate (provided that any provision hereof expressed to survive such termination shall do so in accordance with its terms). 6. Divers Inspection / Drydocking – intentionally omitted (a)* (i) The Buyers shall
have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s
intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without
undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only
without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the
place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the
additional time required for such positioning and the subsequent re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection. (ii) If the rudder, propeller, bottom or other underwater parts below
the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be
drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects
shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s
attendance. Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the
Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further
rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’
Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO
and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 3 

 

 
 for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be
obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then
the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established. (iii) If the Vessel is to be drydocked
pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as
per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling
Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days. (b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other underwater parts below
the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense to the satisfaction of the Classification Society without
condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the Classification Society’s fees. The
Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues
and fees. (c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: (i) The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification surveyor. If
such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the Classification
Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the
inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts
shall be renewed or made good at the Sellers’ cost and expense to the satisfaction of Classification Society without condition/recommendation**. (ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by the
Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel’s class, in which case the Sellers shall pay these costs and
expenses. (iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. (iv) The Buyers shall have the right to
have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers’ or the Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely
delivery. If, however, the Buyers’ work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional docking time needed to complete the Buyers’ work shall be for the
Buyers’ risk, cost and expense. In the event that the Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and,
notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not. *6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of
deletions, alternative 6 (a) shall apply. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of
any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage
or expense as a result of discrepancies between the original approved document and this computer generated document. 

 

 
 **Notes or memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without
condition/recommendation are not to be taken into account. 7. Spares, bunkers and other items The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare equipment including
spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspectiondelivery used or unused, whether on board or not shall become the Buyers’ property, but spares on order are excluded.
Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement
prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the
Sellers’ vessel(s) and captain’s, officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: ______(include list) Items on board
which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: ______(include list) Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be
replaced or procured by the Sellers prior to delivery at their cost and expense. The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums at no extra cost.and pay either
(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or (b) *the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest
bunkering port, for the quantities taken over. Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price. “inspection” in this Clause 7, shall mean the Buyers’ inspection
according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of
deletions alternative (a) shall apply. 8. Documentation The place of closing: To be mutually agreed between the Sellers and the Buyers (a) In exchange for pPayment of the Purchase Price by the Buyers to the Sellers shall be subject to Clause 20 and
conditional on the Buyers having on or prior to delivery of the Vessel on the Delivery Date received, or being satisfied as to, provide the Buyers with the following delivery documentsitems: (i) Legal Bill(s) of Sale in a form recordable in the
Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens (whether maritime or otherwise) or any other debts whatsoever, duly notarially attested and
legalised or apostilled, as required by the Buyers’ Nominated Flag State; (ii) Acceptance of Sale in a form recordable in the Buyers’ Nominated Flag State, duly notarially attested and legalised or apostilled, as required by the
Buyers’ Nominated Flag State. (iiiii) Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and performance of this Agreement; (iiiiv) Power of Attorney of the
Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate); (ivv) Certificate or Transcript of Registry issued by the
competent authorities of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by This document is a computer
generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is
not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved
document and this computer generated document. 5 

 

 
 such authority to the closing meeting with the original to be sent to the Buyers as soon as possible after delivery of the Vessel;
(vvi) Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Business Banking Days prior to delivery confirming that the Vessel is in Class free of condition/recommendation; (vi)
Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that the registry does not as a matter of practice issue
such documentation immediately, a written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4)
weeks after the Purchase Price has been paid and the Vessel has been delivered; (vii) A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the Vessel ceased to be registered with the Vessel’s registry, or, in the
event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy of this certificate promptly upon it being issued together with evidence of submission by the
Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry; (viiivii) Commercial Invoice for the Vessel; (ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils
and greases; (x) A copy of the Sellers’ letter to their satellite communication provider cancelling the Vessel’s communications contract which is to be sent immediately after delivery of the Vessel; (xiviii) Any additional documents as may
reasonably be required by the competent authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, each in a form acceptable to the Buyers’ Nominated Flag State, duly notarially attested and legalised or
apostilled (if required) provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and (xiiix) The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not
black listed by any nation or international organisation. (x) The items set out in Clause 20. The items set out in this Clause 8(a) (together the “Conditions Precedent”) are inserted for the sole benefit of the Buyers and may be waived in
whole or in part with or without conditions by the Buyers. (b) At the time of delivery the Buyers shall provide the Sellers with: (i) Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the
execution, delivery and performance of this Agreement; and (ii) Power of Attorney of the Buyers (if any) appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and
legalised or apostilled (as appropriate). (c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer
qualified to practice in the country of the translated language. (d) The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other
party not later than ten (10) days (or such later date as the Buyers may agree) prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers to the Buyers five (5) days prior to the delivery in accordance with Clause
5(b) of this Agreement. (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. (e) On delivery, Concurrent with
the exchange of documents in Sub-clause (a) and Sub-clause (b) This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 6 

 

 
 above, the Sellers shall also hand to the Buyers copies of the classification certificate(s) as well as all plans, drawings and
manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to
take copies. (f) Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their Sellers’ expense, if they so request. The Sellers may keep the Vessel’s log books
but the Buyers have the right to take copies of same. (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance (“the Protocol of Delivery and Acceptance”) confirming the date and time of delivery of the
Vessel from the Sellers to the Buyers. 9. Encumbrances The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the Bareboat Charter and any current subcharter permitted by the terms of the Leasing
Documents), encumbrances, mortgages and maritime liens (whether maritime or otherwise) or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against
all consequences of claims made against the Vessel which have been incurred prior to the time of delivery. 10. Taxes, fees and expenses Any taxes, fees and expenses in connection with the purchase of the Vessel and registration in the Buyers’
Nominated Flag State shall be for the Buyers’ account, whereas similar charges and in connection with the closing of the Sellers’ register shall be for the Sellers’ account. 11. Condition on delivery The Vessel with everything
belonging to her shall be at the Sellers’ risk and expense until she is delivered to the Buyers, but subject pursuant to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of inspection, fair
wear and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without overdue condition/recommendation*, free of average damage affecting the Vessel’s class, and with her
classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspectiondelivery, valid and unextended without condition/recommendation* by the Classification Society or the relevant
authorities at the time of delivery. “inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this
Agreement shall be the relevant date. *Notes and memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account. 12. Name/markings –
intentionally omitted Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings. 13. Buyers’ default Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to
cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3 (Payment)this Agreement, the Sellers
have the right to cancel this Agreement, in which case it shall terminate whereupon all the Buyers’ liabilities hereunder shall be extinguished. the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit
does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest. 14. Sellers’ default Should the Sellers fail to give Notice of Readiness in accordance
with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before This document is a computer
generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is
not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved
document and this computer generated document. 7 

 

 
 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by
the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them
immediately. Without prejudice to any of the rights the Buyers may have under the Leasing Documents, at law or otherwise, Sshould the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal
transfer as aforesaid they shall make due compensation to the Buyers for their direct and documented loss and for all documented expenses together with interest accrued in accordance with the terms of the Leasing Documentsif their failure is due to
proven negligence and whether or not the Buyers cancel this Agreement. 15. Buyers’ representatives – intentionally omitted After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to
place two (2) representatives on board the Vessel at their sole risk and expense. These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the
operation of the Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation. 16. Law and Arbitration See Clause 25 (a) *This Agreement shall be
governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-
enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration
proceedings are commenced. The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to
appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the
fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any
further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by
agreement. In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.
(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with
this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any
award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. In cases where neither the claim nor any counterclaim
exceeds the sum of US$ 100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. (c) This Agreement shall be governed by and construed in accordance with the laws
of ______ (state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at ______ (state place), subject to the procedures applicable there. *16(a), 16(b) and 16(c) are alternatives; delete
whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply. 17. Notices See Clause 27 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any
insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 8 

 

 
 Contact details for recipients-of notices are as follows: For the Buyers: For-the Sellers: For the Sellers: 18. Entire Agreement
The written terms of this Agreement (together with the other Leasing Documents) comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or
written between the Parties in relation thereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether
or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Clause
shall limit or exclude any liability for fraud. For and on behalf of the Sellers For and on behalf of the Buyers Name:Name: Title: Title: This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian
Shipbrokers’ Association Any insertion or deletion to the form must be clearly visible In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall
apply BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any toss, damage or expense as a result of discrepancies between the original approved document and this computer generated document 

 

 
 Contact details for recipients-of notices are as follows: For the Buyers: For-the Sellers: For the Sellers: 18. Entire Agreement
The written terms of this Agreement (together with the other Leasing Documents) comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or
written between the Parties in relation thereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether
or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Clause
shall limit or exclude any liability for fraud. For and on behalf of the Sellers For and on behalf of the Buyers Name:Name: Title: Title: This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian
Shipbrokers’ Association Any insertion or deletion to the form must be clearly visible In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall
apply BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any toss, damage or expense as a result of discrepancies between the original approved document and this computer generated document 

 Execution Version 

RIDER CLAUSES TO 
 MEMORANDUM OF AGREEMENT

 DATED 25 MAY 2018 
 Clause 19
– Payment of Purchase Price 
  

	 (a)
	 The Purchase Price of the Vessel shall be the lowest of: 

 

	 	 (i)
	 $7,200,000; and 

  

	 	 (ii)
	 the Market Value. 

Subject always to Clause 21 and the Conditions Precedent having been satisfied, the Purchase Price of the Vessel shall be paid by the
Buyers to the Sellers on delivery of the Vessel on the Delivery Date free of bank charges into the Sellers’ Account. 
  

	 (b)
	 The Buyers shall, one (1) Business Day prior to the scheduled delivery date, such scheduled delivery date being
the date of delivery of the Vessel set out in the notice to be sent to the Buyers from the Sellers five (5) days before delivery in accordance with Clause 5(b) (the “Preposition Date”) and provided that all
amounts due to the Buyers as owners under Clause 41.1 of the Bareboat Charter have been received in full in available funds by the Buyers as owners under the Bareboat Charter, deposit with the Sellers’ Account the Relevant Amount on an
unallocated basis in a suspense account with a SWIFT MT103 and a SWIFT MT199 irrevocable conditional release instruction in a form to be agreed (the “SWIFT Payment Instructions”). The amount so deposited shall
be transferable and payable to the Sellers or their designated nominee at the Sellers’ Account upon the fulfilment of the conditions set out in the SWIFT Payment Instructions, which shall include the presentation by the Sellers to the
Sellers’ Bank of a copy of the duly executed, timed and dated Protocol of Delivery and Acceptance of the Vessel. 

  

	 (c)
	 Interest at the rate of the Overnight USD LIBOR plus 350 basis points (the “Remittance
Interest”) shall: 

  

	 	 (i)
	 in the event that the Vessel is delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date until
the Delivery Date (both dates inclusive); and 

  

	 	 (ii)
	 in the event that the Vessel is not delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date
until the Relevant Amount is returned by the Sellers’ Bank to the Buyers in accordance with the SWIFT Payment Instructions (both dates inclusive). 

The Sellers shall pay to the Buyers the applicable amount of Remittance Interest as notified by the Buyers to the Sellers within three
(3) Business Days of the Buyers’ demand. 
 Clause 20 – Further conditions precedent 

The items referred to in Clause 8(a)(x) are: 
  

	 (a)
	 the certificate of incorporation, articles of incorporation and by-laws or
other constitutional documents of the Sellers along with an up-to-date certificate of goodstanding; 

  
 1 

SINGAPORE/89326001v1 

	 (b)
	 such other documents as the Buyers may reasonably notify the Sellers as being necessary in relation to the Vessel
and/or its status (including without limitation, such confirmation of no liens and/or indemnity thereto which the Buyers may require the Sellers to provide or procure in respect of the Vessel); 

 

	 (c)
	 a certificate of an authorized signatory of the Sellers certifying that each copy document provided by Sellers to
Buyers pursuant to this Agreement is correct, complete and in full force and effect as at a date no earlier than the Delivery Date; and 

  

	 (d)
	 the Buyers being satisfied that the conditions precedent set out in the Bareboat Charter, have been, or will be
capable of being, satisfied on the Delivery Date. 

 Clause 21 – Obligation to sell / purchase the Vessel 

The Parties’ obligation to sell / purchase the Vessel under this Agreement is conditional upon the simultaneous delivery to and acceptance by the
Sellers as bareboat charterers of the Vessel under the Bareboat Charter and that no Potential Termination Event or Termination Event has occurred or will occur as a result of the performance by the Parties of their obligations under this Agreement.

 Clause 22 – Physical Presence 
 If
the Buyers’ Nominated Flag State requires the Buyers to have a physical presence or office in the Buyers’ Nominated Flag State, all fees, costs and expenses arising out of or in connection with the establishment and maintenance of such
physical presence or office by the Buyers shall be borne by the Sellers.  
 Clause 23 – Costs and Expense 

 

	 (a)
	 The Sellers shall pay such amounts to the Buyers in respect of all costs, claims, expenses, liabilities, losses and
fees (including but not limited to any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this Agreement or in connection with the delivery, registration and purchase of the Vessel by the
Buyers whether prior to, during or after termination of this Agreement and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise. 

 

	 (b)
	 Notwithstanding anything to the contrary under the Leasing Documents and without prejudice to any right to damages or
other claim which the Buyers may have at any time against the Sellers under this Agreement, the indemnities provided by the Sellers in favour of the Buyers shall continue in full force and effect notwithstanding any breach of the terms of this
Agreement or such Leasing Document or termination or cancellation of this Agreement or such Leasing Document pursuant to the terms hereof or thereof or termination of this Agreement or such Leasing Document by the Buyers. 

Clause 24 – Sanctions 
 The Sellers
represent and warrant to the Buyers as of the date hereof and at the Delivery Date that: 
  

	 (a)
	 they: 

  

	 	 (i)
	 are not a Restricted Person; 

 

	 	 (ii)
	 are not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Restricted
Person; 

  

	 	 (iii)
	 do not own or control a Restricted Person; or 

  
 2 

SINGAPORE/89326001v1 

	 	 (iv)
	 do not have a Restricted Person serving as a director, officer or employee; and 

 

	 (b)
	 no proceeds of the Purchase Price shall be made available, directly or indirectly, to or for the benefit of a
Restricted Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

Clause 25 – Governing Law and Jurisdiction 

This Agreement and any non-contractual obligations arising under or in connection with it, shall be governed by
and construed in accordance with English law. 
 Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”)) shall be referred to and finally
resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause
25. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (“LMAA”) Terms current at the time when the arbitration proceedings are commenced. 

The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such
appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been
appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated
above. 
 The language of the arbitration shall be English. 

Clause 26 - Counterparts 
 This 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 Agreement. 

Clause 27 - Notices 
 All notices to be
provided under this Agreement shall be in writing. 
 Contact details for recipients of notices are as follows: 

For the Sellers:  
 c/o Navios
ShipManagement Inc.  
 85 Akti Miaouli 

Piraeus 185 38 
 Greece 

Attention: Vassiliki Papaefthymiou 
 Email:
vpapaefthymiou@navios.com 
 Tel: +30 210 41 72 050 

Fax: +30 210 41 72 070 
  

  
 3 

SINGAPORE/89326001v1 

 For the Buyers: 

Room 2310, 23/F, C C Wu Building, 
 302-308 Hennessy Road, Wanchai, Hong Kong 
 Attention: Rita Wang 

Email: wangyuping@msfl.com.cn 
 Tel: +86 010 68490066
- 9983 
 Fax: +86 010 68490066 - 9864 
 Clause
28 – Definitions 
 Unless otherwise specified herein, capitalised terms in this Agreement shall have the same meaning as in the Bareboat
Charter. Furthermore, in this Agreement: 
 “Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers
A/S, Fearnleys, Howe Robinson, Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Bareboat Charter” means the bareboat charter in respect of the Vessel dated on or about the date hereof and made between
the Buyers as owners and the Sellers as bareboat charterers. 
 “Business Day” means a day on which banks are open for
business in the principal business centres of Amsterdam, Hong Kong, Beijing and Athens and (a) in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day
on which commercial banks are open in New York City; and (b) in respect of a day on which Overnight USD LIBOR is to be determined under this Agreement, also a day on which commercial banks are open in London. 

“Delivery Date” means the date (being a Business Day) on which the Vessel is delivered to the Buyers pursuant to the
terms of this Agreement and thereafter immediately delivered to the Sellers as bareboat charterers pursuant to the terms of the Bareboat Charter. 

“Market Value” means, in relation to the Vessel, the valuation prepared by an Approved Valuer selected by the
Sellers: 
  

	 (a)
	 on a date no earlier than three (3) months prior to the Delivery Date;  

 

	 (b)
	 without physical inspection of the Vessel; and 

 

	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
seller and a willing buyer, free of any existing charter or other contract of employment. 

 “Overnight USD
LIBOR” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars based on a one day maturity rate on the relevant
date displayed on page LIBOR 01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters, and if such page or service ceases to be available the Buyers may specify another page or service displaying the relevant rate on such day, or if such day is not a Business Day, the Business Day immediately preceding such day (if
the rate as determined above is less than zero, the Overnight USD LIBOR shall be deemed to be zero). 
 “Purchase Price” means
the purchase price of the Vessel payable by the Buyers to the Sellers pursuant to Clause 19 above. 
  

  
 4 

SINGAPORE/89326001v1 

 “Relevant Amount” means an amount equivalent to the Purchase Price. 

“Sellers’ Account” means the account in the name of the Seller with ABN AMRO Bank N.V. in USD with the account
number NL42ABNA0631664289. 
  

  
 5 

SINGAPORE/89326001v1 

 

 
 EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) OCEAN DAZZLE SHIPPING LIMITED ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED ) by ) for and on behalf of
) JASMER SHIPHOLDING LTD ) as in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) SINGAPORE/89326001vl 

 

 
 EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) OCEAN DAZZLE SHIPPING LIMITED ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED ) by ) for and on behalf of
) JASMER SHIPHOLDING LTD ) as in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) SINGAPORE/89326001vl 

 

 
 1. Shipbroker N/A BIMCO STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001” PART I 2. Place and date 2018 3.
Owners/Place of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1) Ocean Dazzle Shipping Limited / Room 2310, 23/F C C Wu Inastros Maritime Corp. / Trust Company Complex, Ajeltake Building, 302-308, Hennessy Road, Wanchai, Hong Kong
Road, Ajeltake Island, Majuro, MH96960, Marshall Islands 5. Vessel’s name, call sign and flag (Cl. 1 and 3) APL Denver / D5PJ5 / Liberia or any other Flag State 6. Type of Vessel 7. GT/NT Container 43,071 / 26,516 8. When/Where built 9. Total
DWT (abt.) in metric tons on summer freeboard 2007 / New Century Shipbuilding Co., Ltd. 56,100 10. Classification Society (Cl. 3) 11. Date of last special survey by the Vessel’s classification society DNV GL or any other Classification Society
07/08/2017 12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) IMO No.: 9345960 Length: 256.42 metres Breadth: 32.20 metres Depth: 16.75 metres 13. Port or Place of
delivery (Cl. 3) 14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34 See Clause 33 16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading
and class certificates At a safe, ice free port or place in such ready safe berth as the upon redelivery (Cl. 15) Owners may direct See Clause 40 18. Running days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking (Cl. 10(g))
N/A In accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Worldwide within Institute Warranty Limits, please also see Clauses 46.1(n), 46.1(o) and 46.1(q) 21. Charter period (Cl. 2) 22. Charter hire (Cl. 11)
See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii)) N/A 24. Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency
and method of payment (Cl. 11) PART IV Dollars/bank transfer See Clause 36.10 - neither Clause 11(f) nor Part IV applies Copyright, published by First issued by The Baltic and International Maritime Council (BIMCO), Copenhagen. Issued November 2001
The Baltic and International Maritime Council (BIMCO), Copenhagen in 1974 Printed by BIMCO’s idea as “Barecon ‘A’ “ and “Barecon ‘B’ “. Revised and amalgamated 1989. Revised 2001 This document is a
computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text
of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PARTI 26. Place of payment; also state beneficiary and bank account (Cl. 11)
27. Bank-Corporate guarantee/band (sum and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng
Banking Hong Kong Branch SWIFT Code: MSBCHKHH 28. Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) 29. Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) applies state date of Financial Instrument and
name of or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies) Mortgagee(s)/Place of business) (Cl. 12) See Clause 35 See C,ause 38 “ CLAUSE14 D0ES N0T APPLY 30. Additional insurance cover, if any, for Owners’ account limited
to 31. Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other
than stated in Cl. 3) 33. Brokerage commission and to whom payable (Cl. 27) N/A N/A 34. Grace period (state number of clear baftkms-daysBusiness Days) (Cl 28) 35’ DisPute Resolution (state 30(a). 22M or 30(51: if 30M agreed Place of Arbitration
must be stated (Cl. 30) See Clause 44 0 ... . See Clause 30(a) War cancellation (indicate countries agreed) (Cl. 26(f)) N/A Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38. Name and place of Builders (only to
be filled in if PART III applies) applies) (optional) ^ No, Part III does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) 40. Date of Building Contract (only to be filled in if PART III applies) N/A N/A
Liquidated damages and costs shall accrue to (state party acc to Cl. 1) N/A N/A N/A Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or
“no” whether PART V applies) (optional) applies) (optional) No, Part IV does not apply No, Part V does not apply 44,Flag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be
filled in if PART V applies) in if PART V applies) | N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE—It is mutually agreed that this Contract shall be performed subject to the
conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually
agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37.42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a
conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) . j /h, jsj / Signature (Charterers) For and on behalf
of the Owners j , For and on behalf of the Charterers Name: Name: ——— This document is a computer generatfjfi BARECON 2601 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event
of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss,
damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26 Place of payment; also state beneficiary and bank account (Cl. 11) 27
Bank-Corporate guarantee/bend (sum and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking
Hong Kong Branch SWIFT Code: MSBCHKHH 28 Mortgage(s), it any (state whether 12(a) or (bj applies; if 12(b) 29 Insurance (hull and machinery and war risks) (state value acc to Cl. 13(f) applies state date of Financial Instrument and name of or, if
applicable, acc to Cl. 14(k)) (also state if Cl. 14 applies) Mortgagee(s)/Place of business) (Cl. 12) See Clause 35 See ClauSe 38 “ CLAUSE 14 D0ES N0T APPLY 30 Additional insurance cover, if any, for Owners’ account limited to 31.
Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(a)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32 Latent defects (only to be filled in if period other than
stated in Cl. 3) 33 Brokerage commission and to whom payable (Cl. 27) n/a m 34 Grace period (state number of clear banking daysBusiness Days) (Cl 28) 35 DlsPule Resolution (state M§1. Mfe) or 30M, if 35151 agreed Place of Arbitration must be
stated (Cl. 30) See Clause 44 . . See Clause 30(a) War cancellation (indicate countries agreed) (Cl. 26(f)) n/a Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38 Name and place of Builders (only to be filled in
if PART III applies) applies) (optional) No, Part III does not apply 39 Vessel’s Yard Building No. (only to be filled in if PART III applies) 40 Date of Building Contract (only to be filled in if PART III applies) N/A N/A 41 Liquidated damages
and costs shall accrue to (state party acc to Cl. 1) N/A N/A N/A Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V
applies) (optional) applies) (optional) No, Part IV does not apply No, Part V does not apply 44 Flag and Country of the Bareboat Charter Registry (only to be filled Country of the Underlying Registry (only to be filled in if PART V applies) in if
PART V applies) N/A 46 Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE â– It is mutually agreed that this Conlrac! shall be performed subject (o the conditions contained in this
Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further It is further mutually agreed that PART III and/or
PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and slated in Boxes 37,42 and 43. II PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the
provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) Signature (Charterers) s* For and on behalf of the Owners For and on behalf of the
Charterers Name: EfsUatiOS Title: Title: — ( This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer generated document 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I This document is a computer generated BARECON 2001 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 In this Charter, the following
terms shall have the 2 meanings hereby assigned to them: 3 “The Owners” shall mean the party identified in Box 3; 4 “The Charterers” shall mean the party identified in Box 4; 5 “The Vessel” shall mean the vessel named
in Box 5 and 6 with particulars as stated in Boxes 6 to 12. 7 “Financial Instrument” means the mortgage, deed of 8 covenant or other such financial security instrument as 9 annexed to this Charter and stated in Box 28. 10 2. Charter Period
11 In consideration of the hire detailed in Box 22, 12 the Owners have agreed to let and the Charterers have 13 agreed to hire the Vessel for the period stated in Box 21 14 (“The Charter Period”). See also Clause 32 and Clause 15 36. 3.
Delivery 16 (not applicable when Part III applies, as indicated in Box 37) 17 (a) The Owners shall before and at the time of delivery 18 exercise due diligence to make the Vessel seaworthy 19 And in every respect ready in hull, machinery and 20
equipment for service under this Charter. 21 The Vessel shall be delivered by the Owners and taken 22 over by the Charterers at the port or place indicated in 23 Box 13 in such ready safe berth as the Charterers may 24 direct. 25 (b) The Vessel
shall beis properly documented on 26 delivery in accordance with the laws of the fFlag State 27 indicated in Box 5 and the requirements of the 28 cClassification sSociety stated in Box 10. The Vessel 29 upon delivery shall have her survey cycles up
to date and 30 trading and class certificates valid for at least the number 31 of months agreed in Box 12. 32 (c) The delivery of the Vessel by the Owners and the 33 taking over of the Vessel by the Charterers shall 34 constitute a full performance
by the Owners of all the 35 Owners’ obligations under this Clause 3, and thereafter 36 the Charterers shall not be entitled to make or assert 37 any claim against the Owners on account of any 38 conditions, representations or warranties
expressed or 39 implied with respect to the Vessel but the Owners shall 40 be liable for the cost of but not the time for repairs or 41 renewals occasioned by latent defects in the Vessel, 42 her machinery or appurtenances, existing at the time of
43 delivery under this Charter, provided such defects have 44 manifested themselves within twelve (12) months after 45 delivery unless otherwise provided in Box 32. 46 4. Time for Delivery See Clauses 32 and 34 47 (not applicable when Part III
applies, as indicated in Box 37) 48 The Vessel shall not be delivered before the date 49 indicated in Box 14 without the Charterers’ consent and 50 the Owners shall exercise due diligence to deliver the 51 Vessel not later than the date
indicated in Box 15. 52 Unless otherwise agreed in Box 18, the Owners shall 53 give the Charterers not less than thirty (30) running days’ 54 preliminary and not less than fourteen (14) running days’ 55 definite notice of the
date on which the Vessel is 56 expected to be ready for delivery. 57 The Owners shall keep the Charterers closely advised 58 of possible changes in the Vessel’s position. 59 5. Cancelling See Clause 33 60 (not applicable when Part III applies,
as indicated in Box 37) 61 (a) Should the Vessel not be delivered latest by the 62 cancelling date indicated in Box 15, the Charterers shall 63 have the option of cancelling this Charter by giving the 64 Owners notice of cancellation within thirty-six (36) 65 running hours after the cancelling date stated in Box 66 15, failing which this Charter shall remain in full force 67 and effect. 68 (b) If it appears that the Vessel will be delayed beyond 69 the
cancelling date, the Owners may, as soon as they 70 are in a position to state with reasonable certainty the 71 day on which the Vessel should be ready, give notice 72 thereof to the Charterers asking whether they will 73 exercise their option of
cancelling, and the option must 74 then be declared within one hundred and sixty-eight 75 (168) running hours of the receipt by the Charterers of 76 such notice or within thirty-six (36) running hours
after 77 the cancelling date, whichever is the earlier. If the 78 Charterers do not then exercise their option of cancelling, 79 the seventh day after the readiness date stated in the 80 Owners’ notice shall be substituted for the cancelling 81
date indicated in Box 15 for the purpose of this Clause 5. 82 (c) Cancellation under this Clause 5 shall be without 83 prejudice to any claim the Charterers may otherwise 84 have on the Owners under this Charter. 85 6. Trading Restrictions See also
Clauses 46.1(n) and    86 46.1(o) and 46.1(q) The Vessel shall be employed in lawful trades for the 87 carriage of suitable lawful merchandise within the trading 88 limits indicated in Box 20. 89 The Charterers undertake not to
employ the Vessel or 90 suffer the Vessel to be employed otherwise than in 91 conformity with the terms of the contracts of insurance 92 (including any warranties expressed or implied therein) 93 without first obtaining the consent of the insurers
to such 94 employment and complying with such requirements as 95 to extra premium or otherwise as the insurers may 96 prescribe. 97 The Charterers also undertake not to employ the Vessel 98 or suffer her employment in any trade or business which 99
is forbidden by the law of any country to which the Vessel 100 may sail or is otherwise illicit or in carrying illicit or 101 prohibited goods or in any manner whatsoever which 102 may render her liable to condemnation, destruction, 103 seizure or
confiscation. 104 Notwithstanding any other provisions contained in this 105 Charter it is agreed that nuclear fuels or radioactive 106 products or waste are specifically excluded from the 107 cargo permitted to be loaded or carried under this 108
Charter. This exclusion does not apply to radio-isotopes 109 used or intended to be used for any industrial, 110 commercial, agricultural, medical or scientific purposes 111 provided the Owners’ prior approval has been obtained 112 to loading
thereof. 113 7. Surveys on Delivery and Redelivery 114 (not applicable when Part III applies, as indicated in Box 37) 115 The Owners and Charterers shall each appoint 116 surveyors for the purpose of determining and agreeing 117 in writing the
condition of the Vessel at the time of 118 delivery and redelivery pursuant to Clause 40.3 (with 119 the relevant costs paid by the Charterers).hereunder. The Owners shall bear all expenses of the On-hire
Survey including loss 120 of time, if any, and the Charterers shall bear all expenses 121 of the Off-hire Survey including loss of time, if any, at 122 the daily equivalent to the rate of hire or pro rata
thereof. 123 8. Inspection 124 The Owners shall have the right at any time either (i) 125 once every calendar year provided no Potential Termination Event or Termination Event has occurred (after giving reasonable notice to the Charterers and
provided that the Owners do not unduly interfere with or cause delay to the commercial operation of the Vessel) or (ii) at any time following the occurrence of a Potential Termination Event or Termination Event and for as long as it is
continuing (after giving reasonable notice to the Charterers), to inspect or survey 126 the Vessel or instruct a duly authorised surveyor to carry 127 out such survey on their behalf:- 128 (a) to ascertain the condition of the Vessel and satisfy 129
themselves that the Vessel is being properly repaired 130 and maintained. The costs and fees for such inspection 131 or survey shall be paid by the Charterers, subject to the 132 above conditions as may be applicable from lines 125 This document is
a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and
this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel is found to require repairs or
maintenance in order to 133 achieve the condition so provided; 134 (b) in dry-dock if the Charterers have not dry-docked 135 Her in accordance with Clause 10(g). The
costs and fees 136 for such inspection or survey shall be paid by the 137 Charterers, subject to the above conditions as may be 138 applicable from lines 125 to 128; and (c) for any other commercial reason they consider 139 necessary (provided
it does not unduly interfere with 140 the commercial operation of the Vessel). The costs and 141 fees for such inspection and survey shall be paid by the 142 OwnersCharterers, subject to the above conditions as 143 may be applicable from lines 125
to 128. All time used in respect of inspection, survey or repairs 144 shall be for the Charterers’ account and form part of the 145 Charter Period. 146 The Charterers shall also permit the Owners to inspect 147 the Vessel’s log books
whenever requested and shall 148 whenever required by the Owners furnish them with full 149 information regarding any casualties or other accidents 150 or damage to the Vessel. 151 The Charterers shall provide such necessary assistance to the
Owners, their representatives or agents in respect of any inspection hereunder. 9. Inventories, Oil and Stores See Clause 34.7 152 A complete inventory of the Vessel’s entire equipment, 153 outfit including spare parts, appliances and of all
154 consumable stores on board the Vessel shall be made 155 by the Charterers in conjunction with the Owners on 156 delivery and again on redelivery of the Vessel. The 157 Charterers and the Owners, respectively, shall at the 158 time of delivery
and redelivery take over and pay for all 159 bunkers, lubricating oil, unbroached provisions, paints, 160 ropes and other consumable stores (excluding spare 161 parts) in the said Vessel at the then current market prices 162 at the ports of delivery
and redelivery, respectively. The 163 Charterers shall ensure that all spare parts listed in the 164 inventory and used during the Charter Period are 165 replaced at their expense prior to redelivery of the 166 Vessel. 167 10. Maintenance and
Operation 168 (a)(i)Maintenance and Repairs—During the Charter 169 Period the Vessel shall be in the full possession 170 and at the absolute disposal for all purposes of the 171 Charterers and under their complete control in 172 every respect.
The Charterers shall maintain the 173 Vessel, her machinery, boilers, appurtenances and 174 spare parts in a good state of repair, in efficient 175 operating condition and in accordance with good 176 commercial maintenance practice and, except as
177 provided for in Clause 14(l), if applicable, at their 178 own expense they shall at all times keep the 179 Vessel’s Class classification fully up to date with 180 the Classification Society indicated in Box 10 and maintain all other
181 necessary certificates in force at all times. 182 (ii) New Class and Other Safety Requirements—In the 183 event of any improvement, structural changes or 184 new equipment becoming necessary for the 185 continued operation of the
Vessel by reason of new 186 class requirements or by compulsory legislation 187 costing (excluding the Charterers’ loss of time) 188 more than the percentage stated in Box 23, or if 189 Box 23 is left blank, 5 per cent. of the
Vessel’s 190 insurance value as stated in Box 29, then the 191 extent, if any, to which the rate of hire shall be varied 192 and the ratio in which the cost of compliance shall 193 be shared between the parties concerned in order 194 to achieve
a reasonable distribution thereof as 195 between the Owners and the Charterers having 196 regard, inter alia, to the length of the period 197 remaining under this Charter shall, in the absence 198 of agreement, be referred to the dispute resolution
199 method agreed in Clause 30., the Charterers shall 200 ensure that the same are complied with and the time and costs of compliance shall be for the Charterers’ account. (iii) Financial Security—The Charterers shall maintain 201
financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to enable the Vessel, without 205 penalty or charge,
lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous 207 waters of any country, state or municipality in 208 performance of this Charter without any delay. This 209 obligation shall apply whether or not such 210
requirements have been lawfully imposed by such 211 government or division or authority thereof. 212 The Charterers shall make and maintain all arrange- 213 ments by bond or otherwise as may be necessary to 214 satisfy such requirements at the
Charterers’ sole 215 expense and the Charterers shall indemnify the Owners 216 against all consequences whatsoever (including loss of 217 time) for any failure or inability to do so. 218 (b) Operation of the Vessel—The Charterers shall at
219 their own expense and by their own procurement man, 220 victual, navigate, operate, supply, fuel and, whenever 221 required, repair the Vessel during the Charter Period 222 and they shall pay all charges and expenses of every 223 kind and nature
whatsoever incidental to their use and 224 operation of the Vessel under this Charter, including 225 annual flag Flag State fees and any foreign general 226 municipality and/or state taxes. The Master, officers 227 and crew of the Vessel shall be
the servants of the Charterers 228 for all purposes whatsoever, even if for any reason 229 appointed by the Owners. 230 Charterers shall comply with the regulations regarding 231 officers and crew in force in the country of the Vessel’s 232
flag or any other applicable law. 233 (c) The Charterers shall keep the Owners and the 234 mMortgagee(s) advised of the intended employment 235 (other than in respect of time charterers which are less than 13 months in duration (after including any
optional extension periods)), planned dry-docking (other than the periodical dry- 236 docking referred to under paragraph (g) below) and major repairs of the
Vessel, as reasonably required. 237 (d) Flag and Name of Vessel – During the Charter 238 Period, the Charterers shall have the liberty to paint the 239 Vessel in their own colours, install and display their 240 funnel insignia and fly their own
house flag (with all fees, 241 costs and expenses arising in relation thereto for the Charterers account). The Charterers shall also have the liberty, with the Owners’ 242 consent, which shall not be unreasonably withheld, to 243 change the
flag of the Vessel to that of another Flag 244 State (with all fees, costs and expenses arising in relation thereto for the Charterers’ account) and/or with the Owners’ consent, the name of the Vessel (with all fees, costs and expenses
arising in relation thereto for the Charterers’ account) during the Charter Period. Any Ppainting and re-painting, 245 instalment and re-instalment, registration
(including maintenance 246 and renewal thereof) and re-registration, if required by the Owners, shall be at the Charterers’ 247 expense and time. If the Flag State requires the 248 Owners to establish a
physical presence or office in the jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. (e) Changes to the
Vessel – Subject to Clause 10(a)(ii) and 249 Clause 10(b), the Charterers shall make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form
must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter Vessel which materially adversely affect the Vessel’s 251
classification or value or changes in the machinery, boilers, appurten- ances or spare parts thereof without in each instance 252 first securing the Owners’ approval thereof. If the Owners 253 so agree, the Charterers shall, if the Owners so
require, 254 restore the Vessel to its former condition before the 255 termination of this Charter. 256 (f) Use of the Vessel’s Outfit, Equipment and 257 Appliances—The Charterers shall have the use of all 258 outfit, equipment, and
appliances on board the Vessel 259 at the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners 261 on redelivery (without prejudice to Clauses 40.6 and 262 40.7 and if redelivery is required
pursuant to this Charter) in the same good order and condition as when received, ordinary wear and tear excepted. The 263 Charterers shall from time to time during the Charter 264 Period replace such items of equipment as shall be so 265 damaged or
worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 in such manner (both as regards workmanship and 269 quality of materials) as not to
diminish the value of the 270 Vessel. Title of any equipment so replaced shall vest 271 in and remain with the Owners. The Charterers have the right to fit additional equipment at their expense and risk (provided that no 272 permanent structural
damage is caused to the Vessel by reason of such installation) andbut the Charterers shall, at their expense, remove such equipment and 273 make good any damage caused by the fitting or removal of such additional equipment before the Vessel is
redelivered to the Owners pursuant to Clause 40.3 and without prejudice to Clauses 40.6 and 40.7,at the end of the period if requested by the Owners. Any equipment including radio 274 equipment on hire on the Vessel at time of delivery shall 275 be
kept and maintained by the Charterers and the 276 Charterers shall assume the obligations and liabilities 277 of the Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for all 279 expenses incurred in
connection therewith, also for any 280 new equipment required in order to comply with radio 281 regulations. 282 (g) Periodical Dry-Docking—The Charterers shall
dry- 283 dock the Vessel and clean and paint her underwater 284 parts whenever the same may be necessary, but not 285 less than once during the period stated in Box 19 or, if 286 Box 19 has been left blank,
every sixty (60) calendar 287 months after delivery or such other period as may be 288 required by the Classification Society or flag State. 289 11. Hire See Clause 36 290 (a) The Charterers shall pay hire due to the Owners 291 punctually in
accordance with the terms of this Charter 292 in respect of which time shall be of the essence. 293 (b) The Charterers shall pay to the Owners for the hire 294 of the Vessel a lump sum in the amount indicated in 295 Box 22 which shall be payable not
later than every thirty 296 (30) running days in advance, the first lump sum being 297 payable on the date and hour of the Vessel’s delivery to 298 the Charterers. Hire shall be paid continuously 299 throughout the Charter Period. 300 (c)
Payment of hire shall be made in cash without 301 discount in the currency and in the manner indicated in 302 Box 25 and at the place mentioned in Box 26. 303 (d) Final payment of hire, if for a period of less than 304 thirty (30) running days,
shall be calculated proportionally 305 according to the number of days and hours remaining 306 before redelivery and advance payment to be effected 307 accordingly. 308 (e) Should the Vessel be lost or missing, hire shall 309 cease from the date and
time when she was lost or last 310 heard of. The date upon which the Vessel is to be treated 311 as lost or missing shall be ten (10) days after the Vessel 312 was last reported or when the Vessel is posted as 313 missing by Lloyd’s,
whichever occurs first. Any hire paid 314 in advance to be adjusted accordingly. 315 (f) Any delay in payment of hire shall entitle the 316 Owners to interest at the rate per annum as agreed 317 in Box 24. If Box 24 has not been filled in, the three
months 318 Interbank offered rate in London (LIBOR or its successor) 319 for the currency stated in Box 25, as quoted by the British 320 Bankers’ Association (BBA) on the date when the hire 321 fell due, increased by 2 per cent., shall
apply. 322 (g) Payment of interest due under sub-clause 11(f) 323 shall be made within seven (7) running days of the date 324 of the Owners’ invoice specifying the amount payable 325 or, in the
absence of an invoice, at the time of the next 326 hire payment date. 327 12. Mortgage See Clause 35 328 (only to apply if Box 28 has been appropriately filled in) 329 *) (a) The Owners warrant that they have not effected 330 any mortgage(s) of the
Vessel and that they shall not 331 effect any mortgage(s) without the prior consent of the 332 Charterers, which shall not be unreasonably withheld. 333 *) (b) The Vessel chartered under this Charter is financed 334 by a mortgage according to the
Financial Instrument. 335 The Charterers undertake to comply, and provide such 336 information and documents to enable the Owners to 337 comply, with all such instructions or directions in regard 338 to the employment, insurances, operation, repairs
and 339 maintenance of the Vessel as laid down in the Financial 340 Instrument or as may be directed from time to time during 341 the currency of the Charter by the mortgagee(s) in 342 conformity with the Financial Instrument. The Charterers 343
confirm that, for this purpose, they have acquainted 344 themselves with all relevant terms, conditions and 345 provisions of the Financial Instrument and agree to 346 acknowledge this in writing in any form that may be 347 required by the
mortgagee(s). The Owners warrant that 348 they have not effected any mortgage(s) other than stated 349 in Box 28 and that they shall not agree to any 350 amendment of the mortgage(s) referred to in Box 28 or 351 effect any other mortgage(s) without
the prior consent 352 of the Charterers, which shall not be unreasonably 353 withheld. 354 *) (Optional, Clauses 12(a) and 12(b) are alternatives; 355 indicate alternative agreed in Box 28). 356 13. Insurance and Repairs See also Clause 38 357 (a)
Subject and without prejudice to Clause 38, 358 Dduring the Charter Period the Vessel shall be kept insured by the Charterers at their expense against hull 359 and machinery, marine and war (including blocking 360 and trapping) and Protection and
Indemnity risks (excluding freight, demurrage and defence risks) (and any risks against which it is compulsory to insure 361 for the operation of the Vessel, including but not limited 362 to maintaining financial security in accordance with sub-clause 363 10(a)(iii)) in such form as the Owners shall in writing 364    approve, which approval shall not be un-reasonably 365 withheld. During the
Charter Period, the Charterers 366 shall procure (at Charterers’ expense) that there are in place innocent Owners’ interest insurance, Owner’s additional perils (pollution) insurance and if applicable Mortgagees’ interest
insurance and Mortgagees’ additional perils (pollution) insurance. Such insurances as specified in this Clause 13 shall be arranged by the Charterers to protect the interests of both the Owners 367 and the Charterers and the
mortgageeMortgagee(s) (if 368 any),. and The Charterers shall be at liberty to protect under such 369 insurances the interests of any managers they may 370 appoint. Insurance policies shall cover the Owners and 371 the Charterers and the Mortgagees
(if any) according to 372 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter their respective interests. Subject to the provisions of the Financial
Instruments (if 373 any), if and the agreed loss payable clauses, any, and the approval of the Owners and the insurers, 374 the Charterers shall effect all insured repairs and shall 375 undertake settlement and reimbursement from the 376 insurers of
all costs in connection with such repairs as 377 well as insured charges, expenses and liabilities to the 378 extent of coverage under the insurances herein provided 379 for. 380 The Charterers also to remain responsible for and to 381 effect
repairs and settlement of costs and expenses 382 incurred thereby in respect of all other repairs not 383 covered by the insurances and/or not exceeding any 384 possible franchise(s) or deductibles provided for in the 385 insurances. 386 All time
used for repairs under the provisions of sub- 387 clause 13(a) and for repairs of latent defects according 388 to Clause 3(c) above, including any deviation, shall be 389 for the Charterers’ account. 390
(b) If the conditions of the above insurances permit 391 additional insurance to be placed by the parties, such 392 cover shall be limited to the amount for each party set 393 out in Box 30 and Box 31, respectively. The Owners or 394 the Charterers
as the case may be shall immediately 395 furnish the other partyOwners with particulars of any 396 additional insurance effected, including copies of any cover notes 397 or policies and the written consent of the insurers of 398 any such required
insurance in any case where the 399 consent of such insurers is necessary. The Charterers 400 hereby undertake that any additional insurances that they arrange now or in the future will always be compliant with the terms of the underlying hull and
machinery policies. (c) The Charterers shall upon the request of the 401 Owners, provide information and promptly execute such 402 documents as may be required to enable the Owners to 403 comply with the insurance provisions of the each 404
Financial Instrument (if any). 405 (d) Subject to the provisions of the Financial Instru- 406 ments, if any, and Clause 38 and Clause 40, should the 407 Vessel become an actual, constructive, compromised or agreed a tTotal lLoss under 408 the
insurances required under sub-clause 13(a), all 409 insurance payments for such loss shall be paid to the 410 Owners (or if applicable, their financiers) in 411 accordance with the agreed loss payable clauses
who shall distribute the moneys between the Owners and the Charterers according to their respective 412 interests. The Charterers undertake to notify the Owners 413 and the mortgageeMortgagee(s), if any, of any 414 occurrences in consequence of
which the Vessel is likely to become a 415 Ttotal Lloss as defined in this Clause. 416 (e) The Owners shall upon the request of the 417 Charterers, promptly execute such documents as may 418 be required to enable the Charterers to abandon the 419
Vessel to insurers and claim a constructive total loss. 420 (f) For the purpose of insurance coverage against hull 421 and machinery and war risks under the provisions of 422 sub-clause 13(a), the value of the
Vessel is the sum 423 indicated in Box 29Clause 38. 424 14. Insurance, Repairs and Classification – intentionally 425 omitted (Optional, only to apply if expressly agreed and stated 426 in Box 29, in which event Clause 13 shall be considered
427 deleted). 428 (a) During the Charter Period the Vessel shall be kept 429 insured by the Owners at their expense against hull and 430 machinery and war risks under the form of policy or 431 policies attached hereto. The Owners and/or insurers 432
shall not have any right of recovery or subrogation 433 against the Charterers on account of loss of or any 434 damage to the Vessel or her machinery or appurt- 435 enances covered by such insurance, or on account of 436 payments made to discharge
claims against or liabilities 437 of the Vessel or the Owners covered by such insurance. 438 Insurance policies shall cover the Owners and the 439 Charterers according to their respective interests. 440 (b) During the Charter Period the Vessel shall
be kept 441 insured by the Charterers at their expense against 442 Protection and Indemnity risks (and any risks against 443 which it is compulsory to insure for the operation of the 444 Vessel, including maintaining financial security in 445
accordance with sub-clause 10(a)(iii)) in such form as 446 the Owners shall in writing approve which approval shall 447 not be unreasonably withheld. 448 (c) In the event that any act or negligence of the 449
Charterers shall vitiate any of the insurance herein 450 provided, the Charterers shall pay to the Owners all 451 losses and indemnify the Owners against all claims and 452 demands which would otherwise have been covered by 453 such insurance. 454
(d) The Charterers shall, subject to the approval of the 455 Owners or Owners’ Underwriters, effect all insured 456 repairs, and the Charterers shall undertake settlement 457 of all miscellaneous expenses in connection with such 458 repairs as
well as all insured charges, expenses and 459 liabilities, to the extent of coverage under the insurances 460 provided for under the provisions of sub-clause 14(a). 461 The Charterers to be secured
reimbursement through 462 the Owners’ Underwriters for such expenditures upon 463 presentation of accounts. 464 (e) The Charterers to remain responsible for and to 465 effect repairs and settlement of costs and expenses 466 incurred thereby in
respect of all other repairs not 467 covered by the insurances and/or not exceeding any 468 possible franchise(s) or deductibles provided for in the 469 insurances. 470 (f) All time used for repairs under the provisions of 471 sub-clauses 14(d) and 14(e) and for repairs of latent 472 defects according to Clause 3 above, including any 473 deviation, shall be for the Charterers’ account and shall 474 form part of the Charter Period.
475 The Owners shall not be responsible for any expenses 476 as are incident to the use and operation of the Vessel 477 for such time as may be required to make such repairs. 478 (g) If the conditions of the above insurances permit 479 additional
insurance to be placed by the parties such 480 cover shall be limited to the amount for each party set 481 out in Box 30 and Box 31, respectively. The Owners or 482 the Charterers as the case may be shall immediately 483 furnish the other party with
particulars of any additional 484 insurance effected, including copies of any cover notes 485 or policies and the written consent of the insurers of 486 any such required insurance in any case where the 487 consent of such insurers is necessary. 488
(h) Should the Vessel become an actual, constructive, 489 compromised or agreed total loss under the insurances 490 required under sub-clause 14(a), all insurance payments 491 for such loss shall be paid to
the Owners, who shall 492 distribute the moneys between themselves and the 493 Charterers according to their respective interests. 494 (i) If the Vessel becomes an actual, constructive, 495 compromised or agreed total loss under the insurances 496
arranged by the Owners in accordance with sub-clause 497 14(a), this Charter shall terminate as of the date of such 498 loss. 499 (j) The Charterers shall upon the request of the 500 Owners, promptly execute
such documents as may be 501 required to enable the Owners to abandon the Vessel 502 to the insurers and claim a constructive total loss. 503 (k) For the purpose of insurance coverage against hull 504 and machinery and war risks under the provisions
of 505 sub-clause 14(a), the value of the Vessel is the sum 506 indicated in Box 29. 507 (l) Notwithstanding anything contained in sub-clause 508 This document is a
computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and
this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 10(a), it is agreed that under the provisions of Clause 509 14, if
applicable, the Owners shall keep the Vessel’s 510 Class fully up to date with the Classification Society 511 indicated in Box 10 and maintain all other necessary 512 certificates in force at all times. 513 15. Redelivery See Clause 40 514
At the expiration of the Charter Period the Vessel shall 515 be redelivered by the Charterers to the Owners at a 516 safe and ice-free port or place as indicated in Box 16, in 517 such ready safe berth as the
Owners may direct. The 518 Charterers shall give the Owners not less than thirty 519 (30) running days’ preliminary notice of expected date, 520 range of ports of redelivery or port or place of redelivery 521 and not less than fourteen
(14) running days’ definite 522 notice of expected date and port or place of redelivery. 523 Any changes thereafter in the Vessel’s position shall be 524 notified immediately to the Owners. 525 The Charterers warrant that they will
not permit the 526 Vessel to commence a voyage (including any preceding 527 ballast voyage) which cannot reasonably be expected 528 to be completed in time to allow redelivery of the Vessel 529 within the Charter Period. Notwithstanding the above,
530 should the Charterers fail to redeliver the Vessel within 531 The Charter Period, the Charterers shall pay the daily 532 equivalent to the rate of hire stated in Box 22 plus 10 533 per cent. or to the market rate, whichever is the higher,
534 for the number of days by which the Charter Period is 535 exceeded. All other terms, conditions and provisions of 536 this Charter shall continue to apply. 537 Subject to the provisions of Clause 10, the Vessel shall 538 be redelivered to the
Owners in the same or as good 539 structure, state, condition and class as that in which she 540 was delivered, fair wear and tear not affecting class 541 excepted. 542 The Vessel upon redelivery shall have her survey cycles 543 up to date and
trading and class certificates valid for at 544 least the number of months agreed in Box 17. 545 16. Non-Lien 546 Other than Permitted Security Interests, Tthe 547 Charterers will not suffer, nor permit to be
continued, any lien or encumbrance incurred by them or their 548 agents, which might have priority over the title and 549 interest of the Owners in the Vessel. The Charterers 550 further agree to fasten to the Vessel in a conspicuous 551 place and
to keep so fastened during the Charter Period 552 a notice reading as follows: 553 “This Vessel is the property of (name of Owners). It is 554 under charter to (name of Charterers) and by the terms 555 of the Charter Party neither the
Charterers nor the 556 Master have any right, power or authority to create, incur 557 or permit to be imposed on the Vessel any lien 558 whatsoever.” 559 or a notice in such form as required by any Mortgagee(s). 17. Indemnity See Clauses 37.3,
38.14, 38.15, 40.5, 41.2 560 and 50 (a) The Charterers shall indemnify the Owners against 561 any loss, damage or expense incurred by the Owners 562 arising out of or in relation to the operation of the Vessel 563 by the Charterers, and against any
lien of whatsoever 564 nature arising out of an event occurring during the 565 Charter Period. If the Vessel be arrested or otherwise 566 detained by reason of claims or liens arising out of her 567 operation hereunder by the Charterers, the
Charterers 568 shall at their own expense take all reasonable steps to 569 secure that within a reasonable time the Vessel is 570 released, including the provision of bail. 571 Without prejudice to the generality of the foregoing, the 572 Charterers
agree to indemnify the Owners against all 573 consequences or liabilities arising from the Master, 574 officers or agents signing Bills of Lading or other 575 documents. 576 (b) If the Vessel be arrested or otherwise detained by 577 reason of a
claim or claims against the Owners, the 578 Owners shall at their own expense take all reasonable 579 steps to secure that within a reasonable time the Vessel 580 is released, including the provision of bail. 581 In such circumstances the Owners
shall indemnify the 582 Charterers against any loss, damage or expense 583 incurred by the Charterers (including hire paid under 584 this Charter) as a direct consequence of such arrest or 585 detention. 586 18. Lien 587 The Owners to have a lien
upon all cargoes, sub-hires 588 and sub-freights belonging or due to the Charterers or 589 any sub-charterers and any Bill of
Lading freight for all 590 claims under this Charter, and the Charterers to have a 591 lien on the Vessel for all moneys paid in advance and 592 not earned. 593 19. Salvage 594 All salvage and towage performed by the Vessel shall 595 be for the
Charterers’ benefit and the cost of repairing 596 damage occasioned thereby shall be borne by the 597 Charterers. 598 20. Wreck Removal 599 In the event of the Vessel becoming a wreck or 600 obstruction to navigation the Charterers shall
indemnify 601 the Owners against any sums whatsoever which the 602 Owners shall become liable to pay and shall pay in 603 consequence of the Vessel becoming a wreck or 604 obstruction to navigation. 605 21. General Average 606 The Owners shall not
contribute to General Average. 607 22. Assignment, Sub-Charter and Sale (see Clauses 608 46.1(v)) and 40.3) (a) The Charterers shall not assign this Charter nor 609
sub-charter the Vessel on a bareboat basis except with 610 the prior consent in writing of the Owners, which shall 611 not be unreasonably withheld, and subject to such terms 612 and conditions as the Owners
shall approve. 613 (b) The Owners shall not sell the Vessel during the 614 currency of this Charter except with the prior written 615 consent of the Charterers, which shall not be unreason- 616 ably withheld, and subject to the buyer accepting an
617 assignment of this Charter. 618 23. Contracts of Carriage 619 *) (a) The Charterers are to procure that all documents 620 issued during the Charter Period evidencing the terms 621 and conditions agreed in respect of carriage of goods 622 shall
contain a paramount clause incorporating any 623 legislation relating to carrier’s liability for cargo 624 compulsorily applicable in the trade; if no such legislation 625 exists, the documents shall incorporate the Hague-Visby 626 Rules. The
documents shall also contain the New Jason 627 Clause and the Both-to-Blame Collision Clause. 628 *) (b) The Charterers are to procure that all passenger 629 tickets
issued during the Charter Period for the carriage 630 of passengers and their luggage under this Charter shall 631 contain a paramount clause incorporating any legislation 632    relating to carrier’s liability for
passengers and their 633 luggage compulsorily applicable in the trade; if no such 634 legislation exists, the passenger tickets shall incorporate 635 the Athens Convention Relating to the Carriage of 636 Passengers and their Luggage by Sea, 1974,
and any 637 protocol thereto. 638 *) Delete as applicable. 639 24. Bank Corporate Guarantee 640 (Optional, only to apply if Box 27 filled in) 641 The Charterers undertake to furnish, on or about the 642 date of this Charter before delivery of the
Vessel, a first class bank a corporate guarantee from 643 the Guarantor or bond in the sum and at the place as indicated in Box 27 as 644 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document
shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter guarantee, and on or about the date of this Charter the other Security
Documents (as the case may be) as 645 security, in each case for full performance of their obligations under this Charter. 646 25. Requisition/Acquisition 647 (a) Subject to the provisions of the Financial 648 Instruments (if any) and the General
Assignment, Iin the event of the Requisition for Hire of the Vessel by any governmental or other competent authority 649 (hereinafter referred to as “Requisition for Hire”) 650 irrespective of the date during the Charter Period when 651
“Requisition for Hire” may occur and irrespective of the 652 length thereof and whether or not it be for an indefinite 653 or a limited period of time, and irrespective of whether it 654 may or will remain in force for the remainder of the
655 Charter Period, this Charter shall not be deemed thereby 656 or thereupon to be frustrated or otherwise terminated 657 and the Charterers shall continue to pay the stipulated 658 hire in the manner provided by this Charter until the time 659
when the Charter would have terminated pursuant to 660 any of the provisions hereof always provided however 661 that if all hire has been paid by the Charterers 662 hereunder then in the event of “Requisition for Hire” any Requisition Hire
or compensation is received or receivable by the 663 Owners, the same shall be payable to the Charterers 664 during the remainder of the Charter Period or the period of the 665 “Requisition for Hire” whichever be the shorter. 666 (b) In
the event of the Owners being deprived of their 667 ownership in the Vessel by any Compulsory Acquisition 668 of the Vessel or requisition for title by any governmental 669 or other competent authority (hereinafter referred to as 670
“Compulsory Acquisition”), then, irrespective of the date 671 during the Charter Period when “Compulsory Acqui- 672 sition” may occur, this Charter shall be deemed 673 terminated as of the date of such “Compulsory 674
Acquisition”. In such event Charter Hire to be considered 675 as earned and to be paid up to the date and time of 676 such “Compulsory Acquisition”. 677 26. War 678 (a) Subject to the provisions of the Financial 679 Instruments (if
any), Ffor the purpose of this Clause, the words “War Risks” shall include any war (whether actual or 680 threatened), act of war, civil war, hostilities, revolution, 681 rebellion, civil commotion, warlike operations, the laying 682 of
mines (whether actual or reported), acts of piracy, 683 acts of terrorists, acts of hostility or malicious damage, 684 blockades (whether imposed against all vessels or 685 imposed selectively against vessels of certain flags or 686 ownership, or
against certain cargoes or crews or 687 otherwise howsoever), by any person, body, terrorist or 688 political group, or the Government of any state 689 whatsoever, which may be dangerous or are likely to be 690 or to become dangerous to the Vessel,
her cargo, crew 691 or other persons on board the Vessel. 692 (b) Without first obtaining the consent of the 693 insurers to such employment and complying with the terms of Clause 38 and such other requirements as to extra insurance premiums or any
other requirements as may be prescribed by the insurers, tThe Vessel, unless the written consent of the Owners be first obtained, shall not continue to or go 694 through any port, place, area or zone (whether of land 695 or sea), or any waterway or
canal, where it reasonably 696 appears that the Vessel, her cargo, crew or other 697 persons on board the Vessel, in the reasonable 698 judgement of the Owners, may be, or are likely to be, 699 exposed to War Risks. Should the Vessel be within any
700 such place as aforesaid, which only becomes danger- 701 ous, or is likely to be or to become dangerous, after her 702 entry into it, the Owners shall have the right to require 703 the Vessel to leave such area. 704 (c) The Vessel shall not load
contraband cargo, or to 705 pass through any blockade, whether such blockade be 706 imposed on all vessels, or is imposed selectively in any 707 way whatsoever against vessels of certain flags or 708 ownership, or against certain cargoes or crews or
709 otherwise howsoever, or to proceed to an area where 710 she shall be subject, or is likely to be subject to 711 a belligerent’s right of search and/or confiscation. 712 (d) If the insurers of the war risks insurance, when 713 Clause 14 is
applicable, should require payment of 714 premiums and/or calls because, pursuant to the 715 Charterers’ orders, the Vessel is within, or is due to enter 716 and remain within, any area or areas which are specified 717 by such insurers as being
subject to additional premiums 718 because of War Risks, then such premiums and/or calls 719 shall be reimbursed by the Charterers to the Owners at 720 the same time as the next payment of hire is due. 721 (e) The Charterers shall have the liberty:
722 (i) to comply with all orders, directions, recommend- 723 ations or advice as to departure, arrival, routes, 724 sailing in convoy, ports of call, stoppages, 725 destinations, discharge of cargo, delivery, or in any 726 other way whatsoever,
which are given by the 727 Government of the Nation under whose flag the 728 Vessel sails, or any other Government, body or 729 group whatsoever acting with the power to compel 730 compliance with their orders or directions; 731 (ii) to comply with
the orders, directions or recom- 732 mendations of any war risks underwriters who have 733 the authority to give the same under the terms of 734 the war risks insurance; 735 (iii) to comply with the terms of any resolution of the 736 Security
Council of the United Nations, any 737 directives of the European Community, the effective 738 orders of any other Supranational body which has 739 the right to issue and give the same, and with 740 national laws aimed at enforcing the same to which
741 the Owners are subject, and to obey the orders 742 and directions of those who are charged with their 743 enforcement. 744 (f) In the event of outbreak of war (whether there be a 745 declaration of war or not) (i) between any two or more
746 of the following countries: the United States of America; 747 Russia; the United Kingdom; France; and the People’s 748 Republic of China, (ii) between any two or more of the 749 countries stated in Box 36, both the Owners and the 750
Charterers shall have the right to cancel this Charter, 751 whereupon the Charterers shall redeliver the Vessel to 752 the Owners in accordance with Clause 15, if the Vessel 753 has cargo on board after discharge thereof at 754 destination, or if
debarred under this Clause from 755 reaching or entering it at a near, open and safe port as 756 directed by the Owners, or if the Vessel has no cargo 757 on board, at the port at which the Vessel then is or if at 758 sea at a near, open and safe
port as directed by the 759 Owners. In all cases hire shall continue to be paid in 760 accordance with Clause 11 and except as aforesaid all 761 other provisions of this Charter shall apply until 762 redeliverythe end of the Security Period. 763 27.
Commission – intentionally omitted 764 The Owners to pay a commission at the rate indicated 765 in Box 33 to the Brokers named in Box 33 on any hire 766 paid under the Charter. If no rate is indicated in Box 33, 767 the commission to be paid by
the Owners shall cover 768 the actual expenses of the Brokers and a reasonable 769 fee for their work. 770 If the full hire is not paid owing to breach of the Charter 771 by either of the parties the party liable therefor shall 772 indemnify the
Brokers against their loss of commission. 773 Should the parties agree to cancel the Charter, the 774 Owners shall indemnify the Brokers against any loss of 775 commission but in such case the commission shall not 776 This document is a computer
generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which
is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer
generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter exceed the brokerage on one year’s hire. 777 28. Termination See
Clauses 40 and 44 778 (a) Charterers’ Default 779 The Owners shall be entitled to withdraw the Vessel from 780 the service of the Charterers and terminate the Charter 781 with immediate effect by written notice to the Charterers if: 782 (i) the
Charterers fail to pay hire in accordance with 783 Clause 11. However, where there is a failure to 784 make punctual payment of hire due to oversight, 785 negligence, errors or omissions on the part of the 786 Charterers or their bankers, the Owners
shall give 787 the Charterers written notice of the number of clear 788 banking days stated in Box 34 (as recognised at 789 the agreed place of payment) in which to rectify 790 the failure, and when so rectified within such 791 number of days
following the Owners’ notice, the 792 payment shall stand as regular and punctual. 793 Failure by the Charterers to pay hire within the 794 number of days stated in Box 34 of their receiving 795 the Owners’ notice as provided herein, shall
entitle 796 the Owners to withdraw the Vessel from the service 797 of the Charterers and terminate the Charter without 798 further notice; 799 (ii) the Charterers fail to comply with the requirements of: 800 (1) Clause 6 (Trading Restrictions) 801
(2) Clause 13(a) (Insurance and Repairs) 802 provided that the Owners shall have the option, by 803 written notice to the Charterers, to give the 804 Charterers a specified number of days grace within 805 which to rectify the failure without
prejudice to the 806 Owners’ right to withdraw and terminate under this 807 Clause if the Charterers fail to comply with such 808 notice; 809 (iii) the Charterers fail to rectify any failure to comply 810 with the requirements of sub-clause 10(a)(i) 811 (Maintenance and Repairs) as soon as practically 812 possible after the Owners have requested them in 813 writing so to do and in any event so that the Vessel’s 814 insurance cover is
not prejudiced. 815 (b) Owners’ Default 816 If the Owners shall by any act or omission be in breach 817 of their obligations under this Charter to the extent that 818 the Charterers are deprived of the use of the Vessel 819 and such breach
continues for a period of fourteen (14) 820 running days after written notice thereof has been given 821 by the Charterers to the Owners, the Charterers shall 822 be entitled to terminate this Charter with immediate effect 823 by written notice to
the Owners. 824 (c) Loss of Vessel 825 This Charter shall be deemed to be terminated if the 826 Vessel becomes a total loss or is declared as a 827 constructive or compromised or arranged total loss. For 828 the purpose of this sub-clause, the Vessel shall not be 829 deemed to be lost unless she has either become an 830 actual total loss or agreement has been reached with 831 her underwriters in respect of her constructive, 832 compromised
or arranged total loss or if such agreement 833 with her underwriters is not reached it is adjudged by a 834 competent tribunal that a constructive loss of the Vessel 835 has occurred. 836 (d) Either party shall be entitled to terminate this 837
Charter with immediate effect by written notice to the 838 other party in the event of an order being made or 839 resolution passed for the winding up, dissolution, 840 liquidation or bankruptcy of the other party (otherwise 841 than for the purpose
of reconstruction or amalgamation) 842 or if a receiver is appointed, or if it suspends payment, 843 ceases to carry on business or makes any special 844 arrangement or composition with its creditors. 845 (e) The termination of this Charter shall be
without 846 prejudice to all rights accrued due between the parties 847 prior to the date of termination and to any claim that 848 either party might have. 849 29. Repossession 850 In the event of the Owners have made a request for 851 redelivery of
the Vessel termination of this Charter in accordance with the applicable provisions of Clause 852 28Clause 40.3, the Owners shall in addition have the right to repossess 853 the Vessel from the Charterers at her current or next port of call, or 854
at a port or place convenient to them without hindrance 855 or interference by the Charterers, courts or local 856 authorities. Pending physical repossession of the Vessel 857 in accordance with this Clause 29 and/or Clause 40, the 858 Charterers
shall hold the Vessel as gratuitous bailee only to the Owners 859 and the Charterers shall procure that the master and crew follow the orders and directions of the Owners. The Owners shall arrange for an authorised represent- 860 ative to board the
Vessel as soon as reasonably 861 practicable following the termination of the Charter. The 862 Vessel shall be deemed to be repossessed by the 863 Owners from the Charterers upon the boarding of the 864 Vessel by the Owners’ representative. All
arrangements 865 and expenses relating to the settling of wages, 866 disembarkation and repatriation of the Charterers’ 867 Master, officers and crew shall be the sole responsibility 868 of the Charterers. 869 30. Dispute Resolution 870 *) (a)
This Contract Charter and any non-contractual 871 obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and any dispute arising 872 out of or in
connection with this Contract Charter shall be 873 referred to arbitration in London in accordance with the Arbitration 874 Act 1996 or any statutory modification or re-enactment 875 thereof save to the extent
necessary to give effect to 876 the provisions of this Clause. 877 The arbitration shall be conducted in accordance with 878 the London Maritime Arbitrators Association (LMAA) 879 Terms current at the time when the arbitration proceed- 880 ings are
commenced. 881 The reference shall be to three arbitrators. A party 882 wishing to refer a dispute to arbitration shall appoint its 883 arbitrator and send notice of such appointment in writing 884 to the other party requiring the other party to
appoint its 885 own arbitrator within 14 calendar days of that notice and 886 stating that it will appoint its arbitrator as sole arbitrator 887 unless the other party appoints its own arbitrator and 888 gives notice that it has done so within the
14 days 889 specified. If the other party does not appoint its own 890 arbitrator and give notice that it has done so within the 891 14 days specified, the party referring a dispute to 892 arbitration may, without the requirement of any further 893
prior notice to the other party, appoint its arbitrator as 894 sole arbitrator and shall advise the other party 895 accordingly. The award of a sole arbitrator shall be 896 binding on both parties as if he had been appointed by 897 agreement. 898
Nothing herein shall prevent the parties agreeing in 899 writing to vary these provisions to provide for the 900 appointment of a sole arbitrator. 901 In cases where neither the claim nor any counterclaim 902 exceeds the sum of US$50,000 (or such
other sum as 903 the parties may agree) the arbitration shall be conducted 904 in accordance with the LMAA Small Claims Procedure 905 current at the time when the arbitration proceedings are 906 commenced. 907 *) (b) This Contract shall be governed
by and construed 908 in accordance with Title 9 of the United States Code 909 and the Maritime Law of the United States and any 910 dispute arising out of or in connection with this Contract 911 shall be referred to three persons at New York, one to
912 be appointed by each of the parties hereto, and the third 913 by the two so chosen; their decision or that of any two 914 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the
form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter of them shall be final, and for the purposes of enforcing 915 any
award, judgement may be entered on an award by 916 any court of competent jurisdiction. The proceedings 917 shall be conducted in accordance with the rules of the 918 Society of Maritime Arbitrators, Inc. 919 In cases where neither the claim nor any
counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at
924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928
connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there. 931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to refer to
mediation any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following shall apply:-
938 (i) Either party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on the other 942 party
to agree to mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a mediator within a further
947 14 calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate for that 951 purpose. The
mediation shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If the other party does not agree
to mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The mediation shall not affect the
right of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The arbitration procedure shall 966 continue
during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or specified in the 971 mediation terms, each
party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice 975 and confidential and no information or
documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties should be aware that the mediation 980 process
may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d)
shall 983 apply in all cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party
to the other 988 party shall be in writing and may be sent by fax, telex, 989 registered or recorded mail or by personal service. 990 (b) The address of the Parties for service of such 991 communication shall be as stated in Boxes 3 and 4 992
respectively. 993 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result
of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter PART III PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY (Optional, only to
apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 (a) The Vessel shall be constructed in accordance with 2 the Building Contract (hereafter called “the Building 3 Contract”) as annexed to this
Charter, made between the 4 Builders and the Owners and in accordance with the 5 specifications and plans annexed thereto, such Building 6 Contract, specifications and plans having been counter- 7 signed as approved by the Charterers. 8 (b) No
change shall be made in the Building Contract or 9 in the specifications or plans of the Vessel as approved by 10 the Charterers as aforesaid, without the Charterers’ 11 consent. 12 (c) The Charterers shall have the right to send their 13
representative to the Builders’ Yard to inspect the Vessel 14 during the course of her construction to satisfy themselves 15 that construction is in accordance with such approved 16 specifications and plans as referred to under sub-clause 17 (a) of this Clause. 18 (d) The Vessel shall be built in accordance with the 19 Building Contract and shall be of the description set out 20 therein. Subject to the provisions of sub-clause 2(c)(ii) 21 hereunder, the Charterers shall be bound to accept the 22 Vessel from the Owners, completed and constructed in 23 accordance with the Building Contract, on the date of 24 delivery by the
Builders. The Charterers undertake that 25 having accepted the Vessel they will not thereafter raise 26 any claims against the Owners in respect of the Vessel’s 27 performance or specification or defects, if any. 28 Nevertheless, in respect of
any repairs, replacements or 29 defects which appear within the first 12 months from 30 delivery by the Builders, the Owners shall endeavour to 31 compel the Builders to repair, replace or remedy any defects 32 or to recover from the Builders any
expenditure incurred in 33 carrying out such repairs, replacements or remedies. 34 However, the Owners’ liability to the Charterers shall be 35 limited to the extent the Owners have a valid claim against 36 the Builders under the guarantee
clause of the Building 37 Contract (a copy whereof has been supplied to the 38 Charterers). The Charterers shall be bound to accept such 39 sums as the Owners are reasonably able to recover under 40 this Clause and shall make no further claim on the
Owners 41 for the difference between the amount(s) so recovered and 42 the actual expenditure on repairs, replacement or 43 remedying defects or for any loss of time incurred. 44 Any liquidated damages for physical defects or deficiencies 45 shall
accrue to the account of the party stated in Box 41(a) 46 or if not filled in shall be shared equally between the parties. 47 The costs of pursuing a claim or claims against the Builders 48 under this Clause (including any liability to the Builders)
49 shall be borne by the party stated in Box 41(b) or if not 50 filled in shall be shared equally between the parties. 51 2. Time and Place of Delivery 52 (a) Subject to the Vessel having completed her 53 acceptance trials including trials of cargo
equipment in 54 accordance with the Building Contract and specifications 55 to the satisfaction of the Charterers, the Owners shall give 56 and the Charterers shall take delivery of the Vessel afloat 57 when ready for delivery and properly
documented at the 58 Builders’ Yard or some other safe and readily accessible 59 dock, wharf or place as may be agreed between the parties 60 hereto and the Builders. Under the Building Contract the 61 Builders have estimated that the Vessel
will be ready for 62 delivery to the Owners as therein provided but the delivery 63 date for the purpose of this Charter shall be the date when 64 the Vessel is in fact ready for delivery by the Builders after 65 completion of trials whether that be
before or after as 66 indicated in the Building Contract. The Charterers shall not 67 be entitled to refuse acceptance of delivery of the Vessel 68 and upon and after such acceptance, subject to Clause 69 1(d), the Charterers shall not be entitled
to make any claim 70 against the Owners in respect of any conditions, 71 representations or warranties, whether express or implied, 72 as to the seaworthiness of the Vessel or in respect of delay 73 in delivery. 74 (b) If for any reason other than a
default by the Owners 75 under the Building Contract, the Builders become entitled 76 under that Contract not to deliver the Vessel to the Owners, 77 the Owners shall upon giving to the Charterers written 78 notice of Builders becoming so entitled,
be excused from 79 giving delivery of the Vessel to the Charterers and upon 80 receipt of such notice by the Charterers this Charter shall 81 cease to have effect. 82 (c) If for any reason the Owners become entitled under 83 the Building Contract to
reject the Vessel the Owners shall, 84 before exercising such right of rejection, consult the 85 Charterers and thereupon 86 (i) if the Charterers do not wish to take delivery of the Vessel 87 they shall inform the Owners within seven
(7) running days 88 by notice in writing and upon receipt by the Owners of such 89 notice this Charter shall cease to have effect; or 90 (ii) if the Charterers wish to take delivery of the Vessel 91 they may by notice in writing within seven
(7) running days 92 require the Owners to negotiate with the Builders as to the 93 terms on which delivery should be taken and/or refrain from 94 exercising their right to rejection and upon receipt of such 95 notice the Owners shall commence
such negotiations and/ 96 or take delivery of the Vessel from the Builders and deliver 97 her to the Charterers; 98 (iii) in no circumstances shall the Charterers be entitled to 99 reject the Vessel unless the Owners are able to reject the 100
Vessel from the Builders; 101 (iv) if this Charter terminates under sub-clause (b) or (c) of 102 this Clause, the Owners shall thereafter not be liable to the 103 Charterers for any claim under or arising
out of this Charter 104 or its termination. 105 (d) Any liquidated damages for delay in delivery under the 106 Building Contract and any costs incurred in pursuing a claim 107 therefor shall accrue to the account of the party stated in 108 Box 41(c)
or if not filled in shall be shared equally between 109 the parties. 110 3. Guarantee Works 111 If not otherwise agreed, the Owners authorise the 112 Charterers to arrange for the guarantee works to be 113 performed in accordance with the building
contract terms, 114 and hire to continue during the period of guarantee works. 115 The Charterers have to advise the Owners about the 116 performance to the extent the Owners may request. 117 4. Name of Vessel 118 The name of the Vessel shall be
mutually agreed between 119 the Owners and the Charterers and the Vessel shall be 120 painted in the colours, display the funnel insignia and fly 121 the house flag as required by the Charterers. 122 5. Survey on Redelivery 123 The Owners and the
Charterers shall appoint surveyors 124 for the purpose of determining and agreeing in writing the 125 condition of the Vessel at the time of re-delivery. 126 Without prejudice to Clause 15 (Part II), the
Charterers 127 shall bear all survey expenses and all other costs, if any, 128 including the cost of docking and undocking, if required, 129 as well as all repair costs incurred. The Charterers shall 130 also bear all loss of time spent in
connection with any 131 docking and undocking as well as repairs, which shall be 132 paid at the rate of hire per day or pro rata. 133 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion
to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter PART IV HIRE/PURCHASE AGREEMENT (Optional, only to apply if expressly agreed
and stated in Box 42) On expiration of this Charter and provided the Charterers 1 have fulfilled their obligations according to Part I and II 2 as well as Part III, if applicable, it is agreed, that on 3 payment of the final payment of hire as per
Clause 11 4 the Charterers have purchased the Vessel with 5 everything belonging to her and the Vessel is fully paid 6 for. 7 In the following paragraphs the Owners are referred to 8 as the Sellers and the Charterers as the Buyers. 9 The Vessel
shall be delivered by the Sellers and taken 10 over by the Buyers on expiration of the Charter. 11 The Sellers guarantee that the Vessel, at the time of 12 delivery, is free from all encumbrances and maritime 13 liens or any debts whatsoever other
than those arising 14 from anything done or not done by the Buyers or any 15 existing mortgage agreed not to be paid off by the time 16 of delivery. Should any claims, which have been incurred 17 prior to the time of delivery be made against the
Vessel, 18 the Sellers hereby undertake to indemnify the Buyers 19 against all consequences of such claims to the extent it 20 can be proved that the Sellers are responsible for such 21 claims. Any taxes, notarial, consular and other charges 22 and
expenses connected with the purchase and 23 registration under Buyers’ flag, shall be for Buyers’ 24 account. Any taxes, consular and other charges and 25 expenses connected with closing of the Sellers’ register, 26 shall be for
Sellers’ account. 27 In exchange for payment of the last month’s hire 28 instalment the Sellers shall furnish the Buyers with a 29 Bill of Sale duly attested and legalized, together with a 30 certificate setting out the registered
encumbrances, if 31 any. On delivery of the Vessel the Sellers shall provide 32 for deletion of the Vessel from the Ship’s Register and 33 deliver a certificate of deletion to the Buyers. 34 The Sellers shall, at the time of delivery, hand to
the 35 Buyers all classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 be in Sellers’ possession. 38 The Wireless Installation and Nautical Instruments, 39 unless on hire, shall be
included in the sale without any 40 extra payment. 41 The Vessel with everything belonging to her shall be at 42 Sellers’ risk and expense until she is delivered to the 43 Buyers, subject to the conditions of this Contract and 44 the Vessel
with everything belonging to her shall be 45 delivered and taken over as she is at the time of delivery, 46 after which the Sellers shall have no responsibility for 47 possible faults or deficiencies of any description. 48 The Buyers undertake to
pay for the repatriation of the 49 Master, officers and other personnel if appointed by the 50 Sellers to the port where the Vessel entered the Bareboat 51 Charter as per Clause 3 (Part II) or to pay the equivalent 52 cost for their journey to any
other place. 53 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result
of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER
REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 For the purpose of this PART V, the following terms shall 2 have the meanings hereby assigned to them: 3 “The Bareboat Charter Registry” shall
mean the registry 4 of the State whose flag the Vessel will fly and in which 5 the Charterers are registered as the bareboat charterers 6 during the period of the Bareboat Charter. 7 “The Underlying Registry” shall mean the registry of the
8 state in which the Owners of the Vessel are registered 9 as Owners and to which jurisdiction and control of the 10 Vessel will revert upon termination of the Bareboat 11 Charter Registration. 12 2. Mortgage 13 The Vessel chartered under this
Charter is financed by 14 a mortgage and the provisions of Clause 12(b) (Part II) 15 shall apply. 16 3. Termination of Charter by Default 17 If the Vessel chartered under this Charter is registered 18 in a Bareboat Charter Registry as stated in Box
44, and 19 if the Owners shall default in the payment of any amounts 20 due under the mortgage(s) specified in Box 28, the 21 Charterers shall, if so required by the mortgagee, direct 22 the Owners to
re-register the Vessel in the Underlying 23 Registry as shown in Box 45. 24 In the event of the Vessel being deleted from the 25 Bareboat Charter Registry as stated in Box 44, due to a 26 default by the Owners
in the payment of any amounts 27 due under the mortgage(s), the Charterers shall have 28 the right to terminate this Charter forthwith and without 29 prejudice to any other claim they may have against the 30 Owners under this Charter. 31 This
document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text
of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved
document and this computer generated document. 
  

 Execution Version 

ADDITIONAL CLAUSES TO BARECON 2001 DATED 25 MAY 2018 

CLAUSE 32  – CHARTER PERIOD 
  

	 32.1
	 For the avoidance of doubt, notwithstanding the fact that the Charter Period shall commence on the Commencement
Date, this Charter shall be: 

  

	 (a)
	 in full force and effect; and 

 

	 (b)
	 valid, binding and enforceable against the parties hereto, 

 

	 (c)
	 with effect from the date of this Charter until the end of the Charter Period (subject to the terms of this Charter).

  

	 32.2
	 The Charter Period shall, subject to the terms of this Charter, continue for a period of sixty (60) months
from the Commencement Date. 

 CLAUSE 33  – CANCELLATION 

 

	 33.1
	 If: 

  

	 (a)
	 a Termination Event occurs prior to the delivery of the Vessel by the Charterers as sellers to Owners as buyers under
the MOA; 

  

	 (b)
	 it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their obligations under the MOA
or any of the obligations of the Owners under the MOA are not or cease to be legal, valid, binding and enforceable; and/or 

  

	 (c)
	 the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and
effect for any reason, 

 then this Charter shall immediately terminate and be cancelled (provided that any
provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever provided that the Owners shall be entitled to
retain all fees or amounts paid by the Charterers pursuant to Clause 41.1 and Clause 41.2(and without prejudice to Clause 41.1 or Clause 41.2 and if such fees or amounts have not been paid but are due and payable, the Charterers shall forthwith pay
such fees or amounts to the Owners in accordance with Clause 41.1) and such payment and any default interest in relation thereto shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners
in entering into this Charter upon the terms and conditions contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as compensation to the Owners, provided that if such termination or cancellation is
solely attributable to the Owners’ breach of their obligations under the Leasing Documents, any Total Loss or any incidents beyond the control of the Charterers (but in any case excluding, for the avoidance of doubt, any act or incident which
has taken place after the occurrence of a Termination Event or Potential Termination Event), then the Charterers shall not be discharged from the payment obligations under Clause 41.1 and if any fee has been paid by the Charterers (and actually
received by the Owners) prior to such termination or cancellation the Owners shall refund such fee to the Charterers (in any case without interest). 

  
 1 

 CLAUSE 34  – DELIVERY OF VESSEL 

34.1 
  

	 (a)
	 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one
of the Leasing Documents. 

  

	 (b)
	 Prior to the Owners’ prepositioning of the Relevant Amount on the Prepositioning Date in accordance with clause
19(b) of the MOA, the Charterers shall in advance provide the Owners with the documents or evidence set out in Part A of Schedule II in form and substance satisfactory to the Owners. 

 

	 (c)
	 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:

  

	 	 (i)
	 the delivery of the Vessel by the Charterers as sellers to the Owners as buyers in accordance with the terms of the
MOA with such Delivery occurring on or before the Cancelling Date(and, for the purposes of this Charter, the Vessel shall be deemed delivered to the Charterers simultaneously with delivery of the Vessel to the Owners pursuant to the MOA);

  

	 	 (ii)
	 no Potential Termination Event or Termination Event having occurred and being continuing as at the Commencement Date;

  

	 	 (iii)
	 the representations and warranties contained in Clause 45 being true and correct on the date of this Charter and each
day thereafter until and including the last day of the Charter Period; 

  

	 	 (iv)
	 the Owners having received from the Charterers: 

 

	 	 (A)
	 on or prior to Delivery, the documents or evidence set out in Part B of Schedule II in form and substance satisfactory
to them; and 

  

	 	 (B)
	 after Delivery, the documents or evidence set out in Part C of Schedule II in form and substance satisfactory to them
within the time periods set out thereunder; 

  

	 	  
	 and if any of the documents listed in sub-paragraph (iv) above are not in
the English language then they shall be accompanied by a certified English translation. 

  

	 34.2
	 The conditions precedent or conditions subsequent specified in Clause (b)(iv) are inserted for the sole benefit
of the Owners and may be waived or deferred in whole or in part and with or without conditions by the Owners. 

  

	 34.3
	 On delivery to and acceptance by the Owners of the Vessel under the MOA from the Charterers as sellers and
subject to the provisions of this Clause 34, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of
the Vessel on and subject to the terms and conditions of this Charter. 

  

	 34.4
	 On Delivery, as evidence of the commencement of the Charter Period the Charterers shall sign and deliver to the
Owners the Acceptance Certificate. Without prejudice to this Clause 34.4, the Charterers shall be deemed to have accepted the Vessel under this Charter and the commencement of the Charter Period having started, on Delivery even if for whatever
reason, the Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time. 

  

	 34.5
	 Save where any of the events set out under Clause 44.1(f)(iv), (v), (vi) and (viii) below applies in
relation to the Owners (and in the absence of a Termination Event or Potential Termination 

  
 2 

	     
	 Event having occurred at the same time), the Charterers shall not be entitled for any reason whatsoever to refuse to
accept delivery of the Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners under the MOA from the Charterers as sellers, and the Owners shall not be liable for any losses, costs or expenses whatsoever or
howsoever arising including, without limitation, any loss of profit or any loss or otherwise: 

  

	 (a)
	 resulting directly or indirectly from any defect or alleged defect in the Vessel or any failure of the Vessel; or

  

	 (b)
	 arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.

  

	 34.6
	 The Owners will not and shall not be obliged to deliver the Vessel to the Charterers with any bunkers and
unused lubricating oils and greases (whether in storage tanks and unopened drums or otherwise) except such items (including bunkers, lubricating oils, unbroached provisions, paints, ropes and other consumable stores) as are on the Vessel on
Delivery.  

  

	 34.7
	 The Charterers shall, following the Owners’ delivery of items on board the Vessel on Delivery pursuant to
Clause 34.6, keep all such items on board the Vessel for the Charterers’ own use.  

 CLAUSE 35  –
QUIET ENJOYMENT 
  

	 35.1
	 Provided that no Potential Termination Event or Termination Event has occurred pursuant to the terms of this
Charter, the Owners hereby agree not to disturb or interfere (or instruct or authorise another party to disturb or interfere) with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period.

  

	 35.2
	 The Owners shall use best endeavors to procure that their financier(s) enter into a Quiet Enjoyment Agreement
with the Charterers on such terms as may be mutually agreed between the Owners, the Owners’ financier(s) and the Charterers. 

  

	 35.3
	 Subject to Clause 35.1 above, the Charterers acknowledge that, at any time during the Charter Period:

  

	 (a)
	 the Owners are entitled to enter into certain funding arrangements with their financier(s), (the
“Mortgagee”), in order to finance in part or in full of the Purchase Price (such financing amount not to exceed the Outstanding Principal Balance at the relevant time), which funding arrangements may be secured, inter alia,
by the relevant Financial Instruments; 

  

	 (b)
	 the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case without consent of the Charterers: 

  

	 	 (i)
	 execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee;

  

	 	 (ii)
	 assign their rights and interests to, in or in connection with this Charter and any other Leasing Document in favour
of that Mortgagee; 

  

	 	 (iii)
	 assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of that Mortgagee; and 

  

	 	 (iv)
	 enter into any other document or arrangement which is necessary to give effect to such financing arrangements
(including without limitation creating or permitting the creation of any Security Interests over the direct or indirect equity interests or shares of the Owners); and 

 

	 (c)
	 the Charterers undertake to comply, and provide such information and documents reasonably required to enable the
Owners to comply, with all such instructions or directions in regard to 

  
 3 

	     
	 the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument
or as may be directed from to time during the currency of this Charter by the Mortgagee in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial
Instrument (if any) and agree to acknowledge this in writing in any form that may be reasonably required by the Mortgagee. 

CLAUSE 36  – CHARTERHIRE AND DEPOSIT 
  

	 36.1
	 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the
request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners, the Charterhire, the Deposit, and the Purchase Obligation Price or, as the case may be, the Purchase Option Price. 

 

	 36.2
	 The Charterers shall pay an amount in Dollars equivalent to the Deposit Amount as the deposit (the
“Deposit”) to the Owners at least three (3) Business Days prior to the Commencement Date (the “Deposit Date”) to an account nominated by the Owners and notified to the Charterers reasonably prior
to the Deposit Date without set off. The Owners may, in their absolute discretion, either refrain from applying the Deposit (or any part of the Deposit) held or apply the same in such manner and order as they see fit upon the occurrence of any
Termination Event towards payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document (including without limitation, the Charterhire, the Termination Purchase Price, the
Purchase Option Price and the Purchase Obligation Price) (any amount so applied by the Owners, the “Applied Amount”) and the Charterers shall immediately and in any event within ten (10) days upon Owners’
demand pay to the Owners an amount in Dollars equivalent to the Applied Amount so that at all time the Deposit held by the Owners is not less than the Deposit Amount (for the avoidance of doubt any amount paid by the Charterers to the Owners in
respect of any Applied Amount pursuant to this Clause 36.2 shall constitute part of the Deposit ). The Deposit (after deducting any payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any
Leasing Documents) shall be refunded to the Charterers (in any case without interest) upon irrevocable payment in full of all amounts due and payable under the Leasing Documents. The Deposit paid to the Owners shall be in the possession and
ownership of the Owners until the Deposit is refunded in accordance with this Clause 36.2. For the avoidance of doubt, if the Owners, upon the, occurrence of any Termination Event,elect to apply the Deposit or any part of the Deposit towards payment
of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document, any shortfall of such due and payable amount not satisfied by the application of the Deposit (or part of the Deposit)
shall remain outstanding payment obligations of the Charterers, such Relevant Party or the Approved Manager (as the case may be). 

  

	 36.3
	 Subject to the terms of this Clause 36, the Charterers shall pay the Charterhire monthly in arrears in sixty
(60) consecutive instalments to the Owners under this Charter with the first instalment of the Charterhire payable on the date falling one (1) month after the Commencement Date and the final instalment of the Charterhire payable on the
last day of the Charter Period.  

  

	 36.4
	 The Vessel shall not at any time be deemed off-hire and the
Charterers’ obligation to pay all Charterhire, the Deposit and other amounts payable under the Leasing Documents shall be absolute and unconditional under any and all circumstances and shall not be affected by any circumstances of any nature
whatsoever including but not limited to: 

  

	 (a)
	 any set-off, counterclaim, recoupment, defence, claim or other right which the
Charterers may at any time have against the Owners or any other person for any reason whatsoever including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing
between the Owners and the Charterers; 

  
 4 

	 (b)
	 any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the
Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation; 

  

	 (c)
	 any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

  

	 (d)
	 any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel
or the ineligibility of the Vessel for any particular trade; 

  

	 (e)
	 the Total Loss or any damage to or forfeiture or court marshall’s or other sale of the Vessel;

  

	 (f)
	 any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or
prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers; 

  

	 (g)
	 any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings
by or against the Charterers; 

  

	 (h)
	 any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or
complying with any of the terms and provisions of this Charter or the other Leasing Documents by any party to this Charter or any other person; 

  

	 (i)
	 any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing
Documents executed or to be executed pursuant to this Charter; or 

  

	 (j)
	 any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage,
accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this Charter. 

 

	 36.5
	 Time of payment of the Charterhire, the Deposit and other payments by the Charterers shall be of the essence of
this Charter and the other Leasing Documents. 

  

	 36.6
	 All payments of the Charterhire, the Deposit and any other amounts payable under the Leasing Documents shall be
made in Dollars and shall be received by the Owners in same day available funds and by not later than 6:00pm (Shanghai time) on the due date thereof. 

 

	 36.7
	 All Charterhire and any moneys payable hereunder shall be payable by the Charterers to the Owners to such
account as the Owners may notify the Charterers in writing.  

  

	 36.8
	 Payment of the Charterhire and any other amounts payable under the Leasing Documents shall be at the
Charterers’ risk until receipt by the Owners.  

  

	 36.9
	 All stamp duty, value added tax, withholding or other taxes (not including taxes levied on the income of the
Owners) and import and export duties and all other similar types of charges which may be levied or assessed on or in connection with: 

  

	 (a)
	 the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and
the remittance thereof to the Owners; and 

  

	 (b)
	 the import, export, purchase, delivery and re-delivery of the Vessel,

 shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax
levied on any Charterhire and the Deposit and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. 

  
 5 

	 36.10
	 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay interest on
such late payment at the default rate of seven per cent. (7 %) per annum from the date on which such payment became due until the date of payment thereof. 

  

	 36.11
	 All default interest and any other payments under this Charter which are of an annual or periodic nature shall
accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  

	 36.12
	 Any payment which is due to be made on a day which is not a Business Day, shall be made on the preceding
Business Day in the same calendar month. 

  

	 36.13
	 Any payment of the Termination Purchase Price, the Purchase Obligation Price or the Purchase Option Price (as
the case may be) shall be made together with any other amount payable under this Charter. 

 CLAUSE 37  –
POSSESSION OF VESSEL 
  

	 37.1
	 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the
Vessel or any interest therein, its Earnings, Insurances, any Requisition Compensation and/or its rights or interests under any Approved Subcharter and shall not permit the creation of any Security Interest thereon other than the Permitted Security
Interests. 

  

	 37.2
	 The Charterers shall promptly notify any party including any Approved Subcharterer (as the Owners may request),
in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and reasonably satisfactory evidence that such party has received such written notification.

  

	 37.3
	 Other than in the circumstances specified in Clause 37.4, if the Vessel is arrested, seized, impounded,
forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process but other than due to piracy events which are insured against pursuant to Clause 38), the Charterers shall
immediately act to procure the prompt release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall (if it will or is likely to exceed five
(5) days) immediately notify the Owners of such event and shall indemnify the Owners against all losses, documented costs or documented charges incurred by the Owners by reason thereof in re-taking
possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
master, officers or agents signing bills of lading or other documents. 

  

	 37.4
	 If the Vessel is arrested or otherwise detained solely because of the Owners’ direct actions or omissions
and for reasons which are not in any part a consequence of a Relevant Person’s (or its affiliate’s) contributory negligence and/or wilful misconduct, the Owners shall at their own expense take all reasonable steps to procure that within a
reasonable time the Vessel is released, including the provision of bail. 

  

	 37.5
	 The Charterers shall pay and discharge or cause any Approved Subcharterer to pay and discharge all obligations
and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel and take all steps to prevent (and in connection with procuring any Approved Subcharterer who is an Affiliate of the Charterers in
doing the above, to use the best endeavors to procure such Approved Subcharterer to prevent and in connection with procuring any Approved Subcharterer who is not an Affiliate of the Charterers in doing the above, to take all reasonable steps to
procure such Approved Subcharterer to prevent) an arrest (threatened or otherwise) of the Vessel. 

  
 6 

 Clause 38  – INSURANCE 

 

	 38.1
	 The Charterers shall procure that insurances are effected in form and substance satisfactory to the Owners:

  

	 (a)
	 in Dollars; 

  

	 (b)
	 in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an
agreed value basis in an amount (taking into account any increased value for up to 33% of such cover and of the following mentioned amount) of at least the higher of (i) 120% of the then Outstanding Principal Balance and (ii) the Market Value
of the Vessel; 

  

	 (c)
	 in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the highest level of
cover from time to time available under protection and indemnity club entry and in the international marine insurance market and for an amount of not less than $1,000,000,000; and 

 

	 (d)
	 in relation to protection and indemnity risks in respect of the full tonnage of the Vessel; 

 

	 (e)
	 through approved brokers and with first class international insurers and/or underwriters reasonably acceptable to the
Owners (including having a Standard & Poor’s rating of BBB+ or above, a Moody’s rating of A or above or an AM Best rating of A- or above) or, in the case of war risks and protection and
indemnity risks, in a war risks and protection and indemnity risks associations reasonably acceptable to the Owners (including being a member of the International Group of Protection and Indemnity Clubs); and 

 

	 (f)
	 on no less favourable terms which the Charterers may be under an obligation (if any) to maintain under the terms of
any Approved Subcharter. 

  

	 38.2
	 In addition to the terms set out in Clause 13(a), the Charterers shall procure that the obligatory insurances
shall: 

  

	 (a)
	 subject always to paragraph (ii), name the Charterers, the Approved Manager and the Owners (at their option and, if
required by the Owners, the Owners’ financiers) as the only named assureds unless the interest of every other named assured or co-assured is limited: 

 

	 	 (ii)
	 in respect of any obligatory insurances for hull and machinery and war risks; 

 

	 	 (1)
	 to any provable out-of-pocket expenses
that they have incurred and which form part of any recoverable claim on underwriters; and 

  

	 	 (2)
	 to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of
discharge of any claims made against them); and 

  

	 	 (iii)
	 in respect of any obligatory insurances for protection and indemnity risks, to any recoveries they are entitled to
make by way of reimbursement following discharge of any third party liability claims made specifically against them, 

and every other named assured or co-assured has undertaken in writing to the Owners or their
financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they
shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become
payable in respect of the obligatory insurances; 
  

	 (b)
	 whenever a financier of the Owners requires: 

  
 7 

	 	 (i)
	 in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional
named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums,
calls or other assessments in respect of such insurance; 

  

	 	 (ii)
	 in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and 

 

	 	 (iii)
	 name the Owners’ financiers (as applicable) and the Owners (as applicable) as the first ranking loss payee and
the second ranking loss payee respectively (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners’ financiers and the Owners (such
approval not to be unreasonably withheld) with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and their financiers (if any) may specify; 

 

	 (c)
	 provide that all payments by or on behalf of the insurers under the obligatory insurances to the Owners and/or their
financiers (as applicable) shall be made without set-off, counterclaim or deductions or condition whatsoever; 

  

	 (d)
	 provide that such obligatory insurances shall be primary without right of contribution from other insurances which may
be carried by the Owners or their financiers (if any); 

  

	 (e)
	 provide that the Owners and/or their financiers (if any) may make proof of loss if the Charterers fail to do so; and

  

	 (f)
	 provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which
adversely affects the interest of the Owners , or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the
Owners and/or their financiers (if any) for fourteen (14) days (or seven (7) days in the case of war risks), or such other period as may be agreed by the Owners and/or their financiers (if any), after receipt by the Owners and/or their
financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse. 

  

	 38.3
	 The Charterers shall: 

 

	 (a)
	 at least fourteen (14) days prior to Delivery (or such shorter period agreed by the parties), notify in writing
the Owners (copied to their financiers (if any)) of the terms and conditions of all Insurances; 

  

	 (b)
	 at least fourteen (14) days before the expiry of any obligatory insurance notify the Owners (copied
to their financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew that obligatory insurance and of the proposed terms of renewal and obtain
the Owners’ approval (such approval not to be unreasonably withheld and who shall have regard to the requirements as to insurance cover required under the provisions of this Clause 38); 

 

	 (c)
	 at least seven (7) days before the expiry of any obligatory insurance, procure that such obligatory
insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter; 

  

	 (d)
	 procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a
renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to their financiers (if any)) in writing of the terms and conditions of the renewal; and

  
 8 

	 (e)
	 as soon as practicable after the expiry of any obligatory insurance, deliver to the Owners a letter of undertaking as
required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to this Clause 38.3 together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or
their financiers (if any). 

  

	 38.4
	 The Charterers shall ensure that all insurance companies and/or underwriters, and/or (if any) insurance brokers
provide the Owners with all copies of policies, cover notes and certificates of entry (originals where so requested by the Owners following the occurrence of a Termination Event or Potential Termination Event) relating to the obligatory insurances
which they are to effect or renew and of a letter or letters or undertaking in a form required by the Owners and/or the Owners’ financiers (which the Charterers shall procure the relevant insurance companies, underwriters and/or insurance
brokers to provide upon renewal or receipt of the insurance companies, underwriters and/of insurance brokers of an executed notice of assignment). Such letter or letters of undertaking shall include undertakings by the insurance companies and/or
underwriters that: 

  

	 (a)
	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment
complying with the provisions of this Charter and the Financial Instruments; 

  

	 (b)
	 they will hold the benefit of such policies and such insurances, to the order of the Owners and/or their financiers
(if any) and/or such other party in accordance with the said loss payable clause; 

  

	 (c)
	 they will advise the Owners and their financiers (if any) promptly of any material change to the terms of the
obligatory insurances of which they are aware; 

  

	 (d)
	 (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and their financiers
(if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or their financiers (if any) not later than one (1) month before the expiry of the
obligatory insurances they will notify the Owners and their financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the
Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and their financiers (if any) of the terms of the instructions; and 

 

	 (e)
	 if any of the obligatory insurances form part of any fleet cover, the Charterers shall use best endeavours to procure
that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and their financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the
Vessel under such obligatory insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under
them, which they might have in respect of such premiums, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or their financiers (if any) and where practicable. 

  

	 38.5
	 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel
is entered provides the Owners with and their financiers (if any): 

  

	 (a)
	 a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

  

	 (b)
	 a letter or letters of undertaking in such form as may be required by the Owners or in such association’s
standard form (following the relevant association’s receipt of an executed notice of assignment upon the effecting or renewal of insurances); and 

  
 9 

	 (c)
	 a copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive
Material issued by the relevant certifying authority in relation to the Vessel. 

  

	 38.6
	 The Charterers shall ensure that all policies relating to obligatory insurances are deposited with the approved
brokers through which the insurances are effected or renewed. 

  

	 38.7
	 The Charterers shall procure that all premiums or other sums payable in respect of the obligatory insurances
are punctually paid and produce all relevant receipts when so required by the Owners. 

  

	 38.8
	 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect. 

  

	 38.9
	 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which
would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

 

	 (a)
	 the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from
time to time be applicable to the obligatory insurances, and (without limiting the obligations contained in this Clause) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Owners have not
given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of protection and indemnity associations), such
approval not to be unreasonably withheld; 

  

	 (b)
	 the Charterers shall not make or permit any changes relating to the classification or classification society or
manager or operator of the Vessel unless such changes have first been approved by the underwriters of the obligatory insurances or the Owners (such approval not to be unreasonably withheld by the Owners’ but always subject to the Owners
receiving credit approval on such changes); 

  

	 (c)
	 as may be applicable, the Charterers shall procure that all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of the certificate of financial responsibility; and 

 

	 (d)
	 the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	 38.10
	 The Charterers shall not make or agree to any material alteration to the terms of any obligatory insurance nor
waive any right relating to any obligatory insurance without the prior written consent of the Owners (such consent to only be required where such amendment or waiver adversely affects or potentially adversely affects the Owners’ interests under
the Leasing Documents and which is not to be unreasonably withheld or delayed).  

 In this Clause
38.10 “material” alterations shall include, without limitation, change of identity of the beneficiaries under such insurances, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause
a breach under the terms of this Charter, any other Leasing Document or any Approved Subcharter. 
  

	 38.11
	 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for a Total
Loss or for a Major Casualty, and shall do all things necessary and provide 

  
 10 

 all documents, evidence and information to enable the Owners to collect or recover any
moneys which at any time become payable in respect of the obligatory insurances. 
  

	 38.12
	 The Charterers shall provide the Owners, promptly upon the Owners’ written request, copies of:

  

	 (a)
	 all communications between the Charterers and: 

 

	 	 (i)
	 the approved brokers; and 

  

	 	 (ii)
	 the approved protection and indemnity and/or war risks associations; and 

 

	 	 (iii)
	 the approved international insurers and/or underwriters, which relate directly or indirectly to:

  

	 	 (A)
	 the Charterers’ obligations relating to the obligatory insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and 

  

	 	 (B)
	 any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii)
relating wholly or partly to the effecting or maintenance of the obligatory insurances; and 

 any communication
with all parties involved in case of a claim under any of the Vessel’s insurances. 
  

	 38.13
	 The Charterers shall promptly provide the Owners (or any persons which they may designate) with any information
which the Owners reasonably request for the purpose of: 

  

	 (a)
	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory
insurances effected or proposed to be effected; and/or 

  

	 (b)
	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) or dealing with or
considering any matters relating to any such insurances. 

  

	 38.14
	 If one or more of the obligatory insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with
reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a
form acceptable to the Owners. The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required. 

 

	 (a)
	 The Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are
reasonably incurred by (i) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners’ interest insurance, mortgagee’s interest insurance and a lessor’s/mortgagee’s additional
perils (pollution) insurance that is taken out in respect of the Vessel and/or (ii) the financier(s) of the Owners (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee’s interest insurance and a
mortgagee’s additional perils (pollution) insurance that is taken out in respect of the Vessel, in each case, with the Charterers’ insurance brokers as approved by the Owners (in their sole discretion) and provided that the Charterers
shall provide the Owners, as soon as these are dispatched, with copies of all communications between the Charterers and such insurance brokers. In each case, the amount of the cover under the insurances referred to this Clause (a) shall be
equal to at least the higher of (i) 120% of the Outstanding Principal Balance and (ii) the Market Value of the Vessel. 

  
 11 

	 38.15
	 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the
Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, reasonable wear and tear to the
Vessel only excepted. 

  

	 38.16
	 The Charterers shall: 

 

	 (a)
	 reimburse the Owners any expenses incurred by the Owners in obtaining the reports described in Clause 38.13 (provided
that such reimbursement obligation does not arise for the second or subsequent report obtained for any given 12-month period); and 

 

	 (b)
	 procure that there is delivered to the brokers, insurers, underwriters, associations described in Clause 38.1(e) such
information in relation to the Insurances as they may require. 

  

	 38.17
	 The Charterers shall keep the Vessel insured at their expense against such other risks which the Owners or
their financiers (if any) consider reasonable for a prudent shipowner or operator to insure against at the relevant time (as notified by the Owners) and which are, at that time, generally insured against by owners or operators of vessels similar to
the Vessel. 

  

	 38.18
	 The Charterers shall, in the event that the Approved Manager makes a claim under any obligatory insurances
taken out in connection with this Clause 38 but is unable to or otherwise fails to pay in full any deductible in connection with such claim (in an amount as apportioned between the Charterers and every other assured in proportion to the gross claims
made by or paid to each of them), pay such shortfall in deductible payable on behalf of the Approved Manager. 

 CLAUSE
39  – WARRANTIES RELATING TO VESSEL 
  

	 39.1
	 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the
Vessel which has been purchased by the Owners from the Charterers as sellers pursuant to the MOA for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has
been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof). 

  

	 39.2
	 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded. 

  

	 39.3
	 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense
or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be
released from any liability to pay any Charterhire or other payment due under this Charter or the other Leasing Documents. 

CLAUSE 40  – TERMINATION, REDELIVERY AND TOTAL LOSS 
  

	 40.1
	 If the Termination Purchase Price becomes payable in accordance with Clause 44.2, Clause 44.3, Clause 44A.1 or
Clause 44A.2, the same shall (in each case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 40.4 and it is hereby agreed by the parties hereto that payment of the
Termination Purchase Price shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners in buying the Vessel and entering into this Charter upon the terms and conditions contained herein,
in each case, at the request of the Charterers and shall therefore be paid as compensation to the Owners for early termination and acquisition of the Vessel by the Charterers. 

  
 12 

	 40.2
	 Upon irrevocable receipt of the Termination Purchase Price by the Owners pursuant to Clause 40.1 in full, this
Charter shall terminate. 

  

	 40.3
	 

  

	 (a)
	 If the Charterers fail to make any payment of the Termination Purchase Price on the due date thereof,

  

	 	 (i)
	 Clauses 36.10 and 36.11 shall apply; 

 

	 	 (ii)
	 the Charterers’ right to possess and operate the Vessel shall immediately cease and (without in any way affecting
the Charterers’ obligation to pay the Termination Purchase Price ) the Charterers shall, upon the Owners’ request (at Owners’ sole discretion), be obliged to immediately (and at the Charterers’ own cost) redeliver the Vessel to
the Owners at such ready and nearest safe port as the Owners may require; further and for the avoidance of doubt, the Owners shall be entitled (at Owners’ sole discretion) to operate the Vessel as they may require and may create whatsoever
interests thereon, including without limitation charterparties or any other form of employment contracts (“Post-enforcement Interests”); 

 

	 	 (iii)
	 the Owners shall be entitled (at Owners’ sole discretion) to sell the Vessel on terms they deem fit (an
“Owners’ Sale”); and 

  

	 	 (iv)
	 the Owners shall be entitled to terminating this Charter upon service of a prior written notice to the Charterers.

  

	 (b)
	 Prior to effecting an Owners’ Sale, the Owners shall notify the Charterers in writing and the Charterers may
within seven (7) Business Days thereafter submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a purchaser offering by way of a firm offer (subject to customary closing conditions and Owners’
investigation on know your client issues) (a “Charterers’ Offers”) an amount at least equal to the higher of (i) the purchase price contemplated by the Owners’ Sale and (ii) the then current amount
of the Termination Purchase Price in either case following which the Owners will use reasonable endearvours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 	 (c)
	 Without prejudice to the other provisions of this Clause 40.3, the Charterers may at any time following the occurrence
of any event set out in Clause 44.2, Clause 44.3, Clause 44A.1 or Clause 44A.2 (as the case may be) submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a Charterers’ Offer in an amount at least equal to the
then current amount of the Termination Purchase price in which case the Owners will use reasonable endeavours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 (d)
	 The proceeds of any sale of the Vessel pursuant to Clause 40.3(a)(iii) shall be applied: 

 

	 	 (i)
	 first, towards the Owners’ documented costs incurred in relation to such sale; 

 

	 	 (ii)
	 second, towards payment of the outstanding Termination Purchase Price and other sums then due and payable to the
Owners under the Leasing Documents; and 

  

	 	 (iii)
	 third, any remaining balance to be paid to the Charterers subject to all actual and/or contingent liabilities incurred
under any of the Leasing Documents being fully discharged; provided also in the case of an Owners’ Sale that if such proceeds are not in an amount sufficient to discharge in full the aggregate amounts due to the Owners under (i) and (ii),
the Charterers shall continue to be liable for the shortfall. 

  
 13 

	 40.4
	 Concurrently with the Owners receiving irrevocable payment of the Termination Purchase Price in full pursuant
to the terms of this Charter, the Owners shall (save in the event of Total Loss or where ownership has already been or agreed to be transferred pursuant to Clause 40.3) transfer the legal and beneficial ownership of the Vessel on an “as is
where is” basis (and, for the avoidance of doubt but without prejudice to Clause 49.1(b), subject to any Post-enforcement Interests), and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and (b)), to the
Charterers (or their nominees) and shall (at the cost of the Charterers) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to Charterers
(or their nominees) (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners). 

  

	 40.5
	 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel
as a result of the Charterers’ action or performance prior to such transfer of ownership. Any taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners’ register shall be for the Charterers’
account. 

  

	 40.6
	 If the Charterers are required to redeliver the Vessel to the Owners pursuant to Clause 40.3, the Charterers
shall ensure that the Vessel shall, at the time of redelivery to the Owners (at Charterers’ cost and expense): 

  

	 (a)
	 be in compliance with its Insurances; 

 

	 (b)
	 be in an equivalent classification as she was as at the Commencement Date without any outstanding recommendation or
condition, and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel’s classification and in the same or as good structure, state, condition and classification as that in
which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel’s classification excepted; 

  

	 (c)
	 have passed her 5-year and if applicable,
10-year special surveys, and subsequent second intermediate surveys and drydock at the Charterers’ time and expense without any condition or outstanding issue and to the satisfaction of the Classification
Society and with all the Vessel’s classification, trading, national and international certificates that the Vessel had when she was delivered under this Charter and the log book and whatsoever necessary relating to the operation of the Vessel,
valid and un-extended without conditions or recommendation falling due; 

  

	 (d)
	 have her survey cycles up to date and trading and classification certificate valid for at least six (6) months;

  

	 (e)
	 be redelivered to the Owners together with all spare parts and spare equipment as were on board at the time of
Delivery and to the extent not already expended in the operation of the Vessel, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free of
charge; 

  

	 (f)
	 be free of any Security Interest (save for the Security Interests granted pursuant to the Financial Instruments) and
the Charterer shall use their best endeavours to procure that the Vessel is free of any cargo; 

  

	 (g)
	 be redelivered to the Owners together with all material information generated during the Charter Period in respect of
the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterers’ equipment, computer or property; 

 

	 (h)
	 be free of any charter (unless the Owners wish to retain the continuance of any then existing charter;

  

	 (i)
	 be free of officers and crew (unless otherwise agreed by the Owners);  

  
 14 

	 (j)
	 shall have had her underwater parts treated with ample anti-fouling to last for the ensuing period up to the next
scheduled dry docking of the Vessel; and  

  

	 (k)
	 be in compliance with all laws or regulations relating to the Vessel then applicable, including the ISM Code, the ISPS
Code, all Environmental Laws and the laws of the Vessel’s registry at the time of redelivery  

  

	 40.7
	 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes and other consumable stores in the Vessel at no cost to the Owners. 

  

	 40.8
	 If the Vessel, for any reason, becomes a Total Loss after Delivery, the Charterers shall pay the Termination
Purchase Price to the Owners on the earlier of: 

  

	 (a)
	 the date falling one hundred and twenty (120) days after such Total Loss has occurred; and 

 

	 (b)
	 the date of receipt by the Owners and/or their financiers (if any), in accordance with the terms of the relevant loss
payable clause, of the proceeds of insurance relating to such Total Loss, 

 provided that it is hereby agreed that
any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon
(and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination
Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any Other Charterers any of their Affiliates under any Other Charters pro rata and
thereafter paid to the Charterers by way of rebate of hire. 
 For the avoidance of doubt, in the event that the Vessel becomes a
Total Loss: 
  

	 	 (A)
	 payment of the Charterhire and all other sums payable under the Leasing Documents during such period shall continue to
be made by the Charterers in accordance with the terms thereof unless and until the Owners receive in full the Termination Purchase Price; 

  

	 	 (B)
	 should insurance proceeds be received by the Owners from the insurers, the Charterers’ obligations to pay the
Termination Purchase Price shall be accordingly reduced by an amount corresponding to such insurance proceeds but in the event that such insurance proceeds are less than the amount of the Termination Purchase Price together with any interest accrued
thereon, the Charterers shall remain obliged to pay to the Owners the balance so that the full amount of the Termination Purchase Price due together with any interest accrued thereon is received by the Owners; and 

 

	 	 (C)
	 the obligation of the Charterers to pay the Termination Purchase Price shall remain unaffected and exist regardless of
whether any of the insurers have agreed or refused to meet or have disputed in good faith, the claim for Total Loss. 

  

	 40.9
	 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss. 

 CLAUSE 41       – FEES AND EXPENSES 

 

	 41.1
	 In consideration of the Owners entering into this Charter, the Charterers shall pay to the Owners or their
nominee a non-refundable arrangement fee equal to one point two five per cent. (1.25%) of the Financing Amount which shall be payable, and actually received by the Owners or their nominee, no later than three
(3) Business Days prior to the scheduled delivery date, such scheduled delivery date being the date of delivery of the Vessel set out in the notice to be sent 

  
 15 

	     
	 to the Owners from the Charterers five (5) days before delivery in accordance with Clause 5(b) of the MOA.

  

	 41.2
	 Without prejudice to any other rights of the Owners under this Agreement, the Charterers shall promptly pay to
the Owners on written demand on a full indemnity basis: 

  

	 (a)
	 all documented costs, charges and expenses incurred by the Owners in collecting any Charterhire, the Deposit or other
payments not paid on the due date under this Charter, in remedying any other failure of the Charterers to observe the terms and conditions of this Charter and in enforcing the Owners’ rights under any Leasing Document; and

  

	 (b)
	 all documented costs and expenses (including, but not limited to, legal costs) incurred by the Owners in the
negotiation and execution of all documentation in relation to this Charter and the other Leasing Documents including, but not limited to, all documented costs incurred by the Owners and all documented legal costs, expenses and other disbursements
incurred by the Owners’ legal counsels in connection with the same, provided that the Charterers shall not be obliged to pay such costs and expenses if this Charter is terminated pursuant to the terms of this Charter prior to the Delivery of
the Vessel solely due to any default by the Owners under a Leasing Document.     

 CLAUSE 42
      - NO WAIVER OF RIGHTS 
  

	 42.1
	 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.

  

	 42.2
	 No right or remedy conferred upon either party by this Charter shall be exclusive of any other right or remedy
provided for herein or by law and all such rights and remedies shall be cumulative. 

 CLAUSE 43
      - NOTICES 
  

	 43.1
	 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to
this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post, fax or by email to the following
respective addresses: 

  

					
	 (A)
	  	 to the Owners:
	  	 Attention: Rita Wang

		  		  	 Room 2310, 23/F C C Wu Building, 302-308, Hennessy Road,

		  		  	 Wanchai, Hong Kong

		  		  	 Email: wangyuping@msfl.com.cn

		  		  	 Tel: +86 010 68940066 9983

		  		  	 Fax: +86 010 68940066 9864

			
	 (B)
	  	 to the Charterers:
	  	 c/o Navios ShipManagement Inc.

		  		  	 Attention: Vassiliki Papaefthymiou

		  		  	 Email: vpapaefthymiou@Navios.com

		  		  	 Tel: +30 210 41 72 050

		  		  	 Fax: +30 210 41 72 070

 or, if a party hereto changes its address or fax number, to such other address or fax number as
that party may notify to the other. 
 CLAUSE 44       – TERMINATION EVENTS 

 

	 44.1
	 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event: 

  
 16 

	 (a)
	 any of the Relevant Persons fails to make any payment on its due date under this Charter or any other Leasing Document
to which such Relevant Person is a party and in each case, such non-payment fails to be rectified within seven (7) Business Days of the relevant due date; or 

 

	 (b)
	 the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (n), (o), (p), (q) or
(r) or the Guarantor breaches or omits to observe or perform its financial covenants contained in clause 11.20 of the Guarantee; or the Charterers fail to obtain and/or maintain the Insurances required under Clause 38 in accordance with
the provisions thereof or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto; or 

  

	 (c)
	 any Relevant Person or the Approved Manager commits any other breach of, or omits to observe or perform, any of their
other obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraph (a) or (b) above) unless such breach or omission is, in the reasonable opinion of the Owners, remediable and such Relevant
Person and/or the Approved Manager remedies such breach or omission to the satisfaction of the Owners within fourteen (14) Business Days of notice thereof from the Owners (except that in the case of Clause 46(l), the relevant period shall be
ten (10) Business Days of notice thereof from the Owners); or 

  

	 (d)
	 any representation or warranty made by the any Relevant Person or the Approved Manager in or pursuant to any Leasing
Document proves to be untrue or misleading when made; or 

  

	 (e)
	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person: 

 

	 	 (i)
	 any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand after any applicable
grace period has expired; or 

  

	 	 (ii)
	 any Financial Indebtedness of a Relevant Person becomes due and payable, or capable of being declared due and payable,
prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary right of prepayment; or 

  

	 	 (iii)
	 a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by
the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or 

  

	 	 (iv)
	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or
becomes capable of being required, as a result of any termination event or event of default (howsoever defined), 

provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person if the aggregate amount of
Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above is less than (A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 (or its equivalent in any other currency)
in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly from a claim which
is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.  
  

	 (f)
	 any of the following occurs in relation to a Relevant Person: 

 

	 	 (i)
	 a Relevant Person becomes, in the reasonable opinion of the Owners, unable to pay their debts as they fall due; or

  
 17 

	 	 (ii)
	 any assets of a Relevant Person, or any assets of the Guarantor exceeding the value of $10,000,000 (or its equivalent
in any other currency) in aggregate, or the Vessel are subject to any form of execution, attachment, arrest, sequestration or distress which is not discharged within thirty (30) days (or such longer period agreed by the Owners); or

  

	 	 (iii)
	 any administrative or other receiver is appointed over all or a substantial part of the assets of a Relevant Person
unless as part of a solvent reorganisation which has been approved by the Owners; or 

  

	 	 (iv)
	 a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that they are
insolvent or likely to become insolvent, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that they should be wound up, placed in
administration or cease to carry on business; or 

  

	 	 (v)
	 a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a
provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within thirty (30) days of the presentation of the petition; or 

 

	 	 (vi)
	 a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of
them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

  

	 	 (vii)
	 any meeting of the members or directors of a Relevant Person is summoned for the purpose of proposing to authorise or
take any action of a type described in paragraphs (iii) to (vi); or 

  

	 	 (viii)
	 in a country other than England and Wales, any event occurs or any procedure is commenced which, in the reasonable
opinion of the Owners, is similar to any of the foregoing referred to in (ii) to (vii) above inclusive; or 

  

	 	 (ix)
	 any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction)
affects any asset or assets of a Relevant Person; or 

  

	 (g)
	 a Relevant Person suspends or ceases or threatens to suspend or cease carrying on its business; or

  

	 (h)
	 any consent, approval, authorisation, license or permit necessary to enable the Charterers, any Approved Subcharterer
or any Approved Manager to operate or charter the Vessel, to enable any Relevant Person, Approved Subcharterer or any Approved Manager to comply with any provision of any Leasing Document, as the case may be, to ensure that the obligations of any
Relevant Person, Approved Subcharterer or Approved Manager (as the case may be) are legal, valid, binding or enforceable is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent,
approval, authorisation, license or permit is not fulfilled; or 

  

	 (i)
	 any event or circumstance occurs which has or is likely to have a Material Adverse Effect; or 

 

	 (j)
	 this Charter or any Leasing Document or any Security Interest created by a Leasing Document is cancelled, terminated,
rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever; or 

  
 18 

	 (k)
	 a Relevant Person or Approved Manager rescinds or purports to rescind or repudiates or purports to repudiate a Leasing
Document; or 

  

	 (l)
	 the Security Interest constituted by any Security Document is in any way imperiled or in jeopardy; or

  

	 (m)
	 the Vessel is not delivered latest by the Cancelling Date; or 

 

	 (n)
	 there is a merger, amalgamation, demerger or corporation reconstructions of a Relevant Person (other than where, in
the case of the Guarantor, the Guarantor remains the surviving legal entity following the occurrence of such event) or a change of control or legal or beneficial ownership of the Charterers from that set out in Clause 45.1(a) without disclosure to
the Owners and the Owners’ prior written consent; or     

  

	 (o)
	 there is a change in control of the Guarantor from that set out in Clause 45.1(b) or of the Charterers from that set
out in Clause 45.1(a), in any case without disclosure to the Owners and the Owners’ prior written consent; or 

  

	 (p)
	 any Termination Event (as defined in any Other Charter) occurs under such Other Charter; or 

 

	 (q)
	 the occurrence of any of the following events; 

 

	 	 (i)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (ii)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer of such Approved Bareboat Subcharter to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer. 

 

	 44.2
	 Subject to Clause 44.3 below, upon the occurrence of a Termination Event which is continuing (other than
pursuant to: (i) Clause (f), in which case the Owner’s entitlement to issue the notice of termination to the Charterers under Clause 44.3 shall immediately arise), the Owners shall notify the Charterers of occurrence of the same (the
“Termination Event Notice”) whereupon the Charterers may, within three (3) Business Days of the date of the Termination Event Notice, provide to the Owners a written notice advising the Owners of their intention to pay the Termination
Purchase Price to the Owners and terminate this Charter in accordance with the procedures set out in Clause 40. 

  

	 44.3
	 If the Charterers do not notify the Owners of their intention to terminate this Charter pursuant to Clause 44.2
within three (3) Business Days of the date of the Termination Event Notice, or a Termination Event is continuing pursuant to Clause (f), then the Owners shall be entitled, provided the Termination Event is continuing, by notice to the
Charterers to terminate this Charter at any time, and the Charterers shall be required to pay to the Owners the Termination Purchase Price in accordance with the procedures set out in Clause 40. 

 

	 44.4
	 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the
Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter. 

  

	 44.5
	 Without limiting the generality of the foregoing or any other rights of the Owners, upon the occurrence of a
Termination Event which is continuing, the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to or pertaining to the Vessel and this
Charter, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or
take any other action in respect of, any such policy or policies and (iii) change or appoint a new manager for the Vessel other than the Approved Manager 

  
 19 

	 	and the appointment of the Approved Manager may be terminated immediately without any recourse to the Owners. 

CLAUSE 44A       – MANDATORY SALE 
  

	 44A.1
	 If (i) it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as
contemplated by this Charter or any other Leasing Document or the financiers to perform their obligations under the Financial Instruments or (ii) any event described in Clauses 44.1(f)(iii),(iv),(v),(vi) or (vii) applies to the Owners, the
Owners shall notify the Charterers of such event and the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such notice by the Owners or, in the event of (i), if earlier, the date
specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law),and this Charter shall terminate in accordance with the procedures set out in Clause 40.

  

	 44A.2
	 If it is or has become: 

  

	 	 (i)
	 unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	 	 (ii)
	 contrary to, or inconsistent with, any regulation, 

for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other
Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be
legal, valid, binding and enforceable (any such event an “Illegality Event”), the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such occurrence or,
if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 40, provided that if an Illegality
Event applies to the Approved Manager only at the relevant time, the Charterers shall only be obliged to pay the Termination Purchase Price and this Charter shall only terminate pursuant to this Clause 44A.2 if the Charterers fail to replace such
Approved Manager with another Approved Manager to which no Illegality Event applies within sixty (60) days from the occurrence of that Illegality Event (but in any event no later than the date specified by the Owners (being no earlier than the
last day of any applicable grace period permitted by law)).  
 CLAUSE 45
      – REPRESENTATIONS AND WARRANTIES      
  

	 45.1
	 The Charterers represent and warrant to the Owners as of the date of this Charter, and on the first day of each
Term as follows: 

  

	 (a)
	 the Charterers are wholly legally, indirectly and beneficially owned by the Guarantor; 

 

	 (b)
	 Mrs Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or
foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. and/or its Affiliates is the ultimate beneficial owner of, or has ultimate control of the voting rights attaching to, twenty per cent. (20%) of all the issued shares
in the Guarantor;  

  

	 (c)
	 each of the Relevant Persons and Approved Manager is duly incorporated and validly existing under the laws of its
jurisdiction of its incorporation; 

  

	 (d)
	 each of the Relevant Persons and the Approved Manager has the corporate capacity, and has taken all corporate actions
and obtained all consents, approvals, authorisations, licenses or permits necessary for it: 

  
 20 

	 	 (i)
	 to execute each of the Leasing Documents to which it is a party; and 

 

	 	 (ii)
	 to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

  

	 (e)
	 all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(d) remain in force and
nothing has occurred which makes any of them liable to revocation; 

  

	 (f)
	 each of the Leasing Documents to which a Relevant Person or Approved Manager is a party constitutes such Relevant
Person’s or Approved Manager’s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors’ rights generally; 

 

	 (g)
	 no third party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or
claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents or any interest or assets subject to or purported to be subject to any Security Documents; 

 

	 (h)
	 all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a
party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of the jurisdiction of incorporation; 

  

	 (i)
	 no legal or administrative action involving a Relevant Person or Approved Manager has been commenced or taken which is
likely to have a Material Adverse Effect; 

  

	 (j)
	 each of the Relevant Persons and Approved Manager has paid all taxes applicable to, or imposed on or in relation to
it, its business or if applicable, the Vessel, except for those being contested in good faith with adequate reserves; 

  

	 (k)
	 the choice of governing law as stated in each Leasing Document to which a Relevant Person or Approved Manager is a
party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person or Approved Manager; 

 

	 (l)
	 no Relevant Person or Approved Manager nor any of their assets are entitled to immunity on the grounds of sovereignty
or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement); 

 

	 (m)
	 the obligations of each Relevant Person or Approved Manager under each Leasing Document to which it is a party, are
the direct, general and unconditional obligations of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) and, rank at least pari passu with all other present and future unsecured and
unsubordinated creditors of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) save for any obligation which is mandatorily preferred by law and not by virtue of any contract;

  

	 (n)
	 no Relevant Person or Approved Manager (which is an Affiliate of the Charterers) is a US Tax Obligor, and no Relevant
Person or Approved Manager (which is an Affiliate of the Charterers) has established a place of business in the United Kingdom or the United States of America; 

 

	 (o)
	 no Relevant Person, Approved Manager nor any of their respective directors, officers, employees or agents is a
Restricted Person and to the best of the Charterers’ knowledge and belief (after due and careful enquiry), no Approved Subcharterer nor any of its directors, officers, employees or agents is a Restricted Person; 

 

	 (p)
	 each Relevant Person and Approved Manager and their respective directors, officers, employees and agents, and to the
best of the Charterers’ knowledge and belief (after due and careful enquiry), the Approved Subcharterer and its directors, officers, employees and agents, 

  
 21 

	     
	 is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance
with Sanctions, they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions; 

 

	 (q)
	 each Relevant Person and Approved Manager, and to the best of the Charterers’ knowledge and belief (after due and
careful enquiry) any Approved Subcharterer, is not in breach of Anti- Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each of the Relevant Persons and Approved Manager has instituted and maintained systems,
controls, policies and procedures designed to: 

  

	 	 (i)
	 prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

  

	 	 (ii)
	 promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics
Laws. 

  

	 (r)
	 none of the Relevant Persons and the Approved Manager or any of their assets, in each case, has any right to immunity
from set off, legal proceedings, attachment prior to judgment or other attachment or execution of judgment on the grounds of sovereign immunity or otherwise; 

 

	 (s)
	 none of the Relevant Persons and the Approved Manager is insolvent or in liquidation or administration or subject to
any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Relevant Persons or the Approved Manager or all or material
part of their assets; 

  

	 (t)
	 that in respect of any Approved Subcharter: 

 

	 	 (i)
	 the copy of such Approved Subcharter provided to the Owners (if required to be provided under the terms of this
Charter) is a true and complete copy; 

  

	 	 (ii)
	 in the case of an Approved Bareboat Subcharter, the relevant Approved Subcharterer is fully aware of the transactions
contemplated under this Charter; 

  

	 (u)
	 no Termination Event or Potential Termination Event has occurred nor is continuing or might reasonably be expected to
result from the entry into and performance of this Charter or any other Leasing Document; 

  

	 (v)
	 as at the date of this Charter, the Charterers have not entered into any other investments, any sale or leaseback
agreements, any off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except:

  

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel; 

  

	 (w)
	 any factual information provided by any Relevant Person or Approved Manager (which is an Affiliate of the Charterers)
(or on their behalf) to the Owners was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; 

 

	 (x)
	 the entry by each Relevant Person and Approved Manager (which is an Affiliate of the Charterers) into any Leasing
Document does not in any way cause any breach, and is in all 

  
 22 

	     
	 respects permitted, under the terms of any of such entity’s constitutional documents or agreements binding on
such entity; 

  

	 (y)
	 all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of the each
Relevant Person or Approved Manager (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with; 

  

	 (z)
	 no Environmental Claim has been made or threatened against any Relevant Person or Approved Manager or otherwise in
connection with the Vessel; and 

  

	 	 (aa)
	 no Environmental Incident which has led or would lead to any Environmental Claim has occurred and, unless otherwise
notified by the Charterers to the Owners, to the best of their knowledge no person has claimed that an Environmental Incident has occurred. 

CLAUSE 46       – CHARTERERS’ UNDERTAKINGS 

 

	 46.1
	 The Charterers undertake that they shall comply or procure compliance with the following undertakings
commencing from the date of this Charter and up to the last day of the Security Period: 

  

	 (a)
	 there shall be sent to the Owners: 

 

	 	 (i)
	 as soon as possible, but in no event later than 90 days after the end of each financial half-year, the consolidated
semi-annual accounts of the Guarantor certified as to their correctness by an officer of the Guarantor; 

  

	 	 (ii)
	 as soon as possible, but in no event later than 180 days after the end of each financial year of the
Guarantor, the audited consolidated annual financial reports of the Guarantor; 

  

	 (b)
	 they will provide to the Owners, promptly at the Owners’ request, copies of all notices and minutes relating to
any of their extraordinary shareholders’ meeting which are despatched to the Charterers’ or the Guarantor’s respective shareholders or any class of them, save that publicly disclosed notices and minutes not concerning the Vessel or
these Leasing Documents need not be provided to the Owners under this clause; 

  

	 (c)
	 they will provide to the Owners, promptly at the Owners’ requests so long as a Termination Event has occurred and
whilst the same is continuing, copies of all notices and notices of meetings which are despatched to the Charterers’ or Guarantors’ other creditors (if any); 

 

	 (d)
	 they will provide or will procure that each Relevant Person and Approved Manager provides the Owners with details of
any legal, arbitral or administrative action involving such Relevant Person or Approved Manager or the Vessel as soon as such action is instituted or it becomes apparent to such Relevant Person or Approved Manager that it is likely to be instituted
and is likely to have a material adverse effect on the ability of a Relevant Person or Approved Manager to perform their obligations under each Leasing Document to which it is a party (and in the case of such Relevant Person being the Guarantor,
where the claim under such legal, arbitral or administrative action exceeds the sum of US$5,000,000);  

  

	 (e)
	 they will, and will procure that each other Relevant Person and Approved Manager obtains and promptly renews or
procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document
to which it is a party (including without limitation to sell, charter and operate the Vessel); 

  

	 (f)
	 they will not, and will procure that each other Relevant Person and Approved Manager will not, create, assume or
permit to exist any Security Interest of any kind upon any Leasing 

  
 23 

	 	Document or any asset subject thereto to which such Relevant Person or Approved Manager is a party, and if applicable, the Vessel, in each case other than the Permitted Security Interests; 

 

	 (g)
	 they will at their own cost, and will procure that each other Relevant Person and Approved Manager will:

  

	 	 (i)
	 do all that such Relevant Person or Approved Manager reasonably can to ensure that any Leasing Document to which such
Relevant Person or Approved Manager is a party validly creates the obligations and the Security Interests which such Relevant Person or Approved Manager purports to create; and 

 

	 	 (ii)
	 without limiting the generality of paragraph (i), promptly register, file, record or enrol any Leasing Document to
which such Relevant Person or Approved Manager is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
Relevant Person or Approved Manager is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the
priority of any Security Interest which such Relevant Person or Approved Manager creates; 

  

	 (h)
	 they will, and will procure that each other Relevant Person and the Approved Manager will, notify the Owners
immediately of the occurrence of: 

  

	 	 (i)
	 any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to
result, in repairs on the Vessel which exceed $1,000,000; 

  

	 	 (ii)
	 any material safety incidents taking place on board the Vessel; 

 

	 	 (iii)
	 any Termination Event; 

  

	 	 (iv)
	 any default by either an Approved Subcharterer under an Approved Bareboat Subcharter or Charterers of the terms of any
Approved Bareboat Subcharter; 

  

	 	 (v)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling either the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (vi)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer, 

and will keep the Owners fully up-to-date with all
developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or Termination Event; 

 

	 (i)
	 they will, and will procure that each other Relevant Person and Approved Manager will, as soon as practicable after
receiving the request, provide the Owners with any additional financial or other information relating: 

  

	 	 (i)
	 to themselves and/or the Vessel (including, but not limited to the condition and location of the Vessel); or

  

	 	 (ii)
	 to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

  
 24 

	 (j)
	 which may be reasonably requested by the Owners (or their financiers (if any)) at any time; without prejudice to
Clause 46.1(n), comply, or procure compliance, and will procure that each other Relevant Person, Approved Subcharterer and Approved Manager will comply or procure compliance, with all laws or regulations relating to the Vessel and its ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel’s registry; 

 

	 (k)
	 the Vessel shall be classed with the Classification Society and shall be free of all overdue recommendations and
requirements; 

  

	 (l)
	 they will ensure and procure that: 

 

	 	 (i)
	 the Market Value of the Vessel shall be ascertained from time to time in the following circumstances:

  

	 	 (aa)
	 upon the occurrence of a Potential Termination Event or a Termination Event which is continuing, at any time at the
request of the Owners; and 

  

	 	 (bb)
	 in the absence of occurrence of a Potential Termination Event or Termination Event no more than once every calendar
year, with such report to be dated no more than 30 calendar days prior to every anniversary of the Commencement Date occurring within the Charter Period or on such other date as the Owners may request; 

 

	 	 (ii)
	 the Charterers shall pay the amount of the fees and expenses incurred by the Owners in connection with any matter
arising out of this paragraph (l); 

  

	 (m)
	 they will notify the Owners immediately of: 

 

	 	 (i)
	 any Environmental Claim which is made against the Charterers, Approved Subcharterer or Approved Manager in connection
with the Vessel or any Environmental Incident; 

  

	 	 (ii)
	 any arrest or detention of the Vessel (that will or is likely to exceed fifteen (15) days), any exercise or
purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire; and 

  

	 	 (iii)
	 any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise,
likely to become, a Major Casualty; 

  

	 (n)
	 they shall comply, shall procure that each other Relevant Person and Approved Manager comply, and shall use all
reasonable endeavours to procure that the Approved Subcharterer comply, with all laws and regulations in respect of Sanctions, and in particular, each of these entities shall effect and maintain a sanctions compliance policy to ensure compliance
with all such laws and regulations implemented from time to time; 

  

	 (o)
	 they shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary
to any Sanctions (and in particular, the Vessel shall not be used by or to benefit any party which is a target of Sanctions and/or is a Restricted Person or trade to any area or country where trading the Vessel to such area or country would
constitute or reasonably be expected to constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People’s Republic of China),
(ii) would result or reasonably be expected to result in any Relevant Person, Approved Subcharterer, Approved Manager or the Owners becoming a Restricted Person or (iii) would trigger the operation of any sanctions limitation or exclusion
clause in any insurance documentation; 

  

	 (p)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, promptly 

  
 25 

	     
	 notify the Owners of any non-compliance, by any Relevant Person, Approved
Subcharterer or Approved Manager or their respective officers, directors, employees, consultants, agents or intermediaries, with all laws and regulations relating to Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
Business Ethics Laws (including but not limited to notifying the Owners in writing immediately upon being aware that any Relevant Person, Approved Subcharterer, Approved Manager or its shareholders, directors, officers or employees is a Restricted
Person or has otherwise become a target of Sanctions) as well as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in
compliance with such laws; 

  

	 (q)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, (in each case above, including procuring or as the case may be, using all reasonable endeavours to procure the respective officers, directors, employees, consultants, agents and/or
intermediaries of the relevant entity to do the same) shall: 

  

	 	 (i)
	 comply with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

  

	 	 (ii)
	 maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money
Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws; and 

  

	 	 (iii)
	 in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing
Amount for any purpose that would breach any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (r)
	 in respect of the Charterers, not lend, invest, contribute or otherwise make available the Financing Amount to or for
any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (s)
	 they shall not appoint or permit to be appointed any manager of the Vessel unless it is the Approved Manager appointed
on terms acceptable to the Owners and their financiers (if any) and such Approved Manager has (prior to accepting its appointment) entered into a Manager’s Undertaking; 

 

	 (t)
	 they shall ensure that all Earnings and any other amounts received by them in connection with the Vessel are paid into
the Earnings Account and all operating expenses in connection with the Vessel are paid from the Earnings Account; 

  

	 (u)
	 upon request, they will provide or they will procure to be provided to the Owners the report(s) of the survey(s)
conducted pursuant to Clause 7 of this Charter in form and substance satisfactory to the Owners; 

  

	 (v)
	 they shall not permit the sub-chartering of the Vessel save for an Approved
Subcharter provided that: 

  

	 	 (i)
	 in the case of a request from the Charterers for the Owners’ written consent to the terms of an Approved
Subcharter being a time charter exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Owners shall respond to such request within five (5) Business Days or any other longer period
agreed between the Owners and the Charterers; 

  

	 	 (ii)
	 as a condition precedent to the execution of any Approved Subcharter being a bareboat charter or a time charter of a
period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Charterers assign all their rights and interests under such Approved Subcharter in form and substance acceptable to the
Owners and shall use the reasonable 

  
 26 

	 	     
	 endeavours to procure such Approved Subcharter to give a written acknowledgment of such assignment and provide such
documents as the Owners may reasonably require regarding the due execution of such Approved Subcharter;     

  

	 (w)
	 in respect of an Approved Subcharter (other than a Short Term Time Subcharter) which contains an option to extend the
charter period, they shall notify the Owners as soon as they become aware that the relevant Approved Subcharterer does not intend to, or has not by the date falling 20 days prior to the date on which such Approved Subcharter will expire, exercise
the relevant option to extend the time charter period of the Subcharter in accordance with the terms thereunder;  

  

	 (x)
	 in respect of an Approved Subcharter other than a Short Term Time Subcharter, save with the prior written consent of
the Owners, they shall not, and shall procure that the relevant Approved Subcharterer shall not, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing
or waiving any material term of any such Approved Subcharter.  

 In this Clause 46.1(x), “material
term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;  

 

	 (y)
	 they shall not make or pay any dividend or other distribution (in cash or in kind) in respect of its share capital
following the occurrence of a Potential Termination Event or Termination Event or which would result in a Potential Termination Event or Termination Event; 

  

	 (z)
	 the Vessel shall be registered under the Flag State at all times; and 

 

	 (aa)
	 they shall not enter into any other investments, any sale or leaseback agreements, any
off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except: 

 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel. 

 CLAUSE 47       PURCHASE OPTION 

 

	 47.1
	 The Charterers shall, at any time during the Charter Period, have the option to purchase the Vessel on any date
which shall also be a Payment Date (the “Purchase Option Date”) specified in such notice (the “Purchase Option Notice”, which shall be served to the Owners not less than two (2) months prior to the proposed
Purchase Option Date) at the then applicable Purchase Option Price, provided that the Charterers shall not be entitled to serve a Purchase Option Notice if five (5) “Purchase Option Notices” (as defined in any Other Charters) or
“Joint Purchase Option Notices” (as defined in any Other Charters) which, in each case, is unrelated to the exercise of purchase option of the Vessel under this Charter have been delivered by the relevant Other Charterers to the relevant
Other Owners under the relevant Other Charters at such time.  

  

	 47.2
	 A Purchase Option Notice maybe made in connection with the exercise of the option to purchase of any Other
Vessel by the relevant Other Charterers under clause 47 (Purchase Option) of such Other Charters (such Purchase Option Notice, the “Joint Purchase Option Notice”) and shall include any “Purchase Option Notice” (as
defined in any Other Charters) or “Joint Purchase Option Notice” (as defined in any Other Charters) if such “Purchase Option Notice” or “Joint Purchase Option Notice” (each as defined in the relevant Other Charters) is
made also in connection with the purchase of the Vessel). A Purchase Option Notice shall be signed by a duly authorised officer or attorney of the Charterers (and in the case of any Joint Purchase Option Notice, of the relevant Other Charterers
notifying its exercise of the option 

  
 27 

	     
	 to purchase of the relevant Other Vessel or, as the case may be, Other Vessels pursuant to such Joint Purchase Option
Notice) and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the then applicable Purchase Option Price on the Purchase Option Date. The Charterer agrees that any Joint Purchase Option Notice which
is also made in connection with the Charterers’ exercise of purchase option of the Vessel served by any Other Charterers to the relevant Other Owners shall be deemed to be a Purchase Option Notice served by the Charterers to the Owners under
this Clause 47. 

  

	 47.3
	 Upon the Owners’ receipt in full of the Purchase Option Price, the Owners shall (except in the case of
Total Loss) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clauses 49.1(a) and 49.1(b)) to the Charterers or their nominees and
shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes the Vessel shall
be deemed first to have been redelivered to the Owners).  

 CLAUSE 48       – PURCHASE
OBLIGATION 
 Subject to other provisions of this Charter, in consideration of the Owners entering into this Charter, the
Charterers shall on the last day of the Charter Period be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall
perform their obligations referred to in Clause 49 and the Charterers shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the
Charterers agree otherwise. 
 CLAUSE 49       – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

  

	 49.1
	 Completion of the exercise of the Purchase Option (by the Charterers) or the Purchase Obligation (by the
Owners) shall respectively take place on the Purchase Option Date or the Purchase Obligation Date (as the case may be), whereupon the Owners will sell to the Charterers (or their nominee), and the Charterers (or their nominee) will purchase from the
Owners, all the legal and beneficial interest and title in the Vessel, for the Purchase Option Price or the Purchase Obligation Price (as the case may be) on an “as is where is” basis and on the following terms and conditions:

  

	 (a)
	 the Charterers expressly agree and acknowledge that no condition, warranty or representation of any kind is or has
been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any
person on the Owners’ behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality,
merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the
Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law, the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under this
Clause and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or
warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or
waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party; 

 

	 (b)
	 the Vessel shall be free from any registered mortgages, liens, encumbrances or debts incurred by the Owners and any
other claims whatsoever (save for those mortgages, liens, 

  
 28 

	 	encumbrances or debts arising out of or in connection with the Charter or the Leasing Documents); 

  

	 (c)
	 the Purchase Option Price or the Purchase Obligation Price (as the case may be) shall be paid by (or on behalf of) the
Charterers to the Owners on respectively the Purchase Option Date or the Purchase Obligation Date, together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the
Purchase Option Date or Purchase Obligation Date (as the case may be) which remain unpaid; and 

  

	 (d)
	 concurrently with the Owners receiving irrevocable payment of the Purchase Obligation Price or the Purchase Option
Price (as the case may be) and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of Total Loss) (at Charterer’s cost) transfer the legal and beneficial ownership of
the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and Clause 49.1(b)) to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of
sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes, the Vessel shall be deemed first to
have been redelivered to the Owners). 

 CLAUSE 50       INDEMNITIES 

 

	 50.1
	 The Charterers shall pay such amounts to the Owners, on the Owners’ demand, in respect of all documented
claims, expenses, liabilities, losses, fees (including, but not limited to, any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document or in connection
with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners , and the costs related to the prevention or release of liens or
detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it, enforcement of the Owners’ rights under any Leasing Document, and whether prior to, during or after termination of the leasing of this
Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any documented claims, expenses, liabilities and losses which arise, or are asserted,
under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws.

  

	 50.2
	 Without prejudice to the above Clause 50.1, if any sum (a “Sum”) due from a Relevant Person,
the Approved Manager or Approved Subcharterer under the Leasing Documents, or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable
into another currency (the “Second Currency”) for the purpose of: 

  

	 (a)
	 making or filing a claim or proof against that Relevant Person the Approved Manager or Approved Subcharterer (as the
case may be); or 

  

	 (b)
	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum. 
  

	 50.3
	 The obligations of the Charterers under Clause 50 and in respect of any Security Interest created pursuant to
the Security Documents will not be affected or discharged by an act, 

  
 29 

	 	omission, matter or thing which would reduce, release or prejudice any of its obligations under Clause 50 or in respect of any Security Interest created pursuant to the Security Documents (without limitation and whether
or not known to it or any Relevant Person or Approved Manager) including: 

  

	 (a)
	 any time, waiver or consent granted to, or composition with, any Relevant Person or Approved Manager or any other
person; 

  

	 (b)
	 the release of any other Relevant Person or Approved Manager or any other person under the terms of any composition or
arrangement with any creditor of such Relevant Person, Approved Manager or such other person or any of its affiliates; 

  

	 (c)
	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in
perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or Approved Manager or any other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 (d)
	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status
of a Relevant Person or Approved Manager or any other person; 

  

	 (e)
	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or
replacement of any Leasing Document or any other document or security; 

  

	 (f)
	 any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any
other document or security; or 

  

	 (g)
	 any insolvency or similar proceedings. 

 

	 50.4
	 Notwithstanding anything to the contrary under the Leasing Documents (but subject and without prejudice to Clause 33)
and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect
notwithstanding any breach of the terms of this Charter or such Leasing Document or termination or cancellation of this Charter or such Leasing Document pursuant to the terms hereof or thereof or termination of this Charter or such Leasing Document
by the Owners. 

  

	 50.5
	 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers
under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from either the Owner or the Other Owners (or any of them, as the case may be) such amounts in respect of all claims, expenses,
liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such moneys, costs,
fees and expenses upon the Owner’s or any of the Other Owner’s demand. 

  

	 50.6
	 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against
the Other Charterers or the Guarantor or any of them shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any
rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this
Clause: 

  

	 (a)
	 to be indemnified by the Other Charterers or the Guarantor or any of them; 

  
 30 

	 (b)
	 to claim any contribution from any third party providing security for, or any other guarantor of, the Other
Charterers’ or the Guarantor’s obligations under the Leasing Documents; 

  

	 (c)
	 to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Other
Charterers or the Guarantor or any of them under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties; 

 

	 (d)
	 to bring legal or other proceedings for an order requiring any of the Other Charterers or the Guarantor or any of them
to make any payment, or perform any obligation, in respect of any Leasing Document; 

  

	 (e)
	 to exercise any right of set-off against any of the Other Charterers or the
Guarantor or any of them; and/or 

  

	 (f)
	 to claim or prove as a creditor of any of the Other Charterers or the Guarantor or any of them, 

and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or
distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners. 
  

	 50.7
	 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33
(Cancellation)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in
full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. 

CLAUSE 51    – NO SET-OFF OR TAX DEDUCTION 

 

	 51.1
	 All Charterhire or payment of the Purchase Obligation Price or the Purchase Option Price and any other payment
made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually: 

  

	 (a)
	 without any form of set-off, cross-claim or condition and in the case of
Charterhire or Deposit, without previous demand unless otherwise agreed with the Owners; and 

  

	 (b)
	 free and clear of any tax deduction or withholding unless required by law. 

 

	 51.2
	 Without prejudice to Clause 51.1, if the Charterers are required by law to make a tax deduction from any
payment: 

  

	 (a)
	 the Charterers shall notify the Owners as soon as they become aware of the requirement; and 

 

	 (b)
	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive
and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received. 

 

	 51.3
	 In this Clause “tax deduction” means any deduction or withholding for or on
account of any present or future tax, other than a FATCA Deduction. 

 CLAUSE 52    – INCREASED COSTS

  

	 52.1
	 This Clause 52 applies if the Owners notify the Charterers that they consider that as a result of:

  
 31 

	 (a)
	 the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter
in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Charter of a tax on the Owners’ overall net income); or 

 

	 (b)
	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects
the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter, 

the Owners (or a parent company of them) has incurred or will incur an “increased cost”. 

 

	 52.2
	 In this Clause 52, “increased cost” means, in relation to the Owners:

  

	 (a)
	 an additional or increased cost incurred as a result of, or in connection with, the Owners having entered into, or
being a party to, this Charter, of funding the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter; 

  

	 (b)
	 a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a
payment represents to the Owners on their capital; 

  

	 (c)
	 an additional or increased cost of funding the acquisition of the Vessel pursuant to the MOA; or

  

	 (d)
	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or
receivable by the Owners under this Charter, 

  

	 (e)
	 and for the purposes of this Clause 52.2 the Owners may in good faith allocate or spread costs and/or losses among
their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate. 

  

	 52.3
	 Subject to the terms of Clause 52.1, the Charterers shall pay to the Owners, on the Owners’ demand, the
amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost. 

CLAUSE 53    – CONFIDENTIALITY 
  

	 53.1
	 The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the
“Confidential Information”) strictly confidential, provided that a Party may disclose Confidential Information in the following cases: 

 

	 (a)
	 it is already known to the public or becomes available to the public other than through the act or omission of the
disclosing Party; 

  

	 (b)
	 it is required to be disclosed under the applicable laws of any Relevant Jurisdiction or by a governmental order,
decree, regulation or rule, by an order of a court, tribunal or listing exchange of the Relevant Jurisdiction, provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the disclosure unless
such disclosure is made pursuant to any order by the US Securities and Exchange Commission, the New York Stock Exchange, or the NASDAQ Stock Market in which case no such prior written notice is required; 

 

	 (c)
	 in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in
discovery arising out of such proceedings; 

  

	 (d)
	 to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for
circumstances 

  
 32 

 arising which are similar to those described under this Clause or such other circumstances
as may be permitted by all Parties; 
  

	 (e)
	 to any of the following persons on a need to know basis: 

 

	 	 (i)
	 a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof); 

  

	 	 (ii)
	 professional advisers retained by a disclosing party; or 

 

	 	 (iii)
	 persons advising on, providing or considering the provision of financing to the disclosing party or an Affiliate,

 provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose
Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or 

 

	 (f)
	 with the prior written consent of all Parties. 

CLAUSE 54    – PARTIAL INVALIDITY 

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or
impaired. 
 CLAUSE 55    – SETTLEMENT OR DISCHARGE CONDITIONAL 

 

	 55.1
	 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person or Approved
Manager or any other person shall be conditional upon no security or payment to the Owners by any Relevant Person or Approved Manager or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or
otherwise. 

  

	 55.2
	 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or Approved
Manager or Approved Subcharterer of an Approved Subcharter of a period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods) or by any other person in purported payment or discharge of an
obligation of that Relevant Person or Approved Manager or such Approved Subcharterer to the Owners under the Leasing Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or
Approved Manager or such Approved Subcharterer or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents. 

CLAUSE 56 – CHANGES TO THE PARTIES 
  

	 56.1
	 Assignment or transfer by the Charterers 

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents
except with the prior consent in writing of the Owners, provided that the Owners’ consent shall not be unreasonably withheld if the assignee or transferee of such assignment or transfer by the Charterers is an Affiliate of the Charterers. 

 

	 56.2
	 Transfer by the Owners 

 

	 (a)
	 Subject to Clause 35.3, the Owners may transfer by novation (or otherwise) any of its rights and obligations under the
Leasing Documents: 

  
 33 

	 	 (i)
	 in the event of an occurrence of a Termination Event which is continuing; or 

 

	 	 (ii)
	 subject to the consent of such other party under the Leasing Document (which must not be unreasonably withheld or
delayed), to another lessor or financial institution or trust, fund, leasing company or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets,

  

	 (b)
	 During the Charter Period, any change in the registered ownership of the Vessel (other than pursuant to paragraph (a))
above shall require the Charterers’ prior approval which shall not be unreasonably withheld or delayed, provided always that, notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or
mutually agreed amendments). The Guarantor and the Charterers shall remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered ownership
of the Vessel from the Owners to such new owner. 

  

	 56.3
	 The Charterers agree and undertake to enter into any such usual documents as the Owners shall require to
complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause 56.2, with any documented costs or expenses whatsoever arising in relation thereto at no cost to the Charterers.

 CLAUSE 57    – MISCELLANEOUS 

 

	 57.1
	 The Charterers waive any rights of sovereign immunity which they or any of their assets may enjoy in any
jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter. 

  

	 57.2
	 No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a
person who is not party to this Charter , save that the Other Owners may rely on the rights conferred on them under Clause 50.5 (Indemnities). 

  

	 57.3
	 This Charter and each Leasing Document 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 Charter or that Leasing Document, as the case may be. 

  

	 57.4
	 These additional clauses shall be read together with the BARECON 2001 to constitute this Charter as a single
instrument. However, in case of any conflict between these additional clauses and the BARECON 2001, the terms of these additional clauses shall prevail. 

CLAUSE 58    – FATCA 
  

	 58.1
	 Defined terms. For the purposes of this Clause 58, the following terms shall have the following meanings:
 

 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder. 

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing
Documents required by or under FATCA. 
 “FATCA Exempt Party” means a Relevant Party that is entitled
under FATCA to receive payments free from any FATCA Deduction. 
 “FATCA FFI” means a foreign financial
institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 

  
 34 

 “FATCA Non-Exempt
Party” means any Relevant Party who is not a FATCA Exempt Party. 
 “IRS” means the United States
Internal Revenue Service or any successor taxing authority or agency of the United States government. 
 “Relevant
Party” means any party to a Leasing Document except an Approved Subcharterer. 
  

	 58.2
	 FATCA Information. 

  

	 (a)
	 Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten
Business Days of a reasonable request by another Relevant Party: 

  

	 	 (i)
	 confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

  

	 	 (ii)
	 supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS
Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including
its applicable “pass thru percentage” or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party’s
compliance with FATCA . 

  

	 (b)
	 If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall so notify all
other Relevant Parties reasonably promptly. 

  

	 (c)
	 Nothing in this clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might
constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided,
however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of
such party for purposes of this paragraph. 

  

	 (d)
	 If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in
accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then: 

  

	 	 (i)
	 if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated
for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and 

  

	 	 (ii)
	 if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes
of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%, 

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to
establish the relevant facts. 
  

	 58.3
	 FATCA Deduction and gross-up by Relevant Party 

 

	 (a)
	 If the representation made by the Charterers under Clause 45.1(n) proves to be untrue or misleading such that the
Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

  
 35 

	 (b)
	 If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them
to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required. 

 

	 (c)
	 The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change
in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to
the Owners evidence reasonably satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	 58.4
	 FATCA Deduction by Owners 

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA
Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction. 

 

	 58.5
	 FATCA Mitigation 

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause
58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in
relation to such transfer shall be for the account of the Charterers. 
 CLAUSE 59    – DEFINITIONS 

 

	 59.1
	 In this Charter the following terms shall have the meanings ascribed to them below: 

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed
by the Charterers at Delivery. 
 “Account Bank” means ABN AMRO, BNP Paribas, HSH Nordbank AG or any
other bank which is acceptable to the Owner. 
 “Account Security” means the document creating security
over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form. 
 “Affiliate”
means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company. 

“Aggregate Outstanding Principal Balance” means, at any time, the sum of (i) the Outstanding Principal
Balance under this Charter at that time; and (ii) the aggregate amount of each “Outstanding Principal Balance” (as defined in each Other Charter) at that time under each such Other Charter. 

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements,
anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of
America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager
or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are
subjected or subject to. 

  
 36 

 “Anti-Terrorism Financing Laws” means all applicable anti-terrorism
laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having
jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners are subjected or subject to. 
 “Approved
Bareboat Subcharter” means an Approved Subcharter as described under paragraph b(i) of the definition of an Approved Subcharter and consented to by the Owners. 

“Applied Amount” has the meaning given to such terms in Clause 36.2. 

“Approved Manager” means (i) Navios Shipmanagement Inc., a corporation incorporated under the laws
of Marshall Islands having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (ii) Navios Containers Management Inc., a corporation incorporated under the laws of Marshall Islands having its registered office at Akti Miaouli 85,
18538, Piraeus, Greece; (iii) any other Affiliate of the Guarantor which acts as a ship manager; (iv) any other ship management company which is an Affiliate of the Charterers; or (v) any other ship management company which is not an
Affiliate of the Charterers but is approved in writing by the Owners.  
 “Approved
Subcharter” means the Subcharter or: 
  

	 	 (a)
	 any Short Term Time Subcharter; 

 

	 	 (b)
	 subject to prior written consent of the Owners: 

 

	 	 (i)
	 a subcharter of the Vessel on a bareboat charter basis; or 

 

	 	 (ii)
	 a subcharter of the Vessel on a time charter basis with a charter period exceeding or capable of exceeding thirteen
(13) months (taking into account any optional extension period). 

 “Approved
Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter, any subcharterer of the Vessel approved by the Owners in writing. 

“Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers A/S, Fearnleys, Howe Robinson,
Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Breakfunding Costs” means all breakfunding costs and expenses (including without limitation any early
termination costs under any swap or hedging arrangements) incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall
on a Payment Date. 
 “Business Day” means a day on which banks are open for business in the principal
business centres of Amsterdam, Beijing, Hong Kong and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open
in New York City. 
 “Business Ethics Law” means any laws, regulations and/or other legally binding
requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the 

  
 37 

 United Kingdom Bribery Act 2010 and (ii) the United States Foreign Corrupt Practices
Act 1977 and all rules and regulations under each of (i) and (ii).     
 “Cancelling
Date” has the meaning given to that term in the MOA. 
 “Charterhire” means, in relation to the
Payment Date for each month, an amount equal to $2,880 times the number of calendar days in that month.  

“Charterhire Principal” means the aggregate amount of Charterhire payable under this Charter. 

“Charterhire Principal Balance” means the Charterhire Principal outstanding under this Charter from time
to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire under this Charter. 

“CISADA” means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 as it applies
to non-US persons. 
 “Charter Period” means the period
commencing on the Commencement Date and described in Clause 32.2 unless it is either terminated earlier or extended in accordance with the provisions of this Charter. 

“Classification Society” means DNV GL or any classification society being a member of the International
Association of Classification Societies (other than PRS (Polski Rejestr Statków)), IRS (Indian Register of Shipping as IRS) or CRS (Hrvatski registar brodova) which is approved by the Owners.  

“Commencement Date” means the date on which Delivery takes place. 

“Delivery” means the delivery of the legal and beneficial interest in the Vessel from the Owners to the Charterers
pursuant to the terms of the MOA. 
 “Deposit” has the meaning given to such terms in Clause 36.2. 

“Deposit Amount” means an amount in Dollars equal to $87,733. 

“Dollars” or “$” have the meanings given to those terms in the MOA. 

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which
arise out of the use or operation of the Vessel, including (but not limited to): 
  

	 	 (a)
	 all freight, hire and passage moneys, compensation payable in the event of requisition of the Vessel for hire, all
moneys which are at any time payable under any Insurances in respect of loss of hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Vessel; and 

  

	 	 (b)
	 if and whenever the Vessel is employed on terms whereby any moneys falling within paragraph (a) are pooled or
shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Vessel; 

“Earnings Account” means, an account in the name of the Charterers with Account Bank or such bank as the
Owners may approve. 
 “Environmental Claim” means: 

 

	 	 (a)
	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which
relates to any Environmental Law; or 

  
 38 

	 	 (b)
	 any claim by any other person which relates to an Environmental Incident, 

and “claim” means a claim for damages, compensation, fines, penalties or any other payment (exceeding $1,000,000 in
each of the above cases); an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means: 

 

	 	 (a)
	 any release of Environmentally Sensitive Material from the Vessel; or 

 

	 	 (b)
	 any incident in which Environmentally Sensitive Material is released from a vessel other than the Vessel and which
involves a collision between the Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Vessel is actually liable to be arrested, attached, detained or injuncted and/or the Vessel
and/or the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action; or 

 

	 	 (c)
	 any other incident involving the Vessel in which Environmentally Sensitive Material is released otherwise than from
the Vessel and in connection with which the Vessel is actually arrested and/or where the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action in respect
of such Vessel. 

 “Environmental Law” means any law relating to pollution or
protection of the environment, to the carriage or releases of Environmentally Sensitive Material. 
 “Environmentally
Sensitive Material” means oil, oil products and any other substances (including any chemical, gas or other hazardous or noxious substance) which are (or are capable of being or becoming) polluting, toxic or hazardous. 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of
the debtor: 
  

	 	 (a)
	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	 (b)
	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	 (c)
	 under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

  

	 	 (d)
	 under a lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services
obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	 (e)
	 under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction
entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	 (f)
	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another
person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person. 

  
 39 

 “Financial Instruments” means the mortgage, deed of
covenant, the general assignment or such other financial security instruments granted to the Owners’ financiers as security for the obligations of the Owners in relation to the financing of the acquisition of the Vessel. 

“Financing Amount” means an amount equal to the Purchase Price. 

“Flag State” means Republic of Panama, the Republic of the Marshall Islands or Republic of Liberia or any
other flag state approved by the Owners in writing.  
 “Fleet Vessel” has the meaning
give to it under clause 11.20 of the Guarantee. 
 “General Assignment” means the general assignment
executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, inter alia, assign their rights under the Insurances, Earnings and Requisition Compensation and any sub-charters having a duration of at least thirteen (13) months (or which are capable of exceeding thirteen (13) months) in respect of the Vessel, in favour of the Owners and in the agreed form.
 
 “Guarantor” means Navios Maritime Containers Inc., a corporation incorporated under the laws of the
Republic of Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.  

“Guarantee” means a guarantee executed by the Guarantor in favour of the Owners dated on or around the date of this
Charter. 
 “Holding Company” means, in relation to a person, any other person in relation to which it
is a subsidiary.  
 “IAPPC” means a valid international air pollution prevention certificate for the Vessel
issued pursuant to the MARPOL Protocol. 
 “Initial Market Value” means, in relation to the Vessel at
any relevant time, the valuation prepared by an Approved Valuer selected by the Charterers:  
  

	 	 (a)
	 on a date no earlier than three (3) months prior to the Commencement Date; 

 

	 	 (b)
	 without physical inspection of the Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment. 

 “Insurances”
means: 
  

	 	 (a)
	 all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks
association, which are effected in respect of the Vessel or otherwise in relation to it whether before, on or after the date of this Charter; and 

  

	 	 (b)
	 all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a
premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Charter. 

  
 40 

 “ISM Code” means the International Safety Management Code
(including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms
“safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code). 

“ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of
Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or
amended from time to time. 
 “Joint Purchase Option Notice” has the meaning given to such term in
Clause 47. 
 “Leasing Documents” means this Charter, the MOA, the Security Documents and the Trust
Deed. 
 “Major Casualty” means any casualty to the Vessel in respect of which the claim or the
aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency. 

“Manager’s Undertaking” means, in relation to an Approved Manager, the letter of undertaking from
the Approved Manager, inter alia, subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners and their financiers (if any) in an agreed form. 

“Market Value” means, in relation to the Vessel or any Other Vessel at any relevant time, the valuation
prepared: 
  

	 	 (a)
	 on a date no earlier than thirty (30) days previously (or, in the case of the Initial Market Value of the Vessel,
three (3) month prior to the Commencement Date);     

  

	 	 (b)
	 without physical inspection of the Vessel or that Other Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment 

 and such valuations shall be
prepared by an Approved Valuer. 
 “MARPOL Protocol” means Annex VI (Regulations for the Prevention of
Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997). 

“Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

  

	 	 (a)
	 the business, operations, property, condition (financial or otherwise) or prospects of the Charterers or the Guarantor
and its subsidiaries as a whole; or 

  

	 	 (b)
	 the ability of any Relevant Person or Approved Manager to perform its obligations under any Leasing Document to which
it is a party; or 

  

	 	 (c)
	 the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to any
of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents. 

  
 41 

 “MOA” means the memorandum of agreement entered into by the Charterers as
sellers and the Owners as buyers dated on the date of this Charter in relation to the sale and purchase of the Vessel. 

“Mortgagee” has the meaning given to that term in Clause 35.3. 

“Original Financial Statements” means the Guarantor’s audited consolidated financial statements for the
financial year ended 31 December 2017.  
 “Original Jurisdiction” means, in
relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be), the jurisdiction under whose laws they are respectively incorporated as at the date of this Charter. 

“Other Charter” means the bareboat charterparty entered into between the relevant Other Owner and the
relevant Other Charterer In respect of any of the Other Vessels. 
 “Other Charterer” means Jasmer
Shipholding Ltd., Jaspero Shiptrade S.A., Thetida Marine Co., Sui An Navigation Limited, Pingel Navigation Limited, Ebba Navigation Limited, Clan Navigation Limited, Evian Shiptrade Ltd, Anthimar Marine Inc., Bertyl Ventures Co., Olympia II
Navigation Limited, Isolde Shipping Inc., Rodman Maritime Corp., Silvanus Marine Company, Morven Chartering Inc., Enplo Shipping Limited or Velour Management Corp. (and “Other Charterers” mean all of them). 

“Other Owner” means Ocean Dawn Shipping Limited or Ocean Wood Tang Shipping Limited (and
“Other Owners” means all of them). 
 “Other Vessel” means APL Atlanta, APL Los
Angeles, APL Oakland, MOL Dedication, MOL Delight, MOL Destiny, MOL Devotion, Navios Amaranth, Navios Amarillo, Navios Azure, Navios Domino, Navios Indigo, Navios Spring, Navios Summer, Navios Verano, Navios Verde or Navios Vermilion (and
“Other Vessels” means all of them). 
 “Outstanding Principal Balance”
means, at the relevant time, the aggregate of: 
  

	 	 (a)
	 the Charterhire Principal Balance; and 

 

	 	 (b)
	 the then applicable Purchase Obligation Price. 

“Owners’ Sale” has the meaning given to that term in Clause 40.3(a)(iii). 

“Party” means either party to this Charter. 

“Payment Date” means each of the sixty (60) dates upon which Charterhire is to be paid by the
Charterers to the Owners pursuant to Clause 36. 
 “Permitted Security Interests” means: 

 

	 	 (a)
	 Security Interests created by a Leasing Document or a Financial Instrument; 

 

	 	 (b)
	 other Security Interests Permitted by the Owners in writing; 

 

	 	 (c)
	 liens for unpaid master’s and crew’s wages (in each case not overdue) in accordance with the ordinary course
of operation of the Vessel or in accordance with usual reputable maritime practice; 

  

	 	 (d)
	 liens for salvage; 

  

	 	 (e)
	 liens for master’s disbursements incurred in the ordinary course of trading; 

  
 42 

	 	 (f)
	 any other liens arising by operation of law or otherwise in the ordinary course of the operation, repair or
maintenance of the Vessel provided such liens do not secure amounts more than 30 days overdue; 

  

	 	 (g)
	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom
such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good faith by appropriate steps; and 

  

	 	 (h)
	 Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which
are overdue for payment but which are being contested by the Owners or the Charterers in good. 

“Post-enforcement Interests” has the meaning given to that term in 40.3(a)(ii). 

“Potential Termination Event” means, an event or circumstance which, with the giving of any notice, the
lapse of time, a determination of the Owners and/or the satisfaction of any other condition, would constitute a Termination Event. 

“Prepayment Sum” means, in respect of each Purchase Option Date (which shall also be a Payment Date), the
amount in Dollars set out in Schedule IV next to each such Payment Date in Schedule IV. 
 “Prepositioning
Date” means the date on which the Owners are obliged to deposit the Relevant Amount with the Sellers’ Account (as defined in the MOA) pursuant to Clause 19(b) of the MOA. 

“Purchase Obligation” means the purchase obligation referred to in Clause 48.  

“Purchase Obligation Date” means the date on which the Owners shall transfer the legal and beneficial
interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period. 

“Purchase Obligation Price” means fifty per cent. (50%) of the Financing Amount. 

“Purchase Price” has the meaning given to that term in the MOA. 

“Purchase Option” means the early termination option which the Charterers are entitled to pursuant to
Clause 47. 
 “Purchase Option Date” has the meaning given to that term in Clause 47.1. 

“Purchase Option Notice” has the meaning given to that term in Clause 47.1. 

“Purchase Option Price” means the aggregate of: 

 

	 	 (a)
	 Prepayment Sum as at the Purchase Option Date; 

 

	 	 (b)
	 the Charterhire payable on the Purchase Option Date but for the exercise of the purchase option by the Charterers
pursuant to Clause 47; 

  

	 	 (c)
	 any default interest accrued as at the Purchase Option Date; 

 

	 	 (d)
	 any legal costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 47; and

  

	 	 (e)
	 all other amounts payable under this Charter and the other Leasing Documents together with any applicable interest
thereon. 

  
 43 

 “Quiet Enjoyment Agreement” means the quiet enjoyment
agreement executed or to be executed between, amongst others, the Charterers, the Owners and the Owners’ financiers in the agreed form. 

“Relevant Amount” shall have the meaning as defined under the MOA. 

“Relevant Person” means the Charterers, the Other Charterers, the Guarantor, the Shareholder and such
other party providing security to the Owners for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (but not including the Subcharterer, any Approved Subcharterer and the Approved Manager).
 
 “Relevant Jurisdiction” means, in relation to any Relevant Person, Approved
Subcharterer or Approved Manager (as the case may be): 
  

	 	 (a)
	 its Original Jurisdiction; 

 

	 	 (b)
	 any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

  

	 	 (c)
	 any jurisdiction where it conducts its business; and 

 

	 	 (d)
	 any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating a
Security Interest. 

 “Requisition Compensation” includes all compensation or other
moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”. 

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or
trade embargoes, in particular but not limited to pursuant to the U.S.‘s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) or the United Nations including at the date of this Charter, but without
limitation, Iran, North Korea, Sudan and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons. 

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or
incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom, Her Majesty’s Treasury
(“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in
(i) and (ii).  
 “Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or
other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United
States of America (including, without limitation, CISADA and OFAC), the United Nations, the People’s Republic of China or the Council of the European Union.  

“Secured Liabilities” means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of a Relevant Person or the Approved Manager or any Approved Subcharterer to the Owners under or in connection with the Leasing Documents or any judgment relating
to the Leasing Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or
other procedure under the insolvency laws of any country. 

  
 44 

 “Security Documents” means the Guarantee, the Account
Security, the General Assignment, the Shares Pledge, the Manager’s Undertaking and any other security documents granted as security for the obligations of the Charterers under or in connection with this Charter. 

“Security Interest” means: 
  

	 	 (a)
	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any
other security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest; 

  

	 	 (b)
	 the security rights of a plaintiff under an action in rem; or 

 

	 	 (c)
	 any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually
or contingently due to it ahead of the general unsecured creditors of the debtor concerned; however this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or
financial institution. 

 “Security Period” means the period commencing on the date
hereof and ending on the date on which the Owners are reasonably satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full. 

“Shareholder” means Navios Partners Containers Finance Inc. 

“Shares Pledge” means the shares pledge over the shares in the Charterers to be executed by the Guarantor
in favour of the Owners on or around the date of this Charter. 
 “Short Term Time Subcharter” means
a subcharter of the Vessel on a time charter basis with a charter period not exceeding and not capable of exceeding thirteen (13) months (taking into account any optional extension period) 

“Subcharter” means the subcharter with the particulars set out under Schedule IV. 

“Term” means, in relation to the definitions of “Charterhire” and for the purpose of Clause 45, a period of
one (1) month’s duration provided that: 
  

	 	 (a)
	 the first Term shall commence on the Commencement Date; 

 

	 	 (b)
	 each subsequent Term shall commence on the last day of the preceding Term; 

 

	 	 (c)
	 any Term which would otherwise end on a non-Business Day shall instead end on
the next following Business Day or, if that Business Day is in another calendar month, on the immediately preceding Business Day; 

  

	 	 (d)
	 if any Term commences on the last Business Day of a calendar month or on a day for which there is no numerically
corresponding day in the calendar month one (1) month thereafter, as the case may be, that Term shall, subject to paragraphs (c), (e) and (f), end on the last Business Day of such later calendar month; 

 

	 	 (e)
	 any Term which would otherwise overrun a Payment Date shall instead end on that Payment Date; and

  

	 	 (f)
	 , except for the purpose of Clause 45 any Term which would otherwise extend beyond the Charter Period shall instead
end on the last day of the Charter Period. 

 “Termination Event” means any event
described in Clause 44. 

  
 45 

 “Termination Purchase Price” means, in respect of any date
(for the purpose of this definition only, the “Relevant Date”), the aggregate of: 
  

	 	 (a)
	 the Outstanding Principal Balance as at the Relevant Date; 

 

	 	 (b)
	 any accrued but unpaid interest as at the Relevant Date; 

 

	 	 (c)
	 any Breakfunding Costs; 

  

	 	 (d)
	 any documented costs and expenses incurred by the Owners (and their financiers (if any)) in locating, repossessing or
recovering the Vessel or collecting any payments due under this Charter or in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents and any default interest in relation thereto; and

  

	 	 (e)
	 all other outstanding amounts payable under this Charter together with any applicable interest thereon.

 “Total Loss” means: 

 

	 	 (a)
	 actual, constructive, compromised, agreed or arranged total loss of the Vessel; 

 

	 	 (b)
	 any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the
Charterers; or 

  

	 	 (c)
	 any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event
specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers. 

“Trust Deed” means a trust deed dated on or around the date of this Charter entered into between the
Owners, the Other Owners, the Charterers, the Other Charterers, the Guarantor and the Approved Manager which, inter alia, sets out the obligations of the Owners in respect of holding on trust all moneys or other assets received or recovered by or on
behalf of the Owners by virtue of any Security Interest or other rights granted to the Owners under or by virtue of the Security Documents. 

“US Tax Obligor” means (a) a person which is resident for tax purposes in the United States of America or
(b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes. 

“Vessel” means the APL Denver with particulars stated in Boxes 6 to 12 of this Charter and which is to be registered
under the name of the Owners with the Marshall Island registry upon Delivery. 
  

	 59.2
	 In this Charter: 

“Approved Manager”, “Approved Subcharterer”,
“Charterers”, “Other Charterers”, “Other Owners”, “Owners”, “Relevant Person”,
“Subcharterer” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents. 

“agreed form” means, in relation to a document, such document in a form agreed in writing by the Owners;

  
 46 

 “asset” includes every kind of property, asset, interest or right,
including any present, future or contingent right to any revenues or other payment; 
 “company” includes any
partnership, joint venture and unincorporated association; 
 “consent” includes an authorisation, consent, approval,
resolution, licence, exemption, filing, registration, notarisation and legalisation; 
 “contingent
liability” means a liability which is not certain to arise and/or the amount of which remains unascertained; 

“continuing” means, in relation to any Termination Event, a Termination Event which has not been waived by the Owners
and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners; 

“control” over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or
otherwise) to: 
  

	 	 (a)
	 cast, or control the casting of, more than fifty per cent (50%), of the maximum number of votes that might be cast at
a general meeting of such company; or 

  

	 	 (b)
	 appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or

  

	 	 (c)
	 give directions with respect to the operating and financial policies of such company with which the directors or other
equivalent officers of such company are obliged to comply; 

 “document” includes a deed; also a
letter, fax or telex; 
 “expense” means any kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable value added or other tax; 
 “financiers” of the Owners means any financing parties or
creditors of the Owners for financing part or in full of the Purchase Price, provided that such financing amount shall not exceed the Outstanding Principal Balance at the relevant time and such financing is not restricted under this Charter. 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or
regulatory action or investigation; 
 “liability” includes every kind of debt or liability (present or future,
certain or contingent), whether incurred as principal or surety or otherwise; 
 “months” shall be construed in
accordance with Clause 59.3; 
 “person” includes any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
the contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks
covered (excluding freight, demurrage and defence cover) by a protection and indemnity association which is a member of the International Group of P&I Clubs including pollution risks, extended passenger cover and the 

  
 47 

 proportion (if any) of any sums payable to any other person or persons in case of collision
which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the
Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of
law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 59.4; and 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine. 

 

	 59.3
	 Meaning of “month”. A period of one or more “months” ends on the day in the relevant
calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

 

	 	 (a)
	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business
Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	 	 (b)
	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar
month or if the last calendar month of the period has no numerically corresponding day; 

 and
“month” and “monthly” shall be construed accordingly. 
  

	 59.4
	 Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if a
majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P. 

A company (S) is a subsidiary of another company (U) if S is a subsidiary of P and P is in turn a subsidiary of U. 

 

	 59.5
	 In this Charter: 

  

	 	 (a)
	 references to a Leasing Document or any other document being in the form of a particular appendix or to any document
referred to in the recitals include references to that form with any modifications to that form which the Owners approve; 

  

	 	 (b)
	 references to, or to a provision of, a Leasing Document or any other document are references to it as amended or
supplemented, whether before the date of this Charter or otherwise; 

  

	 	 (c)
	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Charter or otherwise; and 

  

	 	 (d)
	 words denoting the singular number shall include the plural and vice versa. 

 

	 59.6
	 Headings. In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded. 

  
 48 

 

 
 EXECUTION PAGE OWNERS SIGNED ) by } as an
attorney-in-fact ) A for and on behalf of ) 7 (Y Ocean Dazzle Shipping Limited ) \jj 16’ y ‘ I II in the presence of: ) * Witness’ signature: ) —
Witness’name: CAO Ying } Witness’ address: } ^ Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED ) by ) for and on behalf of ) Jaspero Shiptrade S.A. } as )
in the presence of: ) Witness’ signature: } Witness’ name: ) Witness’ address: ) 

 

 
 EXECUTION PAGE OWNERS SIGNED ) by ) as an
attorney-in-fact ) for and on behalf of ) Ocean Dazzle Shipping Limited ) in the presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’
address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS x * SIGNED ) by Efstratios G. Camatsos ) for and on behalf of ) Jaspero Shiptrade S.A. ) Ms / in the presence of:
StYRjft / Witness’ signature: ) Witness’name: M^.TSON, FARLEY & WILLIAMS ) fK) Witness’address: 348 SYNGROU AVf’IMUE’ * KALLITHflA 176 74 ‘ ATHENS—GRcFCE 

 

 
 MEMORANDUM OF AGREEMENT Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships.
Adopted by BIMCO in 1956. Code-name SALEFORM 2012 Revised 1966, 1983 and 1986/87, 1993 and 2012 Explanatory Notes for SALEFORM 2012 are available from BIMCO at www.bimco.org Printed by BIMCO’s idea Copyright: Norwegian Shipbrokers’
Association, Oslo. Published by Norwegian Shipbrokers’ Association, Oslo and BIMCO, Copenhagen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Dated: _____________ 2018 Inastros Maritime Corp., a corporation
incorporated and existing under the laws of the Republic of Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands (Name of sellers), hereinafter called the
“Sellers”, have agreed to sell, and Ocean Dazzle Shipping Limited, a company incorporated and existing under the laws of Hong Kong having its registered office at Room 2310, 23/F, C C Wu Building,
302-308 Hennessy Road, Wanchai, Hong Kong (Name of buyers), hereinafter called the “Buyers”, have agreed to buy: Name of vessel: APL Denver IMO Number: 9345960 Classification Society: DNV GL
Class Notation: 100 A5 Container ship BWM SOLAS-II-2,Reg.19 IW MC AUT Year of Build: 2007 Builder/Yard: New Century Shipbuilding Co., Ltd. Flag: Liberia Place of
Registration: Marshall Islands GT/NT: 43,071 / 26,516 hereinafter called the “Vessel”, on the following terms and conditions: Definitions – see also Clause 28 “Agreement” means this memorandum of agreement which shall for
the avoidance of doubt, include the rider provisions from Clauses 19 to 28. “Banking Days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place
of closing stipulated in Clause 8 (Documentation) and ______ (add additional jurisdictions as appropriate). “Buyers’ Nominated Flag State” means Liberia (state flag state). “Cancelling Date” has the meaning given to that
term in Clause 5. “Conditions Precedent” has the meaning given to that term in Clause 8(a). “Class” means the class notation referred to above. “Classification Society” means the Classification Society referred to
above. ““Dollars” or “$” mean United States dollars, being the lawful currency of the United States of America.Deposit” shall have the meaning given in Clause 2 (Deposit) “Deposit Holder” means ______ (state
name and location of Deposit Holder) or, if left blank, the Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement. “In writing” or “written” means a letter handed over from the Sellers to
the Buyers or vice versa, a registered letter, e-mail or telefax. “Parties” means the Sellers and the Buyers. “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase
Price). “Sellers’ Account” means ______ (state details of bank account) at the Sellers’ Bank. “Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to
the Buyers for receipt of the balance of the Purchase Price. 1. Purchase Price See Clause 19The Purchase Price is ______ (state currency and amount both in words and figures). 2. Deposit – intentionally omitted This document is a computer
generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any
loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 

 

 
 As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of ______% (______per cent) or, if left
blank, 10% (ten per cent), of the Purchase Price (the “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three (3) Banking Days after the date
that:    (i)                this Agreement has been signed by the Parties and exchanged in original or
by    e-mail or telefax; and    (ii)                the Deposit Holder has confirmed in
writing to the Parties that the account has been    opened.    The Deposit shall be released in accordance with joint written instructions of the Parties. Interest, if any, shall be credited to the Buyers. Any
fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the account without delay. 3. Payment    
See Clause 19On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and
notices):    (i)                the Deposit shall be released to the Sellers;
and    (ii)                the balance of the Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement
shall be paid in full free of bank charges to the Sellers’ Account. 4. Inspection – intentionally omitted (a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers have also inspected the Vessel at/in
______ (state place) on ______ (state date) and have accepted the Vessel following this inspection and the sale is outright and definite, subject only to the terms and conditions of this Agreement.    (b)* The Buyers shall have
the right to inspect the Vessel’s classification records and declare whether same are accepted or not within ______ (state date/period).    The Sellers shall make the Vessel available for inspection at/in ______ (state
place/range) within ______(state date/period).    The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby
incurred.    The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.    During the inspection, the Vessel’s deck and engine log books shall be made available for
examination by the Buyers.    The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers
within seventy-two (72) hours after completion of such inspection or after the date/last day of the period stated in Line 59, whichever is earlier.    Should the Buyers fail to
undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released
immediately to the Buyers, whereafter this Agreement shall be null and void. *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply. 5. Time and place of delivery and notices
(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at/in ______ (state place/range) in the Sellers’ option and subject to such conditions as may be agreed by the Buyers and subject
further to the delivery of the Vessel in such place not causing the Buyers to incur additional tax liabilities to those that the Buyers would have incurred had the sale been completed in international waters.    Notice of
Readiness shall not be tendered before: ______(date)    Cancelling Date (see Clauses 5(c) , 6 (a)(i), 6 (a) (iii) and 14): 30 June 2018 (or such later date as may be agreed by the Sellers and the Buyers in writing) (the
“Cancelling Date”)    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the
event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79     

 

 
 (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20),
ten (10), five (5) and three (3) days’ notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery.    When the Vessel is, on a day being a Business Day, at the place
of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.    (c) If the Sellers anticipate that, notwithstanding the exercise of
due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon
receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Business Days of receipt of the notice or of accepting the new date
as the new Cancelling Date.    If the Buyers have not declared their option within three (3) Banking Business Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the
Sellers’ notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.    If this Agreement is maintained with the a new Cancelling Date all other terms
and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect.    (d) Cancellation, failure to cancel or acceptance of the a new Cancelling Date shall be entirely
without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready by the original Cancelling Date.    (e) Should the Vessel become an actual, constructive or
compromised t Total lLoss before delivery the Deposit together with interest earned, if any, shall be released immediately to the Buyers whereafter this Agreement shall be null and voidterminate (provided that any provision hereof expressed to
survive such termination shall do so in accordance with its terms). 6. Divers Inspection / Drydocking – intentionally omitted (a)*    
(i)                The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society
prior to the delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall
at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The
Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the
conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available
at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The
Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.    (ii)                If the rudder, propeller, bottom
or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the
Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the
Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the
underwater inspection and the Classification Society’s attendance.    Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before
the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the
satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes    This
document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss,
damage or expense as a result of discrepancies between the original approved document and this computer generated document. 3    80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109
110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138     

 

 
 for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be
obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless    the Parties agree otherwise. Should either of the Parties fail to obtain such a quote
within    the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been
established.    (iii)                If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are
available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall
deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the
drydocking and extra steaming, but limited to a maximum of fourteen (14) days.    (b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s
underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken,
damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are
also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of
the tailshaft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.    (c) If the Vessel is drydocked
pursuant to Clause 6 (a)(ii) or 6 (b) above:    (i)                The Classification Society may require survey of the tailshaft system, the extent
of the survey being to the satisfaction of the Classification surveyor. If such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society,
the extent of the survey being in accordance with the Classification Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare whether they require the tailshaft to be
drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found
defective so as to affect the Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and expense to the satisfaction of Classification Society without condition/recommendation**. (ii) The costs and expenses relating
to the survey of the tailshaft system shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel’s class,
in which case the Sellers shall pay these costs and expenses.    (iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of
the Classification    Society surveyor.    (iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the
Sellers’ or the Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely delivery. If, however, the Buyers’ work in drydock is still in progress when the Sellers have completed the work which the
Sellers are required to do, the additional docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and expense. In the event that the Buyers’ work requires such additional time, the Sellers may upon
completion of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the
Vessel is in drydock or not.    *6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6 (a) shall apply. This document is a computer generated SALEFORM 2012 form printed
by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which
is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved
document and this computer generated document. 4    139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182
183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198     

 

 
 **Notes or memoranda, if any, in the surveyor’s report which are accepted by the
Classification    Society without condition/recommendation are not to be taken into account. 7. Spares, bunkers and other items The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on
shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspectiondelivery used or unused,
whether on board or not shall become the Buyers’ property, but spares on order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and
provisions shall be included in the sale and be taken over by the Buyers without extra payment.    Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s personal
belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: ______(include list)    Items on board which are on hire or owned by third parties, listed as
follows, are excluded from the sale without compensation: ______(include list)    Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the
Sellers prior to delivery at their cost and expense.    The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums at no extra cost.and pay
either    (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or    (b) *the current net market price (excluding barging expenses) at the port and date of delivery of
the Vessel or, if unavailable, at the nearest bunkering port,    for the quantities taken over.    Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase
Price.    “inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement
shall be the relevant date. *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply. 8.    Documentation    The place of closing: To
be mutually agreed between the Sellers and the Buyers (a) In exchange for pPayment of the Purchase Price by the Buyers to the Sellers shall be subject to Clause 20 and conditional on the Buyers having on or prior to delivery of the Vessel on
the Delivery Date received, or being satisfied as to, provide the Buyers with the following delivery documentsitems:    (i)                Legal
Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens (whether maritime or otherwise) or any other
debts whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State; (ii)                Acceptance of Sale in a
form recordable in the Buyers’ Nominated Flag State,                duly notarially attested and legalised or apostilled, as required by the Buyers’
Nominated                Flag State. (iiiii)                Evidence that all necessary
corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and performance of this
Agreement;    (iiiiv)                Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the
performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);    (ivv)                Certificate or
Transcript of Registry issued by the competent authorities of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by    199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243
244 245 246    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 5     

 

 
 such authority to the closing meeting with the original to be sent to the Buyers as soon as 247 possible after delivery of the
Vessel; 248    (vvi)                Declaration of Class or (depending on the Classification Society) a Class Maintenance 249 Certificate
issued within three (3) Business Banking Days prior to delivery confirming that the 250 Vessel is in Class free of condition/recommendation;
251    (vi)                Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of 252 deletion
appropriate to the Vessel’s registry at the time of delivery, or, in the event that 253 the registry does not as a matter of practice issue such documentation immediately, a 254 written undertaking by the Sellers to effect deletion from the
Vessel’s registry forthwith 255 and provide a certificate or other official evidence of deletion to the Buyers promptly and 256 latest within four (4) weeks after the Purchase Price has been paid and the Vessel has 257 been delivered; 258
(vii)                A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the 259 Vessel ceased to be registered with the Vessel’s
registry, or, in the event that the registry 260 does not as a matter of practice issue such certificate immediately, a written undertaking 261 from the Sellers to provide the copy of this certificate promptly upon it being issued 262 together with
evidence of submission by the Sellers of a duly executed Form 2 stating 263 the date on which the Vessel shall cease to be registered with the Vessel’s registry; 264    (viiivii)    Commercial Invoice for
the Vessel; 265    (ix)                Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases;
266    (x)                A copy of the Sellers’ letter to their satellite communication provider cancelling the 267 Vessel’s
communications contract which is to be sent immediately after delivery of the 268 Vessel; 269    (xiviii)                Any additional documents as
may reasonably be required by the competent authorities 270 of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, each in a form 271 acceptable to the Buyers’ Nominated Flag State, duly notarially attested and
legalised or apostilled (if required) provided the Buyers notify the Sellers of any such documents as soon as possible after the date of 272 this Agreement; and
273    (xiiix)                The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any
nation or international organisation. 275 (x) The items set out in Clause 20. The items set out in this Clause 8(a) (together the “Conditions Precedent”) are inserted for the sole benefit of the Buyers and may be waived in whole or in part
with or without conditions by the Buyers.    (b) At the time of delivery the Buyers shall provide the Sellers with:
276    (i)                Evidence that all necessary corporate, shareholder and other action has been taken by 277 the Buyers to authorise the
execution, delivery and performance of this Agreement; and 278    (ii)                Power of Attorney of the Buyers (if any) appointing one or more
representatives to act on 279 behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised 280 or apostilled (as appropriate). 281    (c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the
country of the translated language. 284    (d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the 286 other party not later than ten (10) days (or such later date as the Buyers may agree) prior to the 287 Vessel’s intended date of readiness for
delivery as notified by the Sellers to the Buyers five (5) days prior to the delivery in accordance with Clause 5(b) of this Agreement. (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of
readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289    (e) On delivery, Concurrent with the exchange of documents in Sub-clause (a) and
Sub-clause (b) 290 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible.
In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document 6. 

 

 
 above,    the Sellers shall also hand to the Buyers copies of the classification certificate(s) as well as all
plans, 291 drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless 293 the Sellers are required to retain same, in which
case the Buyers have the right to take copies. 294    (f) Other technical documentation which may be in the Sellers’ possession shall promptly after 295 delivery be forwarded to the Buyers at their Sellers’ expense, if
they so request. The Sellers may keep 296 the Vessel’s log books but the Buyers have the right to take copies of same. 297    (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance
(“the 298 Protocol of Delivery and Acceptance”) confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from all
charters (other than the 301 Bareboat Charter and any current subcharter permitted by the terms of the Leasing Documents), encumbrances, mortgages and maritime liens (whether maritime or otherwise) or any other debts 302 whatsoever, and is not
subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the 303 Buyers against all consequences of claims made against the Vessel which have been incurred 304 prior to the time of delivery. 305 10. Taxes,
fees and expenses 306 Any taxes, fees and expenses in connection with the purchase of the Vessel and registration in the 307 Buyers’ Nominated Flag State shall be for the Buyers’ account, whereas similar charges and in connection 308 with
the closing of the Sellers’ register shall be for the Sellers’ account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is 311 delivered to the Buyers,
but subject pursuant to the terms and conditions of this Agreement she shall 312 be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. 313    However, the Vessel shall be delivered free of
cargo and free of stowaways with her Class 314 maintained without overdue condition/recommendation*, free of average damage affecting the Vessel’s 315 class, and with her classification certificates and national certificates, as well as
all other 316 certificates the Vessel had at the time of inspectiondelivery, valid and unextended without 317 condition/recommendation* by the Classification Society or the relevant authorities at the time 318 of delivery. 319 “inspection”
in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322 *Notes and
memoranda, if any, in the surveyor’s report which are accepted by the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings – intentionally omitted 325 Upon delivery the Buyers
undertake to change the name of the Vessel and alter funnel 326 markings. 327 13. Buyers’ default 328 Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the 329 right to cancel this Agreement, and they
shall be entitled to claim compensation for their losses 330 and for all expenses incurred together with interest. 331    Should the Purchase Price not be paid in accordance with Clause 3 (Payment)this Agreement, the 332 Sellers
have the right to cancel this Agreement, in which case it shall terminate whereupon all the Buyers’ 333 liabilities hereunder shall be extinguished. the Deposit together with interest earned, if any, shall be released to the Sellers. If the
Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers’ default 337 Should the Sellers fail to give Notice of
Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the    339 option of cancelling this Agreement. If after Notice of Readiness has
been given but before 340 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 7 

 

 
 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again
by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement, the Deposit together with interest earned, if any, shall be released to
them 344 immediately. 345 Without prejudice to any of the rights the Buyers may have under the Leasing Documents, at law 346 or otherwise, Sshould the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly
complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their direct and documented loss and for all documented expenses together with 348 interest accrued in accordance with the terms of the Leasing Documentsif
their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. 349 15. Buyers’ representatives – intentionally omitted 350 After this Agreement has been signed by the Parties and the Deposit has been lodged,
the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 expense. 353    These representatives are on board for the purpose of familiarisation and in the capacity of 354
observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of 356 indemnity prior to their
embarkation. 357 16. Law and Arbitration See Clause 25 358 (a) *This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration
in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause.
362    The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365    The
reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator
within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen
(14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without the 372 requirement
of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been
appointed by agreement. 375    In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time
when the arbitration proceedings are commenced. 378    (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the 379 United States Code and the substantive law (not including the choice of law
rules) of the State 380 of New York and any dispute arising out of or in connection with this Agreement shall be 381 referred to three (3) persons at New York, one to be appointed by each of the parties hereto, 382 and the third by the two so
chosen; their decision or that of any two of them shall be final, and 383 for the purposes of enforcing any award, judgment may be entered on an award by any court of 384 competent jurisdiction. The proceedings shall be conducted in accordance with
the rules of the 385 Society of Maritime Arbitrators, Inc. 386    In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the 387 arbitration shall be conducted in accordance with the Shortened
Arbitration Procedure of the 388 Society of Maritime Arbitrators, Inc. 389    (c) This Agreement shall be governed by and construed in accordance with the laws of ______ 390 (state place) and any dispute arising out of or in
connection with this Agreement shall be 391 referred to arbitration at ______ (state place), subject to the procedures applicable there. 392 *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393
deletions, alternative 16(a) shall apply. 394 17. Notices See Clause 27 395    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall
apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 8    

 

 
 All notices to be provided under the Agreement shall be in writing. Contact details for recipients of notices are as follows: For
the Buyers: For the Sellers: 18 Entire Agreement The written terms of this agreement (together with the other Leasing Documents) comprise the entire agreement between the Buyers and The Sellers in relation to the sale and purchase of the Vessel and
supersede all previous agreements whether oral or written between the Parties in relation thereto. Each of the Parties acknowledges that in entering into this agreement it has not relied on and shall have no right or remedy in respect of any
statement, representation, assurance or warranty(whether or not made negligently) other than as is expressly set out in this agreement. Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that
such exclusion can legally be made. Nothing in the Clause shall limit or exclude any liability for fraud. For and on behalf the sellers Name: Title: For and on behalf of the buyers Name: Title    This document is a computer
generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any
loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    396 397 398 399 400 401 402 403 404 405 406 407 408 409 

 

 
 All notice to be provided under this Agreement shall be in writing Contact details for recipients of notices are as follows: For
the buyers: For the Sellers: 18. entire agreement The written terms of this Agreement (together with the other Leasing documents) comprise the entire agreements between the Buyers and the Sellers in relation to the sale and purchase of the Vessel
and supersede all previous agreements whether oral or written between the Parties in relation thereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any
statement, representation, assurance or warranty (whether or not made negligently) other than a sis expressly set out in this agreement. Any terms implied into this Agreement by any applicable statue or law are hereby excluded to the extent that
such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud. For and on behalf of the Sellers Name: Title: For and on behalf of the Buyers Name: Title: This document is a computer generated SALEFORM 2012
form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the
original approved document and this computer generated document. 

 Execution Version 

RIDER CLAUSES TO 
 MEMORANDUM OF AGREEMENT

 DATED 25 MAY 2018 
 Clause 19
– Payment of Purchase Price 
  

	 (a)
	 The Purchase Price of the Vessel shall be the lowest of: 

 

	 	 (i)
	 $7,200,000; and 

  

	 	 (ii)
	 the Market Value. 

Subject always to Clause 21 and the Conditions Precedent having been satisfied, the Purchase Price of the Vessel shall be paid by the
Buyers to the Sellers on delivery of the Vessel on the Delivery Date free of bank charges into the Sellers’ Account. 
  

	 (b)
	 The Buyers shall, one (1) Business Day prior to the scheduled delivery date, such scheduled delivery date being
the date of delivery of the Vessel set out in the notice to be sent to the Buyers from the Sellers five (5) days before delivery in accordance with Clause 5(b) (the “Preposition Date”) and provided that all
amounts due to the Buyers as owners under Clause 41.1 of the Bareboat Charter have been received in full in available funds by the Buyers as owners under the Bareboat Charter, deposit with the Sellers’ Account the Relevant Amount on an
unallocated basis in a suspense account with a SWIFT MT103 and a SWIFT MT199 irrevocable conditional release instruction in a form to be agreed (the “SWIFT Payment Instructions”). The amount so deposited shall
be transferable and payable to the Sellers or their designated nominee at the Sellers’ Account upon the fulfilment of the conditions set out in the SWIFT Payment Instructions, which shall include the presentation by the Sellers to the
Sellers’ Bank of a copy of the duly executed, timed and dated Protocol of Delivery and Acceptance of the Vessel. 

  

	 (c)
	 Interest at the rate of the Overnight USD LIBOR plus 350 basis points (the “Remittance
Interest”) shall: 

  

	 	 (i)
	 in the event that the Vessel is delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date until
the Delivery Date (both dates inclusive); and 

  

	 	 (ii)
	 in the event that the Vessel is not delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date
until the Relevant Amount is returned by the Sellers’ Bank to the Buyers in accordance with the SWIFT Payment Instructions (both dates inclusive). 

The Sellers shall pay to the Buyers the applicable amount of Remittance Interest as notified by the Buyers to the Sellers within three
(3) Business Days of the Buyers’ demand. 
 Clause 20 – Further conditions precedent 

The items referred to in Clause 8(a)(x) are: 
  

	 (a)
	 the certificate of incorporation, articles of incorporation and by-laws or
other constitutional documents of the Sellers along with an up-to-date certificate of goodstanding; 

  
 1 

SINGAPORE/89326201v1 

	 (b)
	 such other documents as the Buyers may reasonably notify the Sellers as being necessary in relation to the Vessel
and/or its status (including without limitation, such confirmation of no liens and/or indemnity thereto which the Buyers may require the Sellers to provide or procure in respect of the Vessel); 

 

	 (c)
	 a certificate of an authorized signatory of the Sellers certifying that each copy document provided by Sellers to
Buyers pursuant to this Agreement is correct, complete and in full force and effect as at a date no earlier than the Delivery Date; and 

  

	 (d)
	 the Buyers being satisfied that the conditions precedent set out in the Bareboat Charter, have been, or will be
capable of being, satisfied on the Delivery Date. 

 Clause 21 – Obligation to sell / purchase the Vessel 

The Parties’ obligation to sell / purchase the Vessel under this Agreement is conditional upon the simultaneous delivery to and acceptance by the
Sellers as bareboat charterers of the Vessel under the Bareboat Charter and that no Potential Termination Event or Termination Event has occurred or will occur as a result of the performance by the Parties of their obligations under this Agreement.

 Clause 22 – Physical Presence 
 If
the Buyers’ Nominated Flag State requires the Buyers to have a physical presence or office in the Buyers’ Nominated Flag State, all fees, costs and expenses arising out of or in connection with the establishment and maintenance of such
physical presence or office by the Buyers shall be borne by the Sellers.  
 Clause 23 – Costs and Expense 

 

	 (a)
	 The Sellers shall pay such amounts to the Buyers in respect of all costs, claims, expenses, liabilities, losses and
fees (including but not limited to any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this Agreement or in connection with the delivery, registration and purchase of the Vessel by the
Buyers whether prior to, during or after termination of this Agreement and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise. 

 

	 (b)
	 Notwithstanding anything to the contrary under the Leasing Documents and without prejudice to any right to damages or
other claim which the Buyers may have at any time against the Sellers under this Agreement, the indemnities provided by the Sellers in favour of the Buyers shall continue in full force and effect notwithstanding any breach of the terms of this
Agreement or such Leasing Document or termination or cancellation of this Agreement or such Leasing Document pursuant to the terms hereof or thereof or termination of this Agreement or such Leasing Document by the Buyers. 

Clause 24 – Sanctions 
 The Sellers
represent and warrant to the Buyers as of the date hereof and at the Delivery Date that: 
  

	 (a)
	 they: 

  

	 	 (i)
	 are not a Restricted Person; 

 

	 	 (ii)
	 are not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Restricted
Person; 

  

	 	 (iii)
	 do not own or control a Restricted Person; or 

  
 2 

SINGAPORE/89326201v1 

	 	 (iv)
	 do not have a Restricted Person serving as a director, officer or employee; and 

 

	 (b)
	 no proceeds of the Purchase Price shall be made available, directly or indirectly, to or for the benefit of a
Restricted Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

Clause 25 – Governing Law and Jurisdiction 

This Agreement and any non-contractual obligations arising under or in connection with it, shall be governed by
and construed in accordance with English law. 
 Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”)) shall be referred to and finally
resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause
25. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (“LMAA”) Terms current at the time when the arbitration proceedings are commenced. 

The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such
appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been
appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated
above. 
 The language of the arbitration shall be English. 

Clause 26 - Counterparts 
 This 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 Agreement. 

Clause 27 - Notices 
 All notices to be
provided under this Agreement shall be in writing. 
 Contact details for recipients of notices are as follows: 

For the Sellers:  
 c/o Navios
ShipManagement Inc.  
 85 Akti Miaouli 

Piraeus 185 38 
 Greece 

Attention: Vassiliki Papaefthymiou 
 Email:
vpapaefthymiou@navios.com 
 Tel: +30 210 41 72 050 

Fax: +30 210 41 72 070 
  

  
 3 

SINGAPORE/89326201v1 

 For the Buyers: 

Room 2310, 23/F, C C Wu Building, 
 302-308 Hennessy Road, Wanchai, Hong Kong 
 Attention: Rita Wang 

Email: wangyuping@msfl.com.cn 
 Tel: +86 010 68490066
- 9983 
 Fax: +86 010 68490066 - 9864 
 Clause
28 – Definitions 
 Unless otherwise specified herein, capitalised terms in this Agreement shall have the same meaning as in the Bareboat
Charter. Furthermore, in this Agreement: 
 “Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers
A/S, Fearnleys, Howe Robinson, Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Bareboat Charter” means the bareboat charter in respect of the Vessel dated on or about the date hereof and made between
the Buyers as owners and the Sellers as bareboat charterers. 
 “Business Day” means a day on which banks are open for
business in the principal business centres of Amsterdam, Hong Kong, Beijing and Athens and (a) in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day
on which commercial banks are open in New York City; and (b) in respect of a day on which Overnight USD LIBOR is to be determined under this Agreement, also a day on which commercial banks are open in London. 

“Delivery Date” means the date (being a Business Day) on which the Vessel is delivered to the Buyers pursuant to the
terms of this Agreement and thereafter immediately delivered to the Sellers as bareboat charterers pursuant to the terms of the Bareboat Charter. 

“Market Value” means, in relation to the Vessel, the valuation prepared by an Approved Valuer selected by the
Sellers: 
  

	 (a)
	 on a date no earlier than three (3) months prior to the Delivery Date;  

 

	 (b)
	 without physical inspection of the Vessel; and 

 

	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
seller and a willing buyer, free of any existing charter or other contract of employment. 

 “Overnight USD
LIBOR” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars based on a one day maturity rate on the relevant
date displayed on page LIBOR 01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters, and if such page or service ceases to be available the Buyers may specify another page or service displaying the relevant rate on such day, or if such day is not a Business Day, the Business Day immediately preceding such day (if
the rate as determined above is less than zero, the Overnight USD LIBOR shall be deemed to be zero). 
 “Purchase Price” means
the purchase price of the Vessel payable by the Buyers to the Sellers pursuant to Clause 19 above. 
  

  
 4 

SINGAPORE/89326201v1 

 “Relevant Amount” means an amount equivalent to the Purchase Price. 

“Sellers’ Account” means the account in the name of the Seller with ABN AMRO Bank N.V. in USD with the account
number NL43ABNA0600358879. 
  

  
 5 

SINGAPORE/89326201v1 

 

 
 EXECUTION PAGE BUYERS SIGNED by as an
attorney-in-fact for and on behalf of OCEAN DAZZLE SHIPPING LIMITED In the presence of: Witness’ signature: Witness’ name: CAO Ying Witness’ address:
Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED By For and on behalf of Inastros Maritime corp. As In the presence of : Witness’ signature: Witness’ name:
Witness’ address: ))))))))))))))))) 6 SINGAPORE/89326201V1 

 

 
 EXECUTION PAGE BUYERS SIGNED by as an
attorney-in-fact for and on behalf of OCEAN DAZZLE SHIPPING LIMITED In the presence of: Witness’ signature: Witness’ name: CAO Ying Witness’ address:
Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED By For and on behalf of Inastros Maritime corp. As In the presence of : Witness’ signature: Witness’ name:
Witness’ address: ))))))))))))))))) 6 SINGAPORE/89326201V1 

 

 
 Copyright, published by First issued by The Baltic and International Maritime Council (BIMCO), Copenhagen. Issued November 2001
The Baltic and International Maritime Council (BIMCO), Copenhagen in 1974 Printed by BIMCO’s idea as “Barecon ‘A’ “ and “Barecon ‘B’ “. Revised and amalgamated 1989. Revised 2001 1. Shipbroker N/A BIMCO
STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001” PART I 2. Place and date 2018 3. Owners/Place of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1) Ocean Dazzle Shipping Limited / Room 2310, 23/F C C Wu Jaspero Shiptrade
S.A. / Trust Company Complex, Ajeltake Road, Building, 302-308, Hennessy Road, Wanchai, Hong Kong Ajeltake Island, Majuro, MH96960, Marshall Islands 5. Vessel’s name, call sign and flag (Cl. 1 and 3) APL Los Angeles / 3FAK3 / Panama or any
other Flag State 6. Type of Vessel 7. GT/NT Container 43,071 / 26,516 8. When/Where built 9. Total DWT (abt.) in metric tons on summer freeboard 2008 / New Century Shipbuilding Co., Ltd. 56,100 10. Classification Society (Cl. 3) 11. Date of last
special survey by the Vessel’s classification society DNV GL or any other Classification Society 25/04/2017 12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) IMO
No.: 9345958 Length: 256.42 metres Breadth: 32.20 metres Depth: 16.75 metres 13. Port or Place of delivery (Cl. 3) 14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34
See Clause 33 16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading and class certificates At a safe, ice free port or place in such ready safe berth as the upon redelivery (Cl. 15) Owners may direct See Clause 40 18.
Running days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking (Cl. 10(g)) N/A In accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Worldwide within Institute Warranty Limits, please
also see Clauses 46.1(n), 46.1(o) and 46.1(q) 21. Charter period (Cl. 2) 22. Charter hire (Cl. 11) See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl.
10(a)(ii)) N/A 24. Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency and method of payment (Cl. 11) PART IV Dollars/bank transfer See Clause 36.10—neither Clause 11(f) nor Part IV applies This document is
a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26. Place of payment; also state beneficiary and bank account (.QLll)
27. BaRIH:orporate guaranteelllood (sum and place) (CI. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code:
MSBCHKHH 28. Mortgage(s), if any (state whether 11!21 or !Ql. applies; if 1.f{hl 29. Insurance (hull and machinery and war risks) (state value ace. to .QL.1Mfi applies state date of Financial Instrument and name of or, if applicable, ace. to Cl.
14(kl) (also state if Cl. 14 applies) Mortgagee(s)/Piace of business) (.Qill) See Clause 38—CLAUSE 14 DOES NOT APPLY See Clause 35 30. Additional insurance cover, if any, for Owners’ account limited to 31. Additional insurance cover, if
any, for Charterers’ account limited to (~or,if applicable,~) (~or,if applicable,~) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in~) 33. Brokerage commission and to whom payable (CI. 27) N/A
N/A (~ 35. Dispute Resolution (state 30(al, 30(b) or 30fcl; if 30fcl agreed Place 34. Grace period (state number of clear llaAkiAg daysBusiness Days) of Arbitration must be stated ~ See Clause 44 See Clause 30(a) 36. War cancellation (indicate
countries agreed) (~) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART Ill 38. Name and place of Builders (only to be filled in if PART Ill applies) applies) (optional) N/A No, Part Ill does not apply 39.
Vessel’s Yard Building No. (only to be fllled in if PART Ill applies) 40. Date of Building Contract (only to be filled in if PART Ill applies) N/A N/A 41 . Liquidated damages and costs shall accrue to (state party ace. to .Ql.J.) a) N/A b) N/A
c) N/A 42. Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) applies) (optional) No, Part IV
does not apply No, Part V does not apply 44.Fiag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be filled in if PART V applies) in if PART V applies) N/A N/A 46. Number of additional
clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE- It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall Include PART I and PART II. In the event of a
conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART Ill and/or PART IV and/or PART V shall only apply and only form part of this
Charter if expressly agreed and stated in Boxes 37, ~and~. If PART Ill and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART Ill
and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) , l lfl. Signature (Charterers) For and on behalf of the Owners VV ~ For and on behalf of the Charterers Name: Title: This document is a computer ljener t
BARE CON 2 01 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26. Place of payment; also state beneficiary and bank account (QLJJ) 27.
QaAA.Corporate guaranteelbood (sum and place) (CI. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code: MSBCHKHH 28.
Mortgage(s), if any (state whether 1l!l!l or !Ill applies; if 11!llJ. 29 Insurance (hull and machinery and war risks) (state value ace. to QL1M!} applies state date of Financial Instrument and name of or, if applicable, ace. to Cl. 14(kl) (also
state if .QLM applies) Mortgagee(s)/Piace of business) (CI. 12) See Clause 35 See Clause 38- CLAUSE 14 DOES NOT APPLY 30 Additional insurance cover, if any, for Owners’ account limited to 31 . Additional insurance cover, if any, for
Charterers’ account limited to ~or, if applicable, Q1.J.Mgl) (CI. 13(bl or, if applicable, QUMg}) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Q2) 33. Brokerage commission and to whom
payable (CI. 27) N/A N/A 35. Oi.spute Resolution (state~. 30(b) or 1Q!£1; if~agreed Place 34. Grace period (state number of clear 9aAkiA!J daysBusiness Days) (~) ~) of Arbitration must be stated See Clause 44 See Clause 30(a) 36, War
cancellation (indicate countries agreed) (CI. 26(fl) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART Ill 38 Name and place of Builders (only to be filled in if PART Ill applies) applies) (optional) N/A No,
Part Ill does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART Ill applies) 40. Date of Building Contract (only to be filled in if PART Ill applies) N/A N/A 41 . Liquidated damages and costs shall accrue to (state party
ace. to Q_1.) a) N/A b) N/A c) N/A 42. Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes· or “no” whether PART V applies) (optional)
applies) (optional) No, Part IV does not apply No, Part V does not apply 44.Fiag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Unde~ying Registry (only to be filled in if PART V applies) in if PART V applies) N/A
N/A 46 Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE • It is muluaDy agreed that this Conlract shall be performed subject to the conditions contained in this Charter which shall indude EMIT
! and PART 11. In the event ol a con met ol conditions, the provisions of PART I shall prevail over those or PART li to the extent of such conflict but no further. It is further mutually agreed thai PART Ill and/or PART IV and/Of PART V shall only
apply and only form part or th s Charter if expressly agreed and slated in Boxes 37,!?. and~- If PART Ill and!Of PART IV and/Of PART V apply, It is further agreed that in the event or a conflict ol condi6ons. the provisions of PART I and PART II
shall prevan over those of PART Ill and!Of PART IV and!Of PART v to the extent or such conHict but no further. Signalure (Owners) Signalure (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: Name: Title: Title:
This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clea~y visible. In the event of any modification made to the pre-printed text of this document which is nat clea~y
visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

  

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I This document is a computer generated BARECON 2001 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 In this Charter, the following
terms shall have the 2 meanings hereby assigned to them: 3 “The Owners” shall mean the party identified in Box 3; 4 “The Charterers” shall mean the party identified in Box 4; 5 “The Vessel” shall mean the vessel named
in Box 5 and 6 with particulars as stated in Boxes 6 to 12. 7 “Financial Instrument” means the mortgage, deed of 8 covenant or other such financial security instrument as 9 annexed to this Charter and stated in Box 28. 10 2. Charter Period
11 In consideration of the hire detailed in Box 22, 12 the Owners have agreed to let and the Charterers have 13 agreed to hire the Vessel for the period stated in Box 21 14 (“The Charter Period”). See also Clause 32 and Clause 15 36. 3.
Delivery 16 (not applicable when Part III applies, as indicated in Box 37) 17 (a) The Owners shall before and at the time of delivery 18 exercise due diligence to make the Vessel seaworthy 19 And in every respect ready in hull, machinery and 20
equipment for service under this Charter. 21 The Vessel shall be delivered by the Owners and taken 22 over by the Charterers at the port or place indicated in 23 Box 13 in such ready safe berth as the Charterers may 24 direct. 25 (b) The Vessel
shall beis properly documented on 26 delivery in accordance with the laws of the fFlag State 27 indicated in Box 5 and the requirements of the 28 cClassification sSociety stated in Box 10. The Vessel 29 upon delivery shall have her survey cycles up
to date and 30 trading and class certificates valid for at least the number 31 of months agreed in Box 12. 32 (c) The delivery of the Vessel by the Owners and the 33 taking over of the Vessel by the Charterers shall 34 constitute a full
performance by the Owners of all the 35 Owners’ obligations under this Clause 3, and thereafter 36 the Charterers shall not be entitled to make or assert 37 any claim against the Owners on account of any 38 conditions, representations or
warranties expressed or 39 implied with respect to the Vessel but the Owners shall 40 be liable for the cost of but not the time for repairs or 41 renewals occasioned by latent defects in the Vessel, 42 her machinery or appurtenances, existing at
the time of 43 delivery under this Charter, provided such defects have 44 manifested themselves within twelve (12) months after 45 delivery unless otherwise provided in Box 32. 46 4. Time for Delivery See Clauses 32 and 34 47 (not applicable
when Part III applies, as indicated in Box 37) 48 The Vessel shall not be delivered before the date 49 indicated in Box 14 without the Charterers’ consent and 50 the Owners shall exercise due diligence to deliver the 51 Vessel not later than
the date indicated in Box 15. 52 Unless otherwise agreed in Box 18, the Owners shall 53 give the Charterers not less than thirty (30) running days’ 54 preliminary and not less than fourteen (14) running days’ 55 definite notice
of the date on which the Vessel is 56 expected to be ready for delivery. 57 The Owners shall keep the Charterers closely advised 58 of possible changes in the Vessel’s position. 59 5. Cancelling See Clause 33 60 (not applicable when Part III
applies, as indicated in Box 37) 61 (a) Should the Vessel not be delivered latest by the 62 cancelling date indicated in Box 15, the Charterers shall 63 have the option of cancelling this Charter by giving the 64 Owners notice of cancellation
within thirty-six (36) 65 running hours after the cancelling date stated in Box 66 15, failing which this Charter shall remain in full force 67 and effect. 68 (b) If it appears that the Vessel will be delayed beyond 69 the cancelling date,
the Owners may, as soon as they 70 are in a position to state with reasonable certainty the 71 day on which the Vessel should be ready, give notice 72 thereof to the Charterers asking whether they will 73 exercise their option of cancelling, and the
option must 74 then be declared within one hundred and sixty-eight 75 (168) running hours of the receipt by the Charterers of 76 such notice or within thirty-six (36) running hours after 77 the cancelling date, whichever is the earlier. If
the 78 Charterers do not then exercise their option of cancelling, 79 the seventh day after the readiness date stated in the 80 Owners’ notice shall be substituted for the cancelling 81 date indicated in Box 15 for the purpose of this Clause 5.
82 (c) Cancellation under this Clause 5 shall be without 83 prejudice to any claim the Charterers may otherwise 84 have on the Owners under this Charter. 85 6. Trading Restrictions See also Clauses 46.1(n) and 86 46.1(o) and 46.1(q) The Vessel
shall be employed in lawful trades for the 87 carriage of suitable lawful merchandise within the trading 88 limits indicated in Box 20. 89 The Charterers undertake not to employ the Vessel or 90 suffer the Vessel to be employed otherwise than in 91
conformity with the terms of the contracts of insurance 92 (including any warranties expressed or implied therein) 93 without first obtaining the consent of the insurers to such 94 employment and complying with such requirements as 95 to extra
premium or otherwise as the insurers may 96 prescribe. 97 The Charterers also undertake not to employ the Vessel 98 or suffer her employment in any trade or business which 99 is forbidden by the law of any country to which the Vessel 100 may sail or
is otherwise illicit or in carrying illicit or 101 prohibited goods or in any manner whatsoever which 102 may render her liable to condemnation, destruction, 103 seizure or confiscation. 104 Notwithstanding any other provisions contained in this 105
Charter it is agreed that nuclear fuels or radioactive 106 products or waste are specifically excluded from the 107 cargo permitted to be loaded or carried under this 108 Charter. This exclusion does not apply to radio-isotopes 109 used or intended
to be used for any industrial, 110 commercial, agricultural, medical or scientific purposes 111 provided the Owners’ prior approval has been obtained 112 to loading thereof. 113 7. Surveys on Delivery and Redelivery 114 (not applicable when
Part III applies, as indicated in Box 37) 115 The Owners and Charterers shall each appoint 116 surveyors for the purpose of determining and agreeing 117 in writing the condition of the Vessel at the time of 118 delivery and redelivery pursuant to
Clause 40.3 (with 119 the relevant costs paid by the Charterers).hereunder. The Owners shall bear all expenses of the On-hire Survey including loss 120 of time, if any, and the Charterers shall bear all expenses 121 of the Off-hire Survey including
loss of time, if any, at 122 the daily equivalent to the rate of hire or pro rata thereof. 123 8. Inspection 124 The Owners shall have the right at any time either (i) 125 once every calendar year provided no Potential Termination Event or
Termination Event has occurred (after giving reasonable notice to the Charterers and provided that the Owners do not unduly interfere with or cause delay to the commercial operation of the Vessel) or (ii) at any time following the occurrence of
a Potential Termination Event or Termination Event and for as long as it is continuing (after giving reasonable notice to the Charterers), to inspect or survey 126 the Vessel or instruct a duly authorised surveyor to carry 127 out such survey on
their behalf:- 128 (a) to ascertain the condition of the Vessel and satisfy 129 themselves that the Vessel is being properly repaired 130 and maintained. The costs and fees for such inspection 131 or survey shall be paid by the Charterers,
subject to the 132 above conditions as may be applicable from lines 125 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any
modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel is found to require repairs or
maintenance in order to 133 achieve the condition so provided; 134 (b) in dry-dock if the Charterers have not dry-docked 135 Her in accordance with Clause 10(g). The costs and fees 136 for such inspection or survey shall be paid by the 137
Charterers, subject to the above conditions as may be 138 applicable from lines 125 to 128; and (c) for any other commercial reason they consider 139 necessary (provided it does not unduly interfere with 140 the commercial operation of the
Vessel). The costs and 141 fees for such inspection and survey shall be paid by the 142 OwnersCharterers, subject to the above conditions as 143 may be applicable from lines 125 to 128. All time used in respect of inspection, survey or repairs 144
shall be for the Charterers’ account and form part of the 145 Charter Period. 146 The Charterers shall also permit the Owners to inspect 147 the Vessel’s log books whenever requested and shall 148 whenever required by the Owners furnish
them with full 149 information regarding any casualties or other accidents 150 or damage to the Vessel. 151 The Charterers shall provide such necessary assistance to the Owners, their representatives or agents in respect of any inspection hereunder.
9. Inventories, Oil and Stores See Clause 34.7 152 A complete inventory of the Vessel’s entire equipment, 153 outfit including spare parts, appliances and of all 154 consumable stores on board the Vessel shall be made 155 by the Charterers in
conjunction with the Owners on 156 delivery and again on redelivery of the Vessel. The 157 Charterers and the Owners, respectively, shall at the 158 time of delivery and redelivery take over and pay for all 159 bunkers, lubricating oil, unbroached
provisions, paints, 160 ropes and other consumable stores (excluding spare 161 parts) in the said Vessel at the then current market prices 162 at the ports of delivery and redelivery, respectively. The 163 Charterers shall ensure that all spare
parts listed in the 164 inventory and used during the Charter Period are 165 replaced at their expense prior to redelivery of the 166 Vessel. 167 10. Maintenance and Operation 168 (a)(i)Maintenance and Repairs—During the Charter 169 Period the
Vessel shall be in the full possession 170 and at the absolute disposal for all purposes of the 171 Charterers and under their complete control in 172 every respect. The Charterers shall maintain the 173 Vessel, her machinery, boilers, appurtenances
and 174 spare parts in a good state of repair, in efficient 175 operating condition and in accordance with good 176 commercial maintenance practice and, except as 177 provided for in Clause 14(l), if applicable, at their 178 own expense they shall
at all times keep the 179 Vessel’s Class classification fully up to date with 180 the Classification Society indicated in Box 10 and maintain all other 181 necessary certificates in force at all times. 182 (ii) New Class and Other Safety
Requirements—In the 183 event of any improvement, structural changes or 184 new equipment becoming necessary for the 185 continued operation of the Vessel by reason of new 186 class requirements or by compulsory legislation 187 costing
(excluding the Charterers’ loss of time) 188 more than the percentage stated in Box 23, or if 189 Box 23 is left blank, 5 per cent. of the Vessel’s 190 insurance value as stated in Box 29, then the 191 extent, if any, to which the
rate of hire shall be varied 192 and the ratio in which the cost of compliance shall 193 be shared between the parties concerned in order 194 to achieve a reasonable distribution thereof as 195 between the Owners and the Charterers having 196
regard, inter alia, to the length of the period 197 remaining under this Charter shall, in the absence 198 of agreement, be referred to the dispute resolution 199 method agreed in Clause 30., the Charterers shall 200 ensure that the same are
complied with and the time and costs of compliance shall be for the Charterers’ account. (iii) Financial Security—The Charterers shall maintain 201 financial security or responsibility in respect of third 202 party liabilities as
required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to enable the Vessel, without 205 penalty or charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or
contiguous 207 waters of any country, state or municipality in 208 performance of this Charter without any delay. This 209 obligation shall apply whether or not such 210 requirements have been lawfully imposed by such 211 government or division or
authority thereof. 212 The Charterers shall make and maintain all arrange- 213 ments by bond or otherwise as may be necessary to 214 satisfy such requirements at the Charterers’ sole 215 expense and the Charterers shall indemnify the Owners 216
against all consequences whatsoever (including loss of 217 time) for any failure or inability to do so. 218 (b) Operation of the Vessel—The Charterers shall at 219 their own expense and by their own procurement man, 220 victual, navigate,
operate, supply, fuel and, whenever 221 required, repair the Vessel during the Charter Period 222 and they shall pay all charges and expenses of every 223 kind and nature whatsoever incidental to their use and 224 operation of the Vessel under this
Charter, including 225 annual flag Flag State fees and any foreign general 226 municipality and/or state taxes. The Master, officers 227 and crew of the Vessel shall be the servants of the Charterers 228 for all purposes whatsoever, even if for any
reason 229 appointed by the Owners. 230 Charterers shall comply with the regulations regarding 231 officers and crew in force in the country of the Vessel’s 232 flag or any other applicable law. 233 (c) The Charterers shall keep the Owners
and the 234 mMortgagee(s) advised of the intended employment 235 (other than in respect of time charterers which are less than 13 months in duration (after including any optional extension periods)), planned dry-docking (other than the periodical
dry- 236 docking referred to under paragraph (g) below) and major repairs of the Vessel, as reasonably required. 237 (d) Flag and Name of Vessel – During the Charter 238 Period, the Charterers shall have the liberty to paint the 239
Vessel in their own colours, install and display their 240 funnel insignia and fly their own house flag (with all fees, 241 costs and expenses arising in relation thereto for the Charterers account). The Charterers shall also have the liberty, with
the Owners’ 242 consent, which shall not be unreasonably withheld, to 243 change the flag of the Vessel to that of another Flag 244 State (with all fees, costs and expenses arising in relation thereto for the Charterers’ account) and/or
with the Owners’ consent, the name of the Vessel (with all fees, costs and expenses arising in relation thereto for the Charterers’ account) during the Charter Period. Any Ppainting and re-painting, 245 instalment and re-instalment,
registration (including maintenance 246 and renewal thereof) and re-registration, if required by the Owners, shall be at the Charterers’ 247 expense and time. If the Flag State requires the 248 Owners to establish a physical presence or office
in the jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. (e) Changes to the Vessel – Subject to Clause
10(a)(ii) and 249 Clause 10(b), the Charterers shall make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event
of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter Vessel which materially adversely affect the Vessel’s 251
classification or value or changes in the machinery, boilers, appurten- ances or spare parts thereof without in each instance 252 first securing the Owners’ approval thereof. If the Owners 253 so agree, the Charterers shall, if the Owners so
require, 254 restore the Vessel to its former condition before the 255 termination of this Charter. 256 (f) Use of the Vessel’s Outfit, Equipment and 257 Appliances—The Charterers shall have the use of all 258 outfit, equipment, and
appliances on board the Vessel 259 at the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners 261 on redelivery (without prejudice to Clauses 40.6 and 262 40.7 and if redelivery is required
pursuant to this Charter) in the same good order and condition as when received, ordinary wear and tear excepted. The 263 Charterers shall from time to time during the Charter 264 Period replace such items of equipment as shall be so 265 damaged or
worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 in such manner (both as regards workmanship and 269 quality of materials) as not to
diminish the value of the 270 Vessel. Title of any equipment so replaced shall vest 271 in and remain with the Owners. The Charterers have the right to fit additional equipment at their expense and risk (provided that no 272 permanent structural
damage is caused to the Vessel by reason of such installation) andbut the Charterers shall, at their expense, remove such equipment and 273 make good any damage caused by the fitting or removal of such additional equipment before the Vessel is
redelivered to the Owners pursuant to Clause 40.3 and without prejudice to Clauses 40.6 and 40.7,at the end of the period if requested by the Owners. Any equipment including radio 274 equipment on hire on the Vessel at time of delivery shall 275 be
kept and maintained by the Charterers and the 276 Charterers shall assume the obligations and liabilities 277 of the Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for all 279 expenses incurred in
connection therewith, also for any 280 new equipment required in order to comply with radio 281 regulations. 282 (g) Periodical Dry-Docking—The Charterers shall dry- 283 dock the Vessel and clean and paint her underwater 284 parts whenever
the same may be necessary, but not 285 less than once during the period stated in Box 19 or, if 286 Box 19 has been left blank, every sixty (60) calendar 287 months after delivery or such other period as may be 288 required by the
Classification Society or flag State. 289 11. Hire See Clause 36 290 (a) The Charterers shall pay hire due to the Owners 291 punctually in accordance with the terms of this Charter 292 in respect of which time shall be of the essence. 293
(b) The Charterers shall pay to the Owners for the hire 294 of the Vessel a lump sum in the amount indicated in 295 Box 22 which shall be payable not later than every thirty 296 (30) running days in advance, the first lump sum being 297
payable on the date and hour of the Vessel’s delivery to 298 the Charterers. Hire shall be paid continuously 299 throughout the Charter Period. 300 (c) Payment of hire shall be made in cash without 301 discount in the currency and in the
manner indicated in 302 Box 25 and at the place mentioned in Box 26. 303 (d) Final payment of hire, if for a period of less than 304 thirty (30) running days, shall be calculated proportionally 305 according to the number of days and hours
remaining 306 before redelivery and advance payment to be effected 307 accordingly. 308 (e) Should the Vessel be lost or missing, hire shall 309 cease from the date and time when she was lost or last 310 heard of. The date upon which the Vessel
is to be treated 311 as lost or missing shall be ten (10) days after the Vessel 312 was last reported or when the Vessel is posted as 313 missing by Lloyd’s, whichever occurs first. Any hire paid 314 in advance to be adjusted accordingly.
315 (f) Any delay in payment of hire shall entitle the 316 Owners to interest at the rate per annum as agreed 317 in Box 24. If Box 24 has not been filled in, the three months 318 Interbank offered rate in London (LIBOR or its successor) 319
for the currency stated in Box 25, as quoted by the British 320 Bankers’ Association (BBA) on the date when the hire 321 fell due, increased by 2 per cent., shall apply. 322 (g) Payment of interest due under sub-clause 11(f) 323 shall
be made within seven (7) running days of the date 324 of the Owners’ invoice specifying the amount payable 325 or, in the absence of an invoice, at the time of the next 326 hire payment date. 327 12. Mortgage See Clause 35 328 (only to
apply if Box 28 has been appropriately filled in) 329 *) (a) The Owners warrant that they have not effected 330 any mortgage(s) of the Vessel and that they shall not 331 effect any mortgage(s) without the prior consent of the 332 Charterers,
which shall not be unreasonably withheld. 333 *) (b) The Vessel chartered under this Charter is financed 334 by a mortgage according to the Financial Instrument. 335 The Charterers undertake to comply, and provide such 336 information and
documents to enable the Owners to 337 comply, with all such instructions or directions in regard 338 to the employment, insurances, operation, repairs and 339 maintenance of the Vessel as laid down in the Financial 340 Instrument or as may be
directed from time to time during 341 the currency of the Charter by the mortgagee(s) in 342 conformity with the Financial Instrument. The Charterers 343 confirm that, for this purpose, they have acquainted 344 themselves with all relevant terms,
conditions and 345 provisions of the Financial Instrument and agree to 346 acknowledge this in writing in any form that may be 347 required by the mortgagee(s). The Owners warrant that 348 they have not effected any mortgage(s) other than stated 349
in Box 28 and that they shall not agree to any 350 amendment of the mortgage(s) referred to in Box 28 or 351 effect any other mortgage(s) without the prior consent 352 of the Charterers, which shall not be unreasonably 353 withheld. 354 *)
(Optional, Clauses 12(a) and 12(b) are alternatives; 355 indicate alternative agreed in Box 28). 356 13. Insurance and Repairs See also Clause 38 357 (a) Subject and without prejudice to Clause 38, 358 Dduring the Charter Period the Vessel
shall be kept insured by the Charterers at their expense against hull 359 and machinery, marine and war (including blocking 360 and trapping) and Protection and Indemnity risks (excluding freight, demurrage and defence risks) (and any risks against
which it is compulsory to insure 361 for the operation of the Vessel, including but not limited 362 to maintaining financial security in accordance with sub-clause 363 10(a)(iii)) in such form as the Owners shall in writing 364 approve, which
approval shall not be un-reasonably 365 withheld. During the Charter Period, the Charterers 366 shall procure (at Charterers’ expense) that there are in place innocent Owners’ interest insurance, Owner’s additional perils (pollution)
insurance and if applicable Mortgagees’ interest insurance and Mortgagees’ additional perils (pollution) insurance. Such insurances as specified in this Clause 13 shall be arranged by the Charterers to protect the interests of both the
Owners 367 and the Charterers and the mortgageeMortgagee(s) (if 368 any),. and The Charterers shall be at liberty to protect under such 369 insurances the interests of any managers they may 370 appoint. Insurance policies shall cover the Owners and
371 the Charterers and the Mortgagees (if any) according to 372 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the
original BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter their respective interests. Subject to the provisions of the Financial
Instruments (if 373 any), if and the agreed loss payable clauses, any, and the approval of the Owners and the insurers, 374 the Charterers shall effect all insured repairs and shall 375 undertake settlement and reimbursement from the 376 insurers of
all costs in connection with such repairs as 377 well as insured charges, expenses and liabilities to the 378 extent of coverage under the insurances herein provided 379 for. 380 The Charterers also to remain responsible for and to 381 effect
repairs and settlement of costs and expenses 382 incurred thereby in respect of all other repairs not 383 covered by the insurances and/or not exceeding any 384 possible franchise(s) or deductibles provided for in the 385 insurances. 386 All time
used for repairs under the provisions of sub- 387 clause 13(a) and for repairs of latent defects according 388 to Clause 3(c) above, including any deviation, shall be 389 for the Charterers’ account. 390 (b) If the conditions of the above
insurances permit 391 additional insurance to be placed by the parties, such 392 cover shall be limited to the amount for each party set 393 out in Box 30 and Box 31, respectively. The Owners or 394 the Charterers as the case may be shall
immediately 395 furnish the other partyOwners with particulars of any 396 additional insurance effected, including copies of any cover notes 397 or policies and the written consent of the insurers of 398 any such required insurance in any case where
the 399 consent of such insurers is necessary. The Charterers 400 hereby undertake that any additional insurances that they arrange now or in the future will always be compliant with the terms of the underlying hull and machinery policies.
(c) The Charterers shall upon the request of the 401 Owners, provide information and promptly execute such 402 documents as may be required to enable the Owners to 403 comply with the insurance provisions of the each 404 Financial Instrument
(if any). 405 (d) Subject to the provisions of the Financial Instru- 406 ments, if any, and Clause 38 and Clause 40, should the 407 Vessel become an actual, constructive, compromised or agreed a tTotal lLoss under 408 the insurances required
under sub-clause 13(a), all 409 insurance payments for such loss shall be paid to the 410 Owners (or if applicable, their financiers) in 411 accordance with the agreed loss payable clauses who shall distribute the moneys between the Owners and the
Charterers according to their respective 412 interests. The Charterers undertake to notify the Owners 413 and the mortgageeMortgagee(s), if any, of any 414 occurrences in consequence of which the Vessel is likely to become a 415 Ttotal Lloss as
defined in this Clause. 416 (e) The Owners shall upon the request of the 417 Charterers, promptly execute such documents as may 418 be required to enable the Charterers to abandon the 419 Vessel to insurers and claim a constructive total loss.
420 (f) For the purpose of insurance coverage against hull 421 and machinery and war risks under the provisions of 422 sub-clause 13(a), the value of the Vessel is the sum 423 indicated in Box 29Clause 38. 424 14. Insurance, Repairs and
Classification – intentionally 425 omitted (Optional, only to apply if expressly agreed and stated 426 in Box 29, in which event Clause 13 shall be considered 427 deleted). 428 (a) During the Charter Period the Vessel shall be kept 429
insured by the Owners at their expense against hull and 430 machinery and war risks under the form of policy or 431 policies attached hereto. The Owners and/or insurers 432 shall not have any right of recovery or subrogation 433 against the
Charterers on account of loss of or any 434 damage to the Vessel or her machinery or appurt- 435 enances covered by such insurance, or on account of 436 payments made to discharge claims against or liabilities 437 of the Vessel or the Owners covered
by such insurance. 438 Insurance policies shall cover the Owners and the 439 Charterers according to their respective interests. 440 (b) During the Charter Period the Vessel shall be kept 441 insured by the Charterers at their expense against
442 Protection and Indemnity risks (and any risks against 443 which it is compulsory to insure for the operation of the 444 Vessel, including maintaining financial security in 445 accordance with sub-clause 10(a)(iii)) in such form as 446 the Owners
shall in writing approve which approval shall 447 not be unreasonably withheld. 448 (c) In the event that any act or negligence of the 449 Charterers shall vitiate any of the insurance herein 450 provided, the Charterers shall pay to the Owners
all 451 losses and indemnify the Owners against all claims and 452 demands which would otherwise have been covered by 453 such insurance. 454 (d) The Charterers shall, subject to the approval of the 455 Owners or Owners’ Underwriters,
effect all insured 456 repairs, and the Charterers shall undertake settlement 457 of all miscellaneous expenses in connection with such 458 repairs as well as all insured charges, expenses and 459 liabilities, to the extent of coverage under the
insurances 460 provided for under the provisions of sub-clause 14(a). 461 The Charterers to be secured reimbursement through 462 the Owners’ Underwriters for such expenditures upon 463 presentation of accounts. 464 (e) The Charterers to
remain responsible for and to 465 effect repairs and settlement of costs and expenses 466 incurred thereby in respect of all other repairs not 467 covered by the insurances and/or not exceeding any 468 possible franchise(s) or deductibles provided
for in the 469 insurances. 470 (f) All time used for repairs under the provisions of 471 sub-clauses 14(d) and 14(e) and for repairs of latent 472 defects according to Clause 3 above, including any 473 deviation, shall be for the
Charterers’ account and shall 474 form part of the Charter Period. 475 The Owners shall not be responsible for any expenses 476 as are incident to the use and operation of the Vessel 477 for such time as may be required to make such repairs.
478 (g) If the conditions of the above insurances permit 479 additional insurance to be placed by the parties such 480 cover shall be limited to the amount for each party set 481 out in Box 30 and Box 31, respectively. The Owners or 482 the
Charterers as the case may be shall immediately 483 furnish the other party with particulars of any additional 484 insurance effected, including copies of any cover notes 485 or policies and the written consent of the insurers of 486 any such
required insurance in any case where the 487 consent of such insurers is necessary. 488 (h) Should the Vessel become an actual, constructive, 489 compromised or agreed total loss under the insurances 490 required under sub-clause 14(a), all
insurance payments 491 for such loss shall be paid to the Owners, who shall 492 distribute the moneys between themselves and the 493 Charterers according to their respective interests. 494 (i) If the Vessel becomes an actual, constructive, 495
compromised or agreed total loss under the insurances 496 arranged by the Owners in accordance with sub-clause 497 14(a), this Charter shall terminate as of the date of such 498 loss. 499 (j) The Charterers shall upon the request of the 500
Owners, promptly execute such documents as may be 501 required to enable the Owners to abandon the Vessel 502 to the insurers and claim a constructive total loss. 503 (k) For the purpose of insurance coverage against hull 504 and machinery and
war risks under the provisions of 505 sub-clause 14(a), the value of the Vessel is the sum 506 indicated in Box 29. 507 (l) Notwithstanding anything contained in sub-clause 508 This document is a computer generated BARECON 2001 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 10(a), it is agreed that under the provisions of Clause 509 14, if
applicable, the Owners shall keep the Vessel’s 510 Class fully up to date with the Classification Society 511 indicated in Box 10 and maintain all other necessary 512 certificates in force at all times. 513 15. Redelivery See Clause 40 514 At
the expiration of the Charter Period the Vessel shall 515 be redelivered by the Charterers to the Owners at a 516 safe and ice-free port or place as indicated in Box 16, in 517 such ready safe berth as the Owners may direct. The 518 Charterers shall
give the Owners not less than thirty 519 (30) running days’ preliminary notice of expected date, 520 range of ports of redelivery or port or place of redelivery 521 and not less than fourteen (14) running days’ definite 522
notice of expected date and port or place of redelivery. 523 Any changes thereafter in the Vessel’s position shall be 524 notified immediately to the Owners. 525 The Charterers warrant that they will not permit the 526 Vessel to commence a
voyage (including any preceding 527 ballast voyage) which cannot reasonably be expected 528 to be completed in time to allow redelivery of the Vessel 529 within the Charter Period. Notwithstanding the above, 530 should the Charterers fail to
redeliver the Vessel within 531 The Charter Period, the Charterers shall pay the daily 532 equivalent to the rate of hire stated in Box 22 plus 10 533 per cent. or to the market rate, whichever is the higher, 534 for the number of days by which
the Charter Period is 535 exceeded. All other terms, conditions and provisions of 536 this Charter shall continue to apply. 537 Subject to the provisions of Clause 10, the Vessel shall 538 be redelivered to the Owners in the same or as good 539
structure, state, condition and class as that in which she 540 was delivered, fair wear and tear not affecting class 541 excepted. 542 The Vessel upon redelivery shall have her survey cycles 543 up to date and trading and class certificates valid
for at 544 least the number of months agreed in Box 17. 545 16. Non-Lien 546 Other than Permitted Security Interests, Tthe 547 Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their 548 agents,
which might have priority over the title and 549 interest of the Owners in the Vessel. The Charterers 550 further agree to fasten to the Vessel in a conspicuous 551 place and to keep so fastened during the Charter Period 552 a notice reading as
follows: 553 “This Vessel is the property of (name of Owners). It is 554 under charter to (name of Charterers) and by the terms 555 of the Charter Party neither the Charterers nor the 556 Master have any right, power or authority to create,
incur 557 or permit to be imposed on the Vessel any lien 558 whatsoever.” 559 or a notice in such form as required by any Mortgagee(s). 17. Indemnity See Clauses 37.3, 38.14, 38.15, 40.5, 41.2 560 and 50 (a) The Charterers shall indemnify
the Owners against 561 any loss, damage or expense incurred by the Owners 562 arising out of or in relation to the operation of the Vessel 563 by the Charterers, and against any lien of whatsoever 564 nature arising out of an event occurring during
the 565 Charter Period. If the Vessel be arrested or otherwise 566 detained by reason of claims or liens arising out of her 567 operation hereunder by the Charterers, the Charterers 568 shall at their own expense take all reasonable steps to 569
secure that within a reasonable time the Vessel is 570 released, including the provision of bail. 571 Without prejudice to the generality of the foregoing, the 572 Charterers agree to indemnify the Owners against all 573 consequences or liabilities
arising from the Master, 574 officers or agents signing Bills of Lading or other 575 documents. 576 (b) If the Vessel be arrested or otherwise detained by 577 reason of a claim or claims against the Owners, the 578 Owners shall at their own
expense take all reasonable 579 steps to secure that within a reasonable time the Vessel 580 is released, including the provision of bail. 581 In such circumstances the Owners shall indemnify the 582 Charterers against any loss, damage or expense
583 incurred by the Charterers (including hire paid under 584 this Charter) as a direct consequence of such arrest or 585 detention. 586 18. Lien 587 The Owners to have a lien upon all cargoes, sub-hires 588 and sub-freights belonging or due to the
Charterers or 589 any sub-charterers and any Bill of Lading freight for all 590 claims under this Charter, and the Charterers to have a 591 lien on the Vessel for all moneys paid in advance and 592 not earned. 593 19. Salvage 594 All salvage and
towage performed by the Vessel shall 595 be for the Charterers’ benefit and the cost of repairing 596 damage occasioned thereby shall be borne by the 597 Charterers. 598 20. Wreck Removal 599 In the event of the Vessel becoming a wreck or 600
obstruction to navigation the Charterers shall indemnify 601 the Owners against any sums whatsoever which the 602 Owners shall become liable to pay and shall pay in 603 consequence of the Vessel becoming a wreck or 604 obstruction to navigation. 605
21. General Average 606 The Owners shall not contribute to General Average. 607 22. Assignment, Sub-Charter and Sale (see Clauses 608 46.1(v)) and 40.3) (a) The Charterers shall not assign this Charter nor 609 sub-charter the Vessel on a
bareboat basis except with 610 the prior consent in writing of the Owners, which shall 611 not be unreasonably withheld, and subject to such terms 612 and conditions as the Owners shall approve. 613 (b) The Owners shall not sell the Vessel
during the 614 currency of this Charter except with the prior written 615 consent of the Charterers, which shall not be unreason- 616 ably withheld, and subject to the buyer accepting an 617 assignment of this Charter. 618 23. Contracts of Carriage
619 *) (a) The Charterers are to procure that all documents 620 issued during the Charter Period evidencing the terms 621 and conditions agreed in respect of carriage of goods 622 shall contain a paramount clause incorporating any 623
legislation relating to carrier’s liability for cargo 624 compulsorily applicable in the trade; if no such legislation 625 exists, the documents shall incorporate the Hague-Visby 626 Rules. The documents shall also contain the New Jason 627
Clause and the Both-to-Blame Collision Clause. 628 *) (b) The Charterers are to procure that all passenger 629 tickets issued during the Charter Period for the carriage 630 of passengers and their luggage under this Charter shall 631 contain a
paramount clause incorporating any legislation 632 relating to carrier’s liability for passengers and their 633 luggage compulsorily applicable in the trade; if no such 634 legislation exists, the passenger tickets shall incorporate 635 the
Athens Convention Relating to the Carriage of 636 Passengers and their Luggage by Sea, 1974, and any 637 protocol thereto. 638 *) Delete as applicable. 639 24. Bank Corporate Guarantee 640 (Optional, only to apply if Box 27 filled in) 641 The
Charterers undertake to furnish, on or about the 642 date of this Charter before delivery of the Vessel, a first class bank a corporate guarantee from 643 the Guarantor or bond in the sum and at the place as indicated in Box 27 as 644 This document
is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible,
the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter guarantee, and on or about the date of this Charter the other Security
Documents (as the case may be) as 645 security, in each case for full performance of their obligations under this Charter. 646 25. Requisition/Acquisition 647 (a) Subject to the provisions of the Financial 648 Instruments (if any) and the
General Assignment, Iin the event of the Requisition for Hire of the Vessel by any governmental or other competent authority 649 (hereinafter referred to as “Requisition for Hire”) 650 irrespective of the date during the Charter Period
when 651 “Requisition for Hire” may occur and irrespective of the 652 length thereof and whether or not it be for an indefinite 653 or a limited period of time, and irrespective of whether it 654 may or will remain in force for the
remainder of the 655 Charter Period, this Charter shall not be deemed thereby 656 or thereupon to be frustrated or otherwise terminated 657 and the Charterers shall continue to pay the stipulated 658 hire in the manner provided by this Charter until
the time 659 when the Charter would have terminated pursuant to 660 any of the provisions hereof always provided however 661 that if all hire has been paid by the Charterers 662 hereunder then in the event of “Requisition for Hire” any
Requisition Hire or compensation is received or receivable by the 663 Owners, the same shall be payable to the Charterers 664 during the remainder of the Charter Period or the period of the 665 “Requisition for Hire” whichever be the
shorter. 666 (b) In the event of the Owners being deprived of their 667 ownership in the Vessel by any Compulsory Acquisition 668 of the Vessel or requisition for title by any governmental 669 or other competent authority (hereinafter referred
to as 670 “Compulsory Acquisition”), then, irrespective of the date 671 during the Charter Period when “Compulsory Acqui- 672 sition” may occur, this Charter shall be deemed 673 terminated as of the date of such “Compulsory
674 Acquisition”. In such event Charter Hire to be considered 675 as earned and to be paid up to the date and time of 676 such “Compulsory Acquisition”. 677 26. War 678 (a) Subject to the provisions of the Financial 679
Instruments (if any), Ffor the purpose of this Clause, the words “War Risks” shall include any war (whether actual or 680 threatened), act of war, civil war, hostilities, revolution, 681 rebellion, civil commotion, warlike operations, the
laying 682 of mines (whether actual or reported), acts of piracy, 683 acts of terrorists, acts of hostility or malicious damage, 684 blockades (whether imposed against all vessels or 685 imposed selectively against vessels of certain flags or 686
ownership, or against certain cargoes or crews or 687 otherwise howsoever), by any person, body, terrorist or 688 political group, or the Government of any state 689 whatsoever, which may be dangerous or are likely to be 690 or to become dangerous
to the Vessel, her cargo, crew 691 or other persons on board the Vessel. 692 (b) Without first obtaining the consent of the 693 insurers to such employment and complying with the terms of Clause 38 and such other requirements as to extra
insurance premiums or any other requirements as may be prescribed by the insurers, tThe Vessel, unless the written consent of the Owners be first obtained, shall not continue to or go 694 through any port, place, area or zone (whether of land 695 or
sea), or any waterway or canal, where it reasonably 696 appears that the Vessel, her cargo, crew or other 697 persons on board the Vessel, in the reasonable 698 judgement of the Owners, may be, or are likely to be, 699 exposed to War Risks. Should
the Vessel be within any 700 such place as aforesaid, which only becomes danger- 701 ous, or is likely to be or to become dangerous, after her 702 entry into it, the Owners shall have the right to require 703 the Vessel to leave such area. 704
(c) The Vessel shall not load contraband cargo, or to 705 pass through any blockade, whether such blockade be 706 imposed on all vessels, or is imposed selectively in any 707 way whatsoever against vessels of certain flags or 708 ownership, or
against certain cargoes or crews or 709 otherwise howsoever, or to proceed to an area where 710 she shall be subject, or is likely to be subject to 711 a belligerent’s right of search and/or confiscation. 712 (d) If the insurers of the war
risks insurance, when 713 Clause 14 is applicable, should require payment of 714 premiums and/or calls because, pursuant to the 715 Charterers’ orders, the Vessel is within, or is due to enter 716 and remain within, any area or areas which are
specified 717 by such insurers as being subject to additional premiums 718 because of War Risks, then such premiums and/or calls 719 shall be reimbursed by the Charterers to the Owners at 720 the same time as the next payment of hire is due. 721
(e) The Charterers shall have the liberty: 722 (i) to comply with all orders, directions, recommend- 723 ations or advice as to departure, arrival, routes, 724 sailing in convoy, ports of call, stoppages, 725 destinations, discharge of
cargo, delivery, or in any 726 other way whatsoever, which are given by the 727 Government of the Nation under whose flag the 728 Vessel sails, or any other Government, body or 729 group whatsoever acting with the power to compel 730 compliance with
their orders or directions; 731 (ii) to comply with the orders, directions or recom- 732 mendations of any war risks underwriters who have 733 the authority to give the same under the terms of 734 the war risks insurance; 735 (iii) to
comply with the terms of any resolution of the 736 Security Council of the United Nations, any 737 directives of the European Community, the effective 738 orders of any other Supranational body which has 739 the right to issue and give the same, and
with 740 national laws aimed at enforcing the same to which 741 the Owners are subject, and to obey the orders 742 and directions of those who are charged with their 743 enforcement. 744 (f) In the event of outbreak of war (whether there be a
745 declaration of war or not) (i) between any two or more 746 of the following countries: the United States of America; 747 Russia; the United Kingdom; France; and the People’s 748 Republic of China, (ii) between any two or more of
the 749 countries stated in Box 36, both the Owners and the 750 Charterers shall have the right to cancel this Charter, 751 whereupon the Charterers shall redeliver the Vessel to 752 the Owners in accordance with Clause 15, if the Vessel 753 has
cargo on board after discharge thereof at 754 destination, or if debarred under this Clause from 755 reaching or entering it at a near, open and safe port as 756 directed by the Owners, or if the Vessel has no cargo 757 on board, at the port at
which the Vessel then is or if at 758 sea at a near, open and safe port as directed by the 759 Owners. In all cases hire shall continue to be paid in 760 accordance with Clause 11 and except as aforesaid all 761 other provisions of this Charter
shall apply until 762 redeliverythe end of the Security Period. 763 27. Commission – intentionally omitted 764 The Owners to pay a commission at the rate indicated 765 in Box 33 to the Brokers named in Box 33 on any hire 766 paid under the
Charter. If no rate is indicated in Box 33, 767 the commission to be paid by the Owners shall cover 768 the actual expenses of the Brokers and a reasonable 769 fee for their work. 770 If the full hire is not paid owing to breach of the Charter 771
by either of the parties the party liable therefor shall 772 indemnify the Brokers against their loss of commission. 773 Should the parties agree to cancel the Charter, the 774 Owners shall indemnify the Brokers against any loss of 775 commission
but in such case the commission shall not 776 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original
BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter exceed the brokerage on one year’s hire. 777 28. Termination See
Clauses 40 and 44 778 (a) Charterers’ Default 779 The Owners shall be entitled to withdraw the Vessel from 780 the service of the Charterers and terminate the Charter 781 with immediate effect by written notice to the Charterers if: 782
(i) the Charterers fail to pay hire in accordance with 783 Clause 11. However, where there is a failure to 784 make punctual payment of hire due to oversight, 785 negligence, errors or omissions on the part of the 786 Charterers or their
bankers, the Owners shall give 787 the Charterers written notice of the number of clear 788 banking days stated in Box 34 (as recognised at 789 the agreed place of payment) in which to rectify 790 the failure, and when so rectified within such 791
number of days following the Owners’ notice, the 792 payment shall stand as regular and punctual. 793 Failure by the Charterers to pay hire within the 794 number of days stated in Box 34 of their receiving 795 the Owners’ notice as
provided herein, shall entitle 796 the Owners to withdraw the Vessel from the service 797 of the Charterers and terminate the Charter without 798 further notice; 799 (ii) the Charterers fail to comply with the requirements of: 800
(1) Clause 6 (Trading Restrictions) 801 (2) Clause 13(a) (Insurance and Repairs) 802 provided that the Owners shall have the option, by 803 written notice to the Charterers, to give the 804 Charterers a specified number of days grace
within 805 which to rectify the failure without prejudice to the 806 Owners’ right to withdraw and terminate under this 807 Clause if the Charterers fail to comply with such 808 notice; 809 (iii) the Charterers fail to rectify any failure
to comply 810 with the requirements of sub-clause 10(a)(i) 811 (Maintenance and Repairs) as soon as practically 812 possible after the Owners have requested them in 813 writing so to do and in any event so that the Vessel’s 814 insurance cover
is not prejudiced. 815 (b) Owners’ Default 816 If the Owners shall by any act or omission be in breach 817 of their obligations under this Charter to the extent that 818 the Charterers are deprived of the use of the Vessel 819 and such
breach continues for a period of fourteen (14) 820 running days after written notice thereof has been given 821 by the Charterers to the Owners, the Charterers shall 822 be entitled to terminate this Charter with immediate effect 823 by written
notice to the Owners. 824 (c) Loss of Vessel 825 This Charter shall be deemed to be terminated if the 826 Vessel becomes a total loss or is declared as a 827 constructive or compromised or arranged total loss. For 828 the purpose of this
sub-clause, the Vessel shall not be 829 deemed to be lost unless she has either become an 830 actual total loss or agreement has been reached with 831 her underwriters in respect of her constructive, 832 compromised or arranged total loss or if such
agreement 833 with her underwriters is not reached it is adjudged by a 834 competent tribunal that a constructive loss of the Vessel 835 has occurred. 836 (d) Either party shall be entitled to terminate this 837 Charter with immediate effect by
written notice to the 838 other party in the event of an order being made or 839 resolution passed for the winding up, dissolution, 840 liquidation or bankruptcy of the other party (otherwise 841 than for the purpose of reconstruction or
amalgamation) 842 or if a receiver is appointed, or if it suspends payment, 843 ceases to carry on business or makes any special 844 arrangement or composition with its creditors. 845 (e) The termination of this Charter shall be without 846
prejudice to all rights accrued due between the parties 847 prior to the date of termination and to any claim that 848 either party might have. 849 29. Repossession 850 In the event of the Owners have made a request for 851 redelivery of the Vessel
termination of this Charter in accordance with the applicable provisions of Clause 852 28Clause 40.3, the Owners shall in addition have the right to repossess 853 the Vessel from the Charterers at her current or next port of call, or 854 at a port
or place convenient to them without hindrance 855 or interference by the Charterers, courts or local 856 authorities. Pending physical repossession of the Vessel 857 in accordance with this Clause 29 and/or Clause 40, the 858 Charterers shall hold
the Vessel as gratuitous bailee only to the Owners 859 and the Charterers shall procure that the master and crew follow the orders and directions of the Owners. The Owners shall arrange for an authorised represent- 860 ative to board the Vessel as
soon as reasonably 861 practicable following the termination of the Charter. The 862 Vessel shall be deemed to be repossessed by the 863 Owners from the Charterers upon the boarding of the 864 Vessel by the Owners’ representative. All
arrangements 865 and expenses relating to the settling of wages, 866 disembarkation and repatriation of the Charterers’ 867 Master, officers and crew shall be the sole responsibility 868 of the Charterers. 869 30. Dispute Resolution 870 *)
(a) This Contract Charter and any non-contractual 871 obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and any dispute arising 872 out of or in connection with this Contract
Charter shall be 873 referred to arbitration in London in accordance with the Arbitration 874 Act 1996 or any statutory modification or re-enactment 875 thereof save to the extent necessary to give effect to 876 the provisions of this Clause. 877
The arbitration shall be conducted in accordance with 878 the London Maritime Arbitrators Association (LMAA) 879 Terms current at the time when the arbitration proceed- 880 ings are commenced. 881 The reference shall be to three arbitrators. A party
882 wishing to refer a dispute to arbitration shall appoint its 883 arbitrator and send notice of such appointment in writing 884 to the other party requiring the other party to appoint its 885 own arbitrator within 14 calendar days of that notice
and 886 stating that it will appoint its arbitrator as sole arbitrator 887 unless the other party appoints its own arbitrator and 888 gives notice that it has done so within the 14 days 889 specified. If the other party does not appoint its own 890
arbitrator and give notice that it has done so within the 891 14 days specified, the party referring a dispute to 892 arbitration may, without the requirement of any further 893 prior notice to the other party, appoint its arbitrator as 894 sole
arbitrator and shall advise the other party 895 accordingly. The award of a sole arbitrator shall be 896 binding on both parties as if he had been appointed by 897 agreement. 898 Nothing herein shall prevent the parties agreeing in 899 writing to
vary these provisions to provide for the 900 appointment of a sole arbitrator. 901 In cases where neither the claim nor any counterclaim 902 exceeds the sum of US$50,000 (or such other sum as 903 the parties may agree) the arbitration shall be
conducted 904 in accordance with the LMAA Small Claims Procedure 905 current at the time when the arbitration proceedings are 906 commenced. 907 *) (b) This Contract shall be governed by and construed 908 in accordance with Title 9 of the
United States Code 909 and the Maritime Law of the United States and any 910 dispute arising out of or in connection with this Contract 911 shall be referred to three persons at New York, one to 912 be appointed by each of the parties hereto, and
the third 913 by the two so chosen; their decision or that of any two 914 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any
modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter of them shall be final, and for the purposes of enforcing 915 any
award, judgement may be entered on an award by 916 any court of competent jurisdiction. The proceedings 917 shall be conducted in accordance with the rules of the 918 Society of Maritime Arbitrators, Inc. 919 In cases where neither the claim nor any
counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at
924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928
connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there. 931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to
refer to mediation any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following
shall apply:- 938 (i) Either party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on
the other 942 party to agree to mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a
mediator within a further 947 14 calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate
for that 951 purpose. The mediation shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If
the other party does not agree to mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The
mediation shall not affect the right of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The
arbitration procedure shall 966 continue during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or
specified in the 971 mediation terms, each party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice
975 and confidential and no information or documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties
should be aware that the mediation 980 process may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d) shall 983 apply in all
cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party to the other 988 party shall be in writing and may be
sent by fax, telex, 989 registered or recorded mail or by personal service. 990 (b) The address of the Parties for service of such 991 communication shall be as stated in Boxes 3 and 4 992 respectively. 993 This document is a computer generated
BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART III PART PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY
(Optional, only to apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 (a) The Vessel shall be constructed in accordance with 2 the Building Contract (hereafter called “the Building 3 Contract”)
as annexed to this Charter, made between the 4 Builders and the Owners and in accordance with the 5 specifications and plans annexed thereto, such Building 6 Contract, specifications and plans having been counter- 7 signed as approved by the
Charterers. 8 (b) No change shall be made in the Building Contract or 9 in the specifications or plans of the Vessel as approved by 10 the Charterers as aforesaid, without the Charterers’ 11 consent. 12 (c) The Charterers shall have
the right to send their 13 representative to the Builders’ Yard to inspect the Vessel 14 during the course of her construction to satisfy themselves 15 that construction is in accordance with such approved 16 specifications and plans as
referred to under sub-clause 17 (a) of this Clause. 18 (d) The Vessel shall be built in accordance with the 19 Building Contract and shall be of the description set out 20 therein. Subject to the provisions of sub-clause 2(c)(ii) 21
hereunder, the Charterers shall be bound to accept the 22 Vessel from the Owners, completed and constructed in 23 accordance with the Building Contract, on the date of 24 delivery by the Builders. The Charterers undertake that 25 having accepted the
Vessel they will not thereafter raise 26 any claims against the Owners in respect of the Vessel’s 27 performance or specification or defects, if any. 28 Nevertheless, in respect of any repairs, replacements or 29 defects which appear within the
first 12 months from 30 delivery by the Builders, the Owners shall endeavour to 31 compel the Builders to repair, replace or remedy any defects 32 or to recover from the Builders any expenditure incurred in 33 carrying out such repairs, replacements
or remedies. 34 However, the Owners’ liability to the Charterers shall be 35 limited to the extent the Owners have a valid claim against 36 the Builders under the guarantee clause of the Building 37 Contract (a copy whereof has been supplied to
the 38 Charterers). The Charterers shall be bound to accept such 39 sums as the Owners are reasonably able to recover under 40 this Clause and shall make no further claim on the Owners 41 for the difference between the amount(s) so recovered and 42
the actual expenditure on repairs, replacement or 43 remedying defects or for any loss of time incurred. 44 Any liquidated damages for physical defects or deficiencies 45 shall accrue to the account of the party stated in Box 41(a) 46 or if not
filled in shall be shared equally between the parties. 47 The costs of pursuing a claim or claims against the Builders 48 under this Clause (including any liability to the Builders) 49 shall be borne by the party stated in Box 41(b) or if not 50
filled in shall be shared equally between the parties. 51 2. Time and Place of Delivery 52 (a) Subject to the Vessel having completed her 53 acceptance trials including trials of cargo equipment in 54 accordance with the Building Contract and
specifications 55 to the satisfaction of the Charterers, the Owners shall give 56 and the Charterers shall take delivery of the Vessel afloat 57 when ready for delivery and properly documented at the 58 Builders’ Yard or some other safe and
readily accessible 59 dock, wharf or place as may be agreed between the parties 60 hereto and the Builders. Under the Building Contract the 61 Builders have estimated that the Vessel will be ready for 62 delivery to the Owners as therein provided
but the delivery 63 date for the purpose of this Charter shall be the date when 64 the Vessel is in fact ready for delivery by the Builders after 65 completion of trials whether that be before or after as 66 indicated in the Building Contract. The
Charterers shall not 67 be entitled to refuse acceptance of delivery of the Vessel 68 and upon and after such acceptance, subject to Clause 69 1(d), the Charterers shall not be entitled to make any claim 70 against the Owners in respect of any
conditions, 71 representations or warranties, whether express or implied, 72 as to the seaworthiness of the Vessel or in respect of delay 73 in delivery. 74 (b) If for any reason other than a default by the Owners 75 under the Building
Contract, the Builders become entitled 76 under that Contract not to deliver the Vessel to the Owners, 77 the Owners shall upon giving to the Charterers written 78 notice of Builders becoming so entitled, be excused from 79 giving delivery of the
Vessel to the Charterers and upon 80 receipt of such notice by the Charterers this Charter shall 81 cease to have effect. 82 (c) If for any reason the Owners become entitled under 83 the Building Contract to reject the Vessel the Owners shall,
84 before exercising such right of rejection, consult the 85 Charterers and thereupon 86 (i) if the Charterers do not wish to take delivery of the Vessel 87 they shall inform the Owners within seven (7) running days 88 by notice in writing
and upon receipt by the Owners of such 89 notice this Charter shall cease to have effect; or 90 (ii) if the Charterers wish to take delivery of the Vessel 91 they may by notice in writing within seven (7) running days 92 require the Owners
to negotiate with the Builders as to the 93 terms on which delivery should be taken and/or refrain from 94 exercising their right to rejection and upon receipt of such 95 notice the Owners shall commence such negotiations and/ 96 or take delivery of
the Vessel from the Builders and deliver 97 her to the Charterers; 98 (iii) in no circumstances shall the Charterers be entitled to 99 reject the Vessel unless the Owners are able to reject the 100 Vessel from the Builders; 101 (iv) if
this Charter terminates under sub-clause (b) or (c) of 102 this Clause, the Owners shall thereafter not be liable to the 103 Charterers for any claim under or arising out of this Charter 104 or its termination. 105 (d) Any liquidated
damages for delay in delivery under the 106 Building Contract and any costs incurred in pursuing a claim 107 therefor shall accrue to the account of the party stated in 108 Box 41(c) or if not filled in shall be shared equally between 109 the
parties. 110 3. Guarantee Works 111 If not otherwise agreed, the Owners authorise the 112 Charterers to arrange for the guarantee works to be 113 performed in accordance with the building contract terms, 114 and hire to continue during the period of
guarantee works. 115 The Charterers have to advise the Owners about the 116 performance to the extent the Owners may request. 117 4. Name of Vessel 118 The name of the Vessel shall be mutually agreed between 119 the Owners and the Charterers and the
Vessel shall be 120 painted in the colours, display the funnel insignia and fly 121 the house flag as required by the Charterers. 122 5. Survey on Redelivery 123 The Owners and the Charterers shall appoint surveyors 124 for the purpose of
determining and agreeing in writing the 125 condition of the Vessel at the time of re-delivery. 126 Without prejudice to Clause 15 (Part II), the Charterers 127 shall bear all survey expenses and all other costs, if any, 128 including the cost of
docking and undocking, if required, 129 as well as all repair costs incurred. The Charterers shall 130 also bear all loss of time spent in connection with any 131 docking and undocking as well as repairs, which shall be 132 paid at the rate of hire
per day or pro rata. 133 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and
this computer generated document. 
  

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART IV PART HIRE/PURCHASE AGREEMENT (Optional, only to apply if
expressly agreed and stated in Box 42) On expiration of this Charter and provided the Charterers 1 have fulfilled their obligations according to Part I and II 2 as well as Part III, if applicable, it is agreed, that on 3 payment of the final payment
of hire as per Clause 11 4 the Charterers have purchased the Vessel with 5 everything belonging to her and the Vessel is fully paid 6 for. 7 In the following paragraphs the Owners are referred to 8 as the Sellers and the Charterers as the Buyers. 9
The Vessel shall be delivered by the Sellers and taken 10 over by the Buyers on expiration of the Charter. 11 The Sellers guarantee that the Vessel, at the time of 12 delivery, is free from all encumbrances and maritime 13 liens or any debts
whatsoever other than those arising 14 from anything done or not done by the Buyers or any 15 existing mortgage agreed not to be paid off by the time 16 of delivery. Should any claims, which have been incurred 17 prior to the time of delivery be
made against the Vessel, 18 the Sellers hereby undertake to indemnify the Buyers 19 against all consequences of such claims to the extent it 20 can be proved that the Sellers are responsible for such 21 claims. Any taxes, notarial, consular and
other charges 22 and expenses connected with the purchase and 23 registration under Buyers’ flag, shall be for Buyers’ 24 account. Any taxes, consular and other charges and 25 expenses connected with closing of the Sellers’ register,
26 shall be for Sellers’ account. 27 In exchange for payment of the last month’s hire 28 instalment the Sellers shall furnish the Buyers with a 29 Bill of Sale duly attested and legalized, together with a 30 certificate setting out the
registered encumbrances, if 31 any. On delivery of the Vessel the Sellers shall provide 32 for deletion of the Vessel from the Ship’s Register and 33 deliver a certificate of deletion to the Buyers. 34 The Sellers shall, at the time of
delivery, hand to the 35 Buyers all classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 be in Sellers’ possession. 38 The Wireless Installation and Nautical Instruments, 39 unless on
hire, shall be included in the sale without any 40 extra payment. 41 The Vessel with everything belonging to her shall be at 42 Sellers’ risk and expense until she is delivered to the 43 Buyers, subject to the conditions of this Contract and 44
the Vessel with everything belonging to her shall be 45 delivered and taken over as she is at the time of delivery, 46 after which the Sellers shall have no responsibility for 47 possible faults or deficiencies of any description. 48 The Buyers
undertake to pay for the repatriation of the 49 Master, officers and other personnel if appointed by the 50 Sellers to the port where the Vessel entered the Bareboat 51 Charter as per Clause 3 (Part II) or to pay the equivalent 52 cost for their
journey to any other place. 53 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of
this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved
document and this computer generated document. 
  

 

 
 ?BARECON 2001? Standard Bareboat Charter OPTIONAL PART PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER
REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 For the purpose of this PART V, the following terms shall 2 have the meanings hereby assigned to them: 3 ?The Bareboat Charter Registry? shall mean the
registry 4 of the State whose flag the Vessel will fly and in which 5 the Charterers are registered as the bareboat charterers 6 during the period of the Bareboat Charter. 7 ?The Underlying Registry? shall mean the registry of the 8 state in which
the Owners of the Vessel are registered 9 as Owners and to which jurisdiction and control of the 10 Vessel will revert upon termination of the Bareboat 11 Charter Registration. 12 2. Mortgage 13 The Vessel chartered under this Charter is financed by
14 a mortgage and the provisions of Clause 12(b) (Part II) 15 shall apply. 16 3. Termination of Charter by Default 17 If the Vessel chartered under this Charter is registered 18 in a Bareboat Charter Registry as stated in Box 44, and 19 if the
Owners shall default in the payment of any amounts 20 due under the mortgage(s) specified in Box 28, the 21 Charterers shall, if so required by the mortgagee, direct 22 the Owners to re-register the Vessel in the Underlying 23 Registry as shown in
Box 45. 24 In the event of the Vessel being deleted from the 25 Bareboat Charter Registry as stated in Box 44, due to a 26 default by the Owners in the payment of any amounts 27 due under the mortgage(s), the Charterers shall have 28 the right to
terminate this Charter forthwith and without 29 prejudice to any other claim they may have against the 30 Owners under this Charter. 31 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion
to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any
loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 Execution Version 

ADDITIONAL CLAUSES TO BARECON 2001 DATED 25 MAY 2018 

CLAUSE 32  – CHARTER PERIOD 
  

	 32.1
	 For the avoidance of doubt, notwithstanding the fact that the Charter Period shall commence on the Commencement
Date, this Charter shall be: 

  

	 (a)
	 in full force and effect; and 

 

	 (b)
	 valid, binding and enforceable against the parties hereto, 

 

	 (c)
	 with effect from the date of this Charter until the end of the Charter Period (subject to the terms of this Charter).

  

	 32.2
	 The Charter Period shall, subject to the terms of this Charter, continue for a period of sixty (60) months
from the Commencement Date. 

 CLAUSE 33  – CANCELLATION 

 

	 33.1
	 If: 

  

	 (a)
	 a Termination Event occurs prior to the delivery of the Vessel by the Charterers as sellers to Owners as buyers under
the MOA; 

  

	 (b)
	 it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their obligations under the MOA
or any of the obligations of the Owners under the MOA are not or cease to be legal, valid, binding and enforceable; and/or 

  

	 (c)
	 the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and
effect for any reason, 

 then this Charter shall immediately terminate and be cancelled (provided that any
provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever provided that the Owners shall be entitled to
retain all fees or amounts paid by the Charterers pursuant to Clause 41.1 and Clause 41.2(and without prejudice to Clause 41.1 or Clause 41.2 and if such fees or amounts have not been paid but are due and payable, the Charterers shall forthwith pay
such fees or amounts to the Owners in accordance with Clause 41.1) and such payment and any default interest in relation thereto shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners
in entering into this Charter upon the terms and conditions contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as compensation to the Owners, provided that if such termination or cancellation is
solely attributable to the Owners’ breach of their obligations under the Leasing Documents, any Total Loss or any incidents beyond the control of the Charterers (but in any case excluding, for the avoidance of doubt, any act or incident which
has taken place after the occurrence of a Termination Event or Potential Termination Event), then the Charterers shall not be discharged from the payment obligations under Clause 41.1 and if any fee has been paid by the Charterers (and actually
received by the Owners) prior to such termination or cancellation the Owners shall refund such fee to the Charterers (in any case without interest). 

  
 1 

 CLAUSE 34  – DELIVERY OF VESSEL 

34.1 
  

	 (a)
	 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one
of the Leasing Documents. 

  

	 (b)
	 Prior to the Owners’ prepositioning of the Relevant Amount on the Prepositioning Date in accordance with clause
19(b) of the MOA, the Charterers shall in advance provide the Owners with the documents or evidence set out in Part A of Schedule II in form and substance satisfactory to the Owners. 

 

	 (c)
	 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:

  

	 	 (i)
	 the delivery of the Vessel by the Charterers as sellers to the Owners as buyers in accordance with the terms of the
MOA with such Delivery occurring on or before the Cancelling Date(and, for the purposes of this Charter, the Vessel shall be deemed delivered to the Charterers simultaneously with delivery of the Vessel to the Owners pursuant to the MOA);

  

	 	 (ii)
	 no Potential Termination Event or Termination Event having occurred and being continuing as at the Commencement Date;

  

	 	 (iii)
	 the representations and warranties contained in Clause 45 being true and correct on the date of this Charter and each
day thereafter until and including the last day of the Charter Period; 

  

	 	 (iv)
	 the Owners having received from the Charterers: 

 

	 	 (A)
	 on or prior to Delivery, the documents or evidence set out in Part B of Schedule II in form and substance satisfactory
to them; and 

  

	 	 (B)
	 after Delivery, the documents or evidence set out in Part C of Schedule II in form and substance satisfactory to them
within the time periods set out thereunder; 

  

	 	  
	 and if any of the documents listed in sub-paragraph (iv) above are not in
the English language then they shall be accompanied by a certified English translation. 

  

	 34.2
	 The conditions precedent or conditions subsequent specified in Clause (b)(iv) are inserted for the sole benefit
of the Owners and may be waived or deferred in whole or in part and with or without conditions by the Owners. 

  

	 34.3
	 On delivery to and acceptance by the Owners of the Vessel under the MOA from the Charterers as sellers and
subject to the provisions of this Clause 34, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of
the Vessel on and subject to the terms and conditions of this Charter. 

  

	 34.4
	 On Delivery, as evidence of the commencement of the Charter Period the Charterers shall sign and deliver to the
Owners the Acceptance Certificate. Without prejudice to this Clause 34.4, the Charterers shall be deemed to have accepted the Vessel under this Charter and the commencement of the Charter Period having started, on Delivery even if for whatever
reason, the Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time. 

  

	 34.5
	 Save where any of the events set out under Clause 44.1(f)(iv), (v), (vi) and (viii) below applies in
relation to the Owners (and in the absence of a Termination Event or Potential Termination 

  
 2 

	     
	 Event having occurred at the same time), the Charterers shall not be entitled for any reason whatsoever to refuse to
accept delivery of the Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners under the MOA from the Charterers as sellers, and the Owners shall not be liable for any losses, costs or expenses whatsoever or
howsoever arising including, without limitation, any loss of profit or any loss or otherwise: 

  

	 (a)
	 resulting directly or indirectly from any defect or alleged defect in the Vessel or any failure of the Vessel; or

  

	 (b)
	 arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.

  

	 34.6
	 The Owners will not and shall not be obliged to deliver the Vessel to the Charterers with any bunkers and
unused lubricating oils and greases (whether in storage tanks and unopened drums or otherwise) except such items (including bunkers, lubricating oils, unbroached provisions, paints, ropes and other consumable stores) as are on the Vessel on
Delivery.  

  

	 34.7
	 The Charterers shall, following the Owners’ delivery of items on board the Vessel on Delivery pursuant to
Clause 34.6, keep all such items on board the Vessel for the Charterers’ own use.  

 CLAUSE 35  –
QUIET ENJOYMENT 
  

	 35.1
	 Provided that no Potential Termination Event or Termination Event has occurred pursuant to the terms of this
Charter, the Owners hereby agree not to disturb or interfere (or instruct or authorise another party to disturb or interfere) with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period.

  

	 35.2
	 The Owners shall use best endeavors to procure that their financier(s) enter into a Quiet Enjoyment Agreement
with the Charterers on such terms as may be mutually agreed between the Owners, the Owners’ financier(s) and the Charterers. 

  

	 35.3
	 Subject to Clause 35.1 above, the Charterers acknowledge that, at any time during the Charter Period:

  

	 (a)
	 the Owners are entitled to enter into certain funding arrangements with their financier(s), (the
“Mortgagee”), in order to finance in part or in full of the Purchase Price (such financing amount not to exceed the Outstanding Principal Balance at the relevant time), which funding arrangements may be secured, inter alia,
by the relevant Financial Instruments; 

  

	 (b)
	 the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case without consent of the Charterers: 

  

	 	 (i)
	 execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee;

  

	 	 (ii)
	 assign their rights and interests to, in or in connection with this Charter and any other Leasing Document in favour
of that Mortgagee; 

  

	 	 (iii)
	 assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of that Mortgagee; and 

  

	 	 (iv)
	 enter into any other document or arrangement which is necessary to give effect to such financing arrangements
(including without limitation creating or permitting the creation of any Security Interests over the direct or indirect equity interests or shares of the Owners); and 

 

	 (c)
	 the Charterers undertake to comply, and provide such information and documents reasonably required to enable the
Owners to comply, with all such instructions or directions in regard to 

  
 3 

	     
	 the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument
or as may be directed from to time during the currency of this Charter by the Mortgagee in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial
Instrument (if any) and agree to acknowledge this in writing in any form that may be reasonably required by the Mortgagee. 

CLAUSE 36  – CHARTERHIRE AND DEPOSIT 
  

	 36.1
	 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the
request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners, the Charterhire, the Deposit, and the Purchase Obligation Price or, as the case may be, the Purchase Option Price. 

 

	 36.2
	 The Charterers shall pay an amount in Dollars equivalent to the Deposit Amount as the deposit (the
“Deposit”) to the Owners at least three (3) Business Days prior to the Commencement Date (the “Deposit Date”) to an account nominated by the Owners and notified to the Charterers reasonably prior
to the Deposit Date without set off. The Owners may, in their absolute discretion, either refrain from applying the Deposit (or any part of the Deposit) held or apply the same in such manner and order as they see fit upon the occurrence of any
Termination Event towards payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document (including without limitation, the Charterhire, the Termination Purchase Price, the
Purchase Option Price and the Purchase Obligation Price) (any amount so applied by the Owners, the “Applied Amount”) and the Charterers shall immediately and in any event within ten (10) days upon Owners’
demand pay to the Owners an amount in Dollars equivalent to the Applied Amount so that at all time the Deposit held by the Owners is not less than the Deposit Amount (for the avoidance of doubt any amount paid by the Charterers to the Owners in
respect of any Applied Amount pursuant to this Clause 36.2 shall constitute part of the Deposit ). The Deposit (after deducting any payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any
Leasing Documents) shall be refunded to the Charterers (in any case without interest) upon irrevocable payment in full of all amounts due and payable under the Leasing Documents. The Deposit paid to the Owners shall be in the possession and
ownership of the Owners until the Deposit is refunded in accordance with this Clause 36.2. For the avoidance of doubt, if the Owners, upon the, occurrence of any Termination Event,elect to apply the Deposit or any part of the Deposit towards payment
of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document, any shortfall of such due and payable amount not satisfied by the application of the Deposit (or part of the Deposit)
shall remain outstanding payment obligations of the Charterers, such Relevant Party or the Approved Manager (as the case may be). 

  

	 36.3
	 Subject to the terms of this Clause 36, the Charterers shall pay the Charterhire monthly in arrears in sixty
(60) consecutive instalments to the Owners under this Charter with the first instalment of the Charterhire payable on the date falling one (1) month after the Commencement Date and the final instalment of the Charterhire payable on the
last day of the Charter Period.  

  

	 36.4
	 The Vessel shall not at any time be deemed off-hire and the
Charterers’ obligation to pay all Charterhire, the Deposit and other amounts payable under the Leasing Documents shall be absolute and unconditional under any and all circumstances and shall not be affected by any circumstances of any nature
whatsoever including but not limited to: 

  

	 (a)
	 any set-off, counterclaim, recoupment, defence, claim or other right which the
Charterers may at any time have against the Owners or any other person for any reason whatsoever including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing
between the Owners and the Charterers; 

  
 4 

	 (b)
	 any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the
Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation; 

  

	 (c)
	 any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

  

	 (d)
	 any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel
or the ineligibility of the Vessel for any particular trade; 

  

	 (e)
	 the Total Loss or any damage to or forfeiture or court marshall’s or other sale of the Vessel;

  

	 (f)
	 any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or
prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers; 

  

	 (g)
	 any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings
by or against the Charterers; 

  

	 (h)
	 any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or
complying with any of the terms and provisions of this Charter or the other Leasing Documents by any party to this Charter or any other person; 

  

	 (i)
	 any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing
Documents executed or to be executed pursuant to this Charter; or 

  

	 (j)
	 any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage,
accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this Charter. 

 

	 36.5
	 Time of payment of the Charterhire, the Deposit and other payments by the Charterers shall be of the essence of
this Charter and the other Leasing Documents. 

  

	 36.6
	 All payments of the Charterhire, the Deposit and any other amounts payable under the Leasing Documents shall be
made in Dollars and shall be received by the Owners in same day available funds and by not later than 6:00pm (Shanghai time) on the due date thereof. 

 

	 36.7
	 All Charterhire and any moneys payable hereunder shall be payable by the Charterers to the Owners to such
account as the Owners may notify the Charterers in writing.  

  

	 36.8
	 Payment of the Charterhire and any other amounts payable under the Leasing Documents shall be at the
Charterers’ risk until receipt by the Owners.  

  

	 36.9
	 All stamp duty, value added tax, withholding or other taxes (not including taxes levied on the income of the
Owners) and import and export duties and all other similar types of charges which may be levied or assessed on or in connection with: 

  

	 (a)
	 the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and
the remittance thereof to the Owners; and 

  

	 (b)
	 the import, export, purchase, delivery and re-delivery of the Vessel,

 shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax
levied on any Charterhire and the Deposit and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. 

  
 5 

	 36.10
	 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay interest on
such late payment at the default rate of seven per cent. (7 %) per annum from the date on which such payment became due until the date of payment thereof. 

  

	 36.11
	 All default interest and any other payments under this Charter which are of an annual or periodic nature shall
accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  

	 36.12
	 Any payment which is due to be made on a day which is not a Business Day, shall be made on the preceding
Business Day in the same calendar month. 

  

	 36.13
	 Any payment of the Termination Purchase Price, the Purchase Obligation Price or the Purchase Option Price (as
the case may be) shall be made together with any other amount payable under this Charter. 

 CLAUSE 37  –
POSSESSION OF VESSEL 
  

	 37.1
	 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the
Vessel or any interest therein, its Earnings, Insurances, any Requisition Compensation and/or its rights or interests under any Approved Subcharter and shall not permit the creation of any Security Interest thereon other than the Permitted Security
Interests. 

  

	 37.2
	 The Charterers shall promptly notify any party including any Approved Subcharterer (as the Owners may request),
in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and reasonably satisfactory evidence that such party has received such written notification.

  

	 37.3
	 Other than in the circumstances specified in Clause 37.4, if the Vessel is arrested, seized, impounded,
forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process but other than due to piracy events which are insured against pursuant to Clause 38), the Charterers shall
immediately act to procure the prompt release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall (if it will or is likely to exceed five
(5) days) immediately notify the Owners of such event and shall indemnify the Owners against all losses, documented costs or documented charges incurred by the Owners by reason thereof in re-taking
possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
master, officers or agents signing bills of lading or other documents. 

  

	 37.4
	 If the Vessel is arrested or otherwise detained solely because of the Owners’ direct actions or omissions
and for reasons which are not in any part a consequence of a Relevant Person’s (or its affiliate’s) contributory negligence and/or wilful misconduct, the Owners shall at their own expense take all reasonable steps to procure that within a
reasonable time the Vessel is released, including the provision of bail. 

  

	 37.5
	 The Charterers shall pay and discharge or cause any Approved Subcharterer to pay and discharge all obligations
and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel and take all steps to prevent (and in connection with procuring any Approved Subcharterer who is an Affiliate of the Charterers in
doing the above, to use the best endeavors to procure such Approved Subcharterer to prevent and in connection with procuring any Approved Subcharterer who is not an Affiliate of the Charterers in doing the above, to take all reasonable steps to
procure such Approved Subcharterer to prevent) an arrest (threatened or otherwise) of the Vessel. 

  
 6 

 Clause 38  – INSURANCE 

 

	 38.1
	 The Charterers shall procure that insurances are effected in form and substance satisfactory to the Owners:

  

	 (a)
	 in Dollars; 

  

	 (b)
	 in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an
agreed value basis in an amount (taking into account any increased value for up to 33% of such cover and of the following mentioned amount) of at least the higher of (i) 120% of the then Outstanding Principal Balance and (ii) the Market Value
of the Vessel; 

  

	 (c)
	 in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the highest level of
cover from time to time available under protection and indemnity club entry and in the international marine insurance market and for an amount of not less than $1,000,000,000; and 

 

	 (d)
	 in relation to protection and indemnity risks in respect of the full tonnage of the Vessel; 

 

	 (e)
	 through approved brokers and with first class international insurers and/or underwriters reasonably acceptable to the
Owners (including having a Standard & Poor’s rating of BBB+ or above, a Moody’s rating of A or above or an AM Best rating of A- or above) or, in the case of war risks and protection and
indemnity risks, in a war risks and protection and indemnity risks associations reasonably acceptable to the Owners (including being a member of the International Group of Protection and Indemnity Clubs); and 

 

	 (f)
	 on no less favourable terms which the Charterers may be under an obligation (if any) to maintain under the terms of
any Approved Subcharter. 

  

	 38.2
	 In addition to the terms set out in Clause 13(a), the Charterers shall procure that the obligatory insurances
shall: 

  

	 (a)
	 subject always to paragraph (ii), name the Charterers, the Approved Manager and the Owners (at their option and, if
required by the Owners, the Owners’ financiers) as the only named assureds unless the interest of every other named assured or co-assured is limited: 

 

	 	 (ii)
	 in respect of any obligatory insurances for hull and machinery and war risks; 

 

	 	 (1)
	 to any provable out-of-pocket expenses
that they have incurred and which form part of any recoverable claim on underwriters; and 

  

	 	 (2)
	 to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of
discharge of any claims made against them); and 

  

	 	 (iii)
	 in respect of any obligatory insurances for protection and indemnity risks, to any recoveries they are entitled to
make by way of reimbursement following discharge of any third party liability claims made specifically against them, 

and every other named assured or co-assured has undertaken in writing to the Owners or their
financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they
shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become
payable in respect of the obligatory insurances; 
  

	 (b)
	 whenever a financier of the Owners requires: 

  
 7 

	 	 (i)
	 in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional
named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums,
calls or other assessments in respect of such insurance; 

  

	 	 (ii)
	 in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and 

 

	 	 (iii)
	 name the Owners’ financiers (as applicable) and the Owners (as applicable) as the first ranking loss payee and
the second ranking loss payee respectively (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners’ financiers and the Owners (such
approval not to be unreasonably withheld) with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and their financiers (if any) may specify; 

 

	 (c)
	 provide that all payments by or on behalf of the insurers under the obligatory insurances to the Owners and/or their
financiers (as applicable) shall be made without set-off, counterclaim or deductions or condition whatsoever; 

  

	 (d)
	 provide that such obligatory insurances shall be primary without right of contribution from other insurances which may
be carried by the Owners or their financiers (if any); 

  

	 (e)
	 provide that the Owners and/or their financiers (if any) may make proof of loss if the Charterers fail to do so; and

  

	 (f)
	 provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which
adversely affects the interest of the Owners , or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the
Owners and/or their financiers (if any) for fourteen (14) days (or seven (7) days in the case of war risks), or such other period as may be agreed by the Owners and/or their financiers (if any), after receipt by the Owners and/or their
financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse. 

  

	 38.3
	 The Charterers shall: 

 

	 (a)
	 at least fourteen (14) days prior to Delivery (or such shorter period agreed by the parties), notify in writing
the Owners (copied to their financiers (if any)) of the terms and conditions of all Insurances; 

  

	 (b)
	 at least fourteen (14) days before the expiry of any obligatory insurance notify the Owners (copied
to their financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew that obligatory insurance and of the proposed terms of renewal and obtain
the Owners’ approval (such approval not to be unreasonably withheld and who shall have regard to the requirements as to insurance cover required under the provisions of this Clause 38); 

 

	 (c)
	 at least seven (7) days before the expiry of any obligatory insurance, procure that such obligatory
insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter; 

  

	 (d)
	 procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a
renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to their financiers (if any)) in writing of the terms and conditions of the renewal; and

  
 8 

	 (e)
	 as soon as practicable after the expiry of any obligatory insurance, deliver to the Owners a letter of undertaking as
required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to this Clause 38.3 together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or
their financiers (if any). 

  

	 38.4
	 The Charterers shall ensure that all insurance companies and/or underwriters, and/or (if any) insurance brokers
provide the Owners with all copies of policies, cover notes and certificates of entry (originals where so requested by the Owners following the occurrence of a Termination Event or Potential Termination Event) relating to the obligatory insurances
which they are to effect or renew and of a letter or letters or undertaking in a form required by the Owners and/or the Owners’ financiers (which the Charterers shall procure the relevant insurance companies, underwriters and/or insurance
brokers to provide upon renewal or receipt of the insurance companies, underwriters and/of insurance brokers of an executed notice of assignment). Such letter or letters of undertaking shall include undertakings by the insurance companies and/or
underwriters that: 

  

	 (a)
	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment
complying with the provisions of this Charter and the Financial Instruments; 

  

	 (b)
	 they will hold the benefit of such policies and such insurances, to the order of the Owners and/or their financiers
(if any) and/or such other party in accordance with the said loss payable clause; 

  

	 (c)
	 they will advise the Owners and their financiers (if any) promptly of any material change to the terms of the
obligatory insurances of which they are aware; 

  

	 (d)
	 (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and their financiers
(if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or their financiers (if any) not later than one (1) month before the expiry of the
obligatory insurances they will notify the Owners and their financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the
Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and their financiers (if any) of the terms of the instructions; and 

 

	 (e)
	 if any of the obligatory insurances form part of any fleet cover, the Charterers shall use best endeavours to procure
that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and their financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the
Vessel under such obligatory insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under
them, which they might have in respect of such premiums, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or their financiers (if any) and where practicable. 

  

	 38.5
	 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel
is entered provides the Owners with and their financiers (if any): 

  

	 (a)
	 a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

  

	 (b)
	 a letter or letters of undertaking in such form as may be required by the Owners or in such association’s
standard form (following the relevant association’s receipt of an executed notice of assignment upon the effecting or renewal of insurances); and 

  
 9 

	 (c)
	 a copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive
Material issued by the relevant certifying authority in relation to the Vessel. 

  

	 38.6
	 The Charterers shall ensure that all policies relating to obligatory insurances are deposited with the approved
brokers through which the insurances are effected or renewed. 

  

	 38.7
	 The Charterers shall procure that all premiums or other sums payable in respect of the obligatory insurances
are punctually paid and produce all relevant receipts when so required by the Owners. 

  

	 38.8
	 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect. 

  

	 38.9
	 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which
would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

 

	 (a)
	 the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from
time to time be applicable to the obligatory insurances, and (without limiting the obligations contained in this Clause) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Owners have not
given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of protection and indemnity associations), such
approval not to be unreasonably withheld; 

  

	 (b)
	 the Charterers shall not make or permit any changes relating to the classification or classification society or
manager or operator of the Vessel unless such changes have first been approved by the underwriters of the obligatory insurances or the Owners (such approval not to be unreasonably withheld by the Owners’ but always subject to the Owners
receiving credit approval on such changes); 

  

	 (c)
	 as may be applicable, the Charterers shall procure that all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of the certificate of financial responsibility; and 

 

	 (d)
	 the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	 38.10
	 The Charterers shall not make or agree to any material alteration to the terms of any obligatory insurance nor
waive any right relating to any obligatory insurance without the prior written consent of the Owners (such consent to only be required where such amendment or waiver adversely affects or potentially adversely affects the Owners’ interests under
the Leasing Documents and which is not to be unreasonably withheld or delayed).  

 In this Clause
38.10 “material” alterations shall include, without limitation, change of identity of the beneficiaries under such insurances, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause
a breach under the terms of this Charter, any other Leasing Document or any Approved Subcharter. 
  

	 38.11
	 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for a Total
Loss or for a Major Casualty, and shall do all things necessary and provide 

  
 10 

 all documents, evidence and information to enable the Owners to collect or recover any
moneys which at any time become payable in respect of the obligatory insurances. 
  

	 38.12
	 The Charterers shall provide the Owners, promptly upon the Owners’ written request, copies of:

  

	 (a)
	 all communications between the Charterers and: 

 

	 	 (i)
	 the approved brokers; and 

  

	 	 (ii)
	 the approved protection and indemnity and/or war risks associations; and 

 

	 	 (iii)
	 the approved international insurers and/or underwriters, which relate directly or indirectly to:

  

	 	 (A)
	 the Charterers’ obligations relating to the obligatory insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and 

  

	 	 (B)
	 any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii)
relating wholly or partly to the effecting or maintenance of the obligatory insurances; and 

 any communication
with all parties involved in case of a claim under any of the Vessel’s insurances. 
  

	 38.13
	 The Charterers shall promptly provide the Owners (or any persons which they may designate) with any information
which the Owners reasonably request for the purpose of: 

  

	 (a)
	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory
insurances effected or proposed to be effected; and/or 

  

	 (b)
	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) or dealing with or
considering any matters relating to any such insurances. 

  

	 38.14
	 If one or more of the obligatory insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with
reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a
form acceptable to the Owners. The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required. 

 

	 (a)
	 The Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are
reasonably incurred by (i) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners’ interest insurance, mortgagee’s interest insurance and a lessor’s/mortgagee’s additional
perils (pollution) insurance that is taken out in respect of the Vessel and/or (ii) the financier(s) of the Owners (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee’s interest insurance and a
mortgagee’s additional perils (pollution) insurance that is taken out in respect of the Vessel, in each case, with the Charterers’ insurance brokers as approved by the Owners (in their sole discretion) and provided that the Charterers
shall provide the Owners, as soon as these are dispatched, with copies of all communications between the Charterers and such insurance brokers. In each case, the amount of the cover under the insurances referred to this Clause (a) shall be
equal to at least the higher of (i) 120% of the Outstanding Principal Balance and (ii) the Market Value of the Vessel. 

  
 11 

	 38.15
	 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the
Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, reasonable wear and tear to the
Vessel only excepted. 

  

	 38.16
	 The Charterers shall: 

 

	 (a)
	 reimburse the Owners any expenses incurred by the Owners in obtaining the reports described in Clause 38.13 (provided
that such reimbursement obligation does not arise for the second or subsequent report obtained for any given 12-month period); and 

 

	 (b)
	 procure that there is delivered to the brokers, insurers, underwriters, associations described in Clause 38.1(e) such
information in relation to the Insurances as they may require. 

  

	 38.17
	 The Charterers shall keep the Vessel insured at their expense against such other risks which the Owners or
their financiers (if any) consider reasonable for a prudent shipowner or operator to insure against at the relevant time (as notified by the Owners) and which are, at that time, generally insured against by owners or operators of vessels similar to
the Vessel. 

  

	 38.18
	 The Charterers shall, in the event that the Approved Manager makes a claim under any obligatory insurances
taken out in connection with this Clause 38 but is unable to or otherwise fails to pay in full any deductible in connection with such claim (in an amount as apportioned between the Charterers and every other assured in proportion to the gross claims
made by or paid to each of them), pay such shortfall in deductible payable on behalf of the Approved Manager. 

 CLAUSE
39  – WARRANTIES RELATING TO VESSEL 
  

	 39.1
	 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the
Vessel which has been purchased by the Owners from the Charterers as sellers pursuant to the MOA for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has
been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof). 

  

	 39.2
	 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded. 

  

	 39.3
	 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense
or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be
released from any liability to pay any Charterhire or other payment due under this Charter or the other Leasing Documents. 

CLAUSE 40  – TERMINATION, REDELIVERY AND TOTAL LOSS 
  

	 40.1
	 If the Termination Purchase Price becomes payable in accordance with Clause 44.2, Clause 44.3, Clause 44A.1 or
Clause 44A.2, the same shall (in each case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 40.4 and it is hereby agreed by the parties hereto that payment of the
Termination Purchase Price shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners in buying the Vessel and entering into this Charter upon the terms and conditions contained herein,
in each case, at the request of the Charterers and shall therefore be paid as compensation to the Owners for early termination and acquisition of the Vessel by the Charterers. 

  
 12 

	 40.2
	 Upon irrevocable receipt of the Termination Purchase Price by the Owners pursuant to Clause 40.1 in full, this
Charter shall terminate. 

  

	 40.3
	 

  

	 (a)
	 If the Charterers fail to make any payment of the Termination Purchase Price on the due date thereof,

  

	 	 (i)
	 Clauses 36.10 and 36.11 shall apply; 

 

	 	 (ii)
	 the Charterers’ right to possess and operate the Vessel shall immediately cease and (without in any way affecting
the Charterers’ obligation to pay the Termination Purchase Price ) the Charterers shall, upon the Owners’ request (at Owners’ sole discretion), be obliged to immediately (and at the Charterers’ own cost) redeliver the Vessel to
the Owners at such ready and nearest safe port as the Owners may require; further and for the avoidance of doubt, the Owners shall be entitled (at Owners’ sole discretion) to operate the Vessel as they may require and may create whatsoever
interests thereon, including without limitation charterparties or any other form of employment contracts (“Post-enforcement Interests”); 

 

	 	 (iii)
	 the Owners shall be entitled (at Owners’ sole discretion) to sell the Vessel on terms they deem fit (an
“Owners’ Sale”); and 

  

	 	 (iv)
	 the Owners shall be entitled to terminating this Charter upon service of a prior written notice to the Charterers.

  

	 (b)
	 Prior to effecting an Owners’ Sale, the Owners shall notify the Charterers in writing and the Charterers may
within seven (7) Business Days thereafter submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a purchaser offering by way of a firm offer (subject to customary closing conditions and Owners’
investigation on know your client issues) (a “Charterers’ Offers”) an amount at least equal to the higher of (i) the purchase price contemplated by the Owners’ Sale and (ii) the then current amount
of the Termination Purchase Price in either case following which the Owners will use reasonable endearvours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 	 (c)
	 Without prejudice to the other provisions of this Clause 40.3, the Charterers may at any time following the occurrence
of any event set out in Clause 44.2, Clause 44.3, Clause 44A.1 or Clause 44A.2 (as the case may be) submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a Charterers’ Offer in an amount at least equal to the
then current amount of the Termination Purchase price in which case the Owners will use reasonable endeavours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 (d)
	 The proceeds of any sale of the Vessel pursuant to Clause 40.3(a)(iii) shall be applied: 

 

	 	 (i)
	 first, towards the Owners’ documented costs incurred in relation to such sale; 

 

	 	 (ii)
	 second, towards payment of the outstanding Termination Purchase Price and other sums then due and payable to the
Owners under the Leasing Documents; and 

  

	 	 (iii)
	 third, any remaining balance to be paid to the Charterers subject to all actual and/or contingent liabilities incurred
under any of the Leasing Documents being fully discharged; provided also in the case of an Owners’ Sale that if such proceeds are not in an amount sufficient to discharge in full the aggregate amounts due to the Owners under (i) and (ii),
the Charterers shall continue to be liable for the shortfall. 

  
 13 

	 40.4
	 Concurrently with the Owners receiving irrevocable payment of the Termination Purchase Price in full pursuant
to the terms of this Charter, the Owners shall (save in the event of Total Loss or where ownership has already been or agreed to be transferred pursuant to Clause 40.3) transfer the legal and beneficial ownership of the Vessel on an “as is
where is” basis (and, for the avoidance of doubt but without prejudice to Clause 49.1(b), subject to any Post-enforcement Interests), and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and (b)), to the
Charterers (or their nominees) and shall (at the cost of the Charterers) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to Charterers
(or their nominees) (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners). 

  

	 40.5
	 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel
as a result of the Charterers’ action or performance prior to such transfer of ownership. Any taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners’ register shall be for the Charterers’
account. 

  

	 40.6
	 If the Charterers are required to redeliver the Vessel to the Owners pursuant to Clause 40.3, the Charterers
shall ensure that the Vessel shall, at the time of redelivery to the Owners (at Charterers’ cost and expense): 

  

	 (a)
	 be in compliance with its Insurances; 

 

	 (b)
	 be in an equivalent classification as she was as at the Commencement Date without any outstanding recommendation or
condition, and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel’s classification and in the same or as good structure, state, condition and classification as that in
which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel’s classification excepted; 

  

	 (c)
	 have passed her 5-year and if applicable,
10-year special surveys, and subsequent second intermediate surveys and drydock at the Charterers’ time and expense without any condition or outstanding issue and to the satisfaction of the Classification
Society and with all the Vessel’s classification, trading, national and international certificates that the Vessel had when she was delivered under this Charter and the log book and whatsoever necessary relating to the operation of the Vessel,
valid and un-extended without conditions or recommendation falling due; 

  

	 (d)
	 have her survey cycles up to date and trading and classification certificate valid for at least six (6) months;

  

	 (e)
	 be redelivered to the Owners together with all spare parts and spare equipment as were on board at the time of
Delivery and to the extent not already expended in the operation of the Vessel, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free of
charge; 

  

	 (f)
	 be free of any Security Interest (save for the Security Interests granted pursuant to the Financial Instruments) and
the Charterer shall use their best endeavours to procure that the Vessel is free of any cargo; 

  

	 (g)
	 be redelivered to the Owners together with all material information generated during the Charter Period in respect of
the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterers’ equipment, computer or property; 

 

	 (h)
	 be free of any charter (unless the Owners wish to retain the continuance of any then existing charter;

  

	 (i)
	 be free of officers and crew (unless otherwise agreed by the Owners);  

  
 14 

	 (j)
	 shall have had her underwater parts treated with ample anti-fouling to last for the ensuing period up to the next
scheduled dry docking of the Vessel; and  

  

	 (k)
	 be in compliance with all laws or regulations relating to the Vessel then applicable, including the ISM Code, the ISPS
Code, all Environmental Laws and the laws of the Vessel’s registry at the time of redelivery  

  

	 40.7
	 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes and other consumable stores in the Vessel at no cost to the Owners. 

  

	 40.8
	 If the Vessel, for any reason, becomes a Total Loss after Delivery, the Charterers shall pay the Termination
Purchase Price to the Owners on the earlier of: 

  

	 (a)
	 the date falling one hundred and twenty (120) days after such Total Loss has occurred; and 

 

	 (b)
	 the date of receipt by the Owners and/or their financiers (if any), in accordance with the terms of the relevant loss
payable clause, of the proceeds of insurance relating to such Total Loss, 

 provided that it is hereby agreed that
any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon
(and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination
Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any Other Charterers any of their Affiliates under any Other Charters pro rata and
thereafter paid to the Charterers by way of rebate of hire. 
 For the avoidance of doubt, in the event that the Vessel becomes a
Total Loss: 
  

	 	 (A)
	 payment of the Charterhire and all other sums payable under the Leasing Documents during such period shall continue to
be made by the Charterers in accordance with the terms thereof unless and until the Owners receive in full the Termination Purchase Price; 

  

	 	 (B)
	 should insurance proceeds be received by the Owners from the insurers, the Charterers’ obligations to pay the
Termination Purchase Price shall be accordingly reduced by an amount corresponding to such insurance proceeds but in the event that such insurance proceeds are less than the amount of the Termination Purchase Price together with any interest accrued
thereon, the Charterers shall remain obliged to pay to the Owners the balance so that the full amount of the Termination Purchase Price due together with any interest accrued thereon is received by the Owners; and 

 

	 	 (C)
	 the obligation of the Charterers to pay the Termination Purchase Price shall remain unaffected and exist regardless of
whether any of the insurers have agreed or refused to meet or have disputed in good faith, the claim for Total Loss. 

  

	 40.9
	 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss. 

 CLAUSE 41       – FEES AND EXPENSES 

 

	 41.1
	 In consideration of the Owners entering into this Charter, the Charterers shall pay to the Owners or their
nominee a non-refundable arrangement fee equal to one point two five per cent. (1.25%) of the Financing Amount which shall be payable, and actually received by the Owners or their nominee, no later than three
(3) Business Days prior to the scheduled delivery date, such scheduled delivery date being the date of delivery of the Vessel set out in the notice to be sent 

  
 15 

	     
	 to the Owners from the Charterers five (5) days before delivery in accordance with Clause 5(b) of the MOA.

  

	 41.2
	 Without prejudice to any other rights of the Owners under this Agreement, the Charterers shall promptly pay to
the Owners on written demand on a full indemnity basis: 

  

	 (a)
	 all documented costs, charges and expenses incurred by the Owners in collecting any Charterhire, the Deposit or other
payments not paid on the due date under this Charter, in remedying any other failure of the Charterers to observe the terms and conditions of this Charter and in enforcing the Owners’ rights under any Leasing Document; and

  

	 (b)
	 all documented costs and expenses (including, but not limited to, legal costs) incurred by the Owners in the
negotiation and execution of all documentation in relation to this Charter and the other Leasing Documents including, but not limited to, all documented costs incurred by the Owners and all documented legal costs, expenses and other disbursements
incurred by the Owners’ legal counsels in connection with the same, provided that the Charterers shall not be obliged to pay such costs and expenses if this Charter is terminated pursuant to the terms of this Charter prior to the Delivery of
the Vessel solely due to any default by the Owners under a Leasing Document.     

 CLAUSE 42
      - NO WAIVER OF RIGHTS 
  

	 42.1
	 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.

  

	 42.2
	 No right or remedy conferred upon either party by this Charter shall be exclusive of any other right or remedy
provided for herein or by law and all such rights and remedies shall be cumulative. 

 CLAUSE 43
      - NOTICES 
  

	 43.1
	 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to
this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post, fax or by email to the following
respective addresses: 

  

					
	 (A)
	  	 to the Owners:
	  	 Attention: Rita Wang

		  		  	 Room 2310, 23/F C C Wu Building, 302-308, Hennessy Road,

		  		  	 Wanchai, Hong Kong

		  		  	 Email: wangyuping@msfl.com.cn

		  		  	 Tel: +86 010 68940066 9983

		  		  	 Fax: +86 010 68940066 9864

			
	 (B)
	  	 to the Charterers:
	  	 c/o Navios ShipManagement Inc.

		  		  	 Attention: Vassiliki Papaefthymiou

		  		  	 Email: vpapaefthymiou@Navios.com

		  		  	 Tel: +30 210 41 72 050

		  		  	 Fax: +30 210 41 72 070

 or, if a party hereto changes its address or fax number, to such other address or fax number as
that party may notify to the other. 
 CLAUSE 44       – TERMINATION EVENTS 

 

	 44.1
	 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event: 

  
 16 

	 (a)
	 any of the Relevant Persons fails to make any payment on its due date under this Charter or any other Leasing Document
to which such Relevant Person is a party and in each case, such non-payment fails to be rectified within seven (7) Business Days of the relevant due date; or 

 

	 (b)
	 the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (n), (o), (p), (q) or
(r) or the Guarantor breaches or omits to observe or perform its financial covenants contained in clause 11.20 of the Guarantee; or the Charterers fail to obtain and/or maintain the Insurances required under Clause 38 in accordance with
the provisions thereof or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto; or 

  

	 (c)
	 any Relevant Person or the Approved Manager commits any other breach of, or omits to observe or perform, any of their
other obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraph (a) or (b) above) unless such breach or omission is, in the reasonable opinion of the Owners, remediable and such Relevant
Person and/or the Approved Manager remedies such breach or omission to the satisfaction of the Owners within fourteen (14) Business Days of notice thereof from the Owners (except that in the case of Clause 46(l), the relevant period shall be
ten (10) Business Days of notice thereof from the Owners); or 

  

	 (d)
	 any representation or warranty made by the any Relevant Person or the Approved Manager in or pursuant to any Leasing
Document proves to be untrue or misleading when made; or 

  

	 (e)
	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person: 

 

	 	 (i)
	 any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand after any applicable
grace period has expired; or 

  

	 	 (ii)
	 any Financial Indebtedness of a Relevant Person becomes due and payable, or capable of being declared due and payable,
prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary right of prepayment; or 

  

	 	 (iii)
	 a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by
the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or 

  

	 	 (iv)
	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or
becomes capable of being required, as a result of any termination event or event of default (howsoever defined), 

provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person if the aggregate amount of
Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above is less than (A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 (or its equivalent in any other currency)
in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly from a claim which
is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.  
  

	 (f)
	 any of the following occurs in relation to a Relevant Person: 

 

	 	 (i)
	 a Relevant Person becomes, in the reasonable opinion of the Owners, unable to pay their debts as they fall due; or

  
 17 

	 	 (ii)
	 any assets of a Relevant Person, or any assets of the Guarantor exceeding the value of $10,000,000 (or its equivalent
in any other currency) in aggregate, or the Vessel are subject to any form of execution, attachment, arrest, sequestration or distress which is not discharged within thirty (30) days (or such longer period agreed by the Owners); or

  

	 	 (iii)
	 any administrative or other receiver is appointed over all or a substantial part of the assets of a Relevant Person
unless as part of a solvent reorganisation which has been approved by the Owners; or 

  

	 	 (iv)
	 a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that they are
insolvent or likely to become insolvent, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that they should be wound up, placed in
administration or cease to carry on business; or 

  

	 	 (v)
	 a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a
provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within thirty (30) days of the presentation of the petition; or 

 

	 	 (vi)
	 a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of
them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

  

	 	 (vii)
	 any meeting of the members or directors of a Relevant Person is summoned for the purpose of proposing to authorise or
take any action of a type described in paragraphs (iii) to (vi); or 

  

	 	 (viii)
	 in a country other than England and Wales, any event occurs or any procedure is commenced which, in the reasonable
opinion of the Owners, is similar to any of the foregoing referred to in (ii) to (vii) above inclusive; or 

  

	 	 (ix)
	 any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction)
affects any asset or assets of a Relevant Person; or 

  

	 (g)
	 a Relevant Person suspends or ceases or threatens to suspend or cease carrying on its business; or

  

	 (h)
	 any consent, approval, authorisation, license or permit necessary to enable the Charterers, any Approved Subcharterer
or any Approved Manager to operate or charter the Vessel, to enable any Relevant Person, Approved Subcharterer or any Approved Manager to comply with any provision of any Leasing Document, as the case may be, to ensure that the obligations of any
Relevant Person, Approved Subcharterer or Approved Manager (as the case may be) are legal, valid, binding or enforceable is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent,
approval, authorisation, license or permit is not fulfilled; or 

  

	 (i)
	 any event or circumstance occurs which has or is likely to have a Material Adverse Effect; or 

 

	 (j)
	 this Charter or any Leasing Document or any Security Interest created by a Leasing Document is cancelled, terminated,
rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever; or 

  
 18 

	 (k)
	 a Relevant Person or Approved Manager rescinds or purports to rescind or repudiates or purports to repudiate a Leasing
Document; or 

  

	 (l)
	 the Security Interest constituted by any Security Document is in any way imperiled or in jeopardy; or

  

	 (m)
	 the Vessel is not delivered latest by the Cancelling Date; or 

 

	 (n)
	 there is a merger, amalgamation, demerger or corporation reconstructions of a Relevant Person (other than where, in
the case of the Guarantor, the Guarantor remains the surviving legal entity following the occurrence of such event) or a change of control or legal or beneficial ownership of the Charterers from that set out in Clause 45.1(a) without disclosure to
the Owners and the Owners’ prior written consent; or     

  

	 (o)
	 there is a change in control of the Guarantor from that set out in Clause 45.1(b) or of the Charterers from that set
out in Clause 45.1(a), in any case without disclosure to the Owners and the Owners’ prior written consent; or 

  

	 (p)
	 any Termination Event (as defined in any Other Charter) occurs under such Other Charter; or 

 

	 (q)
	 the occurrence of any of the following events; 

 

	 	 (i)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (ii)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer of such Approved Bareboat Subcharter to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer. 

 

	 44.2
	 Subject to Clause 44.3 below, upon the occurrence of a Termination Event which is continuing (other than
pursuant to: (i) Clause (f), in which case the Owner’s entitlement to issue the notice of termination to the Charterers under Clause 44.3 shall immediately arise), the Owners shall notify the Charterers of occurrence of the same (the
“Termination Event Notice”) whereupon the Charterers may, within three (3) Business Days of the date of the Termination Event Notice, provide to the Owners a written notice advising the Owners of their intention to pay the Termination
Purchase Price to the Owners and terminate this Charter in accordance with the procedures set out in Clause 40. 

  

	 44.3
	 If the Charterers do not notify the Owners of their intention to terminate this Charter pursuant to Clause 44.2
within three (3) Business Days of the date of the Termination Event Notice, or a Termination Event is continuing pursuant to Clause (f), then the Owners shall be entitled, provided the Termination Event is continuing, by notice to the
Charterers to terminate this Charter at any time, and the Charterers shall be required to pay to the Owners the Termination Purchase Price in accordance with the procedures set out in Clause 40. 

 

	 44.4
	 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the
Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter. 

  

	 44.5
	 Without limiting the generality of the foregoing or any other rights of the Owners, upon the occurrence of a
Termination Event which is continuing, the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to or pertaining to the Vessel and this
Charter, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or
take any other action in respect of, any such policy or policies and (iii) change or appoint a new manager for the Vessel other than the Approved Manager 

  
 19 

	 	and the appointment of the Approved Manager may be terminated immediately without any recourse to the Owners. 

CLAUSE 44A       – MANDATORY SALE 
  

	 44A.1
	 If (i) it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as
contemplated by this Charter or any other Leasing Document or the financiers to perform their obligations under the Financial Instruments or (ii) any event described in Clauses 44.1(f)(iii),(iv),(v),(vi) or (vii) applies to the Owners, the
Owners shall notify the Charterers of such event and the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such notice by the Owners or, in the event of (i), if earlier, the date
specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law),and this Charter shall terminate in accordance with the procedures set out in Clause 40.

  

	 44A.2
	 If it is or has become: 

  

	 	 (i)
	 unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	 	 (ii)
	 contrary to, or inconsistent with, any regulation, 

for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other
Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be
legal, valid, binding and enforceable (any such event an “Illegality Event”), the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such occurrence or,
if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 40, provided that if an Illegality
Event applies to the Approved Manager only at the relevant time, the Charterers shall only be obliged to pay the Termination Purchase Price and this Charter shall only terminate pursuant to this Clause 44A.2 if the Charterers fail to replace such
Approved Manager with another Approved Manager to which no Illegality Event applies within sixty (60) days from the occurrence of that Illegality Event (but in any event no later than the date specified by the Owners (being no earlier than the
last day of any applicable grace period permitted by law)).  
 CLAUSE 45
      – REPRESENTATIONS AND WARRANTIES      
  

	 45.1
	 The Charterers represent and warrant to the Owners as of the date of this Charter, and on the first day of each
Term as follows: 

  

	 (a)
	 the Charterers are wholly legally, indirectly and beneficially owned by the Guarantor; 

 

	 (b)
	 Mrs Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or
foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. and/or its Affiliates is the ultimate beneficial owner of, or has ultimate control of the voting rights attaching to, twenty per cent. (20%) of all the issued shares
in the Guarantor;  

  

	 (c)
	 each of the Relevant Persons and Approved Manager is duly incorporated and validly existing under the laws of its
jurisdiction of its incorporation; 

  

	 (d)
	 each of the Relevant Persons and the Approved Manager has the corporate capacity, and has taken all corporate actions
and obtained all consents, approvals, authorisations, licenses or permits necessary for it: 

  
 20 

	 	 (i)
	 to execute each of the Leasing Documents to which it is a party; and 

 

	 	 (ii)
	 to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

  

	 (e)
	 all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(d) remain in force and
nothing has occurred which makes any of them liable to revocation; 

  

	 (f)
	 each of the Leasing Documents to which a Relevant Person or Approved Manager is a party constitutes such Relevant
Person’s or Approved Manager’s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors’ rights generally; 

 

	 (g)
	 no third party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or
claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents or any interest or assets subject to or purported to be subject to any Security Documents; 

 

	 (h)
	 all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a
party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of the jurisdiction of incorporation; 

  

	 (i)
	 no legal or administrative action involving a Relevant Person or Approved Manager has been commenced or taken which is
likely to have a Material Adverse Effect; 

  

	 (j)
	 each of the Relevant Persons and Approved Manager has paid all taxes applicable to, or imposed on or in relation to
it, its business or if applicable, the Vessel, except for those being contested in good faith with adequate reserves; 

  

	 (k)
	 the choice of governing law as stated in each Leasing Document to which a Relevant Person or Approved Manager is a
party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person or Approved Manager; 

 

	 (l)
	 no Relevant Person or Approved Manager nor any of their assets are entitled to immunity on the grounds of sovereignty
or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement); 

 

	 (m)
	 the obligations of each Relevant Person or Approved Manager under each Leasing Document to which it is a party, are
the direct, general and unconditional obligations of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) and, rank at least pari passu with all other present and future unsecured and
unsubordinated creditors of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) save for any obligation which is mandatorily preferred by law and not by virtue of any contract;

  

	 (n)
	 no Relevant Person or Approved Manager (which is an Affiliate of the Charterers) is a US Tax Obligor, and no Relevant
Person or Approved Manager (which is an Affiliate of the Charterers) has established a place of business in the United Kingdom or the United States of America; 

 

	 (o)
	 no Relevant Person, Approved Manager nor any of their respective directors, officers, employees or agents is a
Restricted Person and to the best of the Charterers’ knowledge and belief (after due and careful enquiry), no Approved Subcharterer nor any of its directors, officers, employees or agents is a Restricted Person; 

 

	 (p)
	 each Relevant Person and Approved Manager and their respective directors, officers, employees and agents, and to the
best of the Charterers’ knowledge and belief (after due and careful enquiry), the Approved Subcharterer and its directors, officers, employees and agents, 

  
 21 

	     
	 is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance
with Sanctions, they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions; 

 

	 (q)
	 each Relevant Person and Approved Manager, and to the best of the Charterers’ knowledge and belief (after due and
careful enquiry) any Approved Subcharterer, is not in breach of Anti- Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each of the Relevant Persons and Approved Manager has instituted and maintained systems,
controls, policies and procedures designed to: 

  

	 	 (i)
	 prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

  

	 	 (ii)
	 promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics
Laws. 

  

	 (r)
	 none of the Relevant Persons and the Approved Manager or any of their assets, in each case, has any right to immunity
from set off, legal proceedings, attachment prior to judgment or other attachment or execution of judgment on the grounds of sovereign immunity or otherwise; 

 

	 (s)
	 none of the Relevant Persons and the Approved Manager is insolvent or in liquidation or administration or subject to
any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Relevant Persons or the Approved Manager or all or material
part of their assets; 

  

	 (t)
	 that in respect of any Approved Subcharter: 

 

	 	 (i)
	 the copy of such Approved Subcharter provided to the Owners (if required to be provided under the terms of this
Charter) is a true and complete copy; 

  

	 	 (ii)
	 in the case of an Approved Bareboat Subcharter, the relevant Approved Subcharterer is fully aware of the transactions
contemplated under this Charter; 

  

	 (u)
	 no Termination Event or Potential Termination Event has occurred nor is continuing or might reasonably be expected to
result from the entry into and performance of this Charter or any other Leasing Document; 

  

	 (v)
	 as at the date of this Charter, the Charterers have not entered into any other investments, any sale or leaseback
agreements, any off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except:

  

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel; 

  

	 (w)
	 any factual information provided by any Relevant Person or Approved Manager (which is an Affiliate of the Charterers)
(or on their behalf) to the Owners was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; 

 

	 (x)
	 the entry by each Relevant Person and Approved Manager (which is an Affiliate of the Charterers) into any Leasing
Document does not in any way cause any breach, and is in all 

  
 22 

	     
	 respects permitted, under the terms of any of such entity’s constitutional documents or agreements binding on
such entity; 

  

	 (y)
	 all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of the each
Relevant Person or Approved Manager (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with; 

  

	 (z)
	 no Environmental Claim has been made or threatened against any Relevant Person or Approved Manager or otherwise in
connection with the Vessel; and 

  

	 	 (aa)
	 no Environmental Incident which has led or would lead to any Environmental Claim has occurred and, unless otherwise
notified by the Charterers to the Owners, to the best of their knowledge no person has claimed that an Environmental Incident has occurred. 

CLAUSE 46       – CHARTERERS’ UNDERTAKINGS 

 

	 46.1
	 The Charterers undertake that they shall comply or procure compliance with the following undertakings
commencing from the date of this Charter and up to the last day of the Security Period: 

  

	 (a)
	 there shall be sent to the Owners: 

 

	 	 (i)
	 as soon as possible, but in no event later than 90 days after the end of each financial half-year, the consolidated
semi-annual accounts of the Guarantor certified as to their correctness by an officer of the Guarantor; 

  

	 	 (ii)
	 as soon as possible, but in no event later than 180 days after the end of each financial year of the
Guarantor, the audited consolidated annual financial reports of the Guarantor; 

  

	 (b)
	 they will provide to the Owners, promptly at the Owners’ request, copies of all notices and minutes relating to
any of their extraordinary shareholders’ meeting which are despatched to the Charterers’ or the Guarantor’s respective shareholders or any class of them, save that publicly disclosed notices and minutes not concerning the Vessel or
these Leasing Documents need not be provided to the Owners under this clause; 

  

	 (c)
	 they will provide to the Owners, promptly at the Owners’ requests so long as a Termination Event has occurred and
whilst the same is continuing, copies of all notices and notices of meetings which are despatched to the Charterers’ or Guarantors’ other creditors (if any); 

 

	 (d)
	 they will provide or will procure that each Relevant Person and Approved Manager provides the Owners with details of
any legal, arbitral or administrative action involving such Relevant Person or Approved Manager or the Vessel as soon as such action is instituted or it becomes apparent to such Relevant Person or Approved Manager that it is likely to be instituted
and is likely to have a material adverse effect on the ability of a Relevant Person or Approved Manager to perform their obligations under each Leasing Document to which it is a party (and in the case of such Relevant Person being the Guarantor,
where the claim under such legal, arbitral or administrative action exceeds the sum of US$5,000,000);  

  

	 (e)
	 they will, and will procure that each other Relevant Person and Approved Manager obtains and promptly renews or
procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document
to which it is a party (including without limitation to sell, charter and operate the Vessel); 

  

	 (f)
	 they will not, and will procure that each other Relevant Person and Approved Manager will not, create, assume or
permit to exist any Security Interest of any kind upon any Leasing 

  
 23 

	 	Document or any asset subject thereto to which such Relevant Person or Approved Manager is a party, and if applicable, the Vessel, in each case other than the Permitted Security Interests; 

 

	 (g)
	 they will at their own cost, and will procure that each other Relevant Person and Approved Manager will:

  

	 	 (i)
	 do all that such Relevant Person or Approved Manager reasonably can to ensure that any Leasing Document to which such
Relevant Person or Approved Manager is a party validly creates the obligations and the Security Interests which such Relevant Person or Approved Manager purports to create; and 

 

	 	 (ii)
	 without limiting the generality of paragraph (i), promptly register, file, record or enrol any Leasing Document to
which such Relevant Person or Approved Manager is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
Relevant Person or Approved Manager is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the
priority of any Security Interest which such Relevant Person or Approved Manager creates; 

  

	 (h)
	 they will, and will procure that each other Relevant Person and the Approved Manager will, notify the Owners
immediately of the occurrence of: 

  

	 	 (i)
	 any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to
result, in repairs on the Vessel which exceed $1,000,000; 

  

	 	 (ii)
	 any material safety incidents taking place on board the Vessel; 

 

	 	 (iii)
	 any Termination Event; 

  

	 	 (iv)
	 any default by either an Approved Subcharterer under an Approved Bareboat Subcharter or Charterers of the terms of any
Approved Bareboat Subcharter; 

  

	 	 (v)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling either the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (vi)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer, 

and will keep the Owners fully up-to-date with all
developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or Termination Event; 

 

	 (i)
	 they will, and will procure that each other Relevant Person and Approved Manager will, as soon as practicable after
receiving the request, provide the Owners with any additional financial or other information relating: 

  

	 	 (i)
	 to themselves and/or the Vessel (including, but not limited to the condition and location of the Vessel); or

  

	 	 (ii)
	 to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

  
 24 

	 (j)
	 which may be reasonably requested by the Owners (or their financiers (if any)) at any time; without prejudice to
Clause 46.1(n), comply, or procure compliance, and will procure that each other Relevant Person, Approved Subcharterer and Approved Manager will comply or procure compliance, with all laws or regulations relating to the Vessel and its ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel’s registry; 

 

	 (k)
	 the Vessel shall be classed with the Classification Society and shall be free of all overdue recommendations and
requirements; 

  

	 (l)
	 they will ensure and procure that: 

 

	 	 (i)
	 the Market Value of the Vessel shall be ascertained from time to time in the following circumstances:

  

	 	 (aa)
	 upon the occurrence of a Potential Termination Event or a Termination Event which is continuing, at any time at the
request of the Owners; and 

  

	 	 (bb)
	 in the absence of occurrence of a Potential Termination Event or Termination Event no more than once every calendar
year, with such report to be dated no more than 30 calendar days prior to every anniversary of the Commencement Date occurring within the Charter Period or on such other date as the Owners may request; 

 

	 	 (ii)
	 the Charterers shall pay the amount of the fees and expenses incurred by the Owners in connection with any matter
arising out of this paragraph (l); 

  

	 (m)
	 they will notify the Owners immediately of: 

 

	 	 (i)
	 any Environmental Claim which is made against the Charterers, Approved Subcharterer or Approved Manager in connection
with the Vessel or any Environmental Incident; 

  

	 	 (ii)
	 any arrest or detention of the Vessel (that will or is likely to exceed fifteen (15) days), any exercise or
purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire; and 

  

	 	 (iii)
	 any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise,
likely to become, a Major Casualty; 

  

	 (n)
	 they shall comply, shall procure that each other Relevant Person and Approved Manager comply, and shall use all
reasonable endeavours to procure that the Approved Subcharterer comply, with all laws and regulations in respect of Sanctions, and in particular, each of these entities shall effect and maintain a sanctions compliance policy to ensure compliance
with all such laws and regulations implemented from time to time; 

  

	 (o)
	 they shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary
to any Sanctions (and in particular, the Vessel shall not be used by or to benefit any party which is a target of Sanctions and/or is a Restricted Person or trade to any area or country where trading the Vessel to such area or country would
constitute or reasonably be expected to constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People’s Republic of China),
(ii) would result or reasonably be expected to result in any Relevant Person, Approved Subcharterer, Approved Manager or the Owners becoming a Restricted Person or (iii) would trigger the operation of any sanctions limitation or exclusion
clause in any insurance documentation; 

  

	 (p)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, promptly 

  
 25 

	     
	 notify the Owners of any non-compliance, by any Relevant Person, Approved
Subcharterer or Approved Manager or their respective officers, directors, employees, consultants, agents or intermediaries, with all laws and regulations relating to Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
Business Ethics Laws (including but not limited to notifying the Owners in writing immediately upon being aware that any Relevant Person, Approved Subcharterer, Approved Manager or its shareholders, directors, officers or employees is a Restricted
Person or has otherwise become a target of Sanctions) as well as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in
compliance with such laws; 

  

	 (q)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, (in each case above, including procuring or as the case may be, using all reasonable endeavours to procure the respective officers, directors, employees, consultants, agents and/or
intermediaries of the relevant entity to do the same) shall: 

  

	 	 (i)
	 comply with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

  

	 	 (ii)
	 maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money
Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws; and 

  

	 	 (iii)
	 in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing
Amount for any purpose that would breach any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (r)
	 in respect of the Charterers, not lend, invest, contribute or otherwise make available the Financing Amount to or for
any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (s)
	 they shall not appoint or permit to be appointed any manager of the Vessel unless it is the Approved Manager appointed
on terms acceptable to the Owners and their financiers (if any) and such Approved Manager has (prior to accepting its appointment) entered into a Manager’s Undertaking; 

 

	 (t)
	 they shall ensure that all Earnings and any other amounts received by them in connection with the Vessel are paid into
the Earnings Account and all operating expenses in connection with the Vessel are paid from the Earnings Account; 

  

	 (u)
	 upon request, they will provide or they will procure to be provided to the Owners the report(s) of the survey(s)
conducted pursuant to Clause 7 of this Charter in form and substance satisfactory to the Owners; 

  

	 (v)
	 they shall not permit the sub-chartering of the Vessel save for an Approved
Subcharter provided that: 

  

	 	 (i)
	 in the case of a request from the Charterers for the Owners’ written consent to the terms of an Approved
Subcharter being a time charter exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Owners shall respond to such request within five (5) Business Days or any other longer period
agreed between the Owners and the Charterers; 

  

	 	 (ii)
	 as a condition precedent to the execution of any Approved Subcharter being a bareboat charter or a time charter of a
period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Charterers assign all their rights and interests under such Approved Subcharter in form and substance acceptable to the
Owners and shall use the reasonable 

  
 26 

	 	     
	 endeavours to procure such Approved Subcharter to give a written acknowledgment of such assignment and provide such
documents as the Owners may reasonably require regarding the due execution of such Approved Subcharter;     

  

	 (w)
	 in respect of an Approved Subcharter (other than a Short Term Time Subcharter) which contains an option to extend the
charter period, they shall notify the Owners as soon as they become aware that the relevant Approved Subcharterer does not intend to, or has not by the date falling 20 days prior to the date on which such Approved Subcharter will expire, exercise
the relevant option to extend the time charter period of the Subcharter in accordance with the terms thereunder;  

  

	 (x)
	 in respect of an Approved Subcharter other than a Short Term Time Subcharter, save with the prior written consent of
the Owners, they shall not, and shall procure that the relevant Approved Subcharterer shall not, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing
or waiving any material term of any such Approved Subcharter.  

 In this Clause 46.1(x), “material
term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;  

 

	 (y)
	 they shall not make or pay any dividend or other distribution (in cash or in kind) in respect of its share capital
following the occurrence of a Potential Termination Event or Termination Event or which would result in a Potential Termination Event or Termination Event; 

  

	 (z)
	 the Vessel shall be registered under the Flag State at all times; and 

 

	 (aa)
	 they shall not enter into any other investments, any sale or leaseback agreements, any
off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except: 

 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel. 

 CLAUSE 47       PURCHASE OPTION 

 

	 47.1
	 The Charterers shall, at any time during the Charter Period, have the option to purchase the Vessel on any date
which shall also be a Payment Date (the “Purchase Option Date”) specified in such notice (the “Purchase Option Notice”, which shall be served to the Owners not less than two (2) months prior to the proposed
Purchase Option Date) at the then applicable Purchase Option Price, provided that the Charterers shall not be entitled to serve a Purchase Option Notice if five (5) “Purchase Option Notices” (as defined in any Other Charters) or
“Joint Purchase Option Notices” (as defined in any Other Charters) which, in each case, is unrelated to the exercise of purchase option of the Vessel under this Charter have been delivered by the relevant Other Charterers to the relevant
Other Owners under the relevant Other Charters at such time.  

  

	 47.2
	 A Purchase Option Notice maybe made in connection with the exercise of the option to purchase of any Other
Vessel by the relevant Other Charterers under clause 47 (Purchase Option) of such Other Charters (such Purchase Option Notice, the “Joint Purchase Option Notice”) and shall include any “Purchase Option Notice” (as
defined in any Other Charters) or “Joint Purchase Option Notice” (as defined in any Other Charters) if such “Purchase Option Notice” or “Joint Purchase Option Notice” (each as defined in the relevant Other Charters) is
made also in connection with the purchase of the Vessel). A Purchase Option Notice shall be signed by a duly authorised officer or attorney of the Charterers (and in the case of any Joint Purchase Option Notice, of the relevant Other Charterers
notifying its exercise of the option 

  
 27 

	     
	 to purchase of the relevant Other Vessel or, as the case may be, Other Vessels pursuant to such Joint Purchase Option
Notice) and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the then applicable Purchase Option Price on the Purchase Option Date. The Charterer agrees that any Joint Purchase Option Notice which
is also made in connection with the Charterers’ exercise of purchase option of the Vessel served by any Other Charterers to the relevant Other Owners shall be deemed to be a Purchase Option Notice served by the Charterers to the Owners under
this Clause 47. 

  

	 47.3
	 Upon the Owners’ receipt in full of the Purchase Option Price, the Owners shall (except in the case of
Total Loss) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clauses 49.1(a) and 49.1(b)) to the Charterers or their nominees and
shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes the Vessel shall
be deemed first to have been redelivered to the Owners).  

 CLAUSE 48       – PURCHASE
OBLIGATION 
 Subject to other provisions of this Charter, in consideration of the Owners entering into this Charter, the
Charterers shall on the last day of the Charter Period be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall
perform their obligations referred to in Clause 49 and the Charterers shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the
Charterers agree otherwise. 
 CLAUSE 49       – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

  

	 49.1
	 Completion of the exercise of the Purchase Option (by the Charterers) or the Purchase Obligation (by the
Owners) shall respectively take place on the Purchase Option Date or the Purchase Obligation Date (as the case may be), whereupon the Owners will sell to the Charterers (or their nominee), and the Charterers (or their nominee) will purchase from the
Owners, all the legal and beneficial interest and title in the Vessel, for the Purchase Option Price or the Purchase Obligation Price (as the case may be) on an “as is where is” basis and on the following terms and conditions:

  

	 (a)
	 the Charterers expressly agree and acknowledge that no condition, warranty or representation of any kind is or has
been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any
person on the Owners’ behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality,
merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the
Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law, the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under this
Clause and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or
warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or
waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party; 

 

	 (b)
	 the Vessel shall be free from any registered mortgages, liens, encumbrances or debts incurred by the Owners and any
other claims whatsoever (save for those mortgages, liens, 

  
 28 

	 	encumbrances or debts arising out of or in connection with the Charter or the Leasing Documents); 

  

	 (c)
	 the Purchase Option Price or the Purchase Obligation Price (as the case may be) shall be paid by (or on behalf of) the
Charterers to the Owners on respectively the Purchase Option Date or the Purchase Obligation Date, together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the
Purchase Option Date or Purchase Obligation Date (as the case may be) which remain unpaid; and 

  

	 (d)
	 concurrently with the Owners receiving irrevocable payment of the Purchase Obligation Price or the Purchase Option
Price (as the case may be) and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of Total Loss) (at Charterer’s cost) transfer the legal and beneficial ownership of
the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and Clause 49.1(b)) to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of
sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes, the Vessel shall be deemed first to
have been redelivered to the Owners). 

 CLAUSE 50       INDEMNITIES 

 

	 50.1
	 The Charterers shall pay such amounts to the Owners, on the Owners’ demand, in respect of all documented
claims, expenses, liabilities, losses, fees (including, but not limited to, any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document or in connection
with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners , and the costs related to the prevention or release of liens or
detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it, enforcement of the Owners’ rights under any Leasing Document, and whether prior to, during or after termination of the leasing of this
Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any documented claims, expenses, liabilities and losses which arise, or are asserted,
under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws.

  

	 50.2
	 Without prejudice to the above Clause 50.1, if any sum (a “Sum”) due from a Relevant Person,
the Approved Manager or Approved Subcharterer under the Leasing Documents, or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable
into another currency (the “Second Currency”) for the purpose of: 

  

	 (a)
	 making or filing a claim or proof against that Relevant Person the Approved Manager or Approved Subcharterer (as the
case may be); or 

  

	 (b)
	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum. 
  

	 50.3
	 The obligations of the Charterers under Clause 50 and in respect of any Security Interest created pursuant to
the Security Documents will not be affected or discharged by an act, 

  
 29 

	 	omission, matter or thing which would reduce, release or prejudice any of its obligations under Clause 50 or in respect of any Security Interest created pursuant to the Security Documents (without limitation and whether
or not known to it or any Relevant Person or Approved Manager) including: 

  

	 (a)
	 any time, waiver or consent granted to, or composition with, any Relevant Person or Approved Manager or any other
person; 

  

	 (b)
	 the release of any other Relevant Person or Approved Manager or any other person under the terms of any composition or
arrangement with any creditor of such Relevant Person, Approved Manager or such other person or any of its affiliates; 

  

	 (c)
	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in
perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or Approved Manager or any other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 (d)
	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status
of a Relevant Person or Approved Manager or any other person; 

  

	 (e)
	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or
replacement of any Leasing Document or any other document or security; 

  

	 (f)
	 any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any
other document or security; or 

  

	 (g)
	 any insolvency or similar proceedings. 

 

	 50.4
	 Notwithstanding anything to the contrary under the Leasing Documents (but subject and without prejudice to Clause 33)
and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect
notwithstanding any breach of the terms of this Charter or such Leasing Document or termination or cancellation of this Charter or such Leasing Document pursuant to the terms hereof or thereof or termination of this Charter or such Leasing Document
by the Owners. 

  

	 50.5
	 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers
under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from either the Owner or the Other Owners (or any of them, as the case may be) such amounts in respect of all claims, expenses,
liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such moneys, costs,
fees and expenses upon the Owner’s or any of the Other Owner’s demand. 

  

	 50.6
	 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against
the Other Charterers or the Guarantor or any of them shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any
rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this
Clause: 

  

	 (a)
	 to be indemnified by the Other Charterers or the Guarantor or any of them; 

  
 30 

	 (b)
	 to claim any contribution from any third party providing security for, or any other guarantor of, the Other
Charterers’ or the Guarantor’s obligations under the Leasing Documents; 

  

	 (c)
	 to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Other
Charterers or the Guarantor or any of them under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties; 

 

	 (d)
	 to bring legal or other proceedings for an order requiring any of the Other Charterers or the Guarantor or any of them
to make any payment, or perform any obligation, in respect of any Leasing Document; 

  

	 (e)
	 to exercise any right of set-off against any of the Other Charterers or the
Guarantor or any of them; and/or 

  

	 (f)
	 to claim or prove as a creditor of any of the Other Charterers or the Guarantor or any of them, 

and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or
distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners. 
  

	 50.7
	 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33
(Cancellation)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in
full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. 

CLAUSE 51    – NO SET-OFF OR TAX DEDUCTION 

 

	 51.1
	 All Charterhire or payment of the Purchase Obligation Price or the Purchase Option Price and any other payment
made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually: 

  

	 (a)
	 without any form of set-off, cross-claim or condition and in the case of
Charterhire or Deposit, without previous demand unless otherwise agreed with the Owners; and 

  

	 (b)
	 free and clear of any tax deduction or withholding unless required by law. 

 

	 51.2
	 Without prejudice to Clause 51.1, if the Charterers are required by law to make a tax deduction from any
payment: 

  

	 (a)
	 the Charterers shall notify the Owners as soon as they become aware of the requirement; and 

 

	 (b)
	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive
and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received. 

 

	 51.3
	 In this Clause “tax deduction” means any deduction or withholding for or on
account of any present or future tax, other than a FATCA Deduction. 

 CLAUSE 52    – INCREASED COSTS

  

	 52.1
	 This Clause 52 applies if the Owners notify the Charterers that they consider that as a result of:

  
 31 

	 (a)
	 the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter
in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Charter of a tax on the Owners’ overall net income); or 

 

	 (b)
	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects
the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter, 

the Owners (or a parent company of them) has incurred or will incur an “increased cost”. 

 

	 52.2
	 In this Clause 52, “increased cost” means, in relation to the Owners:

  

	 (a)
	 an additional or increased cost incurred as a result of, or in connection with, the Owners having entered into, or
being a party to, this Charter, of funding the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter; 

  

	 (b)
	 a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a
payment represents to the Owners on their capital; 

  

	 (c)
	 an additional or increased cost of funding the acquisition of the Vessel pursuant to the MOA; or

  

	 (d)
	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or
receivable by the Owners under this Charter, 

  

	 (e)
	 and for the purposes of this Clause 52.2 the Owners may in good faith allocate or spread costs and/or losses among
their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate. 

  

	 52.3
	 Subject to the terms of Clause 52.1, the Charterers shall pay to the Owners, on the Owners’ demand, the
amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost. 

CLAUSE 53    – CONFIDENTIALITY 
  

	 53.1
	 The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the
“Confidential Information”) strictly confidential, provided that a Party may disclose Confidential Information in the following cases: 

 

	 (a)
	 it is already known to the public or becomes available to the public other than through the act or omission of the
disclosing Party; 

  

	 (b)
	 it is required to be disclosed under the applicable laws of any Relevant Jurisdiction or by a governmental order,
decree, regulation or rule, by an order of a court, tribunal or listing exchange of the Relevant Jurisdiction, provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the disclosure unless
such disclosure is made pursuant to any order by the US Securities and Exchange Commission, the New York Stock Exchange, or the NASDAQ Stock Market in which case no such prior written notice is required; 

 

	 (c)
	 in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in
discovery arising out of such proceedings; 

  

	 (d)
	 to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for
circumstances 

  
 32 

 arising which are similar to those described under this Clause or such other circumstances
as may be permitted by all Parties; 
  

	 (e)
	 to any of the following persons on a need to know basis: 

 

	 	 (i)
	 a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof); 

  

	 	 (ii)
	 professional advisers retained by a disclosing party; or 

 

	 	 (iii)
	 persons advising on, providing or considering the provision of financing to the disclosing party or an Affiliate,

 provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose
Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or 

 

	 (f)
	 with the prior written consent of all Parties. 

CLAUSE 54    – PARTIAL INVALIDITY 

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or
impaired. 
 CLAUSE 55    – SETTLEMENT OR DISCHARGE CONDITIONAL 

 

	 55.1
	 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person or Approved
Manager or any other person shall be conditional upon no security or payment to the Owners by any Relevant Person or Approved Manager or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or
otherwise. 

  

	 55.2
	 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or Approved
Manager or Approved Subcharterer of an Approved Subcharter of a period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods) or by any other person in purported payment or discharge of an
obligation of that Relevant Person or Approved Manager or such Approved Subcharterer to the Owners under the Leasing Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or
Approved Manager or such Approved Subcharterer or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents. 

CLAUSE 56 – CHANGES TO THE PARTIES 
  

	 56.1
	 Assignment or transfer by the Charterers 

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents
except with the prior consent in writing of the Owners, provided that the Owners’ consent shall not be unreasonably withheld if the assignee or transferee of such assignment or transfer by the Charterers is an Affiliate of the Charterers. 

 

	 56.2
	 Transfer by the Owners 

 

	 (a)
	 Subject to Clause 35.3, the Owners may transfer by novation (or otherwise) any of its rights and obligations under the
Leasing Documents: 

  
 33 

	 	 (i)
	 in the event of an occurrence of a Termination Event which is continuing; or 

 

	 	 (ii)
	 subject to the consent of such other party under the Leasing Document (which must not be unreasonably withheld or
delayed), to another lessor or financial institution or trust, fund, leasing company or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets,

  

	 (b)
	 During the Charter Period, any change in the registered ownership of the Vessel (other than pursuant to paragraph (a))
above shall require the Charterers’ prior approval which shall not be unreasonably withheld or delayed, provided always that, notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or
mutually agreed amendments). The Guarantor and the Charterers shall remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered ownership
of the Vessel from the Owners to such new owner. 

  

	 56.3
	 The Charterers agree and undertake to enter into any such usual documents as the Owners shall require to
complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause 56.2, with any documented costs or expenses whatsoever arising in relation thereto at no cost to the Charterers.

 CLAUSE 57    – MISCELLANEOUS 

 

	 57.1
	 The Charterers waive any rights of sovereign immunity which they or any of their assets may enjoy in any
jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter. 

  

	 57.2
	 No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a
person who is not party to this Charter , save that the Other Owners may rely on the rights conferred on them under Clause 50.5 (Indemnities). 

  

	 57.3
	 This Charter and each Leasing Document 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 Charter or that Leasing Document, as the case may be. 

  

	 57.4
	 These additional clauses shall be read together with the BARECON 2001 to constitute this Charter as a single
instrument. However, in case of any conflict between these additional clauses and the BARECON 2001, the terms of these additional clauses shall prevail. 

CLAUSE 58    – FATCA 
  

	 58.1
	 Defined terms. For the purposes of this Clause 58, the following terms shall have the following meanings:
 

 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder. 

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing
Documents required by or under FATCA. 
 “FATCA Exempt Party” means a Relevant Party that is entitled
under FATCA to receive payments free from any FATCA Deduction. 
 “FATCA FFI” means a foreign financial
institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 

  
 34 

 “FATCA Non-Exempt
Party” means any Relevant Party who is not a FATCA Exempt Party. 
 “IRS” means the United States
Internal Revenue Service or any successor taxing authority or agency of the United States government. 
 “Relevant
Party” means any party to a Leasing Document except an Approved Subcharterer. 
  

	 58.2
	 FATCA Information. 

  

	 (a)
	 Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten
Business Days of a reasonable request by another Relevant Party: 

  

	 	 (i)
	 confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

  

	 	 (ii)
	 supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS
Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including
its applicable “pass thru percentage” or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party’s
compliance with FATCA . 

  

	 (b)
	 If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall so notify all
other Relevant Parties reasonably promptly. 

  

	 (c)
	 Nothing in this clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might
constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided,
however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of
such party for purposes of this paragraph. 

  

	 (d)
	 If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in
accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then: 

  

	 	 (i)
	 if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated
for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and 

  

	 	 (ii)
	 if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes
of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%, 

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to
establish the relevant facts. 
  

	 58.3
	 FATCA Deduction and gross-up by Relevant Party 

 

	 (a)
	 If the representation made by the Charterers under Clause 45.1(n) proves to be untrue or misleading such that the
Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

  
 35 

	 (b)
	 If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them
to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required. 

 

	 (c)
	 The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change
in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to
the Owners evidence reasonably satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	 58.4
	 FATCA Deduction by Owners 

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA
Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction. 

 

	 58.5
	 FATCA Mitigation 

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause
58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in
relation to such transfer shall be for the account of the Charterers. 
 CLAUSE 59    – DEFINITIONS 

 

	 59.1
	 In this Charter the following terms shall have the meanings ascribed to them below: 

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed
by the Charterers at Delivery. 
 “Account Bank” means ABN AMRO, BNP Paribas, HSH Nordbank AG or any
other bank which is acceptable to the Owner. 
 “Account Security” means the document creating security
over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form. 
 “Affiliate”
means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company. 

“Aggregate Outstanding Principal Balance” means, at any time, the sum of (i) the Outstanding Principal
Balance under this Charter at that time; and (ii) the aggregate amount of each “Outstanding Principal Balance” (as defined in each Other Charter) at that time under each such Other Charter. 

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements,
anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of
America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager
or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are
subjected or subject to. 

  
 36 

 “Anti-Terrorism Financing Laws” means all applicable anti-terrorism
laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having
jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners are subjected or subject to. 
 “Approved
Bareboat Subcharter” means an Approved Subcharter as described under paragraph b(i) of the definition of an Approved Subcharter and consented to by the Owners. 

“Applied Amount” has the meaning given to such terms in Clause 36.2. 

“Approved Manager” means (i) Navios Shipmanagement Inc., a corporation incorporated under the laws
of Marshall Islands having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (ii) Navios Containers Management Inc., a corporation incorporated under the laws of Marshall Islands having its registered office at Akti Miaouli 85,
18538, Piraeus, Greece; (iii) any other Affiliate of the Guarantor which acts as a ship manager; (iv) any other ship management company which is an Affiliate of the Charterers; or (v) any other ship management company which is not an
Affiliate of the Charterers but is approved in writing by the Owners.  
 “Approved
Subcharter” means the Subcharter or: 
  

	 	 (a)
	 any Short Term Time Subcharter; 

 

	 	 (b)
	 subject to prior written consent of the Owners: 

 

	 	 (i)
	 a subcharter of the Vessel on a bareboat charter basis; or 

 

	 	 (ii)
	 a subcharter of the Vessel on a time charter basis with a charter period exceeding or capable of exceeding thirteen
(13) months (taking into account any optional extension period). 

 “Approved
Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter, any subcharterer of the Vessel approved by the Owners in writing. 

“Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers A/S, Fearnleys, Howe Robinson,
Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Breakfunding Costs” means all breakfunding costs and expenses (including without limitation any early
termination costs under any swap or hedging arrangements) incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall
on a Payment Date. 
 “Business Day” means a day on which banks are open for business in the principal
business centres of Amsterdam, Beijing, Hong Kong and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open
in New York City. 
 “Business Ethics Law” means any laws, regulations and/or other legally binding
requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the 

  
 37 

 United Kingdom Bribery Act 2010 and (ii) the United States Foreign Corrupt Practices
Act 1977 and all rules and regulations under each of (i) and (ii).     
 “Cancelling
Date” has the meaning given to that term in the MOA. 
 “Charterhire” means, in relation to the
Payment Date for each month, an amount equal to $2,880 times the number of calendar days in that month.  

“Charterhire Principal” means the aggregate amount of Charterhire payable under this Charter. 

“Charterhire Principal Balance” means the Charterhire Principal outstanding under this Charter from time
to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire under this Charter. 

“CISADA” means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 as it applies
to non-US persons. 
 “Charter Period” means the period
commencing on the Commencement Date and described in Clause 32.2 unless it is either terminated earlier or extended in accordance with the provisions of this Charter. 

“Classification Society” means DNV GL or any classification society being a member of the International
Association of Classification Societies (other than PRS (Polski Rejestr Statków)), IRS (Indian Register of Shipping as IRS) or CRS (Hrvatski registar brodova) which is approved by the Owners.  

“Commencement Date” means the date on which Delivery takes place. 

“Delivery” means the delivery of the legal and beneficial interest in the Vessel from the Owners to the Charterers
pursuant to the terms of the MOA. 
 “Deposit” has the meaning given to such terms in Clause 36.2. 

“Deposit Amount” means an amount in Dollars equal to $87,733. 

“Dollars” or “$” have the meanings given to those terms in the MOA. 

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which
arise out of the use or operation of the Vessel, including (but not limited to): 
  

	 	 (a)
	 all freight, hire and passage moneys, compensation payable in the event of requisition of the Vessel for hire, all
moneys which are at any time payable under any Insurances in respect of loss of hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Vessel; and 

  

	 	 (b)
	 if and whenever the Vessel is employed on terms whereby any moneys falling within paragraph (a) are pooled or
shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Vessel; 

“Earnings Account” means, an account in the name of the Charterers with Account Bank or such bank as the
Owners may approve. 
 “Environmental Claim” means: 

 

	 	 (a)
	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which
relates to any Environmental Law; or 

  
 38 

	 	 (b)
	 any claim by any other person which relates to an Environmental Incident, 

and “claim” means a claim for damages, compensation, fines, penalties or any other payment (exceeding $1,000,000 in
each of the above cases); an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means: 

 

	 	 (a)
	 any release of Environmentally Sensitive Material from the Vessel; or 

 

	 	 (b)
	 any incident in which Environmentally Sensitive Material is released from a vessel other than the Vessel and which
involves a collision between the Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Vessel is actually liable to be arrested, attached, detained or injuncted and/or the Vessel
and/or the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action; or 

 

	 	 (c)
	 any other incident involving the Vessel in which Environmentally Sensitive Material is released otherwise than from
the Vessel and in connection with which the Vessel is actually arrested and/or where the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action in respect
of such Vessel. 

 “Environmental Law” means any law relating to pollution or
protection of the environment, to the carriage or releases of Environmentally Sensitive Material. 
 “Environmentally
Sensitive Material” means oil, oil products and any other substances (including any chemical, gas or other hazardous or noxious substance) which are (or are capable of being or becoming) polluting, toxic or hazardous. 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of
the debtor: 
  

	 	 (a)
	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	 (b)
	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	 (c)
	 under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

  

	 	 (d)
	 under a lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services
obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	 (e)
	 under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction
entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	 (f)
	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another
person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person. 

  
 39 

 “Financial Instruments” means the mortgage, deed of
covenant, the general assignment or such other financial security instruments granted to the Owners’ financiers as security for the obligations of the Owners in relation to the financing of the acquisition of the Vessel. 

“Financing Amount” means an amount equal to the Purchase Price. 

“Flag State” means Republic of Panama, the Republic of the Marshall Islands or Republic of Liberia or any
other flag state approved by the Owners in writing.  
 “Fleet Vessel” has the meaning
give to it under clause 11.20 of the Guarantee. 
 “General Assignment” means the general assignment
executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, inter alia, assign their rights under the Insurances, Earnings and Requisition Compensation and any sub-charters having a duration of at least thirteen (13) months (or which are capable of exceeding thirteen (13) months) in respect of the Vessel, in favour of the Owners and in the agreed form.
 
 “Guarantor” means Navios Maritime Containers Inc., a corporation incorporated under the laws of the
Republic of Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.  

“Guarantee” means a guarantee executed by the Guarantor in favour of the Owners dated on or around the date of this
Charter. 
 “Holding Company” means, in relation to a person, any other person in relation to which it
is a subsidiary.  
 “IAPPC” means a valid international air pollution prevention certificate for the Vessel
issued pursuant to the MARPOL Protocol. 
 “Initial Market Value” means, in relation to the Vessel at
any relevant time, the valuation prepared by an Approved Valuer selected by the Charterers:  
  

	 	 (a)
	 on a date no earlier than three (3) months prior to the Commencement Date; 

 

	 	 (b)
	 without physical inspection of the Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment. 

 “Insurances”
means: 
  

	 	 (a)
	 all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks
association, which are effected in respect of the Vessel or otherwise in relation to it whether before, on or after the date of this Charter; and 

  

	 	 (b)
	 all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a
premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Charter. 

  
 40 

 “ISM Code” means the International Safety Management Code
(including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms
“safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code). 

“ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of
Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or
amended from time to time. 
 “Joint Purchase Option Notice” has the meaning given to such term in
Clause 47. 
 “Leasing Documents” means this Charter, the MOA, the Security Documents and the Trust
Deed. 
 “Major Casualty” means any casualty to the Vessel in respect of which the claim or the
aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency. 

“Manager’s Undertaking” means, in relation to an Approved Manager, the letter of undertaking from
the Approved Manager, inter alia, subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners and their financiers (if any) in an agreed form. 

“Market Value” means, in relation to the Vessel or any Other Vessel at any relevant time, the valuation
prepared: 
  

	 	 (a)
	 on a date no earlier than thirty (30) days previously (or, in the case of the Initial Market Value of the Vessel,
three (3) month prior to the Commencement Date);     

  

	 	 (b)
	 without physical inspection of the Vessel or that Other Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment 

 and such valuations shall be
prepared by an Approved Valuer. 
 “MARPOL Protocol” means Annex VI (Regulations for the Prevention of
Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997). 

“Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

  

	 	 (a)
	 the business, operations, property, condition (financial or otherwise) or prospects of the Charterers or the Guarantor
and its subsidiaries as a whole; or 

  

	 	 (b)
	 the ability of any Relevant Person or Approved Manager to perform its obligations under any Leasing Document to which
it is a party; or 

  

	 	 (c)
	 the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to any
of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents. 

  
 41 

 “MOA” means the memorandum of agreement entered into by the Charterers as
sellers and the Owners as buyers dated on the date of this Charter in relation to the sale and purchase of the Vessel. 

“Mortgagee” has the meaning given to that term in Clause 35.3. 

“Original Financial Statements” means the Guarantor’s audited consolidated financial statements for the
financial year ended 31 December 2017.  
 “Original Jurisdiction” means, in
relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be), the jurisdiction under whose laws they are respectively incorporated as at the date of this Charter. 

“Other Charter” means the bareboat charterparty entered into between the relevant Other Owner and the
relevant Other Charterer In respect of any of the Other Vessels. 
 “Other Charterer” means Jasmer
Shipholding Ltd., Inastros Maritime Corp., Thetida Marine Co., Sui An Navigation Limited, Pingel Navigation Limited, Ebba Navigation Limited, Clan Navigation Limited, Evian Shiptrade Ltd, Anthimar Marine Inc., Bertyl Ventures Co., Olympia II
Navigation Limited, Isolde Shipping Inc., Rodman Maritime Corp., Silvanus Marine Company, Morven Chartering Inc., Enplo Shipping Limited or Velour Management Corp. (and “Other Charterers” mean all of them). 

“Other Owner” means Ocean Dawn Shipping Limited or Ocean Wood Tang Shipping Limited (and
“Other Owners” means all of them). 
 “Other Vessel” means APL Atlanta, APL
Denver, APL Oakland, MOL Dedication, MOL Delight, MOL Destiny, MOL Devotion, Navios Amaranth, Navios Amarillo, Navios Azure, Navios Domino, Navios Indigo, Navios Spring, Navios Summer, Navios Verano, Navios Verde or Navios Vermilion (and
“Other Vessels” means all of them). 
 “Outstanding Principal Balance”
means, at the relevant time, the aggregate of: 
  

	 	 (a)
	 the Charterhire Principal Balance; and 

 

	 	 (b)
	 the then applicable Purchase Obligation Price. 

“Owners’ Sale” has the meaning given to that term in Clause 40.3(a)(iii). 

“Party” means either party to this Charter. 

“Payment Date” means each of the sixty (60) dates upon which Charterhire is to be paid by the
Charterers to the Owners pursuant to Clause 36. 
 “Permitted Security Interests” means: 

 

	 	 (a)
	 Security Interests created by a Leasing Document or a Financial Instrument; 

 

	 	 (b)
	 other Security Interests Permitted by the Owners in writing; 

 

	 	 (c)
	 liens for unpaid master’s and crew’s wages (in each case not overdue) in accordance with the ordinary course
of operation of the Vessel or in accordance with usual reputable maritime practice; 

  

	 	 (d)
	 liens for salvage; 

  

	 	 (e)
	 liens for master’s disbursements incurred in the ordinary course of trading; 

  
 42 

	 	 (f)
	 any other liens arising by operation of law or otherwise in the ordinary course of the operation, repair or
maintenance of the Vessel provided such liens do not secure amounts more than 30 days overdue; 

  

	 	 (g)
	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom
such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good faith by appropriate steps; and 

  

	 	 (h)
	 Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which
are overdue for payment but which are being contested by the Owners or the Charterers in good. 

“Post-enforcement Interests” has the meaning given to that term in 40.3(a)(ii). 

“Potential Termination Event” means, an event or circumstance which, with the giving of any notice, the
lapse of time, a determination of the Owners and/or the satisfaction of any other condition, would constitute a Termination Event. 

“Prepayment Sum” means, in respect of each Purchase Option Date (which shall also be a Payment Date), the
amount in Dollars set out in Schedule IV next to each such Payment Date in Schedule IV. 
 “Prepositioning
Date” means the date on which the Owners are obliged to deposit the Relevant Amount with the Sellers’ Account (as defined in the MOA) pursuant to Clause 19(b) of the MOA. 

“Purchase Obligation” means the purchase obligation referred to in Clause 48.  

“Purchase Obligation Date” means the date on which the Owners shall transfer the legal and beneficial
interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period. 

“Purchase Obligation Price” means fifty per cent. (50%) of the Financing Amount. 

“Purchase Price” has the meaning given to that term in the MOA. 

“Purchase Option” means the early termination option which the Charterers are entitled to pursuant to
Clause 47. 
 “Purchase Option Date” has the meaning given to that term in Clause 47.1. 

“Purchase Option Notice” has the meaning given to that term in Clause 47.1. 

“Purchase Option Price” means the aggregate of: 

 

	 	 (a)
	 Prepayment Sum as at the Purchase Option Date; 

 

	 	 (b)
	 the Charterhire payable on the Purchase Option Date but for the exercise of the purchase option by the Charterers
pursuant to Clause 47; 

  

	 	 (c)
	 any default interest accrued as at the Purchase Option Date; 

 

	 	 (d)
	 any legal costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 47; and

  

	 	 (e)
	 all other amounts payable under this Charter and the other Leasing Documents together with any applicable interest
thereon. 

  
 43 

 “Quiet Enjoyment Agreement” means the quiet enjoyment
agreement executed or to be executed between, amongst others, the Charterers, the Owners and the Owners’ financiers in the agreed form. 

“Relevant Amount” shall have the meaning as defined under the MOA. 

“Relevant Person” means the Charterers, the Other Charterers, the Guarantor, the Shareholder and such
other party providing security to the Owners for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (but not including the Subcharterer, any Approved Subcharterer and the Approved Manager).
 
 “Relevant Jurisdiction” means, in relation to any Relevant Person, Approved
Subcharterer or Approved Manager (as the case may be): 
  

	 	 (a)
	 its Original Jurisdiction; 

 

	 	 (b)
	 any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

  

	 	 (c)
	 any jurisdiction where it conducts its business; and 

 

	 	 (d)
	 any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating a
Security Interest. 

 “Requisition Compensation” includes all compensation or other
moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”. 

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or
trade embargoes, in particular but not limited to pursuant to the U.S.‘s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) or the United Nations including at the date of this Charter, but without
limitation, Iran, North Korea, Sudan and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons. 

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or
incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom, Her Majesty’s Treasury
(“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in
(i) and (ii).  
 “Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or
other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United
States of America (including, without limitation, CISADA and OFAC), the United Nations, the People’s Republic of China or the Council of the European Union.  

“Secured Liabilities” means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of a Relevant Person or the Approved Manager or any Approved Subcharterer to the Owners under or in connection with the Leasing Documents or any judgment relating
to the Leasing Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or
other procedure under the insolvency laws of any country. 

  
 44 

 “Security Documents” means the Guarantee, the Account
Security, the General Assignment, the Shares Pledge, the Manager’s Undertaking and any other security documents granted as security for the obligations of the Charterers under or in connection with this Charter. 

“Security Interest” means: 
  

	 	 (a)
	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any
other security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest; 

  

	 	 (b)
	 the security rights of a plaintiff under an action in rem; or 

 

	 	 (c)
	 any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually
or contingently due to it ahead of the general unsecured creditors of the debtor concerned; however this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or
financial institution. 

 “Security Period” means the period commencing on the date
hereof and ending on the date on which the Owners are reasonably satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full. 

“Shareholder” means Navios Partners Containers Finance Inc. 

“Shares Pledge” means the shares pledge over the shares in the Charterers to be executed by the Guarantor
in favour of the Owners on or around the date of this Charter. 
 “Short Term Time Subcharter” means
a subcharter of the Vessel on a time charter basis with a charter period not exceeding and not capable of exceeding thirteen (13) months (taking into account any optional extension period) 

“Subcharter” means the subcharter with the particulars set out under Schedule IV. 

“Term” means, in relation to the definitions of “Charterhire” and for the purpose of Clause 45, a period of
one (1) month’s duration provided that: 
  

	 	 (a)
	 the first Term shall commence on the Commencement Date; 

 

	 	 (b)
	 each subsequent Term shall commence on the last day of the preceding Term; 

 

	 	 (c)
	 any Term which would otherwise end on a non-Business Day shall instead end on
the next following Business Day or, if that Business Day is in another calendar month, on the immediately preceding Business Day; 

  

	 	 (d)
	 if any Term commences on the last Business Day of a calendar month or on a day for which there is no numerically
corresponding day in the calendar month one (1) month thereafter, as the case may be, that Term shall, subject to paragraphs (c), (e) and (f), end on the last Business Day of such later calendar month; 

 

	 	 (e)
	 any Term which would otherwise overrun a Payment Date shall instead end on that Payment Date; and

  

	 	 (f)
	 , except for the purpose of Clause 45 any Term which would otherwise extend beyond the Charter Period shall instead
end on the last day of the Charter Period. 

 “Termination Event” means any event
described in Clause 44. 

  
 45 

 “Termination Purchase Price” means, in respect of any date
(for the purpose of this definition only, the “Relevant Date”), the aggregate of: 
  

	 	 (a)
	 the Outstanding Principal Balance as at the Relevant Date; 

 

	 	 (b)
	 any accrued but unpaid interest as at the Relevant Date; 

 

	 	 (c)
	 any Breakfunding Costs; 

  

	 	 (d)
	 any documented costs and expenses incurred by the Owners (and their financiers (if any)) in locating, repossessing or
recovering the Vessel or collecting any payments due under this Charter or in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents and any default interest in relation thereto; and

  

	 	 (e)
	 all other outstanding amounts payable under this Charter together with any applicable interest thereon.

 “Total Loss” means: 

 

	 	 (a)
	 actual, constructive, compromised, agreed or arranged total loss of the Vessel; 

 

	 	 (b)
	 any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the
Charterers; or 

  

	 	 (c)
	 any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event
specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers. 

“Trust Deed” means a trust deed dated on or around the date of this Charter entered into between the
Owners, the Other Owners, the Charterers, the Other Charterers, the Guarantor and the Approved Manager which, inter alia, sets out the obligations of the Owners in respect of holding on trust all moneys or other assets received or recovered by or on
behalf of the Owners by virtue of any Security Interest or other rights granted to the Owners under or by virtue of the Security Documents. 

“US Tax Obligor” means (a) a person which is resident for tax purposes in the United States of America or
(b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes. 

“Vessel” means the APL Los Angeles with particulars stated in Boxes 6 to 12 of this Charter and which is to be
registered under the name of the Owners with the Marshall Island registry upon Delivery. 
  

	 59.2
	 In this Charter: 

“Approved Manager”, “Approved Subcharterer”,
“Charterers”, “Other Charterers”, “Other Owners”, “Owners”, “Relevant Person”,
“Subcharterer” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents. 

“agreed form” means, in relation to a document, such document in a form agreed in writing by the Owners;

  
 46 

 “asset” includes every kind of property, asset, interest or right,
including any present, future or contingent right to any revenues or other payment; 
 “company” includes any
partnership, joint venture and unincorporated association; 
 “consent” includes an authorisation, consent, approval,
resolution, licence, exemption, filing, registration, notarisation and legalisation; 
 “contingent
liability” means a liability which is not certain to arise and/or the amount of which remains unascertained; 

“continuing” means, in relation to any Termination Event, a Termination Event which has not been waived by the Owners
and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners; 

“control” over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or
otherwise) to: 
  

	 	 (a)
	 cast, or control the casting of, more than fifty per cent (50%), of the maximum number of votes that might be cast at
a general meeting of such company; or 

  

	 	 (b)
	 appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or

  

	 	 (c)
	 give directions with respect to the operating and financial policies of such company with which the directors or other
equivalent officers of such company are obliged to comply; 

 “document” includes a deed; also a
letter, fax or telex; 
 “expense” means any kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable value added or other tax; 
 “financiers” of the Owners means any financing parties or
creditors of the Owners for financing part or in full of the Purchase Price, provided that such financing amount shall not exceed the Outstanding Principal Balance at the relevant time and such financing is not restricted under this Charter. 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or
regulatory action or investigation; 
 “liability” includes every kind of debt or liability (present or future,
certain or contingent), whether incurred as principal or surety or otherwise; 
 “months” shall be construed in
accordance with Clause 59.3; 
 “person” includes any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
the contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks
covered (excluding freight, demurrage and defence cover) by a protection and indemnity association which is a member of the International Group of P&I Clubs including pollution risks, extended passenger cover and the 

  
 47 

 proportion (if any) of any sums payable to any other person or persons in case of collision
which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the
Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of
law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 59.4; and 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine. 

 

	 59.3
	 Meaning of “month”. A period of one or more “months” ends on the day in the relevant
calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

 

	 	 (a)
	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business
Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	 	 (b)
	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar
month or if the last calendar month of the period has no numerically corresponding day; 

 and
“month” and “monthly” shall be construed accordingly. 
  

	 59.4
	 Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if a
majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P. 

A company (S) is a subsidiary of another company (U) if S is a subsidiary of P and P is in turn a subsidiary of U. 

 

	 59.5
	 In this Charter: 

  

	 	 (a)
	 references to a Leasing Document or any other document being in the form of a particular appendix or to any document
referred to in the recitals include references to that form with any modifications to that form which the Owners approve; 

  

	 	 (b)
	 references to, or to a provision of, a Leasing Document or any other document are references to it as amended or
supplemented, whether before the date of this Charter or otherwise; 

  

	 	 (c)
	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Charter or otherwise; and 

  

	 	 (d)
	 words denoting the singular number shall include the plural and vice versa. 

 

	 59.6
	 Headings. In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded. 

  
 48 

 

 
 EXECUTION PAGE OWNERS SIGNED by as an attorney-in-fact for and on behalf of Ocean Dazzle Shipping Limited in the presence of:
Witness’ signature: Witness’ name: CAO Ying Witness’ address: Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED by for and on behalf of Jaspero Shiptrade S.A.
as in the presence of: Witness’ signature: Witness’ name: Witness’ address: 
  

 

 
 EXECUTION PAGE OWNERS SIGNED by as an attorney-in-fact for and on behalf of Ocean Dazzle Shipping Limited in the presence of:
Witness’ signature: Witness’ name: CAO Ving Witness’ address: Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED by Efstratios G. Camatsos for and on behalf of
Jaspero Shiptrade S.A. as in the presence of: StiRA- \’-fA ~ Witness’ signature: ) Witness’ name: 1./Jt··.TSON, FARLEY & WILLI.A\1S Witness’ address: 348 SYNG RC)U ;W Ct·J UE KALLIT Hf:,<\ 1h:;
/‘4 ATf·J E:N.S- (~REF:’’{.‘E 

 

 
 MEMORANDUM OF AGREEMENT Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships.
Adopted by BIMCO in 1956. Code-name SALEFORM 2012 org . Revised 1966, 1983 and 1986/87, 1993 and 2012 . bimco www Dated: _____________ 2018 1 at Jaspero Shiptrade S.A., a corporation incorporated and existing under the laws of the Republic of 2
BIMCO Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, from Majuro, MH96960, Marshall Islands (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and Ocean Dazzle
Shipping Limited, a company incorporated and existing under the laws of Hong Kong 3 available having its registered office at Room 2310, 23/F, C C Wu Building, 302-308 Hennessy Road, Wanchai, are Hong Kong (Name of buyers), hereinafter called the
“Buyers”, have agreed to buy: 2012 Name of vessel: APL Los Angeles 4 IMO Number: 9345958 5 SALEFORM Classification Society: DNV GL 6 for Class Notation: 100 A5 Container ship BWM SOLAS-II-2,Reg.19 IW 7 Notes MC AUT Year of Build: 2008
Builder/Yard: New Century Shipbuilding Co., Ltd. 8 Explanatory Flag: Panama Place of Registration: Marshall Islands GT/NT: 43,071 / 26,516 9 hereinafter called the “Vessel”, on the following terms and conditions: 10 Definitions – see
also Clause 28 11 “Agreement” means this memorandum of agreement which shall for the avoidance of doubt, include the rider provisions from Clauses 19 to 28. idea “Banking Days” are days on which banks are open both in the country
of the currency stipulated for 12 the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 13 BIMCO’s (Documentation) and ______ (add additional jurisdictions as appropriate). 14 by “Buyers’
Nominated Flag State” means Panama (state flag state). 15 Printed “Cancelling Date” has the meaning given to that term in Clause 5. 16 “Conditions Precedent” has the meaning given to that term in Clause 8(a).
“Class” means the class notation referred to above. 17 “Classification Society” means the Classification Society referred to above. Copenhagen “”Dollars” or “$” mean United States dollars, being the
lawful currency of the United States of 18 America.Deposit” shall have the meaning given in Clause 2 (Deposit) BIMCO, “Deposit Holder” means ______ (state name and location of Deposit Holder) or, if left blank, the 19 and
Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a 21 . Oslo Oslo registered
letter, e-mail or telefax. 22 Association, “Parties” means the Sellers and the Buyers. 23 Association, “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price). 24 Shipbrokers’
“Sellers’ Account” means ______ (state details of bank account) at the Sellers’ Bank. 25 Shipbrokers’ “Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank 26 Norwegian
notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 Norwegianby 1. Purchase Price 28 See Clause 19The Purchase Price is ______ (state currency and amount both in words and figures). 29 Copyright: Published 2.
Deposit – intentionally omitted 30 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or
expense as a result of discrepancies between the original approved document and this computer generated document. 

 

 
 As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of ______% (______per cent) or, if left
blank, 10% (ten per cent), of the Purchase Price (the “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three (3) Banking Days after the date that: (i) this Agreement has been signed by the Parties
and exchanged in original or by e-mail or telefax; and (ii) the Deposit Holder has confirmed in writing to the Parties that the account has been opened. The Deposit shall be released in accordance with joint written instructions of the Parties.
Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the
account without delay. 3. Payment See Clause 19On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices): (i) the
Deposit shall be released to the Sellers; and (ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Sellers’ Account. 4.
Inspection – intentionally omitted (a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers have also inspected the Vessel at/in ______ (state place) on ______ (state date) and have accepted the Vessel
following this inspection and the sale is outright and definite, subject only to the terms and conditions of this Agreement. (b)* The Buyers shall have the right to inspect the Vessel’s classification records and declare whether same are
accepted or not within ______ (state date/period). The Sellers shall make the Vessel available for inspection at/in ______ (state place/range) within ______(state date/period). The Buyers shall undertake the inspection without undue delay to the
Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. During the inspection, the Vessel’s deck and
engine log books shall be made available for examination by the Buyers. The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the
Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the date/last day of the period stated in Line 59, whichever is earlier. Should the Buyers fail to undertake the inspection as scheduled and/or notice
of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement
shall be null and void. *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply. 5. Time and place of delivery and notices (a) The Vessel shall be delivered and taken over safely
afloat at a safe and accessible berth or anchorage at/in ______ (state place/range) in the Sellers’ option and subject to such conditions as may be agreed by the Buyers and subject further to the delivery of the Vessel in such place not causing
the Buyers to incur additional tax liabilities to those that the Buyers would have incurred had the sale been completed in international waters. Notice of Readiness shall not be tendered before: ______(date) Cancelling Date (see Clauses 5(c) , 6
(a)(i), 6 (a) (iii) and 14): 30 June 2018 (or such later date as may be agreed by the Sellers and the Buyers in writing) (the “Cancelling Date”) This document is a computer generated SALEFORM 2012 form printed by authority of the
Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved
document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 2

 

 
 (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20),
ten (10), five (5) and three (3) days’ notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery. When the Vessel is, on a day being a Business Day, at the place of delivery and physically ready
for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for
delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the
option of either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Business Days of receipt of the notice or of accepting the new date as the new Cancelling Date. If the Buyers have not declared
their option within three (3) Banking Business Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new Cancelling Date and shall be
substituted for the Cancelling Date stipulated in line 79. If this Agreement is maintained with the a new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full
force and effect. (d) Cancellation, failure to cancel or acceptance of the a new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready
by the original Cancelling Date. (e) Should the Vessel become an actual, constructive or compromised t Total lLoss before delivery the Deposit together with interest earned, if any, shall be released immediately to the Buyers whereafter this
Agreement shall be null and voidterminate (provided that any provision hereof expressed to survive such termination shall do so in accordance with its terms). 6. Divers Inspection / Drydocking – intentionally omitted (a)* (i) The Buyers shall
have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s
intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without
undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only
without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the
place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the
additional time required for such positioning and the subsequent re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection. (ii) If the rudder, propeller, bottom or other underwater parts below
the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel
to be drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules
(2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification
Society’s attendance. Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to
deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have
no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian
Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document
shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 3 

 

 
 for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be
obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time
then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established. (iii) If the Vessel is to be
drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are
available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose of this Clause,
become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days. (b)* The Sellers shall place the Vessel
in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the
rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense to the satisfaction
of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the
Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay
the aforesaid costs and expenses, dues and fees. (c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: (i) The Classification Society may require survey of the tailshaft system, the extent of the survey being to the
satisfaction of the Classification surveyor. If such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey
being in accordance with the Classification Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not
later than by the completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the
Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and expense to the satisfaction of Classification Society without condition/recommendation**. (ii) The costs and expenses relating to the survey of the
tailshaft system shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel’s class, in which case the
Sellers shall pay these costs and expenses. (iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification Society surveyor.
(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers’ or the Classification Society surveyor’s work, if any, and
without affecting the Vessel’s timely delivery. If, however, the Buyers’ work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional docking time needed to complete the
Buyers’ work shall be for the Buyers’ risk, cost and expense. In the event that the Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst
the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not. *6 (a) and 6 (b) are alternatives; delete whichever is not
applicable. In the absence of deletions, alternative 6 (a) shall apply. This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be
clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 4 

 

 
 **Notes or memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without
condition/recommendation are not to be taken into account. 7. Spares, bunkers and other items The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare equipment including
spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspectiondelivery used or unused, whether on board or not shall become the Buyers’ property, but spares on order are excluded.
Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement
prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the
Sellers’ vessel(s) and captain’s, officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: ______(include list) Items on board
which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: ______(include list) Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be
replaced or procured by the Sellers prior to delivery at their cost and expense. The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums at no extra cost.and pay either
(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or (b) *the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest
bunkering port, for the quantities taken over. Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price. “inspection” in this Clause 7, shall mean the Buyers’ inspection
according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. *(a) and (b) are alternatives, delete whichever is not applicable. In the
absence of deletions alternative (a) shall apply. 8. Documentation The place of closing: To be mutually agreed between the Sellers and the Buyers (a) In exchange for pPayment of the Purchase Price by the Buyers to the Sellers shall be subject
to Clause 20 and conditional on the Buyers having on or prior to delivery of the Vessel on the Delivery Date received, or being satisfied as to, provide the Buyers with the following delivery documentsitems: (i) Legal Bill(s) of Sale in a form
recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens (whether maritime or otherwise) or any other debts whatsoever, duly
notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State; (ii) Acceptance of Sale in a form recordable in the Buyers’ Nominated Flag State, duly notarially attested and legalised or apostilled, as
required by the Buyers’ Nominated Flag State. (iiiii) Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and performance of this Agreement; (iiiiv) Power of
Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate); (ivv) Certificate or Transcript of Registry
issued by the competent authorities of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by This document is a
computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any
loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 5 

 

 
 such authority to the closing meeting with the original to be sent to the Buyers as soon as possible after delivery of the Vessel;
(vvi) Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Business Banking Days prior to delivery confirming that the Vessel is in Class free of condition/recommendation;
(vi) Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that the registry does not as a matter of practice
issue such documentation immediately, a written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four
(4) weeks after the Purchase Price has been paid and the Vessel has been delivered; (vii) A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the Vessel ceased to be registered with the Vessel’s registry, or, in
the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy of this certificate promptly upon it being issued together with evidence of submission by the
Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry; (viiivii) Commercial Invoice for the Vessel; (ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils
and greases; (x) A copy of the Sellers’ letter to their satellite communication provider cancelling the Vessel’s communications contract which is to be sent immediately after delivery of the Vessel; (xiviii) Any additional documents as may
reasonably be required by the competent authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, each in a form acceptable to the Buyers’ Nominated Flag State, duly notarially attested and legalised or
apostilled (if required) provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and (xiiix) The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not
black listed by any nation or international organisation. (x) The items set out in Clause 20. The items set out in this Clause 8(a) (together the “Conditions Precedent”) are inserted for the sole benefit of the Buyers and may be
waived in whole or in part with or without conditions by the Buyers. (b) At the time of delivery the Buyers shall provide the Sellers with: (i) Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to
authorise the execution, delivery and performance of this Agreement; and (ii) Power of Attorney of the Buyers (if any) appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly notarially
attested and legalised or apostilled (as appropriate). (c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified
by a lawyer qualified to practice in the country of the translated language. (d) The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by
the other party not later than ten (10) days (or such later date as the Buyers may agree) prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers to the Buyers five (5) days prior to the delivery in
accordance with Clause 5(b) of this Agreement. (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.
(e) On delivery, Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) This document is a computer generated SALEFORM 2012 form
printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the
original approved document and this computer generated document. 6 

 

 
 above, the Sellers shall also hand to the Buyers copies of the classification certificate(s) as well as all plans, drawings and
manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to
take copies. (f) Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their Sellers’ expense, if they so request. The Sellers may keep the Vessel’s log books
but the Buyers have the right to take copies of same. (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance (“the Protocol of Delivery and Acceptance”) confirming the date and time of delivery of the
Vessel from the Sellers to the Buyers. 9. Encumbrances The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the Bareboat Charter and any current subcharter permitted by the terms of the Leasing
Documents), encumbrances, mortgages and maritime liens (whether maritime or otherwise) or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against
all consequences of claims made against the Vessel which have been incurred prior to the time of delivery. 10. Taxes, fees and expenses Any taxes, fees and expenses in connection with the purchase of the Vessel and registration in the Buyers’
Nominated Flag State shall be for the Buyers’ account, whereas similar charges and in connection with the closing of the Sellers’ register shall be for the Sellers’ account. 11. Condition on delivery The Vessel with everything
belonging to her shall be at the Sellers’ risk and expense until she is delivered to the Buyers, but subject pursuant to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of inspection, fair
wear and tear excepted. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without overdue condition/recommendation*, free of average damage affecting the Vessel’s class, and with her
classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspectiondelivery, valid and unextended without condition/recommendation* by the Classification Society or the relevant
authorities at the time of delivery. “inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this
Agreement shall be the relevant date. *Notes and memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account. 12. Name/markings –
intentionally omitted Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings. 13. Buyers’ default Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to
cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3 (Payment)this Agreement, the Sellers
have the right to cancel this Agreement, in which case it shall terminate whereupon all the Buyers’ liabilities hereunder shall be extinguished. the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit
does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest. 14. Sellers’ default Should the Sellers fail to give Notice of Readiness in accordance
with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before This document is a computer
generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any
loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 7 

 

 
 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by
the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them
immediately. Without prejudice to any of the rights the Buyers may have under the Leasing Documents, at law or otherwise, Sshould the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal
transfer as aforesaid they shall make due compensation to the Buyers for their direct and documented loss and for all documented expenses together with interest accrued in accordance with the terms of the Leasing Documentsif their failure is due to
proven negligence and whether or not the Buyers cancel this Agreement. 15. Buyers’ representatives – intentionally omitted After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to
place two (2) representatives on board the Vessel at their sole risk and expense. These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the
operation of the Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation. 16. Law and Arbitration See Clause 25 (a) *This Agreement shall be
governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-
enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration
proceedings are commenced. The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to
appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the
fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any
further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by
agreement. In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.
(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with
this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any
award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. In cases where neither the claim nor any counterclaim
exceeds the sum of US$ 100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. (c) This Agreement shall be governed by and construed in accordance with the
laws of ______ (state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at ______ (state place), subject to the procedures applicable there. *16(a), 16(b) and 16(c) are alternatives; delete
whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply. 17. Notices See Clause 27 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any
insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved
document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 8

 

 
 All notices to be provided under this Agreement shall be in writing. Contact details for recipients of notices are as follows: For
the Buyers: For the Sellers: 18. Entire Agreement The written terms of this Agreement (together with the other Leasing Documents) comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and
supersede all previous agreements whether oral or written between the Parties in relation thereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any
statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that
such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud. For and on behalf of the Sellers For and on behalf of the Buyers Name: Name: Title: Title: This document is a computer generated SALEFORM 2012
form printed by authority of the Norwegian Shipbrokers’ Association- Any insertion or deletion to the form must be clearly visible In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original approved document shall apply BIMCO and (he Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer
generated document 9 

 

 
 All notices to be provided under this Agreement shall be in writing. Contact details for-recipients of notices are as follows: For
the Buyers: For the Sellers: 18. Entire Agreement The written terms of this Agreement (together with the other Leasing Documents) comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and
supersede all previous agreements whether oral or written between the Parties in relation thereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any
statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that
such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud. For and on behalf of the Sellers For and on behalf of the Buyers Name: Name: Title: Title: ATTORNEY IN FACT This document is a computer
generated SALEFORM 2012 form printed by authority of the Norwegian Shlpbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which Is
not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved
document and this computer generated document. 9 

 Execution Version 

RIDER CLAUSES TO 
 MEMORANDUM OF AGREEMENT

 DATED 25 MAY 2018 
 Clause 19
– Payment of Purchase Price 
  

	 (a)
	 The Purchase Price of the Vessel shall be the lowest of: 

 

	 	 (i)
	 $7,200,000; and 

  

	 	 (ii)
	 the Market Value. 

Subject always to Clause 21 and the Conditions Precedent having been satisfied, the Purchase Price of the Vessel shall be paid by the
Buyers to the Sellers on delivery of the Vessel on the Delivery Date free of bank charges into the Sellers’ Account. 
  

	 (b)
	 The Buyers shall, one (1) Business Day prior to the scheduled delivery date, such scheduled delivery date being
the date of delivery of the Vessel set out in the notice to be sent to the Buyers from the Sellers five (5) days before delivery in accordance with Clause 5(b) (the “Preposition Date”) and provided that all
amounts due to the Buyers as owners under Clause 41.1 of the Bareboat Charter have been received in full in available funds by the Buyers as owners under the Bareboat Charter, deposit with the Sellers’ Account the Relevant Amount on an
unallocated basis in a suspense account with a SWIFT MT103 and a SWIFT MT199 irrevocable conditional release instruction in a form to be agreed (the “SWIFT Payment Instructions”). The amount so deposited shall
be transferable and payable to the Sellers or their designated nominee at the Sellers’ Account upon the fulfilment of the conditions set out in the SWIFT Payment Instructions, which shall include the presentation by the Sellers to the
Sellers’ Bank of a copy of the duly executed, timed and dated Protocol of Delivery and Acceptance of the Vessel. 

  

	 (c)
	 Interest at the rate of the Overnight USD LIBOR plus 350 basis points (the “Remittance
Interest”) shall: 

  

	 	 (i)
	 in the event that the Vessel is delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date until
the Delivery Date (both dates inclusive); and 

  

	 	 (ii)
	 in the event that the Vessel is not delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date
until the Relevant Amount is returned by the Sellers’ Bank to the Buyers in accordance with the SWIFT Payment Instructions (both dates inclusive). 

The Sellers shall pay to the Buyers the applicable amount of Remittance Interest as notified by the Buyers to the Sellers within three
(3) Business Days of the Buyers’ demand. 
 Clause 20 – Further conditions precedent 

The items referred to in Clause 8(a)(x) are: 
  

	 (a)
	 the certificate of incorporation, articles of incorporation and by-laws or
other constitutional documents of the Sellers along with an up-to-date certificate of goodstanding; 

  
 1 

SINGAPORE/89326202v1 

	 (b)
	 such other documents as the Buyers may reasonably notify the Sellers as being necessary in relation to the Vessel
and/or its status (including without limitation, such confirmation of no liens and/or indemnity thereto which the Buyers may require the Sellers to provide or procure in respect of the Vessel); 

 

	 (c)
	 a certificate of an authorized signatory of the Sellers certifying that each copy document provided by Sellers to
Buyers pursuant to this Agreement is correct, complete and in full force and effect as at a date no earlier than the Delivery Date; and 

  

	 (d)
	 the Buyers being satisfied that the conditions precedent set out in the Bareboat Charter, have been, or will be
capable of being, satisfied on the Delivery Date. 

 Clause 21 – Obligation to sell / purchase the Vessel 

The Parties’ obligation to sell / purchase the Vessel under this Agreement is conditional upon the simultaneous delivery to and acceptance by the
Sellers as bareboat charterers of the Vessel under the Bareboat Charter and that no Potential Termination Event or Termination Event has occurred or will occur as a result of the performance by the Parties of their obligations under this Agreement.

 Clause 22 – Physical Presence 
 If
the Buyers’ Nominated Flag State requires the Buyers to have a physical presence or office in the Buyers’ Nominated Flag State, all fees, costs and expenses arising out of or in connection with the establishment and maintenance of such
physical presence or office by the Buyers shall be borne by the Sellers.  
 Clause 23 – Costs and Expense 

 

	 (a)
	 The Sellers shall pay such amounts to the Buyers in respect of all costs, claims, expenses, liabilities, losses and
fees (including but not limited to any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this Agreement or in connection with the delivery, registration and purchase of the Vessel by the
Buyers whether prior to, during or after termination of this Agreement and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise. 

 

	 (b)
	 Notwithstanding anything to the contrary under the Leasing Documents and without prejudice to any right to damages or
other claim which the Buyers may have at any time against the Sellers under this Agreement, the indemnities provided by the Sellers in favour of the Buyers shall continue in full force and effect notwithstanding any breach of the terms of this
Agreement or such Leasing Document or termination or cancellation of this Agreement or such Leasing Document pursuant to the terms hereof or thereof or termination of this Agreement or such Leasing Document by the Buyers. 

Clause 24 – Sanctions 
 The Sellers
represent and warrant to the Buyers as of the date hereof and at the Delivery Date that: 
  

	 (a)
	 they: 

  

	 	 (i)
	 are not a Restricted Person; 

 

	 	 (ii)
	 are not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Restricted
Person; 

  

	 	 (iii)
	 do not own or control a Restricted Person; or 

  
 2 

SINGAPORE/89326202v1 

	 	 (iv)
	 do not have a Restricted Person serving as a director, officer or employee; and 

 

	 (b)
	 no proceeds of the Purchase Price shall be made available, directly or indirectly, to or for the benefit of a
Restricted Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

Clause 25 – Governing Law and Jurisdiction 

This Agreement and any non-contractual obligations arising under or in connection with it, shall be governed by
and construed in accordance with English law. 
 Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”)) shall be referred to and finally
resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause
25. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (“LMAA”) Terms current at the time when the arbitration proceedings are commenced. 

The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such
appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been
appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated
above. 
 The language of the arbitration shall be English. 

Clause 26 - Counterparts 
 This 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 Agreement. 

Clause 27 - Notices 
 All notices to be
provided under this Agreement shall be in writing. 
 Contact details for recipients of notices are as follows: 

For the Sellers:  
 c/o Navios
ShipManagement Inc.  
 85 Akti Miaouli 

Piraeus 185 38 
 Greece 

Attention: Vassiliki Papaefthymiou 
 Email:
vpapaefthymiou@navios.com 
 Tel: +30 210 41 72 050 

Fax: +30 210 41 72 070 
  

  
 3 

SINGAPORE/89326202v1 

 For the Buyers: 

Room 2310, 23/F, C C Wu Building, 
 302-308 Hennessy Road, Wanchai, Hong Kong 
 Attention: Rita Wang 

Email: wangyuping@msfl.com.cn 
 Tel: +86 010 68490066
- 9983 
 Fax: +86 010 68490066 - 9864 
 Clause
28 – Definitions 
 Unless otherwise specified herein, capitalised terms in this Agreement shall have the same meaning as in the Bareboat
Charter. Furthermore, in this Agreement: 
 “Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers
A/S, Fearnleys, Howe Robinson, Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Bareboat Charter” means the bareboat charter in respect of the Vessel dated on or about the date hereof and made between
the Buyers as owners and the Sellers as bareboat charterers. 
 “Business Day” means a day on which banks are open for
business in the principal business centres of Amsterdam, Hong Kong, Beijing and Athens and (a) in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day
on which commercial banks are open in New York City; and (b) in respect of a day on which Overnight USD LIBOR is to be determined under this Agreement, also a day on which commercial banks are open in London. 

“Delivery Date” means the date (being a Business Day) on which the Vessel is delivered to the Buyers pursuant to the
terms of this Agreement and thereafter immediately delivered to the Sellers as bareboat charterers pursuant to the terms of the Bareboat Charter. 

“Market Value” means, in relation to the Vessel, the valuation prepared by an Approved Valuer selected by the
Sellers: 
  

	 (a)
	 on a date no earlier than three (3) months prior to the Delivery Date;  

 

	 (b)
	 without physical inspection of the Vessel; and 

 

	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
seller and a willing buyer, free of any existing charter or other contract of employment. 

 “Overnight USD
LIBOR” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars based on a one day maturity rate on the relevant
date displayed on page LIBOR 01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters, and if such page or service ceases to be available the Buyers may specify another page or service displaying the relevant rate on such day, or if such day is not a Business Day, the Business Day immediately preceding such day (if
the rate as determined above is less than zero, the Overnight USD LIBOR shall be deemed to be zero). 
 “Purchase Price” means
the purchase price of the Vessel payable by the Buyers to the Sellers pursuant to Clause 19 above. 
  

  
 4 

SINGAPORE/89326202v1 

 “Relevant Amount” means an amount equivalent to the Purchase Price. 

“Sellers’ Account” means the account in the name of the Seller with ABN AMRO Bank N.V. in USD with the account
number NL30ABNA0631675272. 
  

  
 5 

SINGAPORE/89326202v1 

 

 
 EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) OCEAN DAZZLE SHIPPING LIMITED ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED ) by ) for and on behalf of
) Jaspero Shiptrade S.A. ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: )SINGAPORE/89326202vl 

 

 
 Copyright, published by First issued by The Baltic and International Maritime Council (BIMCO), Copenhagen. Issued November 2001
The Baltic and International Maritime Council (BIMCO), Copenhagen in 1974 Printed by BIMCO’s idea as “Barecon ‘A’ “ and “Barecon ‘B’ “. Revised and amalgamated 1989. Revised 2001 1. Shipbroker N/A BIMCO
STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001” PART I 2. Place and date 2018 3. Owners/Place of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1) Ocean Dazzle Shipping Limited / Room 2310, 23/F C C Wu Thetida Marine
Co. / Trust Company Complex, Ajeltake Road, Building, 302-308, Hennessy Road, Wanchai, Hong Kong Ajeltake Island, Majuro, MH96960, Marshall Islands 5. Vessel’s name, call sign and flag (Cl. 1 and 3) APL Oakland / HOLM / Panama or any other Flag
State 6. Type of Vessel 7. GT/NT Container 43,071 / 26,516 8. When/Where built 9. Total DWT (abt.) in metric tons on summer freeboard 2008 / New Century Shipbuilding Co., Ltd. 56,100 10. Classification Society (Cl. 3) 11. Date of last special survey
by the Vessel’s classification society DNV GL or any other Classification Society 11/04/2013 12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) IMO No.: 9332250
Length: 256.42 metres Breadth: 32.20 metres Depth: 16.75 metres 13. Port or Place of delivery (Cl. 3) 14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34 See Clause 33
16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading and class certificates At a safe, ice free port or place in such ready safe berth as the upon redelivery (Cl. 15) Owners may direct See Clause 40 18. Running
days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking (Cl. 10(g)) N/A In accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Worldwide within Institute Warranty Limits, please also see
Clauses 46.1(n), 46.1(o) and 46.1(q) 21. Charter period (Cl. 2) 22. Charter hire (Cl. 11) See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii)) N/A
24. Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency and method of payment (Cl. 11) PART IV Dollars/bank transfer See Clause 36.10—neither Clause 11(f) nor Part IV applies This document is a computer
generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26. Place of payment; also state beneficiary and bank account (CI. 11)
27. BaAA-Corporate guarantee.teeAQ (sum and place) (CI. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Mlnsheng Banking Hong Kong Branch SWIFT Code:
MSBCHKHH 28 . Mortgage(s), if any (state whether 1l(ID or !!11 applies; if 1.f!!1l 29. Insurance (hull and machinery and war risks) (state value ace. to QL.11ill applies state date of Financial Instrument and name of or, if applicable, ace. to .QL
1M!ill (also state if Cl. 14 applies) Mortgagee(s)/Piace of business) (Qill) See Clause 35 See Clause 38- CLAUSE 14 DOES NOT APPLY 30. Additional insurance cover, if any, for Owners’ account limited to 31 . Additional insurance cover, if any,
for Charterers’ account limited to (QL 1MQJ. or, if applicable, .QL H.(gl) (Q.L 1MQ1 or, if applicable, .QL H.(gl) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in~) 33. Brokerage commission
and to whom payable (CI. 27) N/A N/A 34. Grace period (state number of clear 9aAkiA!J daysBuslness Days) ~ 35. Dispute Resolution (state~. ~or~; if 30!cl agreed Place of Arbitration must be stated (~ See Clause 44 See Clause 30(a) 36. War
cancellation (indicate countries agreed) (CI. 26!0) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART Ill 38. Name and place of Builders (only to be filled in if PART Ill applies) applies) (optional) N/A No,
Part Ill does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART Ill applies) 40. Date of Building Contract (only to be filled in if PART Ill applies) N/A N/A 41 . Liquidated damages and costs shall accrue to (state party
ace. to QL1) a) N/A b) N/A c) N/A 42. Hire/Purchase agreement (indicate with “yes” or “no” whether .E8BI r{ 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional)
applies) (optional) No, Part IV does not apply No, Part V does not apply 44.Fiag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Under1ying Registry (only to be filled in if PART V applies) in if PART V applies)
N/A N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE- It is mutually agreed lhat this Contract shall be performed subject to lhe conditions contained In this Charter which shall Include PART
I and PART II. In lhe event of a conflict of conditions, the provisions or PART I shall prevail over those of PART II to the extent or such conRiel but no further. It Is further mutually agreed lhllt PART Ill and/or PART IV and/or PART V shall only
apply and only forrn part of lhls Charter If expressly agreed and stated In Boxes 37, ~and ~- If PART Ill and/or PART IV and/or PART V apply, It Is fUrther agreed lhat in lhe event of a connict of conditions lhe provisions of PART I and PART II
shall prevail over those ofPART Ill and/or PART IV and/or PART V to lhe extent of such conflict but no further. · Signature (Charterers) For and on behalf of the Charterers Name: Name: Title: Title: This document is a computer generated
BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clear1y visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
SIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26. Place of payment; also state beneficiary and bank account (.QLll)
27. 8allk-Corporate guaranteelbGAQ (sum and place) (.QLW (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code: MSBCHKHH
28 Mortgage(s), if any (state whether 1l@l or {Q} applies; if ll!ll} 29. Insurance (hull and machinery and war risks) (state value ace. to .QWffi applies state date of Financial Instrument and name of or, if applicable, ace to Cl. 14(k)) (also state
if Cl. 14 applies) Mortgagee(s)/Piace of business) (CI. 12) See Clause 35 See Clause 38- CLAUSE 14 DOES NOT APPLY 30. Additional insurance cover, if any, for Owners’ account limited to 31 . Additional insurance cover, if any, for
Charterers’ account limited to (CI. 13(b) or, if applicable, ~) (~or, if applicable, QL11(gl) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in~ 33. Brokerage commission and to whom payable (CI.
27) N/A N/A (~ 35. Dispute R.esolullon (state 30Cal. 30(b) or~;if~agreed Place 34. Grace period (state number of clear 9aAkiA!J aaysBusiness Days) of Arbitration must be stated ~ See Clause 44 See Clause 30(a) 36. War cancellation (indicate
countries agreed) (.Q!.1§ill) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PAR.T Ill 38. Name and place of Builders (only to be filled in if PART Ill applies) applies) (optional) N/A No, Part Ill does not
apply 39. Vessel’s Yard Building No. (only to be filled in if PART Ill applies) 40. Date of Building Contract (only to be filled in if PART Ill applies) N/A N/A 41. Liquidated damages and costs shall accrue to (state party ace. to QL1) a) N/A
b) N/A c) N/A 42. Hire/Purchase agreement (indicate with “yes” or “no” whether PAR.T IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) applies) (optional) No,
Part IV does not apply No, Part V does not apply 44.Fiag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Unde~ying Registry (only to be filled in if PART V applies) in if PART V applies) N/A N/A 46. Number of
additional clauses covering special provisions. if agreed Clause 32 to Clause 59 PREAMBLE · It is mutually agreed that this Contract shan be performed subject to the conditions contained in this Charter which shall include PART I and PART II
In the event of a con Riel of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such connie( but no further. It is further mutually agreed that PART Ill andfor PART IV and/Of PART V shall only apply and only
fotm part of this Charter if expressly agreed and stated in Boxes 37. ~and~· If PART Ill and/Of PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall
prevail over those of PART Ill and/or PART IV and/Q( PARTV to the extent of such conHicl but no further. Signature (Owners) Signature (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: Name: Title: Title: This
document is a computer generated BAR.ECON 2001 form printed by authority of SIMCO Any insertion or deletion to the form must be clea~y visible In the event of any modification made to the pre-printed text of this document which is nol dea~y visible,
the text of the original SIMCO approved document shall apply. SIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I This document is a computer generated BARECON 2001 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 In this Charter, the following
terms shall have the 2 meanings hereby assigned to them: 3 “The Owners” shall mean the party identified in Box 3; 4 “The Charterers” shall mean the party identified in Box 4; 5 “The Vessel” shall mean the vessel named
in Box 5 and 6 with particulars as stated in Boxes 6 to 12. 7 “Financial Instrument” means the mortgage, deed of 8 covenant or other such financial security instrument as 9 annexed to this Charter and stated in Box 28. 10 2. Charter Period
11 In consideration of the hire detailed in Box 22, 12 the Owners have agreed to let and the Charterers have 13 agreed to hire the Vessel for the period stated in Box 21 14 (“The Charter Period”). See also Clause 32 and Clause 15 36. 3.
Delivery 16 (not applicable when Part III applies, as indicated in Box 37) 17 (a) The Owners shall before and at the time of delivery 18 exercise due diligence to make the Vessel seaworthy 19 And in every respect ready in hull, machinery and 20
equipment for service under this Charter. 21 The Vessel shall be delivered by the Owners and taken 22 over by the Charterers at the port or place indicated in 23 Box 13 in such ready safe berth as the Charterers may 24 direct. 25 (b) The Vessel
shall beis properly documented on 26 delivery in accordance with the laws of the fFlag State 27 indicated in Box 5 and the requirements of the 28 cClassification sSociety stated in Box 10. The Vessel 29 upon delivery shall have her survey cycles up
to date and 30 trading and class certificates valid for at least the number 31 of months agreed in Box 12. 32 (c) The delivery of the Vessel by the Owners and the 33 taking over of the Vessel by the Charterers shall 34 constitute a full
performance by the Owners of all the 35 Owners’ obligations under this Clause 3, and thereafter 36 the Charterers shall not be entitled to make or assert 37 any claim against the Owners on account of any 38 conditions, representations or
warranties expressed or 39 implied with respect to the Vessel but the Owners shall 40 be liable for the cost of but not the time for repairs or 41 renewals occasioned by latent defects in the Vessel, 42 her machinery or appurtenances, existing at
the time of 43 delivery under this Charter, provided such defects have 44 manifested themselves within twelve (12) months after 45 delivery unless otherwise provided in Box 32. 46 4. Time for Delivery See Clauses 32 and 34 47 (not applicable
when Part III applies, as indicated in Box 37) 48 The Vessel shall not be delivered before the date 49 indicated in Box 14 without the Charterers’ consent and 50 the Owners shall exercise due diligence to deliver the 51 Vessel not later than
the date indicated in Box 15. 52 Unless otherwise agreed in Box 18, the Owners shall 53 give the Charterers not less than thirty (30) running days’ 54 preliminary and not less than fourteen (14) running days’ 55 definite notice
of the date on which the Vessel is 56 expected to be ready for delivery. 57 The Owners shall keep the Charterers closely advised 58 of possible changes in the Vessel’s position. 59 5. Cancelling See Clause 33 60 (not applicable when Part III
applies, as indicated in Box 37) 61 (a) Should the Vessel not be delivered latest by the 62 cancelling date indicated in Box 15, the Charterers shall 63 have the option of cancelling this Charter by giving the 64 Owners notice of cancellation
within thirty-six (36) 65 running hours after the cancelling date stated in Box 66 15, failing which this Charter shall remain in full force 67 and effect. 68 (b) If it appears that the Vessel will be delayed beyond 69 the cancelling date,
the Owners may, as soon as they 70 are in a position to state with reasonable certainty the 71 day on which the Vessel should be ready, give notice 72 thereof to the Charterers asking whether they will 73 exercise their option of cancelling, and the
option must 74 then be declared within one hundred and sixty-eight 75 (168) running hours of the receipt by the Charterers of 76 such notice or within thirty-six (36) running hours after 77 the cancelling date, whichever is the earlier. If
the 78 Charterers do not then exercise their option of cancelling, 79 the seventh day after the readiness date stated in the 80 Owners’ notice shall be substituted for the cancelling 81 date indicated in Box 15 for the purpose of this Clause 5.
82 (c) Cancellation under this Clause 5 shall be without 83 prejudice to any claim the Charterers may otherwise 84 have on the Owners under this Charter. 85 6. Trading Restrictions See also Clauses 46.1(n) and 86 46.1(o) and 46.1(q) The Vessel
shall be employed in lawful trades for the 87 carriage of suitable lawful merchandise within the trading 88 limits indicated in Box 20. 89 The Charterers undertake not to employ the Vessel or 90 suffer the Vessel to be employed otherwise than in 91
conformity with the terms of the contracts of insurance 92 (including any warranties expressed or implied therein) 93 without first obtaining the consent of the insurers to such 94 employment and complying with such requirements as 95 to extra
premium or otherwise as the insurers may 96 prescribe. 97 The Charterers also undertake not to employ the Vessel 98 or suffer her employment in any trade or business which 99 is forbidden by the law of any country to which the Vessel 100 may sail or
is otherwise illicit or in carrying illicit or 101 prohibited goods or in any manner whatsoever which 102 may render her liable to condemnation, destruction, 103 seizure or confiscation. 104 Notwithstanding any other provisions contained in this 105
Charter it is agreed that nuclear fuels or radioactive 106 products or waste are specifically excluded from the 107 cargo permitted to be loaded or carried under this 108 Charter. This exclusion does not apply to radio-isotopes 109 used or intended
to be used for any industrial, 110 commercial, agricultural, medical or scientific purposes 111 provided the Owners’ prior approval has been obtained 112 to loading thereof. 113 7. Surveys on Delivery and Redelivery 114 (not applicable when
Part III applies, as indicated in Box 37) 115 The Owners and Charterers shall each appoint 116 surveyors for the purpose of determining and agreeing 117 in writing the condition of the Vessel at the time of 118 delivery and redelivery pursuant to
Clause 40.3 (with 119 the relevant costs paid by the Charterers).hereunder. The Owners shall bear all expenses of the On-hire Survey including loss 120 of time, if any, and the Charterers shall bear all expenses 121 of the Off-hire Survey including
loss of time, if any, at 122 the daily equivalent to the rate of hire or pro rata thereof. 123 8. Inspection 124 The Owners shall have the right at any time either (i) 125 once every calendar year provided no Potential Termination Event or
Termination Event has occurred (after giving reasonable notice to the Charterers and provided that the Owners do not unduly interfere with or cause delay to the commercial operation of the Vessel) or (ii) at any time following the occurrence of
a Potential Termination Event or Termination Event and for as long as it is continuing (after giving reasonable notice to the Charterers), to inspect or survey 126 the Vessel or instruct a duly authorised surveyor to carry 127 out such survey on
their behalf:- 128 (a) to ascertain the condition of the Vessel and satisfy 129 themselves that the Vessel is being properly repaired 130 and maintained. The costs and fees for such inspection 131 or survey shall be paid by the Charterers,
subject to the 132 above conditions as may be applicable from lines 125 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any
modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel is found to require repairs or
maintenance in order to 133 achieve the condition so provided; 134 (b) in dry-dock if the Charterers have not dry-docked 135 Her in accordance with Clause 10(g). The costs and fees 136 for such inspection or survey shall be paid by the 137
Charterers, subject to the above conditions as may be 138 applicable from lines 125 to 128; and (c) for any other commercial reason they consider 139 necessary (provided it does not unduly interfere with 140 the commercial operation of the
Vessel). The costs and 141 fees for such inspection and survey shall be paid by the 142 OwnersCharterers, subject to the above conditions as 143 may be applicable from lines 125 to 128. All time used in respect of inspection, survey or repairs 144
shall be for the Charterers’ account and form part of the 145 Charter Period. 146 The Charterers shall also permit the Owners to inspect 147 the Vessel’s log books whenever requested and shall 148 whenever required by the Owners furnish
them with full 149 information regarding any casualties or other accidents 150 or damage to the Vessel. 151 The Charterers shall provide such necessary assistance to the Owners, their representatives or agents in respect of any inspection hereunder.
9. Inventories, Oil and Stores See Clause 34.7 152 A complete inventory of the Vessel’s entire equipment, 153 outfit including spare parts, appliances and of all 154 consumable stores on board the Vessel shall be made 155 by the Charterers in
conjunction with the Owners on 156 delivery and again on redelivery of the Vessel. The 157 Charterers and the Owners, respectively, shall at the 158 time of delivery and redelivery take over and pay for all 159 bunkers, lubricating oil, unbroached
provisions, paints, 160 ropes and other consumable stores (excluding spare 161 parts) in the said Vessel at the then current market prices 162 at the ports of delivery and redelivery, respectively. The 163 Charterers shall ensure that all spare
parts listed in the 164 inventory and used during the Charter Period are 165 replaced at their expense prior to redelivery of the 166 Vessel. 167 10. Maintenance and Operation 168 (a)(i)Maintenance and Repairs—During the Charter 169 Period the
Vessel shall be in the full possession 170 and at the absolute disposal for all purposes of the 171 Charterers and under their complete control in 172 every respect. The Charterers shall maintain the 173 Vessel, her machinery, boilers, appurtenances
and 174 spare parts in a good state of repair, in efficient 175 operating condition and in accordance with good 176 commercial maintenance practice and, except as 177 provided for in Clause 14(l), if applicable, at their 178 own expense they shall
at all times keep the 179 Vessel’s Class classification fully up to date with 180 the Classification Society indicated in Box 10 and maintain all other 181 necessary certificates in force at all times. 182 (ii) New Class and Other Safety
Requirements—In the 183 event of any improvement, structural changes or 184 new equipment becoming necessary for the 185 continued operation of the Vessel by reason of new 186 class requirements or by compulsory legislation 187 costing
(excluding the Charterers’ loss of time) 188 more than the percentage stated in Box 23, or if 189 Box 23 is left blank, 5 per cent. of the Vessel’s 190 insurance value as stated in Box 29, then the 191 extent, if any, to which the
rate of hire shall be varied 192 and the ratio in which the cost of compliance shall 193 be shared between the parties concerned in order 194 to achieve a reasonable distribution thereof as 195 between the Owners and the Charterers having 196
regard, inter alia, to the length of the period 197 remaining under this Charter shall, in the absence 198 of agreement, be referred to the dispute resolution 199 method agreed in Clause 30., the Charterers shall 200 ensure that the same are
complied with and the time and costs of compliance shall be for the Charterers’ account. (iii) Financial Security—The Charterers shall maintain 201 financial security or responsibility in respect of third 202 party liabilities as
required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to enable the Vessel, without 205 penalty or charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or
contiguous 207 waters of any country, state or municipality in 208 performance of this Charter without any delay. This 209 obligation shall apply whether or not such 210 requirements have been lawfully imposed by such 211 government or division or
authority thereof. 212 The Charterers shall make and maintain all arrange- 213 ments by bond or otherwise as may be necessary to 214 satisfy such requirements at the Charterers’ sole 215 expense and the Charterers shall indemnify the Owners 216
against all consequences whatsoever (including loss of 217 time) for any failure or inability to do so. 218 (b) Operation of the Vessel—The Charterers shall at 219 their own expense and by their own procurement man, 220 victual, navigate,
operate, supply, fuel and, whenever 221 required, repair the Vessel during the Charter Period 222 and they shall pay all charges and expenses of every 223 kind and nature whatsoever incidental to their use and 224 operation of the Vessel under this
Charter, including 225 annual flag Flag State fees and any foreign general 226 municipality and/or state taxes. The Master, officers 227 and crew of the Vessel shall be the servants of the Charterers 228 for all purposes whatsoever, even if for any
reason 229 appointed by the Owners. 230 Charterers shall comply with the regulations regarding 231 officers and crew in force in the country of the Vessel’s 232 flag or any other applicable law. 233 (c) The Charterers shall keep the Owners
and the 234 mMortgagee(s) advised of the intended employment 235 (other than in respect of time charterers which are less than 13 months in duration (after including any optional extension periods)), planned dry-docking (other than the periodical
dry- 236 docking referred to under paragraph (g) below) and major repairs of the Vessel, as reasonably required. 237 (d) Flag and Name of Vessel – During the Charter 238 Period, the Charterers shall have the liberty to paint the 239
Vessel in their own colours, install and display their 240 funnel insignia and fly their own house flag (with all fees, 241 costs and expenses arising in relation thereto for the Charterers account). The Charterers shall also have the liberty, with
the Owners’ 242 consent, which shall not be unreasonably withheld, to 243 change the flag of the Vessel to that of another Flag 244 State (with all fees, costs and expenses arising in relation thereto for the Charterers’ account) and/or
with the Owners’ consent, the name of the Vessel (with all fees, costs and expenses arising in relation thereto for the Charterers’ account) during the Charter Period. Any Ppainting and re-painting, 245 instalment and re-instalment,
registration (including maintenance 246 and renewal thereof) and re-registration, if required by the Owners, shall be at the Charterers’ 247 expense and time. If the Flag State requires the 248 Owners to establish a physical presence or office
in the jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. (e) Changes to the Vessel – Subject to Clause
10(a)(ii) and 249 Clause 10(b), the Charterers shall make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event
of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter Vessel which materially adversely affect the Vessel’s 251
classification or value or changes in the machinery, boilers, appurten- ances or spare parts thereof without in each instance 252 first securing the Owners’ approval thereof. If the Owners 253 so agree, the Charterers shall, if the Owners so
require, 254 restore the Vessel to its former condition before the 255 termination of this Charter. 256 (f) Use of the Vessel’s Outfit, Equipment and 257 Appliances—The Charterers shall have the use of all 258 outfit, equipment, and
appliances on board the Vessel 259 at the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners 261 on redelivery (without prejudice to Clauses 40.6 and 262 40.7 and if redelivery is required
pursuant to this Charter) in the same good order and condition as when received, ordinary wear and tear excepted. The 263 Charterers shall from time to time during the Charter 264 Period replace such items of equipment as shall be so 265 damaged or
worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 in such manner (both as regards workmanship and 269 quality of materials) as not to
diminish the value of the 270 Vessel. Title of any equipment so replaced shall vest 271 in and remain with the Owners. The Charterers have the right to fit additional equipment at their expense and risk (provided that no 272 permanent structural
damage is caused to the Vessel by reason of such installation) andbut the Charterers shall, at their expense, remove such equipment and 273 make good any damage caused by the fitting or removal of such additional equipment before the Vessel is
redelivered to the Owners pursuant to Clause 40.3 and without prejudice to Clauses 40.6 and 40.7,at the end of the period if requested by the Owners. Any equipment including radio 274 equipment on hire on the Vessel at time of delivery shall 275 be
kept and maintained by the Charterers and the 276 Charterers shall assume the obligations and liabilities 277 of the Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for all 279 expenses incurred in
connection therewith, also for any 280 new equipment required in order to comply with radio 281 regulations. 282 (g) Periodical Dry-Docking—The Charterers shall dry- 283 dock the Vessel and clean and paint her underwater 284 parts whenever
the same may be necessary, but not 285 less than once during the period stated in Box 19 or, if 286 Box 19 has been left blank, every sixty (60) calendar 287 months after delivery or such other period as may be 288 required by the
Classification Society or flag State. 289 11. Hire See Clause 36 290 (a) The Charterers shall pay hire due to the Owners 291 punctually in accordance with the terms of this Charter 292 in respect of which time shall be of the essence. 293
(b) The Charterers shall pay to the Owners for the hire 294 of the Vessel a lump sum in the amount indicated in 295 Box 22 which shall be payable not later than every thirty 296 (30) running days in advance, the first lump sum being 297
payable on the date and hour of the Vessel’s delivery to 298 the Charterers. Hire shall be paid continuously 299 throughout the Charter Period. 300 (c) Payment of hire shall be made in cash without 301 discount in the currency and in the
manner indicated in 302 Box 25 and at the place mentioned in Box 26. 303 (d) Final payment of hire, if for a period of less than 304 thirty (30) running days, shall be calculated proportionally 305 according to the number of days and hours
remaining 306 before redelivery and advance payment to be effected 307 accordingly. 308 (e) Should the Vessel be lost or missing, hire shall 309 cease from the date and time when she was lost or last 310 heard of. The date upon which the Vessel
is to be treated 311 as lost or missing shall be ten (10) days after the Vessel 312 was last reported or when the Vessel is posted as 313 missing by Lloyd’s, whichever occurs first. Any hire paid 314 in advance to be adjusted accordingly.
315 (f) Any delay in payment of hire shall entitle the 316 Owners to interest at the rate per annum as agreed 317 in Box 24. If Box 24 has not been filled in, the three months 318 Interbank offered rate in London (LIBOR or its successor) 319
for the currency stated in Box 25, as quoted by the British 320 Bankers’ Association (BBA) on the date when the hire 321 fell due, increased by 2 per cent., shall apply. 322 (g) Payment of interest due under sub-clause 11(f) 323 shall
be made within seven (7) running days of the date 324 of the Owners’ invoice specifying the amount payable 325 or, in the absence of an invoice, at the time of the next 326 hire payment date. 327 12. Mortgage See Clause 35 328 (only to
apply if Box 28 has been appropriately filled in) 329 *) (a) The Owners warrant that they have not effected 330 any mortgage(s) of the Vessel and that they shall not 331 effect any mortgage(s) without the prior consent of the 332 Charterers,
which shall not be unreasonably withheld. 333 *) (b) The Vessel chartered under this Charter is financed 334 by a mortgage according to the Financial Instrument. 335 The Charterers undertake to comply, and provide such 336 information and
documents to enable the Owners to 337 comply, with all such instructions or directions in regard 338 to the employment, insurances, operation, repairs and 339 maintenance of the Vessel as laid down in the Financial 340 Instrument or as may be
directed from time to time during 341 the currency of the Charter by the mortgagee(s) in 342 conformity with the Financial Instrument. The Charterers 343 confirm that, for this purpose, they have acquainted 344 themselves with all relevant terms,
conditions and 345 provisions of the Financial Instrument and agree to 346 acknowledge this in writing in any form that may be 347 required by the mortgagee(s). The Owners warrant that 348 they have not effected any mortgage(s) other than stated 349
in Box 28 and that they shall not agree to any 350 amendment of the mortgage(s) referred to in Box 28 or 351 effect any other mortgage(s) without the prior consent 352 of the Charterers, which shall not be unreasonably 353 withheld. 354 *)
(Optional, Clauses 12(a) and 12(b) are alternatives; 355 indicate alternative agreed in Box 28). 356 13. Insurance and Repairs See also Clause 38 357 (a) Subject and without prejudice to Clause 38, 358 Dduring the Charter Period the Vessel
shall be kept insured by the Charterers at their expense against hull 359 and machinery, marine and war (including blocking 360 and trapping) and Protection and Indemnity risks (excluding freight, demurrage and defence risks) (and any risks against
which it is compulsory to insure 361 for the operation of the Vessel, including but not limited 362 to maintaining financial security in accordance with sub-clause 363 10(a)(iii)) in such form as the Owners shall in writing 364 approve, which
approval shall not be un-reasonably 365 withheld. During the Charter Period, the Charterers 366 shall procure (at Charterers’ expense) that there are in place innocent Owners’ interest insurance, Owner’s additional perils (pollution)
insurance and if applicable Mortgagees’ interest insurance and Mortgagees’ additional perils (pollution) insurance. Such insurances as specified in this Clause 13 shall be arranged by the Charterers to protect the interests of both the
Owners 367 and the Charterers and the mortgageeMortgagee(s) (if 368 any),. and The Charterers shall be at liberty to protect under such 369 insurances the interests of any managers they may 370 appoint. Insurance policies shall cover the Owners and
371 the Charterers and the Mortgagees (if any) according to 372 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the
original BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter their respective interests. Subject to the provisions of the Financial
Instruments (if 373 any), if and the agreed loss payable clauses, any, and the approval of the Owners and the insurers, 374 the Charterers shall effect all insured repairs and shall 375 undertake settlement and reimbursement from the 376 insurers of
all costs in connection with such repairs as 377 well as insured charges, expenses and liabilities to the 378 extent of coverage under the insurances herein provided 379 for. 380 The Charterers also to remain responsible for and to 381 effect
repairs and settlement of costs and expenses 382 incurred thereby in respect of all other repairs not 383 covered by the insurances and/or not exceeding any 384 possible franchise(s) or deductibles provided for in the 385 insurances. 386 All time
used for repairs under the provisions of sub- 387 clause 13(a) and for repairs of latent defects according 388 to Clause 3(c) above, including any deviation, shall be 389 for the Charterers’ account. 390 (b) If the conditions of the above
insurances permit 391 additional insurance to be placed by the parties, such 392 cover shall be limited to the amount for each party set 393 out in Box 30 and Box 31, respectively. The Owners or 394 the Charterers as the case may be shall
immediately 395 furnish the other partyOwners with particulars of any 396 additional insurance effected, including copies of any cover notes 397 or policies and the written consent of the insurers of 398 any such required insurance in any case where
the 399 consent of such insurers is necessary. The Charterers 400 hereby undertake that any additional insurances that they arrange now or in the future will always be compliant with the terms of the underlying hull and machinery policies.
(c) The Charterers shall upon the request of the 401 Owners, provide information and promptly execute such 402 documents as may be required to enable the Owners to 403 comply with the insurance provisions of the each 404 Financial Instrument
(if any). 405 (d) Subject to the provisions of the Financial Instru- 406 ments, if any, and Clause 38 and Clause 40, should the 407 Vessel become an actual, constructive, compromised or agreed a tTotal lLoss under 408 the insurances required
under sub-clause 13(a), all 409 insurance payments for such loss shall be paid to the 410 Owners (or if applicable, their financiers) in 411 accordance with the agreed loss payable clauses who shall distribute the moneys between the Owners and the
Charterers according to their respective 412 interests. The Charterers undertake to notify the Owners 413 and the mortgageeMortgagee(s), if any, of any 414 occurrences in consequence of which the Vessel is likely to become a 415 Ttotal Lloss as
defined in this Clause. 416 (e) The Owners shall upon the request of the 417 Charterers, promptly execute such documents as may 418 be required to enable the Charterers to abandon the 419 Vessel to insurers and claim a constructive total loss.
420 (f) For the purpose of insurance coverage against hull 421 and machinery and war risks under the provisions of 422 sub-clause 13(a), the value of the Vessel is the sum 423 indicated in Box 29Clause 38. 424 14. Insurance, Repairs and
Classification – intentionally 425 omitted (Optional, only to apply if expressly agreed and stated 426 in Box 29, in which event Clause 13 shall be considered 427 deleted). 428 (a) During the Charter Period the Vessel shall be kept 429
insured by the Owners at their expense against hull and 430 machinery and war risks under the form of policy or 431 policies attached hereto. The Owners and/or insurers 432 shall not have any right of recovery or subrogation 433 against the
Charterers on account of loss of or any 434 damage to the Vessel or her machinery or appurt- 435 enances covered by such insurance, or on account of 436 payments made to discharge claims against or liabilities 437 of the Vessel or the Owners covered
by such insurance. 438 Insurance policies shall cover the Owners and the 439 Charterers according to their respective interests. 440 (b) During the Charter Period the Vessel shall be kept 441 insured by the Charterers at their expense against
442 Protection and Indemnity risks (and any risks against 443 which it is compulsory to insure for the operation of the 444 Vessel, including maintaining financial security in 445 accordance with sub-clause 10(a)(iii)) in such form as 446 the Owners
shall in writing approve which approval shall 447 not be unreasonably withheld. 448 (c) In the event that any act or negligence of the 449 Charterers shall vitiate any of the insurance herein 450 provided, the Charterers shall pay to the Owners
all 451 losses and indemnify the Owners against all claims and 452 demands which would otherwise have been covered by 453 such insurance. 454 (d) The Charterers shall, subject to the approval of the 455 Owners or Owners’ Underwriters,
effect all insured 456 repairs, and the Charterers shall undertake settlement 457 of all miscellaneous expenses in connection with such 458 repairs as well as all insured charges, expenses and 459 liabilities, to the extent of coverage under the
insurances 460 provided for under the provisions of sub-clause 14(a). 461 The Charterers to be secured reimbursement through 462 the Owners’ Underwriters for such expenditures upon 463 presentation of accounts. 464 (e) The Charterers to
remain responsible for and to 465 effect repairs and settlement of costs and expenses 466 incurred thereby in respect of all other repairs not 467 covered by the insurances and/or not exceeding any 468 possible franchise(s) or deductibles provided
for in the 469 insurances. 470 (f) All time used for repairs under the provisions of 471 sub-clauses 14(d) and 14(e) and for repairs of latent 472 defects according to Clause 3 above, including any 473 deviation, shall be for the
Charterers’ account and shall 474 form part of the Charter Period. 475 The Owners shall not be responsible for any expenses 476 as are incident to the use and operation of the Vessel 477 for such time as may be required to make such repairs.
478 (g) If the conditions of the above insurances permit 479 additional insurance to be placed by the parties such 480 cover shall be limited to the amount for each party set 481 out in Box 30 and Box 31, respectively. The Owners or 482 the
Charterers as the case may be shall immediately 483 furnish the other party with particulars of any additional 484 insurance effected, including copies of any cover notes 485 or policies and the written consent of the insurers of 486 any such
required insurance in any case where the 487 consent of such insurers is necessary. 488 (h) Should the Vessel become an actual, constructive, 489 compromised or agreed total loss under the insurances 490 required under sub-clause 14(a), all
insurance payments 491 for such loss shall be paid to the Owners, who shall 492 distribute the moneys between themselves and the 493 Charterers according to their respective interests. 494 (i) If the Vessel becomes an actual, constructive, 495
compromised or agreed total loss under the insurances 496 arranged by the Owners in accordance with sub-clause 497 14(a), this Charter shall terminate as of the date of such 498 loss. 499 (j) The Charterers shall upon the request of the 500
Owners, promptly execute such documents as may be 501 required to enable the Owners to abandon the Vessel 502 to the insurers and claim a constructive total loss. 503 (k) For the purpose of insurance coverage against hull 504 and machinery and
war risks under the provisions of 505 sub-clause 14(a), the value of the Vessel is the sum 506 indicated in Box 29. 507 (l) Notwithstanding anything contained in sub-clause 508 This document is a computer generated BARECON 2001 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 10(a), it is agreed that under the provisions of Clause 509 14, if
applicable, the Owners shall keep the Vessel’s 510 Class fully up to date with the Classification Society 511 indicated in Box 10 and maintain all other necessary 512 certificates in force at all times. 513 15. Redelivery See Clause 40 514 At
the expiration of the Charter Period the Vessel shall 515 be redelivered by the Charterers to the Owners at a 516 safe and ice-free port or place as indicated in Box 16, in 517 such ready safe berth as the Owners may direct. The 518 Charterers shall
give the Owners not less than thirty 519 (30) running days’ preliminary notice of expected date, 520 range of ports of redelivery or port or place of redelivery 521 and not less than fourteen (14) running days’ definite 522
notice of expected date and port or place of redelivery. 523 Any changes thereafter in the Vessel’s position shall be 524 notified immediately to the Owners. 525 The Charterers warrant that they will not permit the 526 Vessel to commence a
voyage (including any preceding 527 ballast voyage) which cannot reasonably be expected 528 to be completed in time to allow redelivery of the Vessel 529 within the Charter Period. Notwithstanding the above, 530 should the Charterers fail to
redeliver the Vessel within 531 The Charter Period, the Charterers shall pay the daily 532 equivalent to the rate of hire stated in Box 22 plus 10 533 per cent. or to the market rate, whichever is the higher, 534 for the number of days by which
the Charter Period is 535 exceeded. All other terms, conditions and provisions of 536 this Charter shall continue to apply. 537 Subject to the provisions of Clause 10, the Vessel shall 538 be redelivered to the Owners in the same or as good 539
structure, state, condition and class as that in which she 540 was delivered, fair wear and tear not affecting class 541 excepted. 542 The Vessel upon redelivery shall have her survey cycles 543 up to date and trading and class certificates valid
for at 544 least the number of months agreed in Box 17. 545 16. Non-Lien 546 Other than Permitted Security Interests, Tthe 547 Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their 548 agents,
which might have priority over the title and 549 interest of the Owners in the Vessel. The Charterers 550 further agree to fasten to the Vessel in a conspicuous 551 place and to keep so fastened during the Charter Period 552 a notice reading as
follows: 553 “This Vessel is the property of (name of Owners). It is 554 under charter to (name of Charterers) and by the terms 555 of the Charter Party neither the Charterers nor the 556 Master have any right, power or authority to create,
incur 557 or permit to be imposed on the Vessel any lien 558 whatsoever.” 559 or a notice in such form as required by any Mortgagee(s). 17. Indemnity See Clauses 37.3, 38.14, 38.15, 40.5, 41.2 560 and 50 (a) The Charterers shall indemnify
the Owners against 561 any loss, damage or expense incurred by the Owners 562 arising out of or in relation to the operation of the Vessel 563 by the Charterers, and against any lien of whatsoever 564 nature arising out of an event occurring during
the 565 Charter Period. If the Vessel be arrested or otherwise 566 detained by reason of claims or liens arising out of her 567 operation hereunder by the Charterers, the Charterers 568 shall at their own expense take all reasonable steps to 569
secure that within a reasonable time the Vessel is 570 released, including the provision of bail. 571 Without prejudice to the generality of the foregoing, the 572 Charterers agree to indemnify the Owners against all 573 consequences or liabilities
arising from the Master, 574 officers or agents signing Bills of Lading or other 575 documents. 576 (b) If the Vessel be arrested or otherwise detained by 577 reason of a claim or claims against the Owners, the 578 Owners shall at their own
expense take all reasonable 579 steps to secure that within a reasonable time the Vessel 580 is released, including the provision of bail. 581 In such circumstances the Owners shall indemnify the 582 Charterers against any loss, damage or expense
583 incurred by the Charterers (including hire paid under 584 this Charter) as a direct consequence of such arrest or 585 detention. 586 18. Lien 587 The Owners to have a lien upon all cargoes, sub-hires 588 and sub-freights belonging or due to the
Charterers or 589 any sub-charterers and any Bill of Lading freight for all 590 claims under this Charter, and the Charterers to have a 591 lien on the Vessel for all moneys paid in advance and 592 not earned. 593 19. Salvage 594 All salvage and
towage performed by the Vessel shall 595 be for the Charterers’ benefit and the cost of repairing 596 damage occasioned thereby shall be borne by the 597 Charterers. 598 20. Wreck Removal 599 In the event of the Vessel becoming a wreck or 600
obstruction to navigation the Charterers shall indemnify 601 the Owners against any sums whatsoever which the 602 Owners shall become liable to pay and shall pay in 603 consequence of the Vessel becoming a wreck or 604 obstruction to navigation. 605
21. General Average 606 The Owners shall not contribute to General Average. 607 22. Assignment, Sub-Charter and Sale (see Clauses 608 46.1(v)) and 40.3) (a) The Charterers shall not assign this Charter nor 609 sub-charter the Vessel on a
bareboat basis except with 610 the prior consent in writing of the Owners, which shall 611 not be unreasonably withheld, and subject to such terms 612 and conditions as the Owners shall approve. 613 (b) The Owners shall not sell the Vessel
during the 614 currency of this Charter except with the prior written 615 consent of the Charterers, which shall not be unreason- 616 ably withheld, and subject to the buyer accepting an 617 assignment of this Charter. 618 23. Contracts of Carriage
619 *) (a) The Charterers are to procure that all documents 620 issued during the Charter Period evidencing the terms 621 and conditions agreed in respect of carriage of goods 622 shall contain a paramount clause incorporating any 623
legislation relating to carrier’s liability for cargo 624 compulsorily applicable in the trade; if no such legislation 625 exists, the documents shall incorporate the Hague-Visby 626 Rules. The documents shall also contain the New Jason 627
Clause and the Both-to-Blame Collision Clause. 628 *) (b) The Charterers are to procure that all passenger 629 tickets issued during the Charter Period for the carriage 630 of passengers and their luggage under this Charter shall 631 contain a
paramount clause incorporating any legislation 632 relating to carrier’s liability for passengers and their 633 luggage compulsorily applicable in the trade; if no such 634 legislation exists, the passenger tickets shall incorporate 635 the
Athens Convention Relating to the Carriage of 636 Passengers and their Luggage by Sea, 1974, and any 637 protocol thereto. 638 *) Delete as applicable. 639 24. Bank Corporate Guarantee 640 (Optional, only to apply if Box 27 filled in) 641 The
Charterers undertake to furnish, on or about the 642 date of this Charter before delivery of the Vessel, a first class bank a corporate guarantee from 643 the Guarantor or bond in the sum and at the place as indicated in Box 27 as 644 This document
is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible,
the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter guarantee, and on or about the date of this Charter the other Security
Documents (as the case may be) as 645 security, in each case for full performance of their obligations under this Charter. 646 25. Requisition/Acquisition 647 (a) Subject to the provisions of the Financial 648 Instruments (if any) and the
General Assignment, Iin the event of the Requisition for Hire of the Vessel by any governmental or other competent authority 649 (hereinafter referred to as “Requisition for Hire”) 650 irrespective of the date during the Charter Period
when 651 “Requisition for Hire” may occur and irrespective of the 652 length thereof and whether or not it be for an indefinite 653 or a limited period of time, and irrespective of whether it 654 may or will remain in force for the
remainder of the 655 Charter Period, this Charter shall not be deemed thereby 656 or thereupon to be frustrated or otherwise terminated 657 and the Charterers shall continue to pay the stipulated 658 hire in the manner provided by this Charter until
the time 659 when the Charter would have terminated pursuant to 660 any of the provisions hereof always provided however 661 that if all hire has been paid by the Charterers 662 hereunder then in the event of “Requisition for Hire” any
Requisition Hire or compensation is received or receivable by the 663 Owners, the same shall be payable to the Charterers 664 during the remainder of the Charter Period or the period of the 665 “Requisition for Hire” whichever be the
shorter. 666 (b) In the event of the Owners being deprived of their 667 ownership in the Vessel by any Compulsory Acquisition 668 of the Vessel or requisition for title by any governmental 669 or other competent authority (hereinafter referred
to as 670 “Compulsory Acquisition”), then, irrespective of the date 671 during the Charter Period when “Compulsory Acqui- 672 sition” may occur, this Charter shall be deemed 673 terminated as of the date of such “Compulsory
674 Acquisition”. In such event Charter Hire to be considered 675 as earned and to be paid up to the date and time of 676 such “Compulsory Acquisition”. 677 26. War 678 (a) Subject to the provisions of the Financial 679
Instruments (if any), Ffor the purpose of this Clause, the words “War Risks” shall include any war (whether actual or 680 threatened), act of war, civil war, hostilities, revolution, 681 rebellion, civil commotion, warlike operations, the
laying 682 of mines (whether actual or reported), acts of piracy, 683 acts of terrorists, acts of hostility or malicious damage, 684 blockades (whether imposed against all vessels or 685 imposed selectively against vessels of certain flags or 686
ownership, or against certain cargoes or crews or 687 otherwise howsoever), by any person, body, terrorist or 688 political group, or the Government of any state 689 whatsoever, which may be dangerous or are likely to be 690 or to become dangerous
to the Vessel, her cargo, crew 691 or other persons on board the Vessel. 692 (b) Without first obtaining the consent of the 693 insurers to such employment and complying with the terms of Clause 38 and such other requirements as to extra
insurance premiums or any other requirements as may be prescribed by the insurers, tThe Vessel, unless the written consent of the Owners be first obtained, shall not continue to or go 694 through any port, place, area or zone (whether of land 695 or
sea), or any waterway or canal, where it reasonably 696 appears that the Vessel, her cargo, crew or other 697 persons on board the Vessel, in the reasonable 698 judgement of the Owners, may be, or are likely to be, 699 exposed to War Risks. Should
the Vessel be within any 700 such place as aforesaid, which only becomes danger- 701 ous, or is likely to be or to become dangerous, after her 702 entry into it, the Owners shall have the right to require 703 the Vessel to leave such area. 704
(c) The Vessel shall not load contraband cargo, or to 705 pass through any blockade, whether such blockade be 706 imposed on all vessels, or is imposed selectively in any 707 way whatsoever against vessels of certain flags or 708 ownership, or
against certain cargoes or crews or 709 otherwise howsoever, or to proceed to an area where 710 she shall be subject, or is likely to be subject to 711 a belligerent’s right of search and/or confiscation. 712 (d) If the insurers of the war
risks insurance, when 713 Clause 14 is applicable, should require payment of 714 premiums and/or calls because, pursuant to the 715 Charterers’ orders, the Vessel is within, or is due to enter 716 and remain within, any area or areas which are
specified 717 by such insurers as being subject to additional premiums 718 because of War Risks, then such premiums and/or calls 719 shall be reimbursed by the Charterers to the Owners at 720 the same time as the next payment of hire is due. 721
(e) The Charterers shall have the liberty: 722 (i) to comply with all orders, directions, recommend- 723 ations or advice as to departure, arrival, routes, 724 sailing in convoy, ports of call, stoppages, 725 destinations, discharge of
cargo, delivery, or in any 726 other way whatsoever, which are given by the 727 Government of the Nation under whose flag the 728 Vessel sails, or any other Government, body or 729 group whatsoever acting with the power to compel 730 compliance with
their orders or directions; 731 (ii) to comply with the orders, directions or recom- 732 mendations of any war risks underwriters who have 733 the authority to give the same under the terms of 734 the war risks insurance; 735 (iii) to
comply with the terms of any resolution of the 736 Security Council of the United Nations, any 737 directives of the European Community, the effective 738 orders of any other Supranational body which has 739 the right to issue and give the same, and
with 740 national laws aimed at enforcing the same to which 741 the Owners are subject, and to obey the orders 742 and directions of those who are charged with their 743 enforcement. 744 (f) In the event of outbreak of war (whether there be a
745 declaration of war or not) (i) between any two or more 746 of the following countries: the United States of America; 747 Russia; the United Kingdom; France; and the People’s 748 Republic of China, (ii) between any two or more of
the 749 countries stated in Box 36, both the Owners and the 750 Charterers shall have the right to cancel this Charter, 751 whereupon the Charterers shall redeliver the Vessel to 752 the Owners in accordance with Clause 15, if the Vessel 753 has
cargo on board after discharge thereof at 754 destination, or if debarred under this Clause from 755 reaching or entering it at a near, open and safe port as 756 directed by the Owners, or if the Vessel has no cargo 757 on board, at the port at
which the Vessel then is or if at 758 sea at a near, open and safe port as directed by the 759 Owners. In all cases hire shall continue to be paid in 760 accordance with Clause 11 and except as aforesaid all 761 other provisions of this Charter
shall apply until 762 redeliverythe end of the Security Period. 763 27. Commission – intentionally omitted 764 The Owners to pay a commission at the rate indicated 765 in Box 33 to the Brokers named in Box 33 on any hire 766 paid under the
Charter. If no rate is indicated in Box 33, 767 the commission to be paid by the Owners shall cover 768 the actual expenses of the Brokers and a reasonable 769 fee for their work. 770 If the full hire is not paid owing to breach of the Charter 771
by either of the parties the party liable therefor shall 772 indemnify the Brokers against their loss of commission. 773 Should the parties agree to cancel the Charter, the 774 Owners shall indemnify the Brokers against any loss of 775 commission
but in such case the commission shall not 776 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original
BIMCO approved document and this computer generated document. 
  

 

 
 PART II “BARECON 2001” Standard Bareboat Charter exceed the brokerage on one year’s hire. 777 28. Termination See
Clauses 40 and 44 778 (a) Charterers’ Default 779 The Owners shall be entitled to withdraw the Vessel from 780 the service of the Charterers and terminate the Charter 781 with immediate effect by written notice to the Charterers if: 782
(i) the Charterers fail to pay hire in accordance with 783 Clause 11. However, where there is a failure to 784 make punctual payment of hire due to oversight, 785 negligence, errors or omissions on the part of the 786 Charterers or their
bankers, the Owners shall give 787 the Charterers written notice of the number of clear 788 banking days stated in Box 34 (as recognised at 789 the agreed place of payment) in which to rectify 790 the failure, and when so rectified within such 791
number of days following the Owners’ notice, the 792 payment shall stand as regular and punctual. 793 Failure by the Charterers to pay hire within the 794 number of days stated in Box 34 of their receiving 795 the Owners’ notice as
provided herein, shall entitle 796 the Owners to withdraw the Vessel from the service 797 of the Charterers and terminate the Charter without 798 further notice; 799 (ii) the Charterers fail to comply with the requirements of: 800
(1) Clause 6 (Trading Restrictions) 801 (2) Clause 13(a) (Insurance and Repairs) 802 provided that the Owners shall have the option, by 803 written notice to the Charterers, to give the 804 Charterers a specified number of days grace
within 805 which to rectify the failure without prejudice to the 806 Owners’ right to withdraw and terminate under this 807 Clause if the Charterers fail to comply with such 808 notice; 809 (iii) the Charterers fail to rectify any failure
to comply 810 with the requirements of sub-clause 10(a)(i) 811 (Maintenance and Repairs) as soon as practically 812 possible after the Owners have requested them in 813 writing so to do and in any event so that the Vessel’s 814 insurance cover
is not prejudiced. 815 (b) Owners’ Default 816 If the Owners shall by any act or omission be in breach 817 of their obligations under this Charter to the extent that 818 the Charterers are deprived of the use of the Vessel 819 and such
breach continues for a period of fourteen (14) 820 running days after written notice thereof has been given 821 by the Charterers to the Owners, the Charterers shall 822 be entitled to terminate this Charter with immediate effect 823 by written
notice to the Owners. 824 (c) Loss of Vessel 825 This Charter shall be deemed to be terminated if the 826 Vessel becomes a total loss or is declared as a 827 constructive or compromised or arranged total loss. For 828 the purpose of this
sub-clause, the Vessel shall not be 829 deemed to be lost unless she has either become an 830 actual total loss or agreement has been reached with 831 her underwriters in respect of her constructive, 832 compromised or arranged total loss or if such
agreement 833 with her underwriters is not reached it is adjudged by a 834 competent tribunal that a constructive loss of the Vessel 835 has occurred. 836 (d) Either party shall be entitled to terminate this 837 Charter with immediate effect by
written notice to the 838 other party in the event of an order being made or 839 resolution passed for the winding up, dissolution, 840 liquidation or bankruptcy of the other party (otherwise 841 than for the purpose of reconstruction or
amalgamation) 842 or if a receiver is appointed, or if it suspends payment, 843 ceases to carry on business or makes any special 844 arrangement or composition with its creditors. 845 (e) The termination of this Charter shall be without 846
prejudice to all rights accrued due between the parties 847 prior to the date of termination and to any claim that 848 either party might have. 849 29. Repossession 850 In the event of the Owners have made a request for 851 redelivery of the Vessel
termination of this Charter in accordance with the applicable provisions of Clause 852 28Clause 40.3, the Owners shall in addition have the right to repossess 853 the Vessel from the Charterers at her current or next port of call, or 854 at a port
or place convenient to them without hindrance 855 or interference by the Charterers, courts or local 856 authorities. Pending physical repossession of the Vessel 857 in accordance with this Clause 29 and/or Clause 40, the 858 Charterers shall hold
the Vessel as gratuitous bailee only to the Owners 859 and the Charterers shall procure that the master and crew follow the orders and directions of the Owners. The Owners shall arrange for an authorised represent- 860 ative to board the Vessel as
soon as reasonably 861 practicable following the termination of the Charter. The 862 Vessel shall be deemed to be repossessed by the 863 Owners from the Charterers upon the boarding of the 864 Vessel by the Owners’ representative. All
arrangements 865 and expenses relating to the settling of wages, 866 disembarkation and repatriation of the Charterers’ 867 Master, officers and crew shall be the sole responsibility 868 of the Charterers. 869 30. Dispute Resolution 870 *)
(a) This Contract Charter and any non-contractual 871 obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and any dispute arising 872 out of or in connection with this Contract
Charter shall be 873 referred to arbitration in London in accordance with the Arbitration 874 Act 1996 or any statutory modification or re-enactment 875 thereof save to the extent necessary to give effect to 876 the provisions of this Clause. 877
The arbitration shall be conducted in accordance with 878 the London Maritime Arbitrators Association (LMAA) 879 Terms current at the time when the arbitration proceed- 880 ings are commenced. 881 The reference shall be to three arbitrators. A party
882 wishing to refer a dispute to arbitration shall appoint its 883 arbitrator and send notice of such appointment in writing 884 to the other party requiring the other party to appoint its 885 own arbitrator within 14 calendar days of that notice
and 886 stating that it will appoint its arbitrator as sole arbitrator 887 unless the other party appoints its own arbitrator and 888 gives notice that it has done so within the 14 days 889 specified. If the other party does not appoint its own 890
arbitrator and give notice that it has done so within the 891 14 days specified, the party referring a dispute to 892 arbitration may, without the requirement of any further 893 prior notice to the other party, appoint its arbitrator as 894 sole
arbitrator and shall advise the other party 895 accordingly. The award of a sole arbitrator shall be 896 binding on both parties as if he had been appointed by 897 agreement. 898 Nothing herein shall prevent the parties agreeing in 899 writing to
vary these provisions to provide for the 900 appointment of a sole arbitrator. 901 In cases where neither the claim nor any counterclaim 902 exceeds the sum of US$50,000 (or such other sum as 903 the parties may agree) the arbitration shall be
conducted 904 in accordance with the LMAA Small Claims Procedure 905 current at the time when the arbitration proceedings are 906 commenced. 907 *) (b) This Contract shall be governed by and construed 908 in accordance with Title 9 of the
United States Code 909 and the Maritime Law of the United States and any 910 dispute arising out of or in connection with this Contract 911 shall be referred to three persons at New York, one to 912 be appointed by each of the parties hereto, and
the third 913 by the two so chosen; their decision or that of any two 914 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any
modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter of them shall be final, and for the purposes of enforcing 915 any
award, judgement may be entered on an award by 916 any court of competent jurisdiction. The proceedings 917 shall be conducted in accordance with the rules of the 918 Society of Maritime Arbitrators, Inc. 919 In cases where neither the claim nor any
counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at
924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928
connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there. 931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to
refer to mediation any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following
shall apply:- 938 (i) Either party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on
the other 942 party to agree to mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a
mediator within a further 947 14 calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate
for that 951 purpose. The mediation shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If
the other party does not agree to mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The
mediation shall not affect the right of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The
arbitration procedure shall 966 continue during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or
specified in the 971 mediation terms, each party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice
975 and confidential and no information or documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties
should be aware that the mediation 980 process may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d) shall 983 apply in all
cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party to the other 988 party shall be in writing and may be
sent by fax, telex, 989 registered or recorded mail or by personal service. 990 (b) The address of the Parties for service of such 991 communication shall be as stated in Boxes 3 and 4 992 respectively. 993 This document is a computer generated
BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART III PART PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY
(Optional, only to apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 (a) The Vessel shall be constructed in accordance with 2 the Building Contract (hereafter called “the Building 3 Contract”)
as annexed to this Charter, made between the 4 Builders and the Owners and in accordance with the 5 specifications and plans annexed thereto, such Building 6 Contract, specifications and plans having been counter- 7 signed as approved by the
Charterers. 8 (b) No change shall be made in the Building Contract or 9 in the specifications or plans of the Vessel as approved by 10 the Charterers as aforesaid, without the Charterers’ 11 consent. 12 (c) The Charterers shall have
the right to send their 13 representative to the Builders’ Yard to inspect the Vessel 14 during the course of her construction to satisfy themselves 15 that construction is in accordance with such approved 16 specifications and plans as
referred to under sub-clause 17 (a) of this Clause. 18 (d) The Vessel shall be built in accordance with the 19 Building Contract and shall be of the description set out 20 therein. Subject to the provisions of sub-clause 2(c)(ii) 21
hereunder, the Charterers shall be bound to accept the 22 Vessel from the Owners, completed and constructed in 23 accordance with the Building Contract, on the date of 24 delivery by the Builders. The Charterers undertake that 25 having accepted the
Vessel they will not thereafter raise 26 any claims against the Owners in respect of the Vessel’s 27 performance or specification or defects, if any. 28 Nevertheless, in respect of any repairs, replacements or 29 defects which appear within the
first 12 months from 30 delivery by the Builders, the Owners shall endeavour to 31 compel the Builders to repair, replace or remedy any defects 32 or to recover from the Builders any expenditure incurred in 33 carrying out such repairs, replacements
or remedies. 34 However, the Owners’ liability to the Charterers shall be 35 limited to the extent the Owners have a valid claim against 36 the Builders under the guarantee clause of the Building 37 Contract (a copy whereof has been supplied to
the 38 Charterers). The Charterers shall be bound to accept such 39 sums as the Owners are reasonably able to recover under 40 this Clause and shall make no further claim on the Owners 41 for the difference between the amount(s) so recovered and 42
the actual expenditure on repairs, replacement or 43 remedying defects or for any loss of time incurred. 44 Any liquidated damages for physical defects or deficiencies 45 shall accrue to the account of the party stated in Box 41(a) 46 or if not
filled in shall be shared equally between the parties. 47 The costs of pursuing a claim or claims against the Builders 48 under this Clause (including any liability to the Builders) 49 shall be borne by the party stated in Box 41(b) or if not 50
filled in shall be shared equally between the parties. 51 2. Time and Place of Delivery 52 (a) Subject to the Vessel having completed her 53 acceptance trials including trials of cargo equipment in 54 accordance with the Building Contract and
specifications 55 to the satisfaction of the Charterers, the Owners shall give 56 and the Charterers shall take delivery of the Vessel afloat 57 when ready for delivery and properly documented at the 58 Builders’ Yard or some other safe and
readily accessible 59 dock, wharf or place as may be agreed between the parties 60 hereto and the Builders. Under the Building Contract the 61 Builders have estimated that the Vessel will be ready for 62 delivery to the Owners as therein provided
but the delivery 63 date for the purpose of this Charter shall be the date when 64 the Vessel is in fact ready for delivery by the Builders after 65 completion of trials whether that be before or after as 66 indicated in the Building Contract. The
Charterers shall not 67 be entitled to refuse acceptance of delivery of the Vessel 68 and upon and after such acceptance, subject to Clause 69 1(d), the Charterers shall not be entitled to make any claim 70 against the Owners in respect of any
conditions, 71 representations or warranties, whether express or implied, 72 as to the seaworthiness of the Vessel or in respect of delay 73 in delivery. 74 (b) If for any reason other than a default by the Owners 75 under the Building
Contract, the Builders become entitled 76 under that Contract not to deliver the Vessel to the Owners, 77 the Owners shall upon giving to the Charterers written 78 notice of Builders becoming so entitled, be excused from 79 giving delivery of the
Vessel to the Charterers and upon 80 receipt of such notice by the Charterers this Charter shall 81 cease to have effect. 82 (c) If for any reason the Owners become entitled under 83 the Building Contract to reject the Vessel the Owners shall,
84 before exercising such right of rejection, consult the 85 Charterers and thereupon 86 (i) if the Charterers do not wish to take delivery of the Vessel 87 they shall inform the Owners within seven (7) running days 88 by notice in writing
and upon receipt by the Owners of such 89 notice this Charter shall cease to have effect; or 90 (ii) if the Charterers wish to take delivery of the Vessel 91 they may by notice in writing within seven (7) running days 92 require the Owners
to negotiate with the Builders as to the 93 terms on which delivery should be taken and/or refrain from 94 exercising their right to rejection and upon receipt of such 95 notice the Owners shall commence such negotiations and/ 96 or take delivery of
the Vessel from the Builders and deliver 97 her to the Charterers; 98 (iii) in no circumstances shall the Charterers be entitled to 99 reject the Vessel unless the Owners are able to reject the 100 Vessel from the Builders; 101 (iv) if
this Charter terminates under sub-clause (b) or (c) of 102 this Clause, the Owners shall thereafter not be liable to the 103 Charterers for any claim under or arising out of this Charter 104 or its termination. 105 (d) Any liquidated
damages for delay in delivery under the 106 Building Contract and any costs incurred in pursuing a claim 107 therefor shall accrue to the account of the party stated in 108 Box 41(c) or if not filled in shall be shared equally between 109 the
parties. 110 3. Guarantee Works 111 If not otherwise agreed, the Owners authorise the 112 Charterers to arrange for the guarantee works to be 113 performed in accordance with the building contract terms, 114 and hire to continue during the period of
guarantee works. 115 The Charterers have to advise the Owners about the 116 performance to the extent the Owners may request. 117 4. Name of Vessel 118 The name of the Vessel shall be mutually agreed between 119 the Owners and the Charterers and the
Vessel shall be 120 painted in the colours, display the funnel insignia and fly 121 the house flag as required by the Charterers. 122 5. Survey on Redelivery 123 The Owners and the Charterers shall appoint surveyors 124 for the purpose of
determining and agreeing in writing the 125 condition of the Vessel at the time of re-delivery. 126 Without prejudice to Clause 15 (Part II), the Charterers 127 shall bear all survey expenses and all other costs, if any, 128 including the cost of
docking and undocking, if required, 129 as well as all repair costs incurred. The Charterers shall 130 also bear all loss of time spent in connection with any 131 docking and undocking as well as repairs, which shall be 132 paid at the rate of hire
per day or pro rata. 133 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and
this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART IV PART HIRE/PURCHASE AGREEMENT (Optional, only to apply if
expressly agreed and stated in Box 42) On expiration of this Charter and provided the Charterers 1 have fulfilled their obligations according to Part I and II 2 as well as Part III, if applicable, it is agreed, that on 3 payment of the final payment
of hire as per Clause 11 4 the Charterers have purchased the Vessel with 5 everything belonging to her and the Vessel is fully paid 6 for. 7 In the following paragraphs the Owners are referred to 8 as the Sellers and the Charterers as the Buyers. 9
The Vessel shall be delivered by the Sellers and taken 10 over by the Buyers on expiration of the Charter. 11 The Sellers guarantee that the Vessel, at the time of 12 delivery, is free from all encumbrances and maritime 13 liens or any debts
whatsoever other than those arising 14 from anything done or not done by the Buyers or any 15 existing mortgage agreed not to be paid off by the time 16 of delivery. Should any claims, which have been incurred 17 prior to the time of delivery be
made against the Vessel, 18 the Sellers hereby undertake to indemnify the Buyers 19 against all consequences of such claims to the extent it 20 can be proved that the Sellers are responsible for such 21 claims. Any taxes, notarial, consular and
other charges 22 and expenses connected with the purchase and 23 registration under Buyers’ flag, shall be for Buyers’ 24 account. Any taxes, consular and other charges and 25 expenses connected with closing of the Sellers’ register,
26 shall be for Sellers’ account. 27 In exchange for payment of the last month’s hire 28 instalment the Sellers shall furnish the Buyers with a 29 Bill of Sale duly attested and legalized, together with a 30 certificate setting out the
registered encumbrances, if 31 any. On delivery of the Vessel the Sellers shall provide 32 for deletion of the Vessel from the Ship’s Register and 33 deliver a certificate of deletion to the Buyers. 34 The Sellers shall, at the time of
delivery, hand to the 35 Buyers all classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 be in Sellers’ possession. 38 The Wireless Installation and Nautical Instruments, 39 unless on
hire, shall be included in the sale without any 40 extra payment. 41 The Vessel with everything belonging to her shall be at 42 Sellers’ risk and expense until she is delivered to the 43 Buyers, subject to the conditions of this Contract and 44
the Vessel with everything belonging to her shall be 45 delivered and taken over as she is at the time of delivery, 46 after which the Sellers shall have no responsibility for 47 possible faults or deficiencies of any description. 48 The Buyers
undertake to pay for the repatriation of the 49 Master, officers and other personnel if appointed by the 50 Sellers to the port where the Vessel entered the Bareboat 51 Charter as per Clause 3 (Part II) or to pay the equivalent 52 cost for their
journey to any other place. 53 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of
this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved
document and this computer generated document. 

 

 
 ?BARECON 2001? Standard Bareboat Charter OPTIONAL PART PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER
REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 For the purpose of this PART V, the following terms shall 2 have the meanings hereby assigned to them: 3 ?The Bareboat Charter Registry? shall mean the
registry 4 of the State whose flag the Vessel will fly and in which 5 the Charterers are registered as the bareboat charterers 6 during the period of the Bareboat Charter. 7 ?The Underlying Registry? shall mean the registry of the 8 state in which
the Owners of the Vessel are registered 9 as Owners and to which jurisdiction and control of the 10 Vessel will revert upon termination of the Bareboat 11 Charter Registration. 12 2. Mortgage 13 The Vessel chartered under this Charter is financed by
14 a mortgage and the provisions of Clause 12(b) (Part II) 15 shall apply. 16 3. Termination of Charter by Default 17 If the Vessel chartered under this Charter is registered 18 in a Bareboat Charter Registry as stated in Box 44, and 19 if the
Owners shall default in the payment of any amounts 20 due under the mortgage(s) specified in Box 28, the 21 Charterers shall, if so required by the mortgagee, direct 22 the Owners to re-register the Vessel in the Underlying 23 Registry as shown in
Box 45. 24 In the event of the Vessel being deleted from the 25 Bareboat Charter Registry as stated in Box 44, due to a 26 default by the Owners in the payment of any amounts 27 due under the mortgage(s), the Charterers shall have 28 the right to
terminate this Charter forthwith and without 29 prejudice to any other claim they may have against the 30 Owners under this Charter. 31 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion
to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any
loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 Execution Version 

ADDITIONAL CLAUSES TO BARECON 2001 DATED 25 MAY 2018 

CLAUSE 32  – CHARTER PERIOD 
  

	 32.1
	 For the avoidance of doubt, notwithstanding the fact that the Charter Period shall commence on the Commencement
Date, this Charter shall be: 

  

	 (a)
	 in full force and effect; and 

 

	 (b)
	 valid, binding and enforceable against the parties hereto, 

 

	 (c)
	 with effect from the date of this Charter until the end of the Charter Period (subject to the terms of this Charter).

  

	 32.2
	 The Charter Period shall, subject to the terms of this Charter, continue for a period of sixty (60) months
from the Commencement Date. 

 CLAUSE 33  – CANCELLATION 

 

	 33.1
	 If: 

  

	 (a)
	 a Termination Event occurs prior to the delivery of the Vessel by the Charterers as sellers to Owners as buyers under
the MOA; 

  

	 (b)
	 it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their obligations under the MOA
or any of the obligations of the Owners under the MOA are not or cease to be legal, valid, binding and enforceable; and/or 

  

	 (c)
	 the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and
effect for any reason, 

 then this Charter shall immediately terminate and be cancelled (provided that any
provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever provided that the Owners shall be entitled to
retain all fees or amounts paid by the Charterers pursuant to Clause 41.1 and Clause 41.2(and without prejudice to Clause 41.1 or Clause 41.2 and if such fees or amounts have not been paid but are due and payable, the Charterers shall forthwith pay
such fees or amounts to the Owners in accordance with Clause 41.1) and such payment and any default interest in relation thereto shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners
in entering into this Charter upon the terms and conditions contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as compensation to the Owners, provided that if such termination or cancellation is
solely attributable to the Owners’ breach of their obligations under the Leasing Documents, any Total Loss or any incidents beyond the control of the Charterers (but in any case excluding, for the avoidance of doubt, any act or incident which
has taken place after the occurrence of a Termination Event or Potential Termination Event), then the Charterers shall not be discharged from the payment obligations under Clause 41.1 and if any fee has been paid by the Charterers (and actually
received by the Owners) prior to such termination or cancellation the Owners shall refund such fee to the Charterers (in any case without interest). 

  
 1 

 CLAUSE 34  – DELIVERY OF VESSEL 

34.1 
  

	 (a)
	 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one
of the Leasing Documents. 

  

	 (b)
	 Prior to the Owners’ prepositioning of the Relevant Amount on the Prepositioning Date in accordance with clause
19(b) of the MOA, the Charterers shall in advance provide the Owners with the documents or evidence set out in Part A of Schedule II in form and substance satisfactory to the Owners. 

 

	 (c)
	 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:

  

	 	 (i)
	 the delivery of the Vessel by the Charterers as sellers to the Owners as buyers in accordance with the terms of the
MOA with such Delivery occurring on or before the Cancelling Date(and, for the purposes of this Charter, the Vessel shall be deemed delivered to the Charterers simultaneously with delivery of the Vessel to the Owners pursuant to the MOA);

  

	 	 (ii)
	 no Potential Termination Event or Termination Event having occurred and being continuing as at the Commencement Date;

  

	 	 (iii)
	 the representations and warranties contained in Clause 45 being true and correct on the date of this Charter and each
day thereafter until and including the last day of the Charter Period; 

  

	 	 (iv)
	 the Owners having received from the Charterers: 

 

	 	 (A)
	 on or prior to Delivery, the documents or evidence set out in Part B of Schedule II in form and substance satisfactory
to them; and 

  

	 	 (B)
	 after Delivery, the documents or evidence set out in Part C of Schedule II in form and substance satisfactory to them
within the time periods set out thereunder; 

  

	 	  
	 and if any of the documents listed in sub-paragraph (iv) above are not in
the English language then they shall be accompanied by a certified English translation. 

  

	 34.2
	 The conditions precedent or conditions subsequent specified in Clause (b)(iv) are inserted for the sole benefit
of the Owners and may be waived or deferred in whole or in part and with or without conditions by the Owners. 

  

	 34.3
	 On delivery to and acceptance by the Owners of the Vessel under the MOA from the Charterers as sellers and
subject to the provisions of this Clause 34, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of
the Vessel on and subject to the terms and conditions of this Charter. 

  

	 34.4
	 On Delivery, as evidence of the commencement of the Charter Period the Charterers shall sign and deliver to the
Owners the Acceptance Certificate. Without prejudice to this Clause 34.4, the Charterers shall be deemed to have accepted the Vessel under this Charter and the commencement of the Charter Period having started, on Delivery even if for whatever
reason, the Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time. 

  
 2 

	 34.5
	 Save where any of the events set out under Clause 44.1(f)(iv), (v), (vi) and (viii) below applies in
relation to the Owners (and in the absence of a Termination Event or Potential Termination Event having occurred at the same time), the Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this
Charter once the Vessel has been delivered to and accepted by the Owners under the MOA from the Charterers as sellers, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever arising including, without
limitation, any loss of profit or any loss or otherwise: 

  

	 (a)
	 resulting directly or indirectly from any defect or alleged defect in the Vessel or any failure of the Vessel; or

  

	 (b)
	 arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.

  

	 34.6
	 The Owners will not and shall not be obliged to deliver the Vessel to the Charterers with any bunkers and
unused lubricating oils and greases (whether in storage tanks and unopened drums or otherwise) except such items (including bunkers, lubricating oils, unbroached provisions, paints, ropes and other consumable stores) as are on the Vessel on
Delivery.  

  

	 34.7
	 The Charterers shall, following the Owners’ delivery of items on board the Vessel on Delivery pursuant to
Clause 34.6, keep all such items on board the Vessel for the Charterers’ own use.  

 CLAUSE 35  –
QUIET ENJOYMENT 
  

	 35.1
	 Provided that no Potential Termination Event or Termination Event has occurred pursuant to the terms of this
Charter, the Owners hereby agree not to disturb or interfere (or instruct or authorise another party to disturb or interfere) with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period.

  

	 35.2
	 The Owners shall use best endeavors to procure that their financier(s) enter into a Quiet Enjoyment Agreement
with the Charterers on such terms as may be mutually agreed between the Owners, the Owners’ financier(s) and the Charterers. 

  

	 35.3
	 Subject to Clause 35.1 above, the Charterers acknowledge that, at any time during the Charter Period:

  

	 (a)
	 the Owners are entitled to enter into certain funding arrangements with their financier(s), (the
“Mortgagee”), in order to finance in part or in full of the Purchase Price (such financing amount not to exceed the Outstanding Principal Balance at the relevant time), which funding arrangements may be secured, inter alia,
by the relevant Financial Instruments; 

  

	 (b)
	 the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case without consent of the Charterers: 

  

	 	 (i)
	 execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee;

  

	 	 (ii)
	 assign their rights and interests to, in or in connection with this Charter and any other Leasing Document in favour
of that Mortgagee; 

  

	 	 (iii)
	 assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of that Mortgagee; and 

  

	 	 (iv)
	 enter into any other document or arrangement which is necessary to give effect to such financing arrangements
(including without limitation creating or permitting the creation of any Security Interests over the direct or indirect equity interests or shares of the Owners); and 

  
 3 

	 (c)
	 the Charterers undertake to comply, and provide such information and documents reasonably required to enable the
Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency of
this Charter by the Mortgagee in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge this in writing in
any form that may be reasonably required by the Mortgagee. 

 CLAUSE 36  – CHARTERHIRE AND DEPOSIT 

 

	 36.1
	 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the
request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners, the Charterhire, the Deposit, and the Purchase Obligation Price or, as the case may be, the Purchase Option Price. 

 

	 36.2
	 The Charterers shall pay an amount in Dollars equivalent to the Deposit Amount as the deposit (the
“Deposit”) to the Owners at least three (3) Business Days prior to the Commencement Date (the “Deposit Date”) to an account nominated by the Owners and notified to the Charterers reasonably prior
to the Deposit Date without set off. The Owners may, in their absolute discretion, either refrain from applying the Deposit (or any part of the Deposit) held or apply the same in such manner and order as they see fit upon the occurrence of any
Termination Event towards payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document (including without limitation, the Charterhire, the Termination Purchase Price, the
Purchase Option Price and the Purchase Obligation Price) (any amount so applied by the Owners, the “Applied Amount”) and the Charterers shall immediately and in any event within ten (10) days upon Owners’
demand pay to the Owners an amount in Dollars equivalent to the Applied Amount so that at all time the Deposit held by the Owners is not less than the Deposit Amount (for the avoidance of doubt any amount paid by the Charterers to the Owners in
respect of any Applied Amount pursuant to this Clause 36.2 shall constitute part of the Deposit ). The Deposit (after deducting any payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any
Leasing Documents) shall be refunded to the Charterers (in any case without interest) upon irrevocable payment in full of all amounts due and payable under the Leasing Documents. The Deposit paid to the Owners shall be in the possession and
ownership of the Owners until the Deposit is refunded in accordance with this Clause 36.2. For the avoidance of doubt, if the Owners, upon the, occurrence of any Termination Event,elect to apply the Deposit or any part of the Deposit towards payment
of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document, any shortfall of such due and payable amount not satisfied by the application of the Deposit (or part of the Deposit)
shall remain outstanding payment obligations of the Charterers, such Relevant Party or the Approved Manager (as the case may be). 

  

	 36.3
	 Subject to the terms of this Clause 36, the Charterers shall pay the Charterhire monthly in arrears in sixty
(60) consecutive instalments to the Owners under this Charter with the first instalment of the Charterhire payable on the date falling one (1) month after the Commencement Date and the final instalment of the Charterhire payable on the
last day of the Charter Period.  

  

	 36.4
	 The Vessel shall not at any time be deemed off-hire and the
Charterers’ obligation to pay all Charterhire, the Deposit and other amounts payable under the Leasing Documents shall be absolute and unconditional under any and all circumstances and shall not be affected by any circumstances of any nature
whatsoever including but not limited to: 

  

	 (a)
	 any set-off, counterclaim, recoupment, defence, claim or other right which the
Charterers may at any time have against the Owners or any other person for any reason whatsoever 

  
 4 

	     
	 including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other
agreement at any time existing between the Owners and the Charterers; 

  

	 (b)
	 any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the
Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation; 

  

	 (c)
	 any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

  

	 (d)
	 any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel
or the ineligibility of the Vessel for any particular trade; 

  

	 (e)
	 the Total Loss or any damage to or forfeiture or court marshall’s or other sale of the Vessel;

  

	 (f)
	 any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or
prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers; 

  

	 (g)
	 any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings
by or against the Charterers; 

  

	 (h)
	 any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or
complying with any of the terms and provisions of this Charter or the other Leasing Documents by any party to this Charter or any other person; 

  

	 (i)
	 any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing
Documents executed or to be executed pursuant to this Charter; or 

  

	 (j)
	 any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage,
accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this Charter. 

 

	 36.5
	 Time of payment of the Charterhire, the Deposit and other payments by the Charterers shall be of the essence of
this Charter and the other Leasing Documents. 

  

	 36.6
	 All payments of the Charterhire, the Deposit and any other amounts payable under the Leasing Documents shall be
made in Dollars and shall be received by the Owners in same day available funds and by not later than 6:00pm (Shanghai time) on the due date thereof. 

 

	 36.7
	 All Charterhire and any moneys payable hereunder shall be payable by the Charterers to the Owners to such
account as the Owners may notify the Charterers in writing.  

  

	 36.8
	 Payment of the Charterhire and any other amounts payable under the Leasing Documents shall be at the
Charterers’ risk until receipt by the Owners.  

  

	 36.9
	 All stamp duty, value added tax, withholding or other taxes (not including taxes levied on the income of the
Owners) and import and export duties and all other similar types of charges which may be levied or assessed on or in connection with: 

  

	 (a)
	 the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and
the remittance thereof to the Owners; and 

  

	 (b)
	 the import, export, purchase, delivery and re-delivery of the Vessel,

  
 5 

 shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax
and other similar tax levied on any Charterhire and the Deposit and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. 
  

	 36.10
	 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay interest on
such late payment at the default rate of seven per cent. (7 %) per annum from the date on which such payment became due until the date of payment thereof. 

  

	 36.11
	 All default interest and any other payments under this Charter which are of an annual or periodic nature shall
accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  

	 36.12
	 Any payment which is due to be made on a day which is not a Business Day, shall be made on the preceding
Business Day in the same calendar month. 

  

	 36.13
	 Any payment of the Termination Purchase Price, the Purchase Obligation Price or the Purchase Option Price (as
the case may be) shall be made together with any other amount payable under this Charter. 

 CLAUSE 37  –
POSSESSION OF VESSEL 
  

	 37.1
	 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the
Vessel or any interest therein, its Earnings, Insurances, any Requisition Compensation and/or its rights or interests under any Approved Subcharter and shall not permit the creation of any Security Interest thereon other than the Permitted Security
Interests. 

  

	 37.2
	 The Charterers shall promptly notify any party including any Approved Subcharterer (as the Owners may request),
in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and reasonably satisfactory evidence that such party has received such written notification.

  

	 37.3
	 Other than in the circumstances specified in Clause 37.4, if the Vessel is arrested, seized, impounded,
forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process but other than due to piracy events which are insured against pursuant to Clause 38), the Charterers shall
immediately act to procure the prompt release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall (if it will or is likely to exceed five
(5) days) immediately notify the Owners of such event and shall indemnify the Owners against all losses, documented costs or documented charges incurred by the Owners by reason thereof in re-taking
possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
master, officers or agents signing bills of lading or other documents. 

  

	 37.4
	 If the Vessel is arrested or otherwise detained solely because of the Owners’ direct actions or omissions
and for reasons which are not in any part a consequence of a Relevant Person’s (or its affiliate’s) contributory negligence and/or wilful misconduct, the Owners shall at their own expense take all reasonable steps to procure that within a
reasonable time the Vessel is released, including the provision of bail. 

  

	 37.5
	 The Charterers shall pay and discharge or cause any Approved Subcharterer to pay and discharge all obligations
and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel and take all steps to prevent (and in connection with procuring any Approved Subcharterer who is an Affiliate of the Charterers in
doing the above, to use the best endeavors to procure such Approved Subcharterer to prevent and in connection with procuring any Approved Subcharterer who is not an Affiliate of the Charterers 

  
 6 

	     
	 in doing the above, to take all reasonable steps to procure such Approved Subcharterer to prevent) an arrest
(threatened or otherwise) of the Vessel. 

 Clause 38  – INSURANCE 

 

	 38.1
	 The Charterers shall procure that insurances are effected in form and substance satisfactory to the Owners:

  

	 (a)
	 in Dollars; 

  

	 (b)
	 in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an
agreed value basis in an amount (taking into account any increased value for up to 33% of such cover and of the following mentioned amount) of at least the higher of (i) 120% of the then Outstanding Principal Balance and (ii) the Market Value
of the Vessel; 

  

	 (c)
	 in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the highest level of
cover from time to time available under protection and indemnity club entry and in the international marine insurance market and for an amount of not less than $1,000,000,000; and 

 

	 (d)
	 in relation to protection and indemnity risks in respect of the full tonnage of the Vessel; 

 

	 (e)
	 through approved brokers and with first class international insurers and/or underwriters reasonably acceptable to the
Owners (including having a Standard & Poor’s rating of BBB+ or above, a Moody’s rating of A or above or an AM Best rating of A- or above) or, in the case of war risks and protection and
indemnity risks, in a war risks and protection and indemnity risks associations reasonably acceptable to the Owners (including being a member of the International Group of Protection and Indemnity Clubs); and 

 

	 (f)
	 on no less favourable terms which the Charterers may be under an obligation (if any) to maintain under the terms of
any Approved Subcharter. 

  

	 38.2
	 In addition to the terms set out in Clause 13(a), the Charterers shall procure that the obligatory insurances
shall: 

  

	 (a)
	 subject always to paragraph (ii), name the Charterers, the Approved Manager and the Owners (at their option and, if
required by the Owners, the Owners’ financiers) as the only named assureds unless the interest of every other named assured or co-assured is limited: 

 

	 	 (ii)
	 in respect of any obligatory insurances for hull and machinery and war risks; 

 

	 	 (1)
	 to any provable out-of-pocket expenses
that they have incurred and which form part of any recoverable claim on underwriters; and 

  

	 	 (2)
	 to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of
discharge of any claims made against them); and 

  

	 	 (iii)
	 in respect of any obligatory insurances for protection and indemnity risks, to any recoveries they are entitled to
make by way of reimbursement following discharge of any third party liability claims made specifically against them, 

and every other named assured or co-assured has undertaken in writing to the Owners or their
financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they
shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance 

  
 7 

 with the terms of the loss payable clause, to collect or recover any moneys which at any
time become payable in respect of the obligatory insurances; 
  

	 (b)
	 whenever a financier of the Owners requires: 

 

	 	 (i)
	 in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional
named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums,
calls or other assessments in respect of such insurance; 

  

	 	 (ii)
	 in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and 

 

	 	 (iii)
	 name the Owners’ financiers (as applicable) and the Owners (as applicable) as the first ranking loss payee and
the second ranking loss payee respectively (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners’ financiers and the Owners (such
approval not to be unreasonably withheld) with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and their financiers (if any) may specify; 

 

	 (c)
	 provide that all payments by or on behalf of the insurers under the obligatory insurances to the Owners and/or their
financiers (as applicable) shall be made without set-off, counterclaim or deductions or condition whatsoever; 

  

	 (d)
	 provide that such obligatory insurances shall be primary without right of contribution from other insurances which may
be carried by the Owners or their financiers (if any); 

  

	 (e)
	 provide that the Owners and/or their financiers (if any) may make proof of loss if the Charterers fail to do so; and

  

	 (f)
	 provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which
adversely affects the interest of the Owners , or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the
Owners and/or their financiers (if any) for fourteen (14) days (or seven (7) days in the case of war risks), or such other period as may be agreed by the Owners and/or their financiers (if any), after receipt by the Owners and/or their
financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse. 

  

	 38.3
	 The Charterers shall: 

 

	 (a)
	 at least fourteen (14) days prior to Delivery (or such shorter period agreed by the parties), notify in writing
the Owners (copied to their financiers (if any)) of the terms and conditions of all Insurances; 

  

	 (b)
	 at least fourteen (14) days before the expiry of any obligatory insurance notify the Owners (copied
to their financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew that obligatory insurance and of the proposed terms of renewal and obtain
the Owners’ approval (such approval not to be unreasonably withheld and who shall have regard to the requirements as to insurance cover required under the provisions of this Clause 38); 

 

	 (c)
	 at least seven (7) days before the expiry of any obligatory insurance, procure that such obligatory
insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter; 

  
 8 

	 (d)
	 procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a
renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to their financiers (if any)) in writing of the terms and conditions of the renewal; and

  

	 (e)
	 as soon as practicable after the expiry of any obligatory insurance, deliver to the Owners a letter of undertaking as
required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to this Clause 38.3 together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or
their financiers (if any). 

  

	 38.4
	 The Charterers shall ensure that all insurance companies and/or underwriters, and/or (if any) insurance brokers
provide the Owners with all copies of policies, cover notes and certificates of entry (originals where so requested by the Owners following the occurrence of a Termination Event or Potential Termination Event) relating to the obligatory insurances
which they are to effect or renew and of a letter or letters or undertaking in a form required by the Owners and/or the Owners’ financiers (which the Charterers shall procure the relevant insurance companies, underwriters and/or insurance
brokers to provide upon renewal or receipt of the insurance companies, underwriters and/of insurance brokers of an executed notice of assignment). Such letter or letters of undertaking shall include undertakings by the insurance companies and/or
underwriters that: 

  

	 (a)
	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment
complying with the provisions of this Charter and the Financial Instruments; 

  

	 (b)
	 they will hold the benefit of such policies and such insurances, to the order of the Owners and/or their financiers
(if any) and/or such other party in accordance with the said loss payable clause; 

  

	 (c)
	 they will advise the Owners and their financiers (if any) promptly of any material change to the terms of the
obligatory insurances of which they are aware; 

  

	 (d)
	 (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and their financiers
(if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or their financiers (if any) not later than one (1) month before the expiry of the
obligatory insurances they will notify the Owners and their financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the
Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and their financiers (if any) of the terms of the instructions; and 

 

	 (e)
	 if any of the obligatory insurances form part of any fleet cover, the Charterers shall use best endeavours to procure
that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and their financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the
Vessel under such obligatory insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under
them, which they might have in respect of such premiums, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or their financiers (if any) and where practicable. 

  

	 38.5
	 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel
is entered provides the Owners with and their financiers (if any): 

  
 9 

	 (a)
	 a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

  

	 (b)
	 a letter or letters of undertaking in such form as may be required by the Owners or in such association’s
standard form (following the relevant association’s receipt of an executed notice of assignment upon the effecting or renewal of insurances); and 

  

	 (c)
	 a copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive
Material issued by the relevant certifying authority in relation to the Vessel. 

  

	 38.6
	 The Charterers shall ensure that all policies relating to obligatory insurances are deposited with the approved
brokers through which the insurances are effected or renewed. 

  

	 38.7
	 The Charterers shall procure that all premiums or other sums payable in respect of the obligatory insurances
are punctually paid and produce all relevant receipts when so required by the Owners. 

  

	 38.8
	 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect. 

  

	 38.9
	 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which
would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

 

	 (a)
	 the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from
time to time be applicable to the obligatory insurances, and (without limiting the obligations contained in this Clause) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Owners have not
given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of protection and indemnity associations), such
approval not to be unreasonably withheld; 

  

	 (b)
	 the Charterers shall not make or permit any changes relating to the classification or classification society or
manager or operator of the Vessel unless such changes have first been approved by the underwriters of the obligatory insurances or the Owners (such approval not to be unreasonably withheld by the Owners’ but always subject to the Owners
receiving credit approval on such changes); 

  

	 (c)
	 as may be applicable, the Charterers shall procure that all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of the certificate of financial responsibility; and 

 

	 (d)
	 the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	 38.10
	 The Charterers shall not make or agree to any material alteration to the terms of any obligatory insurance nor
waive any right relating to any obligatory insurance without the prior written consent of the Owners (such consent to only be required where such amendment or waiver adversely affects or potentially adversely affects the Owners’ interests under
the Leasing Documents and which is not to be unreasonably withheld or delayed).  

  
 10 

 In this Clause 38.10 “material” alterations shall include, without limitation,
change of identity of the beneficiaries under such insurances, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause a breach under the terms of this Charter, any other Leasing Document or
any Approved Subcharter. 
  

	 38.11
	 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for a Total
Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

  

	 38.12
	 The Charterers shall provide the Owners, promptly upon the Owners’ written request, copies of:

  

	 (a)
	 all communications between the Charterers and: 

 

	 	 (i)
	 the approved brokers; and 

  

	 	 (ii)
	 the approved protection and indemnity and/or war risks associations; and 

 

	 	 (iii)
	 the approved international insurers and/or underwriters, which relate directly or indirectly to:

  

	 	 (A)
	 the Charterers’ obligations relating to the obligatory insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and 

  

	 	 (B)
	 any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii)
relating wholly or partly to the effecting or maintenance of the obligatory insurances; and 

 any communication
with all parties involved in case of a claim under any of the Vessel’s insurances. 
  

	 38.13
	 The Charterers shall promptly provide the Owners (or any persons which they may designate) with any information
which the Owners reasonably request for the purpose of: 

  

	 (a)
	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory
insurances effected or proposed to be effected; and/or 

  

	 (b)
	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) or dealing with or
considering any matters relating to any such insurances. 

  

	 38.14
	 If one or more of the obligatory insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with
reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a
form acceptable to the Owners. The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required. 

 

	 (a)
	 The Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are
reasonably incurred by (i) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners’ interest insurance, mortgagee’s interest insurance and a lessor’s/mortgagee’s additional
perils (pollution) insurance that is taken out in respect of the Vessel and/or (ii) the financier(s) of the Owners (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee’s interest insurance and a
mortgagee’s additional perils (pollution) insurance that is taken out 

  
 11 

	 	
in respect of the Vessel, in each case, with the Charterers’ insurance brokers as approved by the Owners (in their sole discretion) and provided that the Charterers shall provide the Owners,
as soon as these are dispatched, with copies of all communications between the Charterers and such insurance brokers. In each case, the amount of the cover under the insurances referred to this Clause (a) shall be equal to at least the higher
of (i) 120% of the Outstanding Principal Balance and (ii) the Market Value of the Vessel. 

  

	 38.15
	 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the
Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, reasonable wear and tear to the
Vessel only excepted. 

  

	 38.16
	 The Charterers shall: 

 

	 (a)
	 reimburse the Owners any expenses incurred by the Owners in obtaining the reports described in Clause 38.13 (provided
that such reimbursement obligation does not arise for the second or subsequent report obtained for any given 12-month period); and 

 

	 (b)
	 procure that there is delivered to the brokers, insurers, underwriters, associations described in Clause 38.1(e) such
information in relation to the Insurances as they may require. 

  

	 38.17
	 The Charterers shall keep the Vessel insured at their expense against such other risks which the Owners or
their financiers (if any) consider reasonable for a prudent shipowner or operator to insure against at the relevant time (as notified by the Owners) and which are, at that time, generally insured against by owners or operators of vessels similar to
the Vessel. 

  

	 38.18
	 The Charterers shall, in the event that the Approved Manager makes a claim under any obligatory insurances
taken out in connection with this Clause 38 but is unable to or otherwise fails to pay in full any deductible in connection with such claim (in an amount as apportioned between the Charterers and every other assured in proportion to the gross claims
made by or paid to each of them), pay such shortfall in deductible payable on behalf of the Approved Manager. 

 CLAUSE
39  – WARRANTIES RELATING TO VESSEL 
  

	 39.1
	 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the
Vessel which has been purchased by the Owners from the Charterers as sellers pursuant to the MOA for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has
been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof). 

  

	 39.2
	 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded. 

  

	 39.3
	 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense
or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be
released from any liability to pay any Charterhire or other payment due under this Charter or the other Leasing Documents. 

CLAUSE 40  – TERMINATION, REDELIVERY AND TOTAL LOSS 
  

	 40.1
	 If the Termination Purchase Price becomes payable in accordance with Clause 44.2, Clause 44.3, Clause 44A.1 or
Clause 44A.2, the same shall (in each case) be payable in consideration 

  
 12 

	     
	 of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 40.4 and it is hereby
agreed by the parties hereto that payment of the Termination Purchase Price shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners in buying the Vessel and entering into this Charter
upon the terms and conditions contained herein, in each case, at the request of the Charterers and shall therefore be paid as compensation to the Owners for early termination and acquisition of the Vessel by the Charterers. 

 

	 40.2
	 Upon irrevocable receipt of the Termination Purchase Price by the Owners pursuant to Clause 40.1 in full, this
Charter shall terminate. 

  

	 40.3
	 

  

	 (a)
	 If the Charterers fail to make any payment of the Termination Purchase Price on the due date thereof,

  

	 	 (i)
	 Clauses 36.10 and 36.11 shall apply; 

 

	 	 (ii)
	 the Charterers’ right to possess and operate the Vessel shall immediately cease and (without in any way affecting
the Charterers’ obligation to pay the Termination Purchase Price ) the Charterers shall, upon the Owners’ request (at Owners’ sole discretion), be obliged to immediately (and at the Charterers’ own cost) redeliver the Vessel to
the Owners at such ready and nearest safe port as the Owners may require; further and for the avoidance of doubt, the Owners shall be entitled (at Owners’ sole discretion) to operate the Vessel as they may require and may create whatsoever
interests thereon, including without limitation charterparties or any other form of employment contracts (“Post-enforcement Interests”); 

 

	 	 (iii)
	 the Owners shall be entitled (at Owners’ sole discretion) to sell the Vessel on terms they deem fit (an
“Owners’ Sale”); and 

  

	 	 (iv)
	 the Owners shall be entitled to terminating this Charter upon service of a prior written notice to the Charterers.

  

	 (b)
	 Prior to effecting an Owners’ Sale, the Owners shall notify the Charterers in writing and the Charterers may
within seven (7) Business Days thereafter submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a purchaser offering by way of a firm offer (subject to customary closing conditions and Owners’
investigation on know your client issues) (a “Charterers’ Offers”) an amount at least equal to the higher of (i) the purchase price contemplated by the Owners’ Sale and (ii) the then current amount
of the Termination Purchase Price in either case following which the Owners will use reasonable endearvours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 	 (c)
	 Without prejudice to the other provisions of this Clause 40.3, the Charterers may at any time following the occurrence
of any event set out in Clause 44.2, Clause 44.3, Clause 44A.1 or Clause 44A.2 (as the case may be) submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a Charterers’ Offer in an amount at least equal to the
then current amount of the Termination Purchase price in which case the Owners will use reasonable endeavours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 (d)
	 The proceeds of any sale of the Vessel pursuant to Clause 40.3(a)(iii) shall be applied: 

 

	 	 (i)
	 first, towards the Owners’ documented costs incurred in relation to such sale; 

  
 13 

	 	 (ii)
	 second, towards payment of the outstanding Termination Purchase Price and other sums then due and payable to the
Owners under the Leasing Documents; and 

  

	 	 (iii)
	 third, any remaining balance to be paid to the Charterers subject to all actual and/or contingent liabilities incurred
under any of the Leasing Documents being fully discharged; provided also in the case of an Owners’ Sale that if such proceeds are not in an amount sufficient to discharge in full the aggregate amounts due to the Owners under (i) and (ii),
the Charterers shall continue to be liable for the shortfall. 

  

	 40.4
	 Concurrently with the Owners receiving irrevocable payment of the Termination Purchase Price in full pursuant
to the terms of this Charter, the Owners shall (save in the event of Total Loss or where ownership has already been or agreed to be transferred pursuant to Clause 40.3) transfer the legal and beneficial ownership of the Vessel on an “as is
where is” basis (and, for the avoidance of doubt but without prejudice to Clause 49.1(b), subject to any Post-enforcement Interests), and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and (b)), to the
Charterers (or their nominees) and shall (at the cost of the Charterers) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to Charterers
(or their nominees) (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners). 

  

	 40.5
	 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel
as a result of the Charterers’ action or performance prior to such transfer of ownership. Any taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners’ register shall be for the Charterers’
account. 

  

	 40.6
	 If the Charterers are required to redeliver the Vessel to the Owners pursuant to Clause 40.3, the Charterers
shall ensure that the Vessel shall, at the time of redelivery to the Owners (at Charterers’ cost and expense): 

  

	 (a)
	 be in compliance with its Insurances; 

 

	 (b)
	 be in an equivalent classification as she was as at the Commencement Date without any outstanding recommendation or
condition, and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel’s classification and in the same or as good structure, state, condition and classification as that in
which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel’s classification excepted; 

  

	 (c)
	 have passed her 5-year and if applicable,
10-year special surveys, and subsequent second intermediate surveys and drydock at the Charterers’ time and expense without any condition or outstanding issue and to the satisfaction of the Classification
Society and with all the Vessel’s classification, trading, national and international certificates that the Vessel had when she was delivered under this Charter and the log book and whatsoever necessary relating to the operation of the Vessel,
valid and un-extended without conditions or recommendation falling due; 

  

	 (d)
	 have her survey cycles up to date and trading and classification certificate valid for at least six (6) months;

  

	 (e)
	 be redelivered to the Owners together with all spare parts and spare equipment as were on board at the time of
Delivery and to the extent not already expended in the operation of the Vessel, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free of
charge; 

  

	 (f)
	 be free of any Security Interest (save for the Security Interests granted pursuant to the Financial Instruments) and
the Charterer shall use their best endeavours to procure that the Vessel is free of any cargo; 

  
 14 

	 (g)
	 be redelivered to the Owners together with all material information generated during the Charter Period in respect of
the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterers’ equipment, computer or property; 

 

	 (h)
	 be free of any charter (unless the Owners wish to retain the continuance of any then existing charter;

  

	 (i)
	 be free of officers and crew (unless otherwise agreed by the Owners);  

 

	 (j)
	 shall have had her underwater parts treated with ample anti-fouling to last for the ensuing period up to the next
scheduled dry docking of the Vessel; and  

  

	 (k)
	 be in compliance with all laws or regulations relating to the Vessel then applicable, including the ISM Code, the ISPS
Code, all Environmental Laws and the laws of the Vessel’s registry at the time of redelivery  

  

	 40.7
	 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes and other consumable stores in the Vessel at no cost to the Owners. 

  

	 40.8
	 If the Vessel, for any reason, becomes a Total Loss after Delivery, the Charterers shall pay the Termination
Purchase Price to the Owners on the earlier of: 

  

	 (a)
	 the date falling one hundred and twenty (120) days after such Total Loss has occurred; and 

 

	 (b)
	 the date of receipt by the Owners and/or their financiers (if any), in accordance with the terms of the relevant loss
payable clause, of the proceeds of insurance relating to such Total Loss, 

 provided that it is hereby agreed that
any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon
(and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination
Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any Other Charterers any of their Affiliates under any Other Charters pro rata and
thereafter paid to the Charterers by way of rebate of hire. 
 For the avoidance of doubt, in the event that the Vessel becomes a
Total Loss: 
  

	 	 (A)
	 payment of the Charterhire and all other sums payable under the Leasing Documents during such period shall continue to
be made by the Charterers in accordance with the terms thereof unless and until the Owners receive in full the Termination Purchase Price; 

  

	 	 (B)
	 should insurance proceeds be received by the Owners from the insurers, the Charterers’ obligations to pay the
Termination Purchase Price shall be accordingly reduced by an amount corresponding to such insurance proceeds but in the event that such insurance proceeds are less than the amount of the Termination Purchase Price together with any interest accrued
thereon, the Charterers shall remain obliged to pay to the Owners the balance so that the full amount of the Termination Purchase Price due together with any interest accrued thereon is received by the Owners; and 

 

	 	 (C)
	 the obligation of the Charterers to pay the Termination Purchase Price shall remain unaffected and exist regardless of
whether any of the insurers have agreed or refused to meet or have disputed in good faith, the claim for Total Loss. 

  
 15 

	 40.9
	 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss. 

 CLAUSE 41       – FEES AND EXPENSES 

 

	 41.1
	 In consideration of the Owners entering into this Charter, the Charterers shall pay to the Owners or their
nominee a non-refundable arrangement fee equal to one point two five per cent. (1.25%) of the Financing Amount which shall be payable, and actually received by the Owners or their nominee, no later than three
(3) Business Days prior to the scheduled delivery date, such scheduled delivery date being the date of delivery of the Vessel set out in the notice to be sent to the Owners from the Charterers five (5) days before delivery in accordance
with Clause 5(b) of the MOA. 

  

	 41.2
	 Without prejudice to any other rights of the Owners under this Agreement, the Charterers shall promptly pay to
the Owners on written demand on a full indemnity basis: 

  

	 (a)
	 all documented costs, charges and expenses incurred by the Owners in collecting any Charterhire, the Deposit or other
payments not paid on the due date under this Charter, in remedying any other failure of the Charterers to observe the terms and conditions of this Charter and in enforcing the Owners’ rights under any Leasing Document; and

  

	 (b)
	 all documented costs and expenses (including, but not limited to, legal costs) incurred by the Owners in the
negotiation and execution of all documentation in relation to this Charter and the other Leasing Documents including, but not limited to, all documented costs incurred by the Owners and all documented legal costs, expenses and other disbursements
incurred by the Owners’ legal counsels in connection with the same, provided that the Charterers shall not be obliged to pay such costs and expenses if this Charter is terminated pursuant to the terms of this Charter prior to the Delivery of
the Vessel solely due to any default by the Owners under a Leasing Document.     

 CLAUSE 42
      - NO WAIVER OF RIGHTS 
  

	 42.1
	 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.

  

	 42.2
	 No right or remedy conferred upon either party by this Charter shall be exclusive of any other right or remedy
provided for herein or by law and all such rights and remedies shall be cumulative. 

 CLAUSE 43
      - NOTICES 
  

	 43.1
	 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to
this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post, fax or by email to the following
respective addresses: 

  

					
	 (A)
	  	 to the Owners:
	  	 Attention: Rita Wang

		  		  	 Room 2310, 23/F C C Wu Building, 302-308, Hennessy Road,

		  		  	 Wanchai, Hong Kong

		  		  	 Email: wangyuping@msfl.com.cn

		  		  	 Tel: +86 010 68940066 9983

		  		  	 Fax: +86 010 68940066 9864

			
	 (B)
	  	 to the Charterers:
	  	 c/o Navios ShipManagement Inc.

		  		  	 Attention: Vassiliki Papaefthymiou

  
 16 

					
		  		  	 Email: vpapaefthymiou@Navios.com

		  		  	 Tel: +30 210 41 72 050

		  		  	 Fax: +30 210 41 72 070

 or, if a party hereto changes its address or fax number, to such other address or fax number as
that party may notify to the other. 
 CLAUSE 44       – TERMINATION EVENTS 

 

	 44.1
	 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event: 

  

	 (a)
	 any of the Relevant Persons fails to make any payment on its due date under this Charter or any other Leasing Document
to which such Relevant Person is a party and in each case, such non-payment fails to be rectified within seven (7) Business Days of the relevant due date; or 

 

	 (b)
	 the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (n), (o), (p), (q) or
(r) or the Guarantor breaches or omits to observe or perform its financial covenants contained in clause 11.20 of the Guarantee; or the Charterers fail to obtain and/or maintain the Insurances required under Clause 38 in accordance with
the provisions thereof or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto; or 

  

	 (c)
	 any Relevant Person or the Approved Manager commits any other breach of, or omits to observe or perform, any of their
other obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraph (a) or (b) above) unless such breach or omission is, in the reasonable opinion of the Owners, remediable and such Relevant
Person and/or the Approved Manager remedies such breach or omission to the satisfaction of the Owners within fourteen (14) Business Days of notice thereof from the Owners (except that in the case of Clause 46(l), the relevant period shall be
ten (10) Business Days of notice thereof from the Owners); or 

  

	 (d)
	 any representation or warranty made by the any Relevant Person or the Approved Manager in or pursuant to any Leasing
Document proves to be untrue or misleading when made; or 

  

	 (e)
	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person: 

 

	 	 (i)
	 any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand after any applicable
grace period has expired; or 

  

	 	 (ii)
	 any Financial Indebtedness of a Relevant Person becomes due and payable, or capable of being declared due and payable,
prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary right of prepayment; or 

  

	 	 (iii)
	 a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by
the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or 

  

	 	 (iv)
	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or
becomes capable of being required, as a result of any termination event or event of default (howsoever defined), 

provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person if the aggregate amount of
Financial Indebtedness or commitment for 

  
 17 

 Financial Indebtedness falling within paragraphs (i) to (iv) above is less than
(A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 (or its equivalent in any other currency) in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in
aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly from a claim which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.  

 

	 (f)
	 any of the following occurs in relation to a Relevant Person: 

 

	 	 (i)
	 a Relevant Person becomes, in the reasonable opinion of the Owners, unable to pay their debts as they fall due; or

  

	 	 (ii)
	 any assets of a Relevant Person, or any assets of the Guarantor exceeding the value of $10,000,000 (or its equivalent
in any other currency) in aggregate, or the Vessel are subject to any form of execution, attachment, arrest, sequestration or distress which is not discharged within thirty (30) days (or such longer period agreed by the Owners); or

  

	 	 (iii)
	 any administrative or other receiver is appointed over all or a substantial part of the assets of a Relevant Person
unless as part of a solvent reorganisation which has been approved by the Owners; or 

  

	 	 (iv)
	 a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that they are
insolvent or likely to become insolvent, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that they should be wound up, placed in
administration or cease to carry on business; or 

  

	 	 (v)
	 a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a
provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within thirty (30) days of the presentation of the petition; or 

 

	 	 (vi)
	 a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of
them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

  

	 	 (vii)
	 any meeting of the members or directors of a Relevant Person is summoned for the purpose of proposing to authorise or
take any action of a type described in paragraphs (iii) to (vi); or 

  

	 	 (viii)
	 in a country other than England and Wales, any event occurs or any procedure is commenced which, in the reasonable
opinion of the Owners, is similar to any of the foregoing referred to in (ii) to (vii) above inclusive; or 

  

	 	 (ix)
	 any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction)
affects any asset or assets of a Relevant Person; or 

  

	 (g)
	 a Relevant Person suspends or ceases or threatens to suspend or cease carrying on its business; or

  

	 (h)
	 any consent, approval, authorisation, license or permit necessary to enable the Charterers, any Approved Subcharterer
or any Approved Manager to operate or charter the Vessel, to enable any Relevant Person, Approved Subcharterer or any Approved Manager to comply with any provision of any Leasing Document, as the case may be, to ensure that the obligations of

  
 18 

	     
	 any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be) are legal, valid, binding or
enforceable is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent, approval, authorisation, license or permit is not fulfilled; or 

 

	 (i)
	 any event or circumstance occurs which has or is likely to have a Material Adverse Effect; or 

 

	 (j)
	 this Charter or any Leasing Document or any Security Interest created by a Leasing Document is cancelled, terminated,
rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever; or 

 

	 (k)
	 a Relevant Person or Approved Manager rescinds or purports to rescind or repudiates or purports to repudiate a Leasing
Document; or 

  

	 (l)
	 the Security Interest constituted by any Security Document is in any way imperiled or in jeopardy; or

  

	 (m)
	 the Vessel is not delivered latest by the Cancelling Date; or 

 

	 (n)
	 there is a merger, amalgamation, demerger or corporation reconstructions of a Relevant Person (other than where, in
the case of the Guarantor, the Guarantor remains the surviving legal entity following the occurrence of such event) or a change of control or legal or beneficial ownership of the Charterers from that set out in Clause 45.1(a) without disclosure to
the Owners and the Owners’ prior written consent; or     

  

	 (o)
	 there is a change in control of the Guarantor from that set out in Clause 45.1(b) or of the Charterers from that set
out in Clause 45.1(a), in any case without disclosure to the Owners and the Owners’ prior written consent; or 

  

	 (p)
	 any Termination Event (as defined in any Other Charter) occurs under such Other Charter; or 

 

	 (q)
	 the occurrence of any of the following events; 

 

	 	 (i)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (ii)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer of such Approved Bareboat Subcharter to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer. 

 

	 44.2
	 Subject to Clause 44.3 below, upon the occurrence of a Termination Event which is continuing (other than
pursuant to: (i) Clause (f), in which case the Owner’s entitlement to issue the notice of termination to the Charterers under Clause 44.3 shall immediately arise), the Owners shall notify the Charterers of occurrence of the same (the
“Termination Event Notice”) whereupon the Charterers may, within three (3) Business Days of the date of the Termination Event Notice, provide to the Owners a written notice advising the Owners of their intention to pay the Termination
Purchase Price to the Owners and terminate this Charter in accordance with the procedures set out in Clause 40. 

  

	 44.3
	 If the Charterers do not notify the Owners of their intention to terminate this Charter pursuant to Clause 44.2
within three (3) Business Days of the date of the Termination Event Notice, or a Termination Event is continuing pursuant to Clause (f), then the Owners shall be entitled, provided the Termination Event is continuing, by notice to the
Charterers to terminate this Charter at any time, and the Charterers shall be required to pay to the Owners the Termination Purchase Price in accordance with the procedures set out in Clause 40. 

  
 19 

	 44.4
	 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the
Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter. 

  

	 44.5
	 Without limiting the generality of the foregoing or any other rights of the Owners, upon the occurrence of a
Termination Event which is continuing, the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to or pertaining to the Vessel and this
Charter, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or
take any other action in respect of, any such policy or policies and (iii) change or appoint a new manager for the Vessel other than the Approved Manager and the appointment of the Approved Manager may be terminated immediately without any
recourse to the Owners. 

 CLAUSE 44A       – MANDATORY SALE 

 

	 44A.1
	 If (i) it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as
contemplated by this Charter or any other Leasing Document or the financiers to perform their obligations under the Financial Instruments or (ii) any event described in Clauses 44.1(f)(iii),(iv),(v),(vi) or (vii) applies to the Owners, the
Owners shall notify the Charterers of such event and the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such notice by the Owners or, in the event of (i), if earlier, the date
specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law),and this Charter shall terminate in accordance with the procedures set out in Clause 40.

  

	 44A.2
	 If it is or has become: 

  

	 	 (i)
	 unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	 	 (ii)
	 contrary to, or inconsistent with, any regulation, 

for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other
Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be
legal, valid, binding and enforceable (any such event an “Illegality Event”), the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such occurrence or,
if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 40, provided that if an Illegality
Event applies to the Approved Manager only at the relevant time, the Charterers shall only be obliged to pay the Termination Purchase Price and this Charter shall only terminate pursuant to this Clause 44A.2 if the Charterers fail to replace such
Approved Manager with another Approved Manager to which no Illegality Event applies within sixty (60) days from the occurrence of that Illegality Event (but in any event no later than the date specified by the Owners (being no earlier than the
last day of any applicable grace period permitted by law)).  
 CLAUSE 45
      – REPRESENTATIONS AND WARRANTIES      
  

	 45.1
	 The Charterers represent and warrant to the Owners as of the date of this Charter, and on the first day of each
Term as follows: 

  

	 (a)
	 the Charterers are wholly legally, indirectly and beneficially owned by the Guarantor; 

  
 20 

	 (b)
	 Mrs Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or
foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. and/or its Affiliates is the ultimate beneficial owner of, or has ultimate control of the voting rights attaching to, twenty per cent. (20%) of all the issued shares
in the Guarantor;  

  

	 (c)
	 each of the Relevant Persons and Approved Manager is duly incorporated and validly existing under the laws of its
jurisdiction of its incorporation; 

  

	 (d)
	 each of the Relevant Persons and the Approved Manager has the corporate capacity, and has taken all corporate actions
and obtained all consents, approvals, authorisations, licenses or permits necessary for it: 

  

	 	 (i)
	 to execute each of the Leasing Documents to which it is a party; and 

 

	 	 (ii)
	 to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

  

	 (e)
	 all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(d) remain in force and
nothing has occurred which makes any of them liable to revocation; 

  

	 (f)
	 each of the Leasing Documents to which a Relevant Person or Approved Manager is a party constitutes such Relevant
Person’s or Approved Manager’s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors’ rights generally; 

 

	 (g)
	 no third party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or
claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents or any interest or assets subject to or purported to be subject to any Security Documents; 

 

	 (h)
	 all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a
party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of the jurisdiction of incorporation; 

  

	 (i)
	 no legal or administrative action involving a Relevant Person or Approved Manager has been commenced or taken which is
likely to have a Material Adverse Effect; 

  

	 (j)
	 each of the Relevant Persons and Approved Manager has paid all taxes applicable to, or imposed on or in relation to
it, its business or if applicable, the Vessel, except for those being contested in good faith with adequate reserves; 

  

	 (k)
	 the choice of governing law as stated in each Leasing Document to which a Relevant Person or Approved Manager is a
party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person or Approved Manager; 

 

	 (l)
	 no Relevant Person or Approved Manager nor any of their assets are entitled to immunity on the grounds of sovereignty
or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement); 

 

	 (m)
	 the obligations of each Relevant Person or Approved Manager under each Leasing Document to which it is a party, are
the direct, general and unconditional obligations of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) and, rank at least pari passu with all other present and future unsecured and
unsubordinated creditors of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) save for any obligation which is mandatorily preferred by law and not by virtue of any contract;

  
 21 

	 (n)
	 no Relevant Person or Approved Manager (which is an Affiliate of the Charterers) is a US Tax Obligor, and no Relevant
Person or Approved Manager (which is an Affiliate of the Charterers) has established a place of business in the United Kingdom or the United States of America; 

 

	 (o)
	 no Relevant Person, Approved Manager nor any of their respective directors, officers, employees or agents is a
Restricted Person and to the best of the Charterers’ knowledge and belief (after due and careful enquiry), no Approved Subcharterer nor any of its directors, officers, employees or agents is a Restricted Person; 

 

	 (p)
	 each Relevant Person and Approved Manager and their respective directors, officers, employees and agents, and to the
best of the Charterers’ knowledge and belief (after due and careful enquiry), the Approved Subcharterer and its directors, officers, employees and agents, is in compliance with all Sanctions laws, and none of them have been or are currently
being investigated on compliance with Sanctions, they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of
Sanctions; 

  

	 (q)
	 each Relevant Person and Approved Manager, and to the best of the Charterers’ knowledge and belief (after due and
careful enquiry) any Approved Subcharterer, is not in breach of Anti- Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each of the Relevant Persons and Approved Manager has instituted and maintained systems,
controls, policies and procedures designed to: 

  

	 	 (i)
	 prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

  

	 	 (ii)
	 promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics
Laws. 

  

	 (r)
	 none of the Relevant Persons and the Approved Manager or any of their assets, in each case, has any right to immunity
from set off, legal proceedings, attachment prior to judgment or other attachment or execution of judgment on the grounds of sovereign immunity or otherwise; 

 

	 (s)
	 none of the Relevant Persons and the Approved Manager is insolvent or in liquidation or administration or subject to
any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Relevant Persons or the Approved Manager or all or material
part of their assets; 

  

	 (t)
	 that in respect of any Approved Subcharter: 

 

	 	 (i)
	 the copy of such Approved Subcharter provided to the Owners (if required to be provided under the terms of this
Charter) is a true and complete copy; 

  

	 	 (ii)
	 in the case of an Approved Bareboat Subcharter, the relevant Approved Subcharterer is fully aware of the transactions
contemplated under this Charter; 

  

	 (u)
	 no Termination Event or Potential Termination Event has occurred nor is continuing or might reasonably be expected to
result from the entry into and performance of this Charter or any other Leasing Document; 

  

	 (v)
	 as at the date of this Charter, the Charterers have not entered into any other investments, any sale or leaseback
agreements, any off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except:

  
 22 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel; 

  

	 (w)
	 any factual information provided by any Relevant Person or Approved Manager (which is an Affiliate of the Charterers)
(or on their behalf) to the Owners was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; 

 

	 (x)
	 the entry by each Relevant Person and Approved Manager (which is an Affiliate of the Charterers) into any Leasing
Document does not in any way cause any breach, and is in all respects permitted, under the terms of any of such entity’s constitutional documents or agreements binding on such entity; 

 

	 (y)
	 all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of the each
Relevant Person or Approved Manager (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with; 

  

	 (z)
	 no Environmental Claim has been made or threatened against any Relevant Person or Approved Manager or otherwise in
connection with the Vessel; and 

  

	 	 (aa)
	 no Environmental Incident which has led or would lead to any Environmental Claim has occurred and, unless otherwise
notified by the Charterers to the Owners, to the best of their knowledge no person has claimed that an Environmental Incident has occurred. 

CLAUSE 46       – CHARTERERS’ UNDERTAKINGS 

 

	 46.1
	 The Charterers undertake that they shall comply or procure compliance with the following undertakings
commencing from the date of this Charter and up to the last day of the Security Period: 

  

	 (a)
	 there shall be sent to the Owners: 

 

	 	 (i)
	 as soon as possible, but in no event later than 90 days after the end of each financial half-year, the consolidated
semi-annual accounts of the Guarantor certified as to their correctness by an officer of the Guarantor; 

  

	 	 (ii)
	 as soon as possible, but in no event later than 180 days after the end of each financial year of the
Guarantor, the audited consolidated annual financial reports of the Guarantor; 

  

	 (b)
	 they will provide to the Owners, promptly at the Owners’ request, copies of all notices and minutes relating to
any of their extraordinary shareholders’ meeting which are despatched to the Charterers’ or the Guarantor’s respective shareholders or any class of them, save that publicly disclosed notices and minutes not concerning the Vessel or
these Leasing Documents need not be provided to the Owners under this clause; 

  

	 (c)
	 they will provide to the Owners, promptly at the Owners’ requests so long as a Termination Event has occurred and
whilst the same is continuing, copies of all notices and notices of meetings which are despatched to the Charterers’ or Guarantors’ other creditors (if any); 

 

	 (d)
	 they will provide or will procure that each Relevant Person and Approved Manager provides the Owners with details of
any legal, arbitral or administrative action involving such Relevant Person or Approved Manager or the Vessel as soon as such action is instituted or it becomes apparent to such Relevant Person or Approved Manager that it is likely to be instituted
and is 

  
 23 

	     
	 likely to have a material adverse effect on the ability of a Relevant Person or Approved Manager to perform their
obligations under each Leasing Document to which it is a party (and in the case of such Relevant Person being the Guarantor, where the claim under such legal, arbitral or administrative action exceeds the sum of US$5,000,000); 

  

	 (e)
	 they will, and will procure that each other Relevant Person and Approved Manager obtains and promptly renews or
procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document
to which it is a party (including without limitation to sell, charter and operate the Vessel); 

  

	 (f)
	 they will not, and will procure that each other Relevant Person and Approved Manager will not, create, assume or
permit to exist any Security Interest of any kind upon any Leasing Document or any asset subject thereto to which such Relevant Person or Approved Manager is a party, and if applicable, the Vessel, in each case other than the Permitted Security
Interests; 

  

	 (g)
	 they will at their own cost, and will procure that each other Relevant Person and Approved Manager will:

  

	 	 (i)
	 do all that such Relevant Person or Approved Manager reasonably can to ensure that any Leasing Document to which such
Relevant Person or Approved Manager is a party validly creates the obligations and the Security Interests which such Relevant Person or Approved Manager purports to create; and 

 

	 	 (ii)
	 without limiting the generality of paragraph (i), promptly register, file, record or enrol any Leasing Document to
which such Relevant Person or Approved Manager is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
Relevant Person or Approved Manager is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the
priority of any Security Interest which such Relevant Person or Approved Manager creates; 

  

	 (h)
	 they will, and will procure that each other Relevant Person and the Approved Manager will, notify the Owners
immediately of the occurrence of: 

  

	 	 (i)
	 any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to
result, in repairs on the Vessel which exceed $1,000,000; 

  

	 	 (ii)
	 any material safety incidents taking place on board the Vessel; 

 

	 	 (iii)
	 any Termination Event; 

  

	 	 (iv)
	 any default by either an Approved Subcharterer under an Approved Bareboat Subcharter or Charterers of the terms of any
Approved Bareboat Subcharter; 

  

	 	 (v)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling either the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (vi)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer, 

  
 24 

 and will keep the Owners fully up-to-date with all developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or
Termination Event; 
  

	 (i)
	 they will, and will procure that each other Relevant Person and Approved Manager will, as soon as practicable after
receiving the request, provide the Owners with any additional financial or other information relating: 

  

	 	 (i)
	 to themselves and/or the Vessel (including, but not limited to the condition and location of the Vessel); or

  

	 	 (ii)
	 to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

  

	 (j)
	 which may be reasonably requested by the Owners (or their financiers (if any)) at any time; without prejudice to
Clause 46.1(n), comply, or procure compliance, and will procure that each other Relevant Person, Approved Subcharterer and Approved Manager will comply or procure compliance, with all laws or regulations relating to the Vessel and its ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel’s registry; 

 

	 (k)
	 the Vessel shall be classed with the Classification Society and shall be free of all overdue recommendations and
requirements; 

  

	 (l)
	 they will ensure and procure that: 

 

	 	 (i)
	 the Market Value of the Vessel shall be ascertained from time to time in the following circumstances:

  

	 	 (aa)
	 upon the occurrence of a Potential Termination Event or a Termination Event which is continuing, at any time at the
request of the Owners; and 

  

	 	 (bb)
	 in the absence of occurrence of a Potential Termination Event or Termination Event no more than once every calendar
year, with such report to be dated no more than 30 calendar days prior to every anniversary of the Commencement Date occurring within the Charter Period or on such other date as the Owners may request; 

 

	 	 (ii)
	 the Charterers shall pay the amount of the fees and expenses incurred by the Owners in connection with any matter
arising out of this paragraph (l); 

  

	 (m)
	 they will notify the Owners immediately of: 

 

	 	 (i)
	 any Environmental Claim which is made against the Charterers, Approved Subcharterer or Approved Manager in connection
with the Vessel or any Environmental Incident; 

  

	 	 (ii)
	 any arrest or detention of the Vessel (that will or is likely to exceed fifteen (15) days), any exercise or
purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire; and 

  

	 	 (iii)
	 any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise,
likely to become, a Major Casualty; 

  

	 (n)
	 they shall comply, shall procure that each other Relevant Person and Approved Manager comply, and shall use all
reasonable endeavours to procure that the Approved Subcharterer comply, with all laws and regulations in respect of Sanctions, and in particular, each of these 

  
 25 

	     
	 entities shall effect and maintain a sanctions compliance policy to ensure compliance with all such laws and
regulations implemented from time to time; 

  

	 (o)
	 they shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary
to any Sanctions (and in particular, the Vessel shall not be used by or to benefit any party which is a target of Sanctions and/or is a Restricted Person or trade to any area or country where trading the Vessel to such area or country would
constitute or reasonably be expected to constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People’s Republic of China),
(ii) would result or reasonably be expected to result in any Relevant Person, Approved Subcharterer, Approved Manager or the Owners becoming a Restricted Person or (iii) would trigger the operation of any sanctions limitation or exclusion
clause in any insurance documentation; 

  

	 (p)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, promptly notify the Owners of any non-compliance, by any Relevant Person, Approved Subcharterer or Approved Manager or their respective officers,
directors, employees, consultants, agents or intermediaries, with all laws and regulations relating to Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws (including but not limited to notifying the
Owners in writing immediately upon being aware that any Relevant Person, Approved Subcharterer, Approved Manager or its shareholders, directors, officers or employees is a Restricted Person or has otherwise become a target of Sanctions) as well as
provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws; 

 

	 (q)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, (in each case above, including procuring or as the case may be, using all reasonable endeavours to procure the respective officers, directors, employees, consultants, agents and/or
intermediaries of the relevant entity to do the same) shall: 

  

	 	 (i)
	 comply with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

  

	 	 (ii)
	 maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money
Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws; and 

  

	 	 (iii)
	 in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing
Amount for any purpose that would breach any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (r)
	 in respect of the Charterers, not lend, invest, contribute or otherwise make available the Financing Amount to or for
any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (s)
	 they shall not appoint or permit to be appointed any manager of the Vessel unless it is the Approved Manager appointed
on terms acceptable to the Owners and their financiers (if any) and such Approved Manager has (prior to accepting its appointment) entered into a Manager’s Undertaking; 

 

	 (t)
	 they shall ensure that all Earnings and any other amounts received by them in connection with the Vessel are paid into
the Earnings Account and all operating expenses in connection with the Vessel are paid from the Earnings Account; 

  
 26 

	 (u)
	 upon request, they will provide or they will procure to be provided to the Owners the report(s) of the survey(s)
conducted pursuant to Clause 7 of this Charter in form and substance satisfactory to the Owners; 

  

	 (v)
	 they shall not permit the sub-chartering of the Vessel save for an Approved
Subcharter provided that: 

  

	 	 (i)
	 in the case of a request from the Charterers for the Owners’ written consent to the terms of an Approved
Subcharter being a time charter exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Owners shall respond to such request within five (5) Business Days or any other longer period
agreed between the Owners and the Charterers; 

  

	 	 (ii)
	 as a condition precedent to the execution of any Approved Subcharter being a bareboat charter or a time charter of a
period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Charterers assign all their rights and interests under such Approved Subcharter in form and substance acceptable to the
Owners and shall use the reasonable endeavours to procure such Approved Subcharter to give a written acknowledgment of such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such Approved
Subcharter;     

  

	 (w)
	 in respect of an Approved Subcharter (other than a Short Term Time Subcharter) which contains an option to extend the
charter period, they shall notify the Owners as soon as they become aware that the relevant Approved Subcharterer does not intend to, or has not by the date falling 20 days prior to the date on which such Approved Subcharter will expire, exercise
the relevant option to extend the time charter period of the Subcharter in accordance with the terms thereunder;  

  

	 (x)
	 in respect of an Approved Subcharter other than a Short Term Time Subcharter, save with the prior written consent of
the Owners, they shall not, and shall procure that the relevant Approved Subcharterer shall not, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing
or waiving any material term of any such Approved Subcharter.  

 In this Clause 46.1(x), “material
term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;  

 

	 (y)
	 they shall not make or pay any dividend or other distribution (in cash or in kind) in respect of its share capital
following the occurrence of a Potential Termination Event or Termination Event or which would result in a Potential Termination Event or Termination Event; 

  

	 (z)
	 the Vessel shall be registered under the Flag State at all times; and 

 

	 (aa)
	 they shall not enter into any other investments, any sale or leaseback agreements, any
off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except: 

 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel. 

  
 27 

 CLAUSE 47       PURCHASE OPTION 

 

	 47.1
	 The Charterers shall, at any time during the Charter Period, have the option to purchase the Vessel on any date
which shall also be a Payment Date (the “Purchase Option Date”) specified in such notice (the “Purchase Option Notice”, which shall be served to the Owners not less than two (2) months prior to the proposed
Purchase Option Date) at the then applicable Purchase Option Price, provided that the Charterers shall not be entitled to serve a Purchase Option Notice if five (5) “Purchase Option Notices” (as defined in any Other Charters) or
“Joint Purchase Option Notices” (as defined in any Other Charters) which, in each case, is unrelated to the exercise of purchase option of the Vessel under this Charter have been delivered by the relevant Other Charterers to the relevant
Other Owners under the relevant Other Charters at such time.  

  

	 47.2
	 A Purchase Option Notice maybe made in connection with the exercise of the option to purchase of any Other
Vessel by the relevant Other Charterers under clause 47 (Purchase Option) of such Other Charters (such Purchase Option Notice, the “Joint Purchase Option Notice”) and shall include any “Purchase Option Notice” (as
defined in any Other Charters) or “Joint Purchase Option Notice” (as defined in any Other Charters) if such “Purchase Option Notice” or “Joint Purchase Option Notice” (each as defined in the relevant Other Charters) is
made also in connection with the purchase of the Vessel). A Purchase Option Notice shall be signed by a duly authorised officer or attorney of the Charterers (and in the case of any Joint Purchase Option Notice, of the relevant Other Charterers
notifying its exercise of the option to purchase of the relevant Other Vessel or, as the case may be, Other Vessels pursuant to such Joint Purchase Option Notice) and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to
pay to the Owners the then applicable Purchase Option Price on the Purchase Option Date. The Charterer agrees that any Joint Purchase Option Notice which is also made in connection with the Charterers’ exercise of purchase option of the Vessel
served by any Other Charterers to the relevant Other Owners shall be deemed to be a Purchase Option Notice served by the Charterers to the Owners under this Clause 47. 

 

	 47.3
	 Upon the Owners’ receipt in full of the Purchase Option Price, the Owners shall (except in the case of
Total Loss) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clauses 49.1(a) and 49.1(b)) to the Charterers or their nominees and
shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes the Vessel shall
be deemed first to have been redelivered to the Owners).  

 CLAUSE 48       – PURCHASE
OBLIGATION 
 Subject to other provisions of this Charter, in consideration of the Owners entering into this Charter, the
Charterers shall on the last day of the Charter Period be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall
perform their obligations referred to in Clause 49 and the Charterers shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the
Charterers agree otherwise. 
 CLAUSE 49       – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

  

	 49.1
	 Completion of the exercise of the Purchase Option (by the Charterers) or the Purchase Obligation (by the
Owners) shall respectively take place on the Purchase Option Date or the Purchase Obligation Date (as the case may be), whereupon the Owners will sell to the Charterers (or their nominee), and the Charterers (or their nominee) will purchase from the
Owners, all the legal and beneficial interest and title in the Vessel, for the Purchase Option Price or the Purchase Obligation Price (as the case may be) on an “as is where is” basis and on the following terms and conditions:

  
 28 

	 (a)
	 the Charterers expressly agree and acknowledge that no condition, warranty or representation of any kind is or has
been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any
person on the Owners’ behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality,
merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the
Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law, the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under this
Clause and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or
warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or
waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party; 

 

	 (b)
	 the Vessel shall be free from any registered mortgages, liens, encumbrances or debts incurred by the Owners and any
other claims whatsoever (save for those mortgages, liens, encumbrances or debts arising out of or in connection with the Charter or the Leasing Documents); 

  

	 (c)
	 the Purchase Option Price or the Purchase Obligation Price (as the case may be) shall be paid by (or on behalf of) the
Charterers to the Owners on respectively the Purchase Option Date or the Purchase Obligation Date, together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the
Purchase Option Date or Purchase Obligation Date (as the case may be) which remain unpaid; and 

  

	 (d)
	 concurrently with the Owners receiving irrevocable payment of the Purchase Obligation Price or the Purchase Option
Price (as the case may be) and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of Total Loss) (at Charterer’s cost) transfer the legal and beneficial ownership of
the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and Clause 49.1(b)) to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of
sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes, the Vessel shall be deemed first to
have been redelivered to the Owners). 

 CLAUSE 50       INDEMNITIES 

 

	 50.1
	 The Charterers shall pay such amounts to the Owners, on the Owners’ demand, in respect of all documented
claims, expenses, liabilities, losses, fees (including, but not limited to, any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document or in connection
with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners , and the costs related to the prevention or release of liens or
detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it, enforcement of the Owners’ rights under any Leasing Document, and whether prior to, during or after termination of the leasing of this
Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any documented claims, expenses, liabilities and losses which arise, or are asserted,
under or in 

  
 29 

	     
	 connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental
Law, any Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws. 

  

	 50.2
	 Without prejudice to the above Clause 50.1, if any sum (a “Sum”) due from a Relevant Person,
the Approved Manager or Approved Subcharterer under the Leasing Documents, or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable
into another currency (the “Second Currency”) for the purpose of: 

  

	 (a)
	 making or filing a claim or proof against that Relevant Person the Approved Manager or Approved Subcharterer (as the
case may be); or 

  

	 (b)
	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum. 
  

	 50.3
	 The obligations of the Charterers under Clause 50 and in respect of any Security Interest created pursuant to
the Security Documents will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under Clause 50 or in respect of any Security Interest created pursuant to the Security
Documents (without limitation and whether or not known to it or any Relevant Person or Approved Manager) including: 

  

	 (a)
	 any time, waiver or consent granted to, or composition with, any Relevant Person or Approved Manager or any other
person; 

  

	 (b)
	 the release of any other Relevant Person or Approved Manager or any other person under the terms of any composition or
arrangement with any creditor of such Relevant Person, Approved Manager or such other person or any of its affiliates; 

  

	 (c)
	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in
perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or Approved Manager or any other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 (d)
	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status
of a Relevant Person or Approved Manager or any other person; 

  

	 (e)
	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or
replacement of any Leasing Document or any other document or security; 

  

	 (f)
	 any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any
other document or security; or 

  

	 (g)
	 any insolvency or similar proceedings. 

 

	 50.4
	 Notwithstanding anything to the contrary under the Leasing Documents (but subject and without prejudice to Clause 33)
and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the 

  
 30 

	     
	 indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect notwithstanding
any breach of the terms of this Charter or such Leasing Document or termination or cancellation of this Charter or such Leasing Document pursuant to the terms hereof or thereof or termination of this Charter or such Leasing Document by the Owners.

  

	 50.5
	 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers
under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from either the Owner or the Other Owners (or any of them, as the case may be) such amounts in respect of all claims, expenses,
liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such moneys, costs,
fees and expenses upon the Owner’s or any of the Other Owner’s demand. 

  

	 50.6
	 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against
the Other Charterers or the Guarantor or any of them shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any
rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this
Clause: 

  

	 (a)
	 to be indemnified by the Other Charterers or the Guarantor or any of them; 

 

	 (b)
	 to claim any contribution from any third party providing security for, or any other guarantor of, the Other
Charterers’ or the Guarantor’s obligations under the Leasing Documents; 

  

	 (c)
	 to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Other
Charterers or the Guarantor or any of them under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties; 

 

	 (d)
	 to bring legal or other proceedings for an order requiring any of the Other Charterers or the Guarantor or any of them
to make any payment, or perform any obligation, in respect of any Leasing Document; 

  

	 (e)
	 to exercise any right of set-off against any of the Other Charterers or the
Guarantor or any of them; and/or 

  

	 (f)
	 to claim or prove as a creditor of any of the Other Charterers or the Guarantor or any of them, 

and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or
distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners. 
  

	 50.7
	 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33
(Cancellation)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in
full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. 

  
 31 

 CLAUSE 51    – NO SET-OFF OR TAX
DEDUCTION 
  

	 51.1
	 All Charterhire or payment of the Purchase Obligation Price or the Purchase Option Price and any other payment
made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually: 

  

	 (a)
	 without any form of set-off, cross-claim or condition and in the case of
Charterhire or Deposit, without previous demand unless otherwise agreed with the Owners; and 

  

	 (b)
	 free and clear of any tax deduction or withholding unless required by law. 

 

	 51.2
	 Without prejudice to Clause 51.1, if the Charterers are required by law to make a tax deduction from any
payment: 

  

	 (a)
	 the Charterers shall notify the Owners as soon as they become aware of the requirement; and 

 

	 (b)
	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive
and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received. 

 

	 51.3
	 In this Clause “tax deduction” means any deduction or withholding for or on
account of any present or future tax, other than a FATCA Deduction. 

 CLAUSE 52    – INCREASED COSTS

  

	 52.1
	 This Clause 52 applies if the Owners notify the Charterers that they consider that as a result of:

  

	 (a)
	 the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter
in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Charter of a tax on the Owners’ overall net income); or 

 

	 (b)
	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects
the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter, 

the Owners (or a parent company of them) has incurred or will incur an “increased cost”. 

 

	 52.2
	 In this Clause 52, “increased cost” means, in relation to the Owners:

  

	 (a)
	 an additional or increased cost incurred as a result of, or in connection with, the Owners having entered into, or
being a party to, this Charter, of funding the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter; 

  

	 (b)
	 a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a
payment represents to the Owners on their capital; 

  

	 (c)
	 an additional or increased cost of funding the acquisition of the Vessel pursuant to the MOA; or

  

	 (d)
	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or
receivable by the Owners under this Charter, 

  
 32 

	 (e)
	 and for the purposes of this Clause 52.2 the Owners may in good faith allocate or spread costs and/or losses among
their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate. 

  

	 52.3
	 Subject to the terms of Clause 52.1, the Charterers shall pay to the Owners, on the Owners’ demand, the
amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost. 

CLAUSE 53    – CONFIDENTIALITY 
  

	 53.1
	 The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the
“Confidential Information”) strictly confidential, provided that a Party may disclose Confidential Information in the following cases: 

 

	 (a)
	 it is already known to the public or becomes available to the public other than through the act or omission of the
disclosing Party; 

  

	 (b)
	 it is required to be disclosed under the applicable laws of any Relevant Jurisdiction or by a governmental order,
decree, regulation or rule, by an order of a court, tribunal or listing exchange of the Relevant Jurisdiction, provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the disclosure unless
such disclosure is made pursuant to any order by the US Securities and Exchange Commission, the New York Stock Exchange, or the NASDAQ Stock Market in which case no such prior written notice is required; 

 

	 (c)
	 in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in
discovery arising out of such proceedings; 

  

	 (d)
	 to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for
circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; 

  

	 (e)
	 to any of the following persons on a need to know basis: 

 

	 	 (i)
	 a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof); 

  

	 	 (ii)
	 professional advisers retained by a disclosing party; or 

 

	 	 (iii)
	 persons advising on, providing or considering the provision of financing to the disclosing party or an Affiliate,

 provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose
Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or 

 

	 (f)
	 with the prior written consent of all Parties. 

CLAUSE 54    – PARTIAL INVALIDITY 

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or
impaired. 

  
 33 

 CLAUSE 55    – SETTLEMENT OR DISCHARGE CONDITIONAL 

 

	 55.1
	 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person or Approved
Manager or any other person shall be conditional upon no security or payment to the Owners by any Relevant Person or Approved Manager or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or
otherwise. 

  

	 55.2
	 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or Approved
Manager or Approved Subcharterer of an Approved Subcharter of a period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods) or by any other person in purported payment or discharge of an
obligation of that Relevant Person or Approved Manager or such Approved Subcharterer to the Owners under the Leasing Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or
Approved Manager or such Approved Subcharterer or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents. 

CLAUSE 56 – CHANGES TO THE PARTIES 
  

	 56.1
	 Assignment or transfer by the Charterers 

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents
except with the prior consent in writing of the Owners, provided that the Owners’ consent shall not be unreasonably withheld if the assignee or transferee of such assignment or transfer by the Charterers is an Affiliate of the Charterers. 

 

	 56.2
	 Transfer by the Owners 

 

	 (a)
	 Subject to Clause 35.3, the Owners may transfer by novation (or otherwise) any of its rights and obligations under the
Leasing Documents: 

  

	 	 (i)
	 in the event of an occurrence of a Termination Event which is continuing; or 

 

	 	 (ii)
	 subject to the consent of such other party under the Leasing Document (which must not be unreasonably withheld or
delayed), to another lessor or financial institution or trust, fund, leasing company or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets,

  

	 (b)
	 During the Charter Period, any change in the registered ownership of the Vessel (other than pursuant to paragraph (a))
above shall require the Charterers’ prior approval which shall not be unreasonably withheld or delayed, provided always that, notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or
mutually agreed amendments). The Guarantor and the Charterers shall remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered ownership
of the Vessel from the Owners to such new owner. 

  

	 56.3
	 The Charterers agree and undertake to enter into any such usual documents as the Owners shall require to
complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause 56.2, with any documented costs or expenses whatsoever arising in relation thereto at no cost to the Charterers.

  
 34 

 CLAUSE 57    – MISCELLANEOUS 

 

	 57.1
	 The Charterers waive any rights of sovereign immunity which they or any of their assets may enjoy in any
jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter. 

  

	 57.2
	 No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a
person who is not party to this Charter , save that the Other Owners may rely on the rights conferred on them under Clause 50.5 (Indemnities). 

  

	 57.3
	 This Charter and each Leasing Document 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 Charter or that Leasing Document, as the case may be. 

  

	 57.4
	 These additional clauses shall be read together with the BARECON 2001 to constitute this Charter as a single
instrument. However, in case of any conflict between these additional clauses and the BARECON 2001, the terms of these additional clauses shall prevail. 

CLAUSE 58    – FATCA 
  

	 58.1
	 Defined terms. For the purposes of this Clause 58, the following terms shall have the following meanings:
 

 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder. 

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing
Documents required by or under FATCA. 
 “FATCA Exempt Party” means a Relevant Party that is entitled
under FATCA to receive payments free from any FATCA Deduction. 
 “FATCA FFI” means a foreign financial
institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 

“FATCA Non-Exempt Party” means any Relevant Party who is not a
FATCA Exempt Party. 
 “IRS” means the United States Internal Revenue Service or any successor taxing authority or
agency of the United States government. 
 “Relevant Party” means any party to a Leasing Document
except an Approved Subcharterer. 
  

	 58.2
	 FATCA Information. 

  

	 (a)
	 Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten
Business Days of a reasonable request by another Relevant Party: 

  

	 	 (i)
	 confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

  

	 	 (ii)
	 supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS
Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including
its applicable “pass thru percentage” or other information required under FATCA or other official guidance including 

  
 35 

	 	     
	 intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting
party’s compliance with FATCA . 

  

	 (b)
	 If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall so notify all
other Relevant Parties reasonably promptly. 

  

	 (c)
	 Nothing in this clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might
constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided,
however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of
such party for purposes of this paragraph. 

  

	 (d)
	 If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in
accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then: 

  

	 	 (i)
	 if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated
for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and 

  

	 	 (ii)
	 if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes
of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%, 

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to
establish the relevant facts. 
  

	 58.3
	 FATCA Deduction and gross-up by Relevant Party 

 

	 (a)
	 If the representation made by the Charterers under Clause 45.1(n) proves to be untrue or misleading such that the
Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

  

	 (b)
	 If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them
to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required. 

 

	 (c)
	 The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change
in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to
the Owners evidence reasonably satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	 58.4
	 FATCA Deduction by Owners 

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA
Deduction, and the Owners shall not be 

  
 36 

 required to increase any payment in respect of which they make such a FATCA Deduction or
otherwise compensate the recipient for that FATCA Deduction. 
  

	 58.5
	 FATCA Mitigation 

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause
58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in
relation to such transfer shall be for the account of the Charterers. 
 CLAUSE 59    – DEFINITIONS 

 

	 59.1
	 In this Charter the following terms shall have the meanings ascribed to them below: 

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed
by the Charterers at Delivery. 
 “Account Bank” means ABN AMRO, BNP Paribas, HSH Nordbank AG or any
other bank which is acceptable to the Owner. 
 “Account Security” means the document creating security
over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form. 
 “Affiliate”
means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company. 

“Aggregate Outstanding Principal Balance” means, at any time, the sum of (i) the Outstanding Principal
Balance under this Charter at that time; and (ii) the aggregate amount of each “Outstanding Principal Balance” (as defined in each Other Charter) at that time under each such Other Charter. 

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements,
anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of
America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager
or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are
subjected or subject to. 
 “Anti-Terrorism Financing Laws” means all applicable anti-terrorism laws, rules,
regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over
any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person,
Approved Subcharterer, Approved Manager or the Owners are subjected or subject to. 
 “Approved Bareboat
Subcharter” means an Approved Subcharter as described under paragraph b(i) of the definition of an Approved Subcharter and consented to by the Owners. 

“Applied Amount” has the meaning given to such terms in Clause 36.2. 

  
 37 

 “Approved Manager” means (i) Navios Shipmanagement
Inc., a corporation incorporated under the laws of Marshall Islands having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (ii) Navios Containers Management Inc., a corporation incorporated under the laws of Marshall Islands
having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (iii) any other Affiliate of the Guarantor which acts as a ship manager; (iv) any other ship management company which is an Affiliate of the Charterers; or
(v) any other ship management company which is not an Affiliate of the Charterers but is approved in writing by the Owners.  

“Approved Subcharter” means the Subcharter or: 

 

	 	 (a)
	 any Short Term Time Subcharter; 

 

	 	 (b)
	 subject to prior written consent of the Owners: 

 

	 	 (i)
	 a subcharter of the Vessel on a bareboat charter basis; or 

 

	 	 (ii)
	 a subcharter of the Vessel on a time charter basis with a charter period exceeding or capable of exceeding thirteen
(13) months (taking into account any optional extension period). 

 “Approved
Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter, any subcharterer of the Vessel approved by the Owners in writing. 

“Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers A/S, Fearnleys, Howe Robinson,
Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Breakfunding Costs” means all breakfunding costs and expenses (including without limitation any early
termination costs under any swap or hedging arrangements) incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall
on a Payment Date. 
 “Business Day” means a day on which banks are open for business in the principal
business centres of Amsterdam, Beijing, Hong Kong and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open
in New York City. 
 “Business Ethics Law” means any laws, regulations and/or other legally binding
requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii) the United States
Foreign Corrupt Practices Act 1977 and all rules and regulations under each of (i) and (ii).     

“Cancelling Date” has the meaning given to that term in the MOA. 

“Charterhire” means, in relation to the Payment Date for each month, an amount equal to $2,880 times the number of
calendar days in that month.  
 “Charterhire Principal” means the aggregate amount of
Charterhire payable under this Charter. 
 “Charterhire Principal Balance” means the Charterhire
Principal outstanding under this Charter from time to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire under this Charter. 

  
 38 

 “CISADA” means the United States Comprehensive Iran Sanctions,
Accountability and Divestment Act of 2010 as it applies to non-US persons. 

“Charter Period” means the period commencing on the Commencement Date and described in Clause 32.2 unless
it is either terminated earlier or extended in accordance with the provisions of this Charter. 
 “Classification
Society” means DNV GL or any classification society being a member of the International Association of Classification Societies (other than PRS (Polski Rejestr Statków)), IRS (Indian Register of Shipping as IRS) or CRS
(Hrvatski registar brodova) which is approved by the Owners.  
 “Commencement Date”
means the date on which Delivery takes place. 
 “Delivery” means the delivery of the legal and beneficial interest
in the Vessel from the Owners to the Charterers pursuant to the terms of the MOA. 
 “Deposit” has the
meaning given to such terms in Clause 36.2. 
 “Deposit Amount” means an amount in Dollars equal to
$87,733. 
 “Dollars” or “$” have the meanings given to those terms in the MOA. 

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which
arise out of the use or operation of the Vessel, including (but not limited to): 
  

	 	 (a)
	 all freight, hire and passage moneys, compensation payable in the event of requisition of the Vessel for hire, all
moneys which are at any time payable under any Insurances in respect of loss of hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Vessel; and 

  

	 	 (b)
	 if and whenever the Vessel is employed on terms whereby any moneys falling within paragraph (a) are pooled or
shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Vessel; 

“Earnings Account” means, an account in the name of the Charterers with Account Bank or such bank as the
Owners may approve. 
 “Environmental Claim” means: 

 

	 	 (a)
	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which
relates to any Environmental Law; or 

  

	 	 (b)
	 any claim by any other person which relates to an Environmental Incident, 

and “claim” means a claim for damages, compensation, fines, penalties or any other payment (exceeding $1,000,000 in
each of the above cases); an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means: 

 

	 	 (a)
	 any release of Environmentally Sensitive Material from the Vessel; or 

 

	 	 (b)
	 any incident in which Environmentally Sensitive Material is released from a vessel other than the Vessel and which
involves a collision between the Vessel and such other vessel 

  
 39 

	 	     
	 or some other incident of navigation or operation, in either case, in connection with which the Vessel is actually
liable to be arrested, attached, detained or injuncted and/or the Vessel and/or the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action; or

  

	 	 (c)
	 any other incident involving the Vessel in which Environmentally Sensitive Material is released otherwise than from
the Vessel and in connection with which the Vessel is actually arrested and/or where the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action in respect
of such Vessel. 

 “Environmental Law” means any law relating to pollution or
protection of the environment, to the carriage or releases of Environmentally Sensitive Material. 
 “Environmentally
Sensitive Material” means oil, oil products and any other substances (including any chemical, gas or other hazardous or noxious substance) which are (or are capable of being or becoming) polluting, toxic or hazardous. 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of
the debtor: 
  

	 	 (a)
	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	 (b)
	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	 (c)
	 under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

  

	 	 (d)
	 under a lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services
obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	 (e)
	 under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction
entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	 (f)
	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another
person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person. 

“Financial Instruments” means the mortgage, deed of covenant, the general assignment or such other
financial security instruments granted to the Owners’ financiers as security for the obligations of the Owners in relation to the financing of the acquisition of the Vessel. 

“Financing Amount” means an amount equal to the Purchase Price. 

“Flag State” means Republic of Panama, the Republic of the Marshall Islands or Republic of Liberia or any
other flag state approved by the Owners in writing.  
 “Fleet Vessel” has the meaning
give to it under clause 11.20 of the Guarantee. 
 “General Assignment” means the general assignment
executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, inter alia, assign their rights under the Insurances, Earnings and Requisition 

  
 40 

 Compensation and any sub-charters having a duration
of at least thirteen (13) months (or which are capable of exceeding thirteen (13) months) in respect of the Vessel, in favour of the Owners and in the agreed form.  

“Guarantor” means Navios Maritime Containers Inc., a corporation incorporated under the laws of the Republic of
Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.  

“Guarantee” means a guarantee executed by the Guarantor in favour of the Owners dated on or around the date of this
Charter. 
 “Holding Company” means, in relation to a person, any other person in relation to which it
is a subsidiary.  
 “IAPPC” means a valid international air pollution prevention certificate for the Vessel
issued pursuant to the MARPOL Protocol. 
 “Initial Market Value” means, in relation to the Vessel at
any relevant time, the valuation prepared by an Approved Valuer selected by the Charterers:  
  

	 	 (a)
	 on a date no earlier than three (3) months prior to the Commencement Date; 

 

	 	 (b)
	 without physical inspection of the Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment. 

 “Insurances”
means: 
  

	 	 (a)
	 all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks
association, which are effected in respect of the Vessel or otherwise in relation to it whether before, on or after the date of this Charter; and 

  

	 	 (b)
	 all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a
premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Charter. 

“ISM Code” means the International Safety Management Code (including the guidelines on its
implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms “safety management
system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code). 

“ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of
Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or
amended from time to time. 
 “Joint Purchase Option Notice” has the meaning given to such term in
Clause 47. 
 “Leasing Documents” means this Charter, the MOA, the Security Documents and the Trust
Deed. 

  
 41 

 “Major Casualty” means any casualty to the Vessel in respect
of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency. 

“Manager’s Undertaking” means, in relation to an Approved Manager, the letter of undertaking from
the Approved Manager, inter alia, subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners and their financiers (if any) in an agreed form. 

“Market Value” means, in relation to the Vessel or any Other Vessel at any relevant time, the valuation
prepared: 
  

	 	 (a)
	 on a date no earlier than thirty (30) days previously (or, in the case of the Initial Market Value of the Vessel,
three (3) month prior to the Commencement Date);     

  

	 	 (b)
	 without physical inspection of the Vessel or that Other Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment 

 and such valuations shall be
prepared by an Approved Valuer. 
 “MARPOL Protocol” means Annex VI (Regulations for the Prevention of
Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997). 

“Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

  

	 	 (a)
	 the business, operations, property, condition (financial or otherwise) or prospects of the Charterers or the Guarantor
and its subsidiaries as a whole; or 

  

	 	 (b)
	 the ability of any Relevant Person or Approved Manager to perform its obligations under any Leasing Document to which
it is a party; or 

  

	 	 (c)
	 the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to any
of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents. 

“MOA” means the memorandum of agreement entered into by the Charterers as sellers and the Owners as buyers dated on the
date of this Charter in relation to the sale and purchase of the Vessel. 
 “Mortgagee” has the meaning given to that
term in Clause 35.3. 
 “Original Financial Statements” means the Guarantor’s audited consolidated
financial statements for the financial year ended 31 December 2017.  
 “Original
Jurisdiction” means, in relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be), the jurisdiction under whose laws they are respectively incorporated as at the date of this Charter. 

“Other Charter” means the bareboat charterparty entered into between the relevant Other Owner and the
relevant Other Charterer In respect of any of the Other Vessels. 
 “Other Charterer” means Jasmer Shipholding
Ltd., Inastros Maritime Corp., Jaspero Shiptrade S.A., Sui An Navigation Limited, Pingel Navigation Limited, Ebba Navigation Limited, Clan 

  
 42 

 Navigation Limited, Evian Shiptrade Ltd, Anthimar Marine Inc., Bertyl Ventures Co., Olympia
II Navigation Limited, Isolde Shipping Inc., Rodman Maritime Corp., Silvanus Marine Company, Morven Chartering Inc., Enplo Shipping Limited or Velour Management Corp. (and “Other Charterers” mean all of them). 

“Other Owner” means Ocean Dawn Shipping Limited or Ocean Wood Tang Shipping Limited (and
“Other Owners” means all of them). 
 “Other Vessel” means APL Atlanta, APL
Denver, APL Los Angeles, MOL Dedication, MOL Delight, MOL Destiny, MOL Devotion, Navios Amaranth, Navios Amarillo, Navios Azure, Navios Domino, Navios Indigo, Navios Spring, Navios Summer, Navios Verano, Navios Verde or Navios Vermilion (and
“Other Vessels” means all of them). 
 “Outstanding Principal Balance”
means, at the relevant time, the aggregate of: 
  

	 	 (a)
	 the Charterhire Principal Balance; and 

 

	 	 (b)
	 the then applicable Purchase Obligation Price. 

“Owners’ Sale” has the meaning given to that term in Clause 40.3(a)(iii). 

“Party” means either party to this Charter. 

“Payment Date” means each of the sixty (60) dates upon which Charterhire is to be paid by the
Charterers to the Owners pursuant to Clause 36. 
 “Permitted Security Interests” means: 

 

	 	 (a)
	 Security Interests created by a Leasing Document or a Financial Instrument; 

 

	 	 (b)
	 other Security Interests Permitted by the Owners in writing; 

 

	 	 (c)
	 liens for unpaid master’s and crew’s wages (in each case not overdue) in accordance with the ordinary course
of operation of the Vessel or in accordance with usual reputable maritime practice; 

  

	 	 (d)
	 liens for salvage; 

  

	 	 (e)
	 liens for master’s disbursements incurred in the ordinary course of trading; 

 

	 	 (f)
	 any other liens arising by operation of law or otherwise in the ordinary course of the operation, repair or
maintenance of the Vessel provided such liens do not secure amounts more than 30 days overdue; 

  

	 	 (g)
	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom
such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good faith by appropriate steps; and 

  

	 	 (h)
	 Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which
are overdue for payment but which are being contested by the Owners or the Charterers in good. 

“Post-enforcement Interests” has the meaning given to that term in 40.3(a)(ii). 

  
 43 

 “Potential Termination Event” means, an event or
circumstance which, with the giving of any notice, the lapse of time, a determination of the Owners and/or the satisfaction of any other condition, would constitute a Termination Event. 

“Prepayment Sum” means, in respect of each Purchase Option Date (which shall also be a Payment Date), the
amount in Dollars set out in Schedule IV next to each such Payment Date in Schedule IV. 
 “Prepositioning
Date” means the date on which the Owners are obliged to deposit the Relevant Amount with the Sellers’ Account (as defined in the MOA) pursuant to Clause 19(b) of the MOA. 

“Purchase Obligation” means the purchase obligation referred to in Clause 48.  

“Purchase Obligation Date” means the date on which the Owners shall transfer the legal and beneficial
interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period. 

“Purchase Obligation Price” means fifty per cent. (50%) of the Financing Amount. 

“Purchase Price” has the meaning given to that term in the MOA. 

“Purchase Option” means the early termination option which the Charterers are entitled to pursuant to
Clause 47. 
 “Purchase Option Date” has the meaning given to that term in Clause 47.1. 

“Purchase Option Notice” has the meaning given to that term in Clause 47.1. 

“Purchase Option Price” means the aggregate of: 

 

	 	 (a)
	 Prepayment Sum as at the Purchase Option Date; 

 

	 	 (b)
	 the Charterhire payable on the Purchase Option Date but for the exercise of the purchase option by the Charterers
pursuant to Clause 47; 

  

	 	 (c)
	 any default interest accrued as at the Purchase Option Date; 

 

	 	 (d)
	 any legal costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 47; and

  

	 	 (e)
	 all other amounts payable under this Charter and the other Leasing Documents together with any applicable interest
thereon. 

 “Quiet Enjoyment Agreement” means the quiet enjoyment agreement executed
or to be executed between, amongst others, the Charterers, the Owners and the Owners’ financiers in the agreed form. 

“Relevant Amount” shall have the meaning as defined under the MOA. 

“Relevant Person” means the Charterers, the Other Charterers, the Guarantor, the Shareholder and such
other party providing security to the Owners for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (but not including the Subcharterer, any Approved Subcharterer and the Approved Manager).
 
 “Relevant Jurisdiction” means, in relation to any Relevant Person, Approved
Subcharterer or Approved Manager (as the case may be): 

  
 44 

	 	 (a)
	 its Original Jurisdiction; 

 

	 	 (b)
	 any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

  

	 	 (c)
	 any jurisdiction where it conducts its business; and 

 

	 	 (d)
	 any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating a
Security Interest. 

 “Requisition Compensation” includes all compensation or other
moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”. 

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or
trade embargoes, in particular but not limited to pursuant to the U.S.‘s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) or the United Nations including at the date of this Charter, but without
limitation, Iran, North Korea, Sudan and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons. 

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or
incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom, Her Majesty’s Treasury
(“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in
(i) and (ii).  
 “Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or
other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United
States of America (including, without limitation, CISADA and OFAC), the United Nations, the People’s Republic of China or the Council of the European Union.  

“Secured Liabilities” means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of a Relevant Person or the Approved Manager or any Approved Subcharterer to the Owners under or in connection with the Leasing Documents or any judgment relating
to the Leasing Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or
other procedure under the insolvency laws of any country. 
 “Security Documents” means the Guarantee,
the Account Security, the General Assignment, the Shares Pledge, the Manager’s Undertaking and any other security documents granted as security for the obligations of the Charterers under or in connection with this Charter. 

“Security Interest” means: 
  

	 	 (a)
	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any
other security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest; 

  

	 	 (b)
	 the security rights of a plaintiff under an action in rem; or 

 

	 	 (c)
	 any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually
or contingently due to it ahead of the general unsecured 

  
 45 

	 	     
	 creditors of the debtor concerned; however this paragraph (c) does not apply to a right of set off or combination
of accounts conferred by the standard terms of business of a bank or financial institution. 

“Security Period” means the period commencing on the date hereof and ending on the date on which the
Owners are reasonably satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full. 

“Shareholder” means Navios Partners Containers Finance Inc. 

“Shares Pledge” means the shares pledge over the shares in the Charterers to be executed by the Guarantor
in favour of the Owners on or around the date of this Charter. 
 “Short Term Time Subcharter” means
a subcharter of the Vessel on a time charter basis with a charter period not exceeding and not capable of exceeding thirteen (13) months (taking into account any optional extension period) 

“Subcharter” means the subcharter with the particulars set out under Schedule IV. 

“Term” means, in relation to the definitions of “Charterhire” and for the purpose of Clause 45, a period of
one (1) month’s duration provided that: 
  

	 	 (a)
	 the first Term shall commence on the Commencement Date; 

 

	 	 (b)
	 each subsequent Term shall commence on the last day of the preceding Term; 

 

	 	 (c)
	 any Term which would otherwise end on a non-Business Day shall instead end on
the next following Business Day or, if that Business Day is in another calendar month, on the immediately preceding Business Day; 

  

	 	 (d)
	 if any Term commences on the last Business Day of a calendar month or on a day for which there is no numerically
corresponding day in the calendar month one (1) month thereafter, as the case may be, that Term shall, subject to paragraphs (c), (e) and (f), end on the last Business Day of such later calendar month; 

 

	 	 (e)
	 any Term which would otherwise overrun a Payment Date shall instead end on that Payment Date; and

  

	 	 (f)
	 , except for the purpose of Clause 45 any Term which would otherwise extend beyond the Charter Period shall instead
end on the last day of the Charter Period. 

 “Termination Event” means any event
described in Clause 44. 
 “Termination Purchase Price” means, in respect of any date (for the purpose
of this definition only, the “Relevant Date”), the aggregate of: 
  

	 	 (a)
	 the Outstanding Principal Balance as at the Relevant Date; 

 

	 	 (b)
	 any accrued but unpaid interest as at the Relevant Date; 

 

	 	 (c)
	 any Breakfunding Costs; 

  

	 	 (d)
	 any documented costs and expenses incurred by the Owners (and their financiers (if any)) in locating, repossessing or
recovering the Vessel or collecting any payments due under this Charter or in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents and any default interest in relation thereto; and

  
 46 

	 	 (e)
	 all other outstanding amounts payable under this Charter together with any applicable interest thereon.

 “Total Loss” means: 

 

	 	 (a)
	 actual, constructive, compromised, agreed or arranged total loss of the Vessel; 

 

	 	 (b)
	 any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the
Charterers; or 

  

	 	 (c)
	 any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event
specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers. 

“Trust Deed” means a trust deed dated on or around the date of this Charter entered into between the
Owners, the Other Owners, the Charterers, the Other Charterers, the Guarantor and the Approved Manager which, inter alia, sets out the obligations of the Owners in respect of holding on trust all moneys or other assets received or recovered by or on
behalf of the Owners by virtue of any Security Interest or other rights granted to the Owners under or by virtue of the Security Documents. 

“US Tax Obligor” means (a) a person which is resident for tax purposes in the United States of America or
(b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes. 

“Vessel” means the APL Oakland with particulars stated in Boxes 6 to 12 of this Charter and which is to be registered
under the name of the Owners with the Marshall Island registry upon Delivery. 
  

	 59.2
	 In this Charter: 

“Approved Manager”, “Approved Subcharterer”,
“Charterers”, “Other Charterers”, “Other Owners”, “Owners”, “Relevant Person”,
“Subcharterer” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents. 

“agreed form” means, in relation to a document, such document in a form agreed in writing by the Owners;

 “asset” includes every kind of property, asset, interest or right, including any present, future or contingent
right to any revenues or other payment; 
 “company” includes any partnership, joint venture and unincorporated
association; 
 “consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing,
registration, notarisation and legalisation; 
 “contingent liability” means a liability which is not
certain to arise and/or the amount of which remains unascertained; 
 “continuing” means, in relation to any
Termination Event, a Termination Event which has not been waived by the Owners and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners; 

  
 47 

 “control” over a particular company means the power (whether by way of
ownership of shares, proxy, contract, agency or otherwise) to: 
  

	 	 (a)
	 cast, or control the casting of, more than fifty per cent (50%), of the maximum number of votes that might be cast at
a general meeting of such company; or 

  

	 	 (b)
	 appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or

  

	 	 (c)
	 give directions with respect to the operating and financial policies of such company with which the directors or other
equivalent officers of such company are obliged to comply; 

 “document” includes a deed; also a
letter, fax or telex; 
 “expense” means any kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable value added or other tax; 
 “financiers” of the Owners means any financing parties or
creditors of the Owners for financing part or in full of the Purchase Price, provided that such financing amount shall not exceed the Outstanding Principal Balance at the relevant time and such financing is not restricted under this Charter. 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or
regulatory action or investigation; 
 “liability” includes every kind of debt or liability (present or future,
certain or contingent), whether incurred as principal or surety or otherwise; 
 “months” shall be construed in
accordance with Clause 59.3; 
 “person” includes any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
the contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks
covered (excluding freight, demurrage and defence cover) by a protection and indemnity association which is a member of the International Group of P&I Clubs including pollution risks, extended passenger cover and the proportion (if any) of any
sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of
the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of
law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 59.4; and 

  
 48 

 “tax” includes any present or future tax, duty, impost, levy or charge of
any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty,
interest or fine. 
  

	 59.3
	 Meaning of “month”. A period of one or more “months” ends on the day in the relevant
calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

 

	 	 (a)
	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business
Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	 	 (b)
	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar
month or if the last calendar month of the period has no numerically corresponding day; 

 and
“month” and “monthly” shall be construed accordingly. 
  

	 59.4
	 Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if a
majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P. 

A company (S) is a subsidiary of another company (U) if S is a subsidiary of P and P is in turn a subsidiary of U. 

 

	 59.5
	 In this Charter: 

  

	 	 (a)
	 references to a Leasing Document or any other document being in the form of a particular appendix or to any document
referred to in the recitals include references to that form with any modifications to that form which the Owners approve; 

  

	 	 (b)
	 references to, or to a provision of, a Leasing Document or any other document are references to it as amended or
supplemented, whether before the date of this Charter or otherwise; 

  

	 	 (c)
	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Charter or otherwise; and 

  

	 	 (d)
	 words denoting the singular number shall include the plural and vice versa. 

 

	 59.6
	 Headings. In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded. 

  
 49 

 

 
 EXECUTION PAGE OWNERS SIGNED by as an attorney-in-fact for and on behalf of Ocean Dazzle Shipping Limited in the presence of:
Witness’ signature: Witness’ name: CAO Ying Witness’ address: Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED by for and on behalf of Thetida Marine Co. as
in the presence of: Witness’ signature: Witness’ name: Witness’ address: 

 

 
 EXECUTION PAGE OWNERS SIGNED by as an attorney-in-fact for and on behalf of Ocean Dazzle Shipping Limited in the presence of:
Witness’ signature: Witness’ name: CAO Ying Witness’ address: Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS ~~GNED Efstratios G. Camatsos for and on behalf of
Thetida Marine Co. as in the presence of: S0-RA \‘IA— ~~A Witness’ signature: Witness’ name: \’:ArSON, FARLEY &WILUM,\S Witness’ address: 348 SYNGROU AVENUE KALLITHEA 176 74 ATHENS • GREECE 

 

 
 Copyright: Norwegian Shipbrokers’ Association, Oslo. Printed by BIMCO’s idea Explanatory Notes for SALEFORM 2012 are
available from BIMCO at www.bimco.org Published by Norwegian Shipbrokers’ Association, Oslo and BIMCO, Copenhagen MEMORANDUM OF AGREEMENT Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships.
Adopted by BIMCO in 1956. Code-name SALEFORM 2012 Revised 1966, 1983 and 1986/87, 1993 and 2012 Dated: 2018 1 Thetida Marine Co., a corporation incorporated and existing under the laws of the Republic of Marshall 2 Islands having its registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and Ocean Dazzle Shipping Limited, a company incorporated and
existing under the laws of Hong Kong 3 having its registered office at Room 2310, 23/F, C C Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong (Name of buyers), hereinafter called the “Buyers”, have agreed to buy: Name of vessel: APL
Oakland 4 IMO Number: 9332250 5 Classification Society: DNV GL 6 Class Notation: 100 A5 Container ship BWM SOLAS-II-2,Reg.19 IW 7 MC AUT Year of Build: 2008 Builder/Yard: New Century Shipbuilding Co., Ltd. 8 Flag: Panama Place of Registration:
Marshall Islands GT/NT: 43,071 / 26,516 9 hereinafter called the “Vessel”, on the following terms and conditions: 10 Definitions – see also Clause 28 11 “Agreement” means this memorandum of agreement which shall for the
avoidance of doubt, include the rider provisions from Clauses 19 to 28. “Banking Days” are days on which banks are open both in the country of the currency stipulated for 12 the Purchase Price in Clause 1 (Purchase Price) and in the place
of closing stipulated in Clause 8 13 (Documentation) and (add additional jurisdictions as appropriate). 14 “Buyers’ Nominated Flag State” means Panama (state flag state). 15 “Cancelling Date” has the meaning given to that
term in Clause 5. 16 “Conditions Precedent” has the meaning given to that term in Clause 8(a). “Class” means the class notation referred to above. 17 “Classification Society” means the Classification Society referred to
above. ““Dollars” or “$” mean United States dollars, being the lawful currency of the United States of 18 America.Deposit” shall have the meaning given in Clause 2 (Deposit) “Deposit Holder” means (state name
and location of Deposit Holder) or, if left blank, the 19 Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 “In writing” or “written” means a letter handed over from the Sellers to
the Buyers or vice versa, a 21 registered letter, e-mail or telefax. 22 “Parties” means the Sellers and the Buyers. 23 “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price). 24 “Sellers’
Account” means (state details of bank account) at the Sellers’ Bank. 25 “Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank 26 notified by the Sellers to the Buyers for receipt of the
balance of the Purchase Price. 27 1. Purchase Price 28 See Clause 19The Purchase Price is (state currency and amount both in words and figures). 29 2. Deposit – intentionally omitted 30 As security for the correct fulfilment of this Agreement
the Buyers shall lodge a deposit of 31 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or
expense as a result of discrepancies between the original approved document and this computer generated document. 
  

 

 
 % ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the 32 “Deposit”) in an interest bearing
account for the Parties with the Deposit Holder within three (3) 33 Banking Days after the date that: 34 (i) this Agreement has been signed by the Parties and exchanged in original or by 35 e-mail or telefax; and 36 (ii) the Deposit
Holder has confirmed in writing to the Parties that the account has been 37 opened. 38 The Deposit shall be released in accordance with joint written instructions of the Parties. 39 Interest, if any, shall be credited to the Buyers. Any fee charged
for holding and releasing the 40 Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder 41 all necessary documentation to open and maintain the account without delay. 42 3. Payment 43 See Clause 19On delivery
of the Vessel, but not later than three (3) Banking Days after the date that 44 Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and 45 notices): 46 (i) the Deposit shall be released to the
Sellers; and 47 (ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank charges to the 49 Sellers’ Account. 50 4. Inspection
– intentionally omitted 51 (a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers 52 have also inspected the Vessel at/in (state place) on (state date) and have 53 accepted the Vessel following this
inspection and the sale is outright and definite, subject only 54 to the terms and conditions of this Agreement. 55 (b)* The Buyers shall have the right to inspect the Vessel’s classification records and declare 56 whether same are accepted or
not within (state date/period). 57 The Sellers shall make the Vessel available for inspection at/in (state place/range) within 58 (state date/period). 59 The Buyers shall undertake the inspection without undue delay to the Vessel. Should the 60
Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 61 The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 62 During the inspection, the Vessel’s deck and engine log
books shall be made available for 63 examination by the Buyers. 64 The sale shall become outright and definite, subject only to the terms and conditions of this 65 Agreement, provided that the Sellers receive written notice of acceptance of the
Vessel from 66 the Buyers within seventy-two (72) hours after completion of such inspection or after the 67 date/last day of the period stated in Line 59, whichever is earlier. 68 Should the Buyers fail to undertake the inspection as scheduled
and/or notice of acceptance of 69 the Vessel’s classification records and/or of the Vessel not be received by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the 71 Buyers,
whereafter this Agreement shall be null and void. 72 *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, 73 alternative 4(a) shall apply. 74 5. Time and place of delivery and notices 75 (a) The
Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in (state place/range) in the Sellers’ option and subject to such conditions as 77 may be agreed by the Buyers and subject further to the
delivery of the Vessel in such place not causing the Buyers to incur additional tax liabilities to those that the Buyers would have incurred had the sale been completed in international waters. Notice of Readiness shall not be tendered before:
(date) 78 Cancelling Date (see Clauses 5(c) , 6 (a)(i), 6 (a) (iii) and 14): 30 June 2018 (or such later date as may 79 be agreed by the Sellers and the Buyers in writing) (the “Cancelling Date”) (b) The Sellers shall
keep the Buyers well informed of the Vessel’s itinerary and shall 80 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be
clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 2 
  

 

 
 provide the Buyers with twenty (20), ten (10), five (5) and three (3) days’ notice of the date the 81 Sellers
intend to tender Notice of Readiness and of the intended place of delivery. 82 When the Vessel is, on a day being a Business Day, at the place of delivery and physically ready for 83 delivery in accordance with this Agreement, the Sellers shall give
the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers
in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in
accordance with Clause 14 (Sellers’ Default) within three (3) 89 Banking Business Days of receipt of the notice or of accepting the new date as the new Cancelling 90 Date. If the Buyers have not declared their option within three
(3) Banking Business Days of receipt of the 91 Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for
the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the a new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force
and effect. 97 (d) Cancellation, failure to cancel or acceptance of the a new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ 99 Default) for the Vessel not
being ready by the original Cancelling Date. 100 (e) Should the Vessel become an actual, constructive or compromised t Total lLoss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the
Buyers 102 whereafter this Agreement shall be null and voidterminate (provided that any provision hereof 103 expressed to survive such termination shall do so in accordance with its terms). 6. Divers Inspection / Drydocking – intentionally
omitted 104 (a)* 105 (i) The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be
declared latest nine (9) days prior to the Vessel’s intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available
for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers’ representative(s) shall have
the right to be present at the diver’s 113 inspection as observer(s) only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed
shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place
near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of Readiness prior to completion of
the underwater inspection. 121 (ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless 123 repairs can
be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the Vessel’s underwater parts below the
deepest load line, 126 the extent of the inspection being in accordance with the Classification Society’s rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128 satisfaction of the Classification
Society without condition/recommendation** and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society’s 130 attendance. 131 Notwithstanding anything to the contrary in this Agreement, if the
Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction from the Purchase Price
of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the defects 137 and/or repairs.
The estimated direct cost of the repairs shall be the average of quotes 138 for the repair work obtained from two reputable independent shipyards at or in the 139 This document is a computer generated SALEFORM 2012 form printed by authority of the
Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved
document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 3

  

 

 
 vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 140 Banking Days from the date of
the imposition of the condition/recommendation, unless 141 the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within 142 the stipulated time then the quote duly obtained by the other Party shall be the sole basis
143 for the estimate of the direct repair costs. The Sellers may not tender Notice of 144 Readiness prior to such estimate having been established. 145 (iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable
dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range as per Clause 5(a). Once
drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the Cancelling Date shall 151
be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of fourteen (14) days. 153 (b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the 154
Classification Society of the Vessel’s underwater parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society’s rules. If the rudder, 156 propeller, bottom or other underwater
parts below the deepest load line are found broken, 157 damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the 158 Sellers’ cost and expense to the satisfaction of the Classification Society without
159 condition/recommendation**. In such event the Sellers are also to pay for the costs and 160 expenses in connection with putting the Vessel in and taking her out of drydock, including the 161 drydock dues and the Classification Society’s
fees. The Sellers shall also pay for these costs 162 and expenses if parts of the tailshaft system are condemned or found defective or broken so as 163 to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs
and 164 expenses, dues and fees. 165 (c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: 166 (i) The Classification Society may require survey of the tailshaft system, the extent of the 167 survey being to the
satisfaction of the Classification surveyor. If such survey is 168 not required by the Classification Society, the Buyers shall have the option to require the 169 tailshaft to be drawn and surveyed by the Classification Society, the extent of the
survey 170 being in accordance with the Classification Society’s rules for tailshaft survey and 171 consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare 172 whether they require the tailshaft to be drawn
and surveyed not later than by the 173 completion of the inspection by the Classification Society. The drawing and refitting of 174 the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be 175 condemned or found
defective so as to affect the Vessel’s class, those parts shall be 176 renewed or made good at the Sellers’ cost and expense to the satisfaction of 177 Classification Society without condition/recommendation**. 178 (ii) The costs and
expenses relating to the survey of the tailshaft system shall be borne by 179 the Buyers unless the Classification Society requires such survey to be carried out or if 180 parts of the system are condemned or found defective or broken so as to
affect the 181 Vessel’s class, in which case the Sellers shall pay these costs and expenses. 182 (iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as 183 observer(s) only without interfering with
the work or decisions of the Classification 184 Society surveyor. 185 (iv) The Buyers shall have the right to have the underwater parts of the Vessel 186 cleaned and painted at their risk, cost and expense without interfering with the
Sellers’ or the 187 Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely 188 delivery. If, however, the Buyers’ work in drydock is still in progress when the 189 Sellers have completed the
work which the Sellers are required to do, the additional 190 docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and 191 expense. In the event that the Buyers’ work requires such additional time, the
Sellers 192 may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst 193 the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be 194 obliged to take delivery in accordance with Clause
3 (Payment), whether the Vessel is in 195 drydock or not. 196 *6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, 197 alternative 6 (a) shall apply. 198 **Notes or memoranda, if any, in
the surveyor’s report which are accepted by the Classification 199 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be
clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 4 
  

 

 
 Society without condition/recommendation are not to be taken into account. 200 7. Spares, bunkers and other items 201 The Sellers
shall deliver the Vessel to the Buyers with everything belonging to her on board 202 and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or 203 spare propeller(s)/propeller blade(s), if any, belonging to the
Vessel at the time of inspectiondelivery 204 used or unused, whether on board or not shall become the Buyers’ property, but spares on 205 order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers 206 are
not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the
Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 210 Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s
211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: (include list) 213 Items on board which are on hire or owned by third parties, listed as follows, are
excluded from 214 the sale without compensation: (include list) 215 Items on board at the time of inspection which are on hire or owned by third parties, not listed 216 above, shall be replaced or procured by the Sellers prior to delivery at their
cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened drums at no extra cost.and pay either 219 (a) *the actual net price (excluding barging
expenses) as evidenced by invoices or vouchers; or 220 (b) *the current net market price (excluding barging expenses) at the port and date of delivery 221 of the Vessel or, if unavailable, at the nearest bunkering port, 222 for the quantities
taken over. 223 Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225 “inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or
4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant date. 228 *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions
229 alternative (a) shall apply. 230 8. Documentation 231 The place of closing: To be mutually agreed between the Sellers and the Buyers 232 (a) In exchange for pPayment of the Purchase Price by the Buyers to the Sellers shall be subject
to 233 Clause 20 and conditional on the Buyers having on or prior to delivery of the Vessel on the Delivery Date received, or being satisfied as to, provide the Buyers with the following delivery documentsitems: 234 (i) Legal Bill(s) of Sale in
a form recordable in the Buyers’ Nominated Flag State, 235 transferring title of the Vessel and stating that the Vessel is free from all mortgages, 236 encumbrances and maritime liens (whether maritime or otherwise) or any other debts 237
whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State; 238 (ii) Acceptance of Sale in a form recordable in the Buyers’ Nominated Flag State, duly notarially attested and
legalised or apostilled, as required by the Buyers’ Nominated Flag State. (iiiii) Evidence that all necessary corporate, shareholder and other action has been taken by 239 the Sellers to authorise the execution, delivery and performance of
this Agreement; 240 (iiiiv) Power of Attorney of the Sellers appointing one or more representatives to act on behalf 241 of the Sellers in the performance of this Agreement, duly notarially attested and legalised 242 or apostilled (as
appropriate); 243 (ivv) Certificate or Transcript of Registry issued by the competent authorities of the flag state 244 on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the 245 Vessel is free from registered
encumbrances and mortgages, to be faxed or e-mailed by 246 such authority to the closing meeting with the original to be sent to the Buyers as soon as 247 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian
Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document
shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 5 

 

 

 
 possible after delivery of the Vessel; 248 (vvi) Declaration of Class or (depending on the Classification Society) a Class
Maintenance 249 Certificate issued within three (3) Business Banking Days prior to delivery confirming that the 250 Vessel is in Class free of condition/recommendation; 251 (vi) Certificate of Deletion of the Vessel from the Vessel’s
registry or other official evidence of 252 deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that 253 the registry does not as a matter of practice issue such documentation immediately, a 254 written
undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith 255 and provide a certificate or other official evidence of deletion to the Buyers promptly and 256 latest within four (4) weeks after the Purchase Price
has been paid and the Vessel has 257 been delivered; 258 (vii) A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the 259 Vessel ceased to be registered with the Vessel’s registry, or, in the event that the
registry 260 does not as a matter of practice issue such certificate immediately, a written undertaking 261 from the Sellers to provide the copy of this certificate promptly upon it being issued 262 together with evidence of submission by the
Sellers of a duly executed Form 2 stating 263 the date on which the Vessel shall cease to be registered with the Vessel’s registry; 264 (viiivii) Commercial Invoice for the Vessel; 265 (ix) Commercial Invoice(s) for bunkers,
lubricating and hydraulic oils and greases; 266 (x) A copy of the Sellers’ letter to their satellite communication provider cancelling the 267 Vessel’s communications contract which is to be sent immediately after delivery of the 268
Vessel; 269 (xiviii) Any additional documents as may reasonably be required by the competent authorities 270 of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, each in a form 271 acceptable to the Buyers’
Nominated Flag State, duly notarially attested and legalised or apostilled (if required) provided the Buyers notify the Sellers of any such documents as soon as possible after the date of 272 this Agreement; and 273 (xiiix) The Sellers’
letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275 (x) The items set out in Clause 20. The items set out in this Clause 8(a) (together the
“Conditions Precedent”) are inserted for the sole benefit of the Buyers and may be waived in whole or in part with or without conditions by the Buyers. (b) At the time of delivery the Buyers shall provide the Sellers with: 276
(i) Evidence that all necessary corporate, shareholder and other action has been taken by 277 the Buyers to authorise the execution, delivery and performance of this Agreement; and 278 (ii) Power of Attorney of the Buyers (if any)
appointing one or more representatives to act on 279 behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised 280 or apostilled (as appropriate). 281 (c) If any of the documents listed in Sub-clauses
(a) and (b) above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated language. 284
(d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the 286 other party not later than ten (10) days (or
such later date as the Buyers may agree) prior to the 287 Vessel’s intended date of readiness for delivery as notified by the Sellers to the Buyers five (5) days prior to the delivery in accordance with Clause 5(b) of this Agreement.
(state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289 (e) On delivery, Concurrent with the
exchange of documents in Sub-clause (a) and Sub-clause (b) 290 above, This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must
be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 6 
  

 

 
 the Sellers shall also hand to the Buyers copies of the classification certificate(s) as well as all plans, 291 drawings and
manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless 293 the Sellers are required to retain same, in which case the Buyers have the
right to take copies. 294 (f) Other technical documentation which may be in the Sellers’ possession shall promptly after 295 delivery be forwarded to the Buyers at their Sellers’ expense, if they so request. The Sellers may keep 296
the Vessel’s log books but the Buyers have the right to take copies of same. 297 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance (“the 298 Protocol of Delivery and Acceptance”)
confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the 301 Bareboat Charter and any
current subcharter permitted by the terms of the Leasing Documents), encumbrances, mortgages and maritime liens (whether maritime or otherwise) or any other debts 302 whatsoever, and is not subject to Port State or other administrative detentions.
The Sellers hereby undertake to indemnify the 303 Buyers against all consequences of claims made against the Vessel which have been incurred 304 prior to the time of delivery. 305 10. Taxes, fees and expenses 306 Any taxes, fees and expenses in
connection with the purchase of the Vessel and registration in the 307 Buyers’ Nominated Flag State shall be for the Buyers’ account, whereas similar charges and in connection 308 with the closing of the Sellers’ register shall be for
the Sellers’ account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is 311 delivered to the Buyers, but subject pursuant to the terms and conditions of
this Agreement she shall 312 be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. 313 However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without overdue
condition/recommendation*, free of average damage affecting the Vessel’s 315 class, and with her classification certificates and national certificates, as well as all other 316 certificates the Vessel had at the time of inspectiondelivery,
valid and unextended without 317 condition/recommendation* by the Classification Society or the relevant authorities at the time 318 of delivery. 319 “inspection” in this Clause 11, shall mean the Buyers’ inspection according to
Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322 *Notes and memoranda, if any, in the surveyor’s report which are accepted by
the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings – intentionally omitted 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326
markings. 327 13. Buyers’ default 328 Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the 329 right to cancel this Agreement, and they shall be entitled to claim compensation for their losses 330 and for
all expenses incurred together with interest. 331 Should the Purchase Price not be paid in accordance with Clause 3 (Payment)this Agreement, the 332 Sellers have the right to cancel this Agreement, in which case it shall terminate whereupon all the
Buyers’ 333 liabilities hereunder shall be extinguished. the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further
compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers’ default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete
a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for
delivery and is not 341 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a
result of discrepancies between the original approved document and this computer generated document. 7 
  

 

 
 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to
cancel. In the event that the Buyers elect to cancel this 343 Agreement, the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345 Without prejudice to any of the rights the Buyers may have under the Leasing
Documents, at law 346 or otherwise, Sshould the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their direct
and documented loss and for all documented expenses together with 348 interest accrued in accordance with the terms of the Leasing Documentsif their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. 349 15.
Buyers’ representatives – intentionally omitted 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole
risk and 352 expense. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the
Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration See Clause 25 358 (a) *This Agreement shall be governed by and construed in
accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof
save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings
are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to
appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so
within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without
the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole
arbitrator had been appointed by agreement. 375 In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time
when the arbitration proceedings are commenced. 378 (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the 379 United States Code and the substantive law (not including the choice of law rules) of the State 380
of New York and any dispute arising out of or in connection with this Agreement shall be 381 referred to three (3) persons at New York, one to be appointed by each of the parties hereto, 382 and the third by the two so chosen; their decision or
that of any two of them shall be final, and 383 for the purposes of enforcing any award, judgment may be entered on an award by any court of 384 competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the 385
Society of Maritime Arbitrators, Inc. 386 In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the 387 arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the 388 Society of
Maritime Arbitrators, Inc. 389 (c) This Agreement shall be governed by and construed in accordance with the laws of 390 (state place) and any dispute arising out of or in connection with this Agreement shall be 391 referred to arbitration at
(state place), subject to the procedures applicable there. 392 *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions, alternative 16(a) shall apply. 394 17. Notices See Clause 27 395 This
document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of
this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between
the original approved document and this computer generated document. 8 
  

 

 
 All notises to be pro¥ided under this Agreement shall be in writin§-:- 396
Gentaskletai-1&-fGHeGipients-of.-AGtises-are as foiiGws;. 397 For the 8uyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement
between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering
into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any
terms implied into this Agreement by any applicable statute or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud . 409 For and n behalf of the
Sellers For and on behalf of the Buyers Name: Gr$112-Ml~ CfffYfH1“o5 Name: Title: ~N(‘-f IN~ Title: Thts document tS a compulcr gcocrnted SALEfORM 2012 form pnnted tJy ilutl,on\y of lhe Norwegu~n Shtpbro~ara~ As.soCilltJOI”. Any
1ns.enlon or deletion 10 lhe rorm mu.s! be dearty Yf,liblo In tho evanl of arty modifica~on m:tdo 1D lho prc·prlnled lOlii ollh documont whith Ia notctoarty albia. lhe lolCI ollhc O!ilJfnal approved document shaft apply. BIMCO and the
NO<Weglan Slllpbro~ors• Association asSlJ’rno no rasD(Mlsfbilily Jof any loss-. dam.go or expense ai a (8toll of d’isc{ePar’!C.C.S botwaon lho original appco~~ed doCIJmonl “ncf 1his comp\Jtor generall!d dOcument 9

  

 

 
 All notices to ee proviaed binder this Agreernent shall ee in writing. 396 Contact aetails for recipients of notices are as
follows: 397 For the 8blyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the
sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall
have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable
statute or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 For and on behalf of the Sellers For and on behalf of the Buyer~‘1J ~.
Name: Name: ,,,$ter W.pi~ v j U Title: Title: -~ ATTORNEY IN FAr.T nolo documonllo a compute&lt; genomlod SALEFOI~M20’1~ form pnnted by-auUoO!Ity oliho Norwo!!Jion Shlpbrokooa? A. odatlon. Ally ltloortlon or dlolloo to~’” 101m
muat bo qonrly visible. In the ovonl of any rncdlflcatfar1 mada lD tha ptuprlnl~d !l):d of thts ?dOCiumont which Is ODI Clkl.or1y v.JeJblo; lhu lo.xl ~ l+w or~lnal opprovud dowmenl B~aU appl)(, BIMCO ru1d ths Notwug/;an Sldpbrokars’ Association
assumo no tolilpOnslbllft)’ for 8ny hlse, Ci!m91G or oxp~nsa as a nusul\ or dl!lc.mpancle.a bntw&lt;t~n lhn orJglnnl apPtoved doeumont And this c.omputorgoneruled doc:um”‘nL 9 

 Execution Version 

RIDER CLAUSES TO 
 MEMORANDUM OF AGREEMENT

 DATED 25 MAY 2018 
 Clause 19
– Payment of Purchase Price 
  

	 (a)
	 The Purchase Price of the Vessel shall be the lowest of: 

 

	 	 (i)
	 $7,200,000; and 

  

	 	 (ii)
	 the Market Value. 

Subject always to Clause 21 and the Conditions Precedent having been satisfied, the Purchase Price of the Vessel shall be paid by the
Buyers to the Sellers on delivery of the Vessel on the Delivery Date free of bank charges into the Sellers’ Account. 
  

	 (b)
	 The Buyers shall, one (1) Business Day prior to the scheduled delivery date, such scheduled delivery date being
the date of delivery of the Vessel set out in the notice to be sent to the Buyers from the Sellers five (5) days before delivery in accordance with Clause 5(b) (the “Preposition Date”) and provided that all
amounts due to the Buyers as owners under Clause 41.1 of the Bareboat Charter have been received in full in available funds by the Buyers as owners under the Bareboat Charter, deposit with the Sellers’ Account the Relevant Amount on an
unallocated basis in a suspense account with a SWIFT MT103 and a SWIFT MT199 irrevocable conditional release instruction in a form to be agreed (the “SWIFT Payment Instructions”). The amount so deposited shall
be transferable and payable to the Sellers or their designated nominee at the Sellers’ Account upon the fulfilment of the conditions set out in the SWIFT Payment Instructions, which shall include the presentation by the Sellers to the
Sellers’ Bank of a copy of the duly executed, timed and dated Protocol of Delivery and Acceptance of the Vessel. 

  

	 (c)
	 Interest at the rate of the Overnight USD LIBOR plus 350 basis points (the “Remittance
Interest”) shall: 

  

	 	 (i)
	 in the event that the Vessel is delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date until
the Delivery Date (both dates inclusive); and 

  

	 	 (ii)
	 in the event that the Vessel is not delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date
until the Relevant Amount is returned by the Sellers’ Bank to the Buyers in accordance with the SWIFT Payment Instructions (both dates inclusive). 

The Sellers shall pay to the Buyers the applicable amount of Remittance Interest as notified by the Buyers to the Sellers within three
(3) Business Days of the Buyers’ demand. 
 Clause 20 – Further conditions precedent 

The items referred to in Clause 8(a)(x) are: 
  

	 (a)
	 the certificate of incorporation, articles of incorporation and by-laws or
other constitutional documents of the Sellers along with an up-to-date certificate of goodstanding; 

  
 1 

SINGAPORE/89326204v1 

	 (b)
	 such other documents as the Buyers may reasonably notify the Sellers as being necessary in relation to the Vessel
and/or its status (including without limitation, such confirmation of no liens and/or indemnity thereto which the Buyers may require the Sellers to provide or procure in respect of the Vessel); 

 

	 (c)
	 a certificate of an authorized signatory of the Sellers certifying that each copy document provided by Sellers to
Buyers pursuant to this Agreement is correct, complete and in full force and effect as at a date no earlier than the Delivery Date; and 

  

	 (d)
	 the Buyers being satisfied that the conditions precedent set out in the Bareboat Charter, have been, or will be
capable of being, satisfied on the Delivery Date. 

 Clause 21 – Obligation to sell / purchase the Vessel 

The Parties’ obligation to sell / purchase the Vessel under this Agreement is conditional upon the simultaneous delivery to and acceptance by the
Sellers as bareboat charterers of the Vessel under the Bareboat Charter and that no Potential Termination Event or Termination Event has occurred or will occur as a result of the performance by the Parties of their obligations under this Agreement.

 Clause 22 – Physical Presence 
 If
the Buyers’ Nominated Flag State requires the Buyers to have a physical presence or office in the Buyers’ Nominated Flag State, all fees, costs and expenses arising out of or in connection with the establishment and maintenance of such
physical presence or office by the Buyers shall be borne by the Sellers.  
 Clause 23 – Costs and Expense 

 

	 (a)
	 The Sellers shall pay such amounts to the Buyers in respect of all costs, claims, expenses, liabilities, losses and
fees (including but not limited to any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this Agreement or in connection with the delivery, registration and purchase of the Vessel by the
Buyers whether prior to, during or after termination of this Agreement and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise. 

 

	 (b)
	 Notwithstanding anything to the contrary under the Leasing Documents and without prejudice to any right to damages or
other claim which the Buyers may have at any time against the Sellers under this Agreement, the indemnities provided by the Sellers in favour of the Buyers shall continue in full force and effect notwithstanding any breach of the terms of this
Agreement or such Leasing Document or termination or cancellation of this Agreement or such Leasing Document pursuant to the terms hereof or thereof or termination of this Agreement or such Leasing Document by the Buyers. 

Clause 24 – Sanctions 
 The Sellers
represent and warrant to the Buyers as of the date hereof and at the Delivery Date that: 
  

	 (a)
	 they: 

  

	 	 (i)
	 are not a Restricted Person; 

 

	 	 (ii)
	 are not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Restricted
Person; 

  

	 	 (iii)
	 do not own or control a Restricted Person; or 

  
 2 

SINGAPORE/89326204v1 

	 	 (iv)
	 do not have a Restricted Person serving as a director, officer or employee; and 

 

	 (b)
	 no proceeds of the Purchase Price shall be made available, directly or indirectly, to or for the benefit of a
Restricted Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

Clause 25 – Governing Law and Jurisdiction 

This Agreement and any non-contractual obligations arising under or in connection with it, shall be governed by
and construed in accordance with English law. 
 Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”)) shall be referred to and finally
resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause
25. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (“LMAA”) Terms current at the time when the arbitration proceedings are commenced. 

The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such
appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been
appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated
above. 
 The language of the arbitration shall be English. 

Clause 26 - Counterparts 
 This 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 Agreement. 

Clause 27 - Notices 
 All notices to be
provided under this Agreement shall be in writing. 
 Contact details for recipients of notices are as follows: 

For the Sellers:  
 c/o Navios
ShipManagement Inc.  
 85 Akti Miaouli 

Piraeus 185 38 
 Greece 

Attention: Vassiliki Papaefthymiou 
 Email:
vpapaefthymiou@navios.com 
 Tel: +30 210 41 72 050 

Fax: +30 210 41 72 070 
  

  
 3 

SINGAPORE/89326204v1 

 For the Buyers: 

Room 2310, 23/F, C C Wu Building, 
 302-308 Hennessy Road, Wanchai, Hong Kong 
 Attention: Rita Wang 

Email: wangyuping@msfl.com.cn 
 Tel: +86 010 68490066
- 9983 
 Fax: +86 010 68490066 - 9864 
 Clause
28 – Definitions 
 Unless otherwise specified herein, capitalised terms in this Agreement shall have the same meaning as in the Bareboat
Charter. Furthermore, in this Agreement: 
 “Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers
A/S, Fearnleys, Howe Robinson, Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Bareboat Charter” means the bareboat charter in respect of the Vessel dated on or about the date hereof and made between
the Buyers as owners and the Sellers as bareboat charterers. 
 “Business Day” means a day on which banks are open for
business in the principal business centres of Amsterdam, Hong Kong, Beijing and Athens and (a) in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day
on which commercial banks are open in New York City; and (b) in respect of a day on which Overnight USD LIBOR is to be determined under this Agreement, also a day on which commercial banks are open in London. 

“Delivery Date” means the date (being a Business Day) on which the Vessel is delivered to the Buyers pursuant to the
terms of this Agreement and thereafter immediately delivered to the Sellers as bareboat charterers pursuant to the terms of the Bareboat Charter. 

“Market Value” means, in relation to the Vessel, the valuation prepared by an Approved Valuer selected by the
Sellers: 
  

	 (a)
	 on a date no earlier than three (3) months prior to the Delivery Date;  

 

	 (b)
	 without physical inspection of the Vessel; and 

 

	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
seller and a willing buyer, free of any existing charter or other contract of employment. 

 “Overnight USD
LIBOR” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars based on a one day maturity rate on the relevant
date displayed on page LIBOR 01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters, and if such page or service ceases to be available the Buyers may specify another page or service displaying the relevant rate on such day, or if such day is not a Business Day, the Business Day immediately preceding such day (if
the rate as determined above is less than zero, the Overnight USD LIBOR shall be deemed to be zero). 
 “Purchase Price” means
the purchase price of the Vessel payable by the Buyers to the Sellers pursuant to Clause 19 above. 
  

  
 4 

SINGAPORE/89326204v1 

 “Relevant Amount” means an amount equivalent to the Purchase Price. 

“Sellers’ Account” means the account in the name of the Seller with ABN AMRO Bank N.V. in USD with the account
number NL05ABNA0631667962. 
  

  
 5 

SINGAPORE/89326204v1 

 

 
 EXECUTION PAGE BUYERS SIGNED by as an attorney-in-fact for and on behalf of OCEAN DAZZLE SHIPPING LIMITED in the presence of:
Witness’ signature: Witness’ name: CAO Ying Witness’ address: Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED by for and on behalf of Thetida Marine Co. as in
the presence of: Witness’ signature: Witness’ name: Witness’ address: 
  

 

 
 EXECUTION PAGE BUYERS SIGNED by as an attorney-in-fact for and on behalf of OCEAN DAZZLE SHIPPING LIMITED in the presence of:
Witness’ signature: Witness’ name: CAO Ying Witness’ address: Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED by eFS-n<.A-Ild · c.rr-rt(‘I-TJ oS
for and on behalf of Thetida Marine Co. ~as a.tl ~~c.r’1—t\ in the presence of: S J+f-2—A-1 YA “1/tf\”’? Witness’ signature: Witness’ name: Witness’ address: 

 

 
 1. Shipbroker N/A BIMCO STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001” PART I 2. Place and date 2001 2018 1974
Revised in . 1989 3. Owners/Place of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1) Ocean Dazzle Shipping Limited / Room 2310, 23/F C C Wu Evian Shiptrade Ltd / Trust Company Complex, Ajeltake Road, Copenhagen Building, 302-308,
Hennessy Road, Wanchai, Hong Kong Ajeltake Island, Majuro, MH96960, Marshall Islands amalgamated (BIMCO), and Council 5. Vessel’s name, call sign and flag (Cl. 1 and 3) Revised “ . APL Amaranth / V7VR3 / Marshall Islands or any other Flag
State ‘B’ Maritime “Barecon 6. Type of Vessel 7. GT/NT and Container 39,906 / 24,504 “ International by ‘A’ and issued Baltic 8. When/Where built 9. Total DWT (abt.) in metric tons on summer freeboard “Barecon 2007
/ Dalian Shipyard Co., Ltd. 50,629 First The as 10. Classification Society (Cl. 3) 11. Date of last special survey by the Vessel’s classification society DNV GL or any other Classification Society 11/11/2017 idea 12. Further particulars of
Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) BIMCO’s IMO No.: 9334143 by Length: 246.79 metres Printed Breadth: 32.24 metres Depth: 16.06 metres 13. Port or Place of delivery (Cl. 3)
14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34 See Clause 33 16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading and class
certificates 2001 At a safe, ice free port or place in such ready safe berth as the upon redelivery (Cl. 15) Owners may direct See Clause 40 November Issued 18. Running days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking
(Cl. 10(g)) . N/A In accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Copenhagen Worldwide within Institute Warranty Limits, please also see Clauses 46.1(n), 46.1(o) and 46.1(q) (BIMCO), Council 21.
Charter period (Cl. 2) 22. Charter hire (Cl. 11) Maritime See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii)) N/A by International and 24. Rate of
interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency and method of payment (Cl. 11) published Baltic PART IV Dollars/bank transfer Copyright, See Clause 36.10 - neither Clause 11(f) nor Part IV applies The This document is a
computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text
of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 BARECON 2001” STANDARD BAREBOAT CHARTER PARTI 26. Place of payment; also state beneficiary and bank account (Cl. 11) 27.
Bank-Corporate guarantee/bond (sum and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code: MSBCHKHH 28.
Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) 29. Insurance (hull and machinery and war risks) (state value acc to Cl. 13(f) applies state date of Financial Instrument and name of or, if applicable, acc. to Cl. 14(k)) (also state
if Cl. 14 applies) Mortgagee(s)/Place of business) (Cl. 12) See Clause 35 See Clause 38 - CLAUSE 14 D0ES N0T APPLY 30 Additional insurance cover, if any, for Owners’ account limited to 31. Additional insurance cover, if any, for
Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Cl. 3) 33 Brokerage commission
and to whom payable (Cl. 27) N/A N/A 34. Grace period (state number of clear banking daysBusiness Days) (Cl 28) 35. Dispute Resolution (state 30(a), 30(b) or 30(c): if 30(c) agreed Place of Arbitration must be stated (Cl. 30) See Clause 44 See
Clause 30(a) War cancellation (indicate countries agreed) (Cl. 26(f)) N/A Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38. Name and place of Builders (only to be filled in if PART III applies) applies)
(optional) N/A No, Part III does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) 40 Date of Building Contract (only to be filled in if PART III applies) N/A N/A Liquidated damages and costs shall accrue to
(state party acc to Cl. 1) N/A N/A N/A Hire/Purchase agreement (indicate with “yes’’ or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional)
applies) (optional) No, Part IV does not apply No, Part V does not apply 44.Flag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be filled in if PART V applies) in if PART V applies)
N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I
and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only
apply and only form part of this Charier if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II
shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) Signature (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: Name: This document
is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26 Place of payment; also state beneficiary and bank account (Cl. 11) 27
Bank-Corporate guarantee/bond (sum and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code: MSBCHKHH 28
Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) 29. Insurance (hull and machinery and war risks) (state value acc to Cl. 13(f) applies state date of Financial Instrument and name of or, if applicable, acc to Cl. 14(k)) (also state
if Cl. 14 applies) Mortgagee(s)/Place of business) (Cl. 12) See Clause 35 See Clause 38 - CLAUSE 14 DOES NOT APPLY 30 Additional insurance cover, if any, for Owners’ account limited to 31 Additional insurance cover, if any, for Charterers’
account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Cl. 3) 33 Brokerage commission and to whom
payable (Cl. 27) N/A N/A 34 Grace period (state number of clear banking daysBusiness Days) (Cl. 2B) 35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30) See Clause 44 See Clause 30(a) War
cancellation (indicate countries agreed) (Cl. 26(f)) N/A Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38. Name and place of Builders (only to be filled in if PART III applies) applies) (optional) N/A No, Part
III does not apply 39 Vessel’s Yard Building No (only to be filled in if PART III applies) 40 Date of Building Contract (only to be filled in if PART III applies) N/A N/A Liquidated damages and costs shall accrue to (state party acc to Cl. 1)
N/A N/A N/A Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43 Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) applies) (optional) No, Part IV
does not apply No, Part V does not apply 44 Flag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be filled in if PART V applies) in if PART V applies) N/A 46 Number of additional
clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE - It Is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II. In the event of
a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this
Charter if expressly agreed and stated in Boxes 37, 42 and 43 If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART
III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) Signature (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: Name: Efstratios Title: This document is a computer
generated BARECON 2001 form printed by authority of BIMCO Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I This document is a computer generated BAPRECON 2001 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 day on which the Vessel should be
ready, give notice 72 In this Charter, the following terms shall have the 2 thereof to the Charterers asking whether they will 73 meanings hereby assigned to them: 3 exercise their option of cancelling, and the option must 74 “The Owners”
shall mean the party identified in Box 3; 4 then be declared within one hundred and sixty-eight 75 “The Charterers” shall mean the party identified in Box 4; 5 (168) running hours of the receipt by the Charterers of 76 “The
Vessel” shall mean the vessel named in Box 5 and 6 such notice or within thirty-six (36) running hours after 77 with particulars as stated in Boxes 6 to 12. 7 the cancelling date, whichever is the earlier. If the 78 “Financial
Instrument” means the mortgage, deed of 8 Charterers do not then exercise their option of cancelling, 79 covenant or other such financial security instrument as 9 the seventh day after the readiness date stated in the 80 annexed to this Charter
and stated in Box 28. 10 Owners’ notice shall be substituted for the cancelling 81 2. Charter Period 11 date indicated in Box 15 for the purpose of this Clause 5. 82 In consideration of the hire detailed in Box 22, 12 (c) Cancellation under
this Clause 5 shall be without 83 the Owners have agreed to let and the Charterers have 13 prejudice to any claim the Charterers may otherwise 84 agreed to hire the Vessel for the period stated in Box 21 14 have on the Owners under this Charter. 85
(“The Charter Period”). See also Clause 32 and Clause 15 6. Trading Restrictions See also Clauses 46.1(n) and 86 36. 46.1(o) and 46.1(q) 3. Delivery 16 The Vessel shall be employed in lawful trades for the 87 (not applicable when Part III
applies, as indicated in Box 37) 17 carriage of suitable lawful merchandise within the trading 88 (a) The Owners shall before and at the time of delivery 18 limits indicated in Box 20. 89 exercise due diligence to make the Vessel seaworthy 19 The
Charterers undertake not to employ the Vessel or 90 And in every respect ready in hull, machinery and 20 suffer the Vessel to be employed otherwise than in 91 equipment for service under this Charter. 21 conformity with the terms of the contracts of
insurance 92 The Vessel shall be delivered by the Owners and taken 22 (including any warranties expressed or implied therein) 93 over by the Charterers at the port or place indicated in 23 without first obtaining the consent of the insurers to such
94 Box 13 in such ready safe berth as the Charterers may 24 employment and complying with such requirements as 95 direct. 25 to extra premium or otherwise as the insurers may 96 (b) The Vessel shall beis properly documented on 26 prescribe. 97
delivery in accordance with the laws of the fFlag State 27 The Charterers also undertake not to employ the Vessel 98 indicated in Box 5 and the requirements of the 28 or suffer her employment in any trade or business which 99 cClassification
sSociety stated in Box 10. The Vessel 29 is forbidden by the law of any country to which the Vessel 100 upon may sail or is otherwise illicit or in carrying illicit or 101 delivery shall have her survey cycles up to date and 30 prohibited goods or
in any manner whatsoever which 102 trading and class certificates valid for at least the number 31 may render her liable to condemnation, destruction, 103 of months agreed in Box 12. 32 seizure or confiscation. 104 (c) The delivery of the Vessel by
the Owners and the 33 Notwithstanding any other provisions contained in this 105 taking over of the Vessel by the Charterers shall 34 Charter it is agreed that nuclear fuels or radioactive 106 constitute a full performance by the Owners of all the
35 products or waste are specifically excluded from the 107 Owners’ obligations under this Clause 3, and thereafter 36 cargo permitted to be loaded or carried under this 108 the Charterers shall not be entitled to make or assert 37 Charter.
This exclusion does not apply to radio-isotopes 109 any claim against the Owners on account of any 38 used or intended to be used for any industrial, 110 conditions, representations or warranties expressed or 39 commercial, agricultural, medical or
scientific purposes 111 implied with respect to the Vessel but the Owners shall 40 provided the Owners’ prior approval has been obtained 112 be liable for the cost of but not the time for repairs or 41 to loading thereof. 113 renewals
occasioned by latent defects in the Vessel, 42 7. Surveys on Delivery and Redelivery 114 her machinery or appurtenances, existing at the time of 43 (not applicable when Part III applies, as indicated in Box 37) 115 delivery under this Charter,
provided such defects have 44 The Owners and Charterers shall each appoint 116 manifested themselves within twelve (12) months after 45 surveyors for the purpose of determining and agreeing 117 delivery unless otherwise provided in Box 32. 46 in
writing the condition of the Vessel at the time of 118 4. Time for Delivery See Clauses 32 and 34 47 delivery and redelivery pursuant to Clause 40.3 (with 119 (not applicable when Part III applies, as indicated in Box 37) 48 the relevant costs paid
by the Charterers).hereunder. The Vessel shall not be delivered before the date 49 The Owners shall indicated in Box 14 without the Charterers’ consent and 50 bear all expenses of the On-hire Survey including loss 120 the Owners shall exercise
due diligence to deliver the 51 of time, if any, and the Charterers shall bear all expenses 121 Vessel not later than the date indicated in Box 15. 52 of the Off-hire Survey including loss of time, if any, at 122 Unless otherwise agreed in Box 18,
the Owners shall 53 the daily equivalent to the rate of hire or pro rata thereof. 123 give the Charterers not less than thirty (30) running days’ 54 8. Inspection 124 preliminary and not less than fourteen (14) running days’ 55 The Owners
shall have the right at any time either (i) 125 definite notice of the date on which the Vessel is 56 once every calendar year provided no Potential expected to be ready for delivery. 57 Termination Event or Termination Event has occurred The Owners
shall keep the Charterers closely advised 58 (after giving reasonable notice to the Charterers and of possible changes in the Vessel’s position. 59 provided that the Owners do not unduly interfere with 5. Cancelling See Clause 33 60 or cause
delay to the commercial operation of the (not applicable when Part III applies, as indicated in Box 37) 61 Vessel) or (ii) at any time following the occurrence of (a) Should the Vessel not be delivered latest by the 62 a Potential Termination Event
or Termination Event cancelling date indicated in Box 15, the Charterers shall 63 and for as long as it is continuing (after giving have the option of cancelling this Charter by giving the 64 reasonable notice to the Charterers), to inspect or
survey 126 Owners notice of cancellation within thirty-six (36) 65 the Vessel or instruct a duly authorised surveyor to carry 127 running hours after the cancelling date stated in Box 66 out such survey on their behalf:- 128 15, failing which this
Charter shall remain in full force 67 (a) to ascertain the condition of the Vessel and satisfy 129 and effect. 68 themselves that the Vessel is being properly repaired 130 (b) If it appears that the Vessel will be delayed beyond 69 and maintained.
The costs and fees for such inspection 131 the cancelling date, the Owners may, as soon as they 70 or survey shall be paid by the Charterers, subject to the 132 are in a position to state with reasonable certainty the 71 above conditions as may be
applicable from lines 125 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and
this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel of agreement, be referred to the
dispute resolution 199 is found to require repairs or maintenance in order to 133 method agreed in Clause 30., the Charterers shall 200 achieve the condition so provided; 134 ensure that the same are complied with and the (b) in dry-dock if the
Charterers have not dry-docked 135 time and costs of compliance shall be for the Her in accordance with Clause 10(g). The costs and fees 136 Charterers’ account. for such inspection or survey shall be paid by the 137 (iii) Financial Security -
The Charterers shall maintain 201 Charterers, subject to the above conditions as may be 138 financial security or responsibility in respect of third 202 applicable from lines 125 to 128; and party liabilities as required by any government, 203 (c)
for any other commercial reason they consider 139 including federal, state or municipal or other division 204 necessary (provided it does not unduly interfere with 140 or authority thereof, to enable the Vessel, without 205 the commercial operation
of the Vessel). The costs and 141 penalty or charge, lawfully to enter, remain at, or 206 fees for such inspection and survey shall be paid by the 142 leave any port, place, territorial or contiguous 207 OwnersCharterers, subject to the above
conditions as 143 waters of any country, state or municipality in 208 may be applicable from lines 125 to 128. performance of this Charter without any delay. This 209 All time used in respect of inspection, survey or repairs 144 obligation shall
apply whether or not such 210 shall be for the Charterers’ account and form part of the 145 requirements have been lawfully imposed by such 211 Charter Period. 146 government or division or authority thereof. 212 The Charterers shall also
permit the Owners to inspect 147 The Charterers shall make and maintain all arrange- 213 the Vessel’s log books whenever requested and shall 148 ments by bond or otherwise as may be necessary to 214 whenever required by the Owners furnish them
with full 149 satisfy such requirements at the Charterers’ sole 215 information regarding any casualties or other accidents 150 expense and the Charterers shall indemnify the Owners 216 or damage to the Vessel. 151 against all consequences
whatsoever (including loss of 217 The Charterers shall provide such necessary time) for any failure or inability to do so. 218 assistance to the Owners, their representatives or (b) Operation of the Vessel - The Charterers shall at 219 agents in
respect of any inspection hereunder. their own expense and by their own procurement man, 220 victual, navigate, operate, supply, fuel and, whenever 221 9. Inventories, Oil and Stores See Clause 34.7 152 required, repair the Vessel during the Charter
Period 222 A complete inventory of the Vessel’s entire equipment, 153 and they shall pay all charges and expenses of every 223 outfit including spare parts, appliances and of all 154 kind and nature whatsoever incidental to their use and 224
consumable stores on board the Vessel shall be made 155 operation of the Vessel under this Charter, including 225 by the Charterers in conjunction with the Owners on 156 annual flag Flag State fees and any foreign general 226 delivery and again on
redelivery of the Vessel. The 157 municipality and/or state taxes. The Master, officers 227 Charterers and the Owners, respectively, shall at the 158 and crew of the Vessel shall be the servants of the Charterers 228 time of delivery and redelivery
take over and pay for all 159 for all purposes whatsoever, even if for any reason 229 bunkers, lubricating oil, unbroached provisions, paints, 160 appointed by the Owners. 230 ropes and other consumable stores (excluding spare 161 Charterers shall
comply with the regulations regarding 231 parts) in the said Vessel at the then current market prices 162 officers and crew in force in the country of the Vessel’s 232 at the ports of delivery and redelivery, respectively. The 163 flag or any
other applicable law. 233 Charterers shall ensure that all spare parts listed in the 164 (c) The Charterers shall keep the Owners and the 234 inventory and used during the Charter Period are 165 mMortgagee(s) advised of the intended employment 235
replaced at their expense prior to redelivery of the 166 (other than in respect of time charterers which are Vessel. 167 less than 13 months in duration (after including any 10. Maintenance and Operation 168 optional extension periods)),
(a)(i)Maintenance and Repairs - During the Charter 169 planned dry-docking (other than the periodical dry- 236 Period the Vessel shall be in the full possession 170 docking referred to under paragraph (g) below) and and at the absolute disposal for
all purposes of the 171 major repairs of the Vessel, Charterers and under their complete control in 172 as reasonably required. 237 every respect. The Charterers shall maintain the 173 (d) Flag and Name of Vessel – During the Charter 238
Vessel, her machinery, boilers, appurtenances and 174 Period, the Charterers shall have the liberty to paint the 239 spare parts in a good state of repair, in efficient 175 Vessel in their own colours, install and display their 240 operating
condition and in accordance with good 176 funnel insignia and fly their own house flag (with all fees, 241 commercial maintenance practice and, except as 177 costs and expenses arising in relation thereto for the provided for in Clause 14(l), if
applicable, at their 178 Charterers account). The own expense they shall at all times keep the 179 Charterers shall also have the liberty, with the Owners’ 242 Vessel’s Class classification fully up to date with 180 consent, which shall
not be unreasonably withheld, to 243 the Classification change the flag of the Vessel to that of another Flag 244 Society indicated in Box 10 and maintain all other 181 State (with all fees, costs and expenses arising in necessary certificates in
force at all times. 182 relation thereto for the Charterers’ account) and/or (ii) New Class and Other Safety Requirements - In the 183 with the Owners’ consent, the name of the Vessel (with event of any improvement, structural changes or
184 all fees, costs and expenses arising in relation new equipment becoming necessary for the 185 thereto for the Charterers’ account) during continued operation of the Vessel by reason of new 186 the Charter Period. Any Ppainting and
re-painting, 245 class requirements or by compulsory legislation 187 instalment costing (excluding the Charterers’ loss of time) 188 and re-instalment, registration (including maintenance 246 more than the percentage stated in Box 23, or if 189
and renewal thereof) and re-registration, if Box 23 is left blank, 5 per cent. of the Vessel’s 190 required by the Owners, shall be at the Charterers’ 247 insurance value as stated in Box 29, then the 191 expense and time. If the Flag
State requires the 248 extent, if any, to which the rate of hire shall be varied 192 Owners to establish a physical presence or office in and the ratio in which the cost of compliance shall 193 the jurisdiction of such Flag State, all fees, costs
and be shared between the parties concerned in order 194 expenses payable by the Owners to establish and to achieve a reasonable distribution thereof as 195 maintain such physical presence or office shall be for between the Owners and the Charterers
having 196 the account of the Charterers. regard, inter alia, to the length of the period 197 (e) Changes to the Vessel – Subject to Clause 10(a)(ii) and 249 remaining under this Charter shall, in the absence 198 Clause 10(b), the Charterers
shall make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original
BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter Vessel which materially adversely affect the Vessel’s 251 as lost
or missing shall be ten (10) days after the Vessel 312 classification or value or changes in the machinery, was last reported or when the Vessel is posted as 313 boilers, appurten- missing by Lloyd’s, whichever occurs first. Any hire paid 314
ances or spare parts thereof without in each instance 252 in advance to be adjusted accordingly. 315 first securing the Owners’ approval thereof. If the Owners 253 (f) Any delay in payment of hire shall entitle the 316 so agree, the Charterers
shall, if the Owners so require, 254 Owners to interest at the rate per annum as agreed 317 restore the Vessel to its former condition before the 255 in Box 24. If Box 24 has not been filled in, the three months 318 termination of this Charter. 256
Interbank offered rate in London (LIBOR or its successor) 319 (f) Use of the Vessel’s Outfit, Equipment and 257 for the currency stated in Box 25, as quoted by the British 320 Appliances - The Charterers shall have the use of all 258
Bankers’ Association (BBA) on the date when the hire 321 outfit, equipment, and appliances on board the Vessel 259 fell due, increased by 2 per cent., shall apply. 322 at the time of delivery, provided the same or their 260 (g) Payment of
interest due under sub-clause 11(f) 323 substantial equivalent shall be returned to the Owners 261 shall be made within seven (7) running days of the date 324 on redelivery (without prejudice to Clauses 40.6 and 262 of the Owners’ invoice
specifying the amount payable 325 40.7 and if redelivery is required pursuant to this or, in the absence of an invoice, at the time of the next 326 Charter) in the same good order and condition as hire payment date. 327 when received, ordinary wear
and tear excepted. The 263 12. Mortgage See Clause 35 328 Charterers shall from time to time during the Charter 264 (only to apply if Box 28 has been appropriately filled in) 329 Period replace such items of equipment as shall be so 265 *) (a) The
Owners warrant that they have not effected 330 damaged or worn as to be unfit for use. The Charterers 266 any mortgage(s) of the Vessel and that they shall not 331 are to procure that all repairs to or replacement of any 267 effect any mortgage(s)
without the prior consent of the 332 damaged, worn or lost parts or equipment be effected 268 Charterers, which shall not be unreasonably withheld. 333 in such manner (both as regards workmanship and 269 *) (b) The Vessel chartered under this
Charter is financed 334 quality of materials) as not to diminish the value of the 270 by a mortgage according to the Financial Instrument. 335 Vessel. Title of any equipment so replaced shall vest 271 The Charterers undertake to comply, and provide
such 336 in and remain with the Owners. The Charterers have information and documents to enable the Owners to 337 the right to fit additional comply, with all such instructions or directions in regard 338 equipment at their expense and risk
(provided that no 272 to the employment, insurances, operation, repairs and 339 permanent structural damage is caused to the Vessel maintenance of the Vessel as laid down in the Financial 340 by reason of such installation) andbut the Charterers
Instrument or as may be directed from time to time during 341 shall, at their expense, remove such equipment and 273 the currency of the Charter by the mortgagee(s) in 342 make good any damage caused by the fitting or conformity with the Financial
Instrument. The Charterers 343 removal of such additional equipment before the confirm that, for this purpose, they have acquainted 344 Vessel is redelivered to the Owners pursuant to themselves with all relevant terms, conditions and 345 Clause
40.3 and without prejudice to Clauses 40.6 provisions of the Financial Instrument and agree to 346 and 40.7,at the end of the period if acknowledge this in writing in any form that may be 347 requested by the Owners. Any equipment including radio
274 required by the mortgagee(s). The Owners warrant that 348 equipment on hire on the Vessel at time of delivery shall 275 they have not effected any mortgage(s) other than stated 349 be kept and maintained by the Charterers and the 276 in Box 28
and that they shall not agree to any 350 Charterers shall assume the obligations and liabilities 277 amendment of the mortgage(s) referred to in Box 28 or 351 of the Owners under any lease contracts in connection 278 effect any other mortgage(s)
without the prior consent 352 therewith and shall reimburse the Owners for all 279 of the Charterers, which shall not be unreasonably 353 expenses incurred in connection therewith, also for any 280 withheld. 354 new equipment required in order to
comply with radio 281 *) (Optional, Clauses 12(a) and 12(b) are alternatives; 355 regulations. 282 indicate alternative agreed in Box 28). 356 (g) Periodical Dry-Docking - The Charterers shall dry- 283 dock the Vessel and clean and paint her
underwater 284 13. Insurance and Repairs See also Clause 38 357 parts whenever the same may be necessary, but not 285 (a) Subject and without prejudice to Clause 38, 358 less than once during the period stated in Box 19 or, if 286 Dduring the
Charter Period the Vessel shall be kept Box 19 has been left blank, every sixty (60) calendar 287 insured by the Charterers at their expense against hull 359 months after delivery or such other period as may be 288 and machinery, marine and war
(including blocking 360 required by the Classification Society or flag State. 289 and trapping) and Protection and Indemnity risks (excluding freight, demurrage and defence risks) 11. Hire See Clause 36 290 (and any risks against which it is
compulsory to insure 361 (a) The Charterers shall pay hire due to the Owners 291 for the operation of the Vessel, including but not limited 362 punctually in accordance with the terms of this Charter 292 to maintaining in respect of which time shall
be of the essence. 293 financial security in accordance with sub-clause 363 (b) The Charterers shall pay to the Owners for the hire 294 10(a)(iii)) in such form as the Owners shall in writing 364 of the Vessel a lump sum in the amount indicated in
295 approve, which approval shall not be un-reasonably 365 Box 22 which shall be payable not later than every thirty 296 withheld. During the Charter Period, the Charterers 366 (30) running days in advance, the first lump sum being 297 shall procure
(at Charterers’ expense) that there are payable on the date and hour of the Vessel’s delivery to 298 in place innocent Owners’ interest insurance, the Charterers. Hire shall be paid continuously 299 Owner’s additional perils
(pollution) insurance and if throughout the Charter Period. 300 applicable Mortgagees’ interest insurance and (c) Payment of hire shall be made in cash without 301 Mortgagees’ additional perils (pollution) insurance. discount in the
currency and in the manner indicated in 302 Such insurances as specified in this Clause 13 shall be Box 25 and at the place mentioned in Box 26. 303 arranged by the (d) Final payment of hire, if for a period of less than 304 Charterers to protect
the interests of both the Owners 367 thirty (30) running days, shall be calculated proportionally 305 and the Charterers and the mortgageeMortgagee(s) (if 368 according to the number of days and hours remaining 306 any),. and before redelivery and
advance payment to be effected 307 The Charterers shall be at liberty to protect under such 369 accordingly. 308 insurances the interests of any managers they may 370 (e) Should the Vessel be lost or missing, hire shall 309 appoint. Insurance
policies shall cover the Owners and 371 cease from the date and time when she was lost or last 310 the Charterers and the Mortgagees (if any) according to 372 heard of. The date upon which the Vessel is to be treated 311 This document is a computer
generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter their respective interests. against the Charterers on account of loss
of or any 434 Subject to the provisions of the Financial Instruments (if 373 damage to the Vessel or her machinery or appurt- 435 any), if and the agreed loss payable clauses, enances covered by such insurance, or on account of 436 any, and the
approval of the Owners and the insurers, 374 payments made to discharge claims against or liabilities 437 the Charterers shall effect all insured repairs and shall 375 of the Vessel or the Owners covered by such insurance. 438 undertake settlement
and reimbursement from the 376 Insurance policies shall cover the Owners and the 439 insurers of all costs in connection with such repairs as 377 Charterers according to their respective interests. 440 well as insured charges, expenses and
liabilities to the 378 (b) During the Charter Period the Vessel shall be kept 441 extent of coverage under the insurances herein provided 379 insured by the Charterers at their expense against 442 for. 380 Protection and Indemnity risks (and any
risks against 443 The Charterers also to remain responsible for and to 381 which it is compulsory to insure for the operation of the 444 effect repairs and settlement of costs and expenses 382 Vessel, including maintaining financial security in 445
incurred thereby in respect of all other repairs not 383 accordance with sub-clause 10(a)(iii)) in such form as 446 covered by the insurances and/or not exceeding any 384 the Owners shall in writing approve which approval shall 447 possible
franchise(s) or deductibles provided for in the 385 not be unreasonably withheld. 448 insurances. 386 (c) In the event that any act or negligence of the 449 All time used for repairs under the provisions of sub- 387 Charterers shall vitiate any of
the insurance herein 450 clause 13(a) and for repairs of latent defects according 388 provided, the Charterers shall pay to the Owners all 451 to Clause 3(c) above, including any deviation, shall be 389 losses and indemnify the Owners against all
claims and 452 for the Charterers’ account. 390 demands which would otherwise have been covered by 453 (b) If the conditions of the above insurances permit 391 such insurance. 454 additional insurance to be placed by the parties, such 392 (d)
The Charterers shall, subject to the approval of the 455 cover shall be limited to the amount for each party set 393 Owners or Owners’ Underwriters, effect all insured 456 out in Box 30 and Box 31, respectively. The Owners or 394 repairs, and
the Charterers shall undertake settlement 457 the Charterers as the case may be shall immediately 395 of all miscellaneous expenses in connection with such 458 furnish the other partyOwners with particulars of any 396 repairs as well as all insured
charges, expenses and 459 additional liabilities, to the extent of coverage under the insurances 460 insurance effected, including copies of any cover notes 397 provided for under the provisions of sub-clause 14(a). 461 or policies and the written
consent of the insurers of 398 The Charterers to be secured reimbursement through 462 any such required insurance in any case where the 399 the Owners’ Underwriters for such expenditures upon 463 consent of such insurers is necessary. The
Charterers 400 presentation of accounts. 464 hereby undertake that any additional insurances that (e) The Charterers to remain responsible for and to 465 they arrange now or in the future will always be effect repairs and settlement of costs and
expenses 466 compliant with the terms of the underlying hull and incurred thereby in respect of all other repairs not 467 machinery policies. covered by the insurances and/or not exceeding any 468 (c) The Charterers shall upon the request of the 401
possible franchise(s) or deductibles provided for in the 469 Owners, provide information and promptly execute such 402 insurances. 470 documents as may be required to enable the Owners to 403 (f) All time used for repairs under the provisions of 471
comply with the insurance provisions of the each 404 sub-clauses 14(d) and 14(e) and for repairs of latent 472 Financial defects according to Clause 3 above, including any 473 Instrument (if any). 405 deviation, shall be for the Charterers’
account and shall 474 (d) Subject to the provisions of the Financial Instru- 406 form part of the Charter Period. 475 ments, if any, and Clause 38 and Clause 40, should the 407 The Owners shall not be responsible for any expenses 476 Vessel become
an actual, as are incident to the use and operation of the Vessel 477 constructive, compromised or agreed a tTotal lLoss under 408 for such time as may be required to make such repairs. 478 the insurances required under sub-clause 13(a), all 409 (g)
If the conditions of the above insurances permit 479 insurance payments for such loss shall be paid to the 410 additional insurance to be placed by the parties such 480 Owners (or if applicable, their financiers) in 411 cover shall be limited to the
amount for each party set 481 accordance with the agreed loss payable clauses who out in Box 30 and Box 31, respectively. The Owners or 482 shall distribute the moneys between the the Charterers as the case may be shall immediately 483 Owners and
the Charterers according to their respective 412 furnish the other party with particulars of any additional 484 interests. The Charterers undertake to notify the Owners 413 insurance effected, including copies of any cover notes 485 and the
mortgageeMortgagee(s), if any, of any 414 or policies and the written consent of the insurers of 486 occurrences in any such required insurance in any case where the 487 consequence of which the Vessel is likely to become a 415 consent of such
insurers is necessary. 488 Ttotal Lloss as defined in this Clause. 416 (h) Should the Vessel become an actual, constructive, 489 (e) The Owners shall upon the request of the 417 compromised or agreed total loss under the insurances 490 Charterers,
promptly execute such documents as may 418 required under sub-clause 14(a), all insurance payments 491 be required to enable the Charterers to abandon the 419 for such loss shall be paid to the Owners, who shall 492 Vessel to insurers and claim a
constructive total loss. 420 distribute the moneys between themselves and the 493 (f) For the purpose of insurance coverage against hull 421 Charterers according to their respective interests. 494 and machinery and war risks under the provisions of
422 (i) If the Vessel becomes an actual, constructive, 495 sub-clause 13(a), the value of the Vessel is the sum 423 compromised or agreed total loss under the insurances 496 indicated in Box 29Clause 38. 424 arranged by the Owners in accordance with
sub-clause 497 14. Insurance, Repairs and Classification – intentionally 425 14(a), this Charter shall terminate as of the date of such 498 omitted loss. 499 (Optional, only to apply if expressly agreed and stated 426 (j) The Charterers shall
upon the request of the 500 in Box 29, in which event Clause 13 shall be considered 427 Owners, promptly execute such documents as may be 501 deleted). 428 required to enable the Owners to abandon the Vessel 502 (a) During the Charter Period the
Vessel shall be kept 429 to the insurers and claim a constructive total loss. 503 insured by the Owners at their expense against hull and 430 (k) For the purpose of insurance coverage against hull 504 machinery and war risks under the form of policy
or 431 and machinery and war risks under the provisions of 505 policies attached hereto. The Owners and/or insurers 432 sub-clause 14(a), the value of the Vessel is the sum 506 shall not have any right of recovery or subrogation 433 indicated in Box
29. 507 (l) Notwithstanding anything contained in sub-clause 508 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the
original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 10(a), it is agreed that under the provisions of Clause 509 reason of a
claim or claims against the Owners, the 578 14, if applicable, the Owners shall keep the Vessel’s 510 Owners shall at their own expense take all reasonable 579 Class fully up to date with the Classification Society 511 steps to secure that
within a reasonable time the Vessel 580 indicated in Box 10 and maintain all other necessary 512 is released, including the provision of bail. 581 certificates in force at all times. 513 In such circumstances the Owners shall indemnify the 582 15.
Redelivery See Clause 40 514 Charterers against any loss, damage or expense 583 At the expiration of the Charter Period the Vessel shall 515 incurred by the Charterers (including hire paid under 584 be redelivered by the Charterers to the Owners at
a 516 this Charter) as a direct consequence of such arrest or 585 safe and ice-free port or place as indicated in Box 16, in 517 detention. 586 such ready safe berth as the Owners may direct. The 518 18. Lien 587 Charterers shall give the Owners not
less than thirty 519 The Owners to have a lien upon all cargoes, sub-hires 588 (30) running days’ preliminary notice of expected date, 520 and sub-freights belonging or due to the Charterers or 589 range of ports of redelivery or port or place
of redelivery 521 any sub-charterers and any Bill of Lading freight for all 590 and not less than fourteen (14) running days’ definite 522 claims under this Charter, and the Charterers to have a 591 notice of expected date and port or place of
redelivery. 523 lien on the Vessel for all moneys paid in advance and 592 Any changes thereafter in the Vessel’s position shall be 524 not earned. 593 notified immediately to the Owners. 525 19. Salvage 594 The Charterers warrant that they will
not permit the 526 All salvage and towage performed by the Vessel shall 595 Vessel to commence a voyage (including any preceding 527 be for the Charterers’ benefit and the cost of repairing 596 ballast voyage) which cannot reasonably be
expected 528 damage occasioned thereby shall be borne by the 597 to be completed in time to allow redelivery of the Vessel 529 Charterers. 598 within the Charter Period. Notwithstanding the above, 530 should the Charterers fail to redeliver the
Vessel within 531 20. Wreck Removal 599 The Charter Period, the Charterers shall pay the daily 532 In the event of the Vessel becoming a wreck or 600 equivalent to the rate of hire stated in Box 22 plus 10 533 obstruction to navigation the
Charterers shall indemnify 601 per cent. or to the market rate, whichever is the higher, 534 the Owners against any sums whatsoever which the 602 for the number of days by which the Charter Period is 535 Owners shall become liable to pay and shall
pay in 603 exceeded. All other terms, conditions and provisions of 536 consequence of the Vessel becoming a wreck or 604 this Charter shall continue to apply. 537 obstruction to navigation. 605 Subject to the provisions of Clause 10, the Vessel
shall 538 be redelivered to the Owners in the same or as good 539 21. General Average 606 structure, state, condition and class as that in which she 540 The Owners shall not contribute to General Average. 607 was delivered, fair wear and tear not
affecting class 541 22. Assignment, Sub-Charter and Sale (see Clauses 608 excepted. 542 46.1(v)) and 40.3) The Vessel upon redelivery shall have her survey cycles 543 (a) The Charterers shall not assign this Charter nor 609 up to date and trading
and class certificates valid for at 544 sub-charter the Vessel on a bareboat basis except with 610 least the number of months agreed in Box 17. 545 the prior consent in writing of the Owners, which shall 611 16. Non-Lien 546 not be unreasonably
withheld, and subject to such terms 612 Other than Permitted Security Interests, Tthe 547 and conditions as the Owners shall approve. 613 Charterers will not suffer, nor permit to be continued, (b) The Owners shall not sell the Vessel during the 614
any lien or encumbrance incurred by them or their 548 currency of this Charter except with the prior written 615 agents, which might have priority over the title and 549 consent of the Charterers, which shall not be unreason- 616 interest of the
Owners in the Vessel. The Charterers 550 ably withheld, and subject to the buyer accepting an 617 further agree to fasten to the Vessel in a conspicuous 551 assignment of this Charter. 618 place and to keep so fastened during the Charter Period 552
a notice reading as follows: 553 23. Contracts of Carriage 619 “This Vessel is the property of (name of Owners). It is 554 *) (a) The Charterers are to procure that all documents 620 under charter to (name of Charterers) and by the terms 555
issued during the Charter Period evidencing the terms 621 of the Charter Party neither the Charterers nor the 556 and conditions agreed in respect of carriage of goods 622 Master have any right, power or authority to create, incur 557 shall contain
a paramount clause incorporating any 623 or permit to be imposed on the Vessel any lien 558 legislation relating to carrier’s liability for cargo 624 whatsoever.” 559 compulsorily applicable in the trade; if no such legislation 625 or a
notice in such form as required by any exists, the documents shall incorporate the Hague-Visby 626 Mortgagee(s). Rules. The documents shall also contain the New Jason 627 17. Indemnity See Clauses 37.3, 38.14, 38.15, 40.5, 41.2 560 Clause and the
Both-to-Blame Collision Clause. 628 and 50 *) (b) The Charterers are to procure that all passenger 629 (a) The Charterers shall indemnify the Owners against 561 tickets issued during the Charter Period for the carriage 630 any loss, damage or
expense incurred by the Owners 562 of passengers and their luggage under this Charter shall 631 arising out of or in relation to the operation of the Vessel 563 contain a paramount clause incorporating any legislation 632 by the Charterers, and
against any lien of whatsoever 564 relating to carrier’s liability for passengers and their 633 nature arising out of an event occurring during the 565 luggage compulsorily applicable in the trade; if no such 634 Charter Period. If the Vessel
be arrested or otherwise 566 legislation exists, the passenger tickets shall incorporate 635 detained by reason of claims or liens arising out of her 567 the Athens Convention Relating to the Carriage of 636 operation hereunder by the Charterers,
the Charterers 568 Passengers and their Luggage by Sea, 1974, and any 637 shall at their own expense take all reasonable steps to 569 protocol thereto. 638 secure that within a reasonable time the Vessel is 570 *) Delete as applicable. 639 released,
including the provision of bail. 571 24. Bank Corporate Guarantee 640 Without prejudice to the generality of the foregoing, the 572 (Optional, only to apply if Box 27 filled in) 641 Charterers agree to indemnify the Owners against all 573 The
Charterers undertake to furnish, on or about the 642 consequences or liabilities arising from the Master, 574 date of this Charter before delivery of officers or agents signing Bills of Lading or other 575 the Vessel, a first class bank a corporate
guarantee from 643 documents. 576 the Guarantor or bond in the (b) If the Vessel be arrested or otherwise detained by 577 sum and at the place as indicated in Box 27 as 644 This document is a computer generated BARECON 2001 form printed by authority
of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter guarantee, and on or about the date of this Charter entry into it, the
Owners shall have the right to require 703 the other Security Documents (as the case may be) as 645 the Vessel to leave such area. 704 security, in each case for full performance of their (c) The Vessel shall not load contraband cargo, or to 705
obligations under this pass through any blockade, whether such blockade be 706 Charter. 646 imposed on all vessels, or is imposed selectively in any 707 25. Requisition/Acquisition 647 way whatsoever against vessels of certain flags or 708 (a)
Subject to the provisions of the Financial 648 ownership, or against certain cargoes or crews or 709 Instruments (if any) and the General Assignment, Iin otherwise howsoever, or to proceed to an area where 710 the event of the Requisition for Hire
of the Vessel she shall be subject, or is likely to be subject to 711 by any governmental or other competent authority 649 a belligerent’s right of search and/or confiscation. 712 (hereinafter referred to as “Requisition for Hire”)
650 (d) If the insurers of the war risks insurance, when 713 irrespective of the date during the Charter Period when 651 Clause 14 is applicable, should require payment of 714 “Requisition for Hire” may occur and irrespective of the 652
premiums and/or calls because, pursuant to the 715 length thereof and whether or not it be for an indefinite 653 Charterers’ orders, the Vessel is within, or is due to enter 716 or a limited period of time, and irrespective of whether it 654
and remain within, any area or areas which are specified 717 may or will remain in force for the remainder of the 655 by such insurers as being subject to additional premiums 718 Charter Period, this Charter shall not be deemed thereby 656 because
of War Risks, then such premiums and/or calls 719 or thereupon to be frustrated or otherwise terminated 657 shall be reimbursed by the Charterers to the Owners at 720 and the Charterers shall continue to pay the stipulated 658 the same time as the
next payment of hire is due. 721 hire in the manner provided by this Charter until the time 659 (e) The Charterers shall have the liberty: 722 when the Charter would have terminated pursuant to 660 (i) to comply with all orders, directions,
recommend- 723 any of the provisions hereof always provided however 661 ations or advice as to departure, arrival, routes, 724 that if all hire has been paid by the Charterers 662 sailing in convoy, ports of call, stoppages, 725 hereunder then in
the event of “Requisition for Hire” any destinations, discharge of cargo, delivery, or in any 726 Requisition other way whatsoever, which are given by the 727 Hire or compensation is received or receivable by the 663 Government of the
Nation under whose flag the 728 Owners, the same shall be payable to the Charterers 664 Vessel sails, or any other Government, body or 729 during the group whatsoever acting with the power to compel 730 remainder of the Charter Period or the period
of the 665 compliance with their orders or directions; 731 “Requisition for Hire” whichever be the shorter. 666 (ii) to comply with the orders, directions or recom- 732 (b) In the event of the Owners being deprived of their 667 mendations
of any war risks underwriters who have 733 ownership in the Vessel by any Compulsory Acquisition 668 the authority to give the same under the terms of 734 of the Vessel or requisition for title by any governmental 669 the war risks insurance; 735 or
other competent authority (hereinafter referred to as 670 (iii) to comply with the terms of any resolution of the 736 “Compulsory Acquisition”), then, irrespective of the date 671 Security Council of the United Nations, any 737 during the
Charter Period when “Compulsory Acqui- 672 directives of the European Community, the effective 738 sition” may occur, this Charter shall be deemed 673 orders of any other Supranational body which has 739 terminated as of the date of such
“Compulsory 674 the right to issue and give the same, and with 740 Acquisition”. In such event Charter Hire to be considered 675 national laws aimed at enforcing the same to which 741 as earned and to be paid up to the date and time of 676
the Owners are subject, and to obey the orders 742 such “Compulsory Acquisition”. 677 and directions of those who are charged with their 743 enforcement. 744 26. War 678 (f) In the event of outbreak of war (whether there be a 745 (a)
Subject to the provisions of the Financial 679 declaration of war or not) (i) between any two or more 746 Instruments (if any), Ffor the purpose of this Clause, the of the following countries: the United States of America; 747 words “War
Russia; the United Kingdom; France; and the People’s 748 Risks” shall include any war (whether actual or 680 Republic of China, (ii) between any two or more of the 749 threatened), act of war, civil war, hostilities, revolution, 681
countries stated in Box 36, both the Owners and the 750 rebellion, civil commotion, warlike operations, the laying 682 Charterers shall have the right to cancel this Charter, 751 of mines (whether actual or reported), acts of piracy, 683 whereupon
the Charterers shall redeliver the Vessel to 752 acts of terrorists, acts of hostility or malicious damage, 684 the Owners in accordance with Clause 15, if the Vessel 753 blockades (whether imposed against all vessels or 685 has cargo on board after
discharge thereof at 754 imposed selectively against vessels of certain flags or 686 destination, or if debarred under this Clause from 755 ownership, or against certain cargoes or crews or 687 reaching or entering it at a near, open and safe port
as 756 otherwise howsoever), by any person, body, terrorist or 688 directed by the Owners, or if the Vessel has no cargo 757 political group, or the Government of any state 689 on board, at the port at which the Vessel then is or if at 758
whatsoever, which may be dangerous or are likely to be 690 sea at a near, open and safe port as directed by the 759 or to become dangerous to the Vessel, her cargo, crew 691 Owners. In all cases hire shall continue to be paid in 760 or other persons
on board the Vessel. 692 accordance with Clause 11 and except as aforesaid all 761 (b) Without first obtaining the consent of the 693 other provisions of this Charter shall apply until 762 insurers to such employment and complying with the
redeliverythe end of the Security Period. 763 terms of Clause 38 and such other requirements as to extra insurance premiums or any other requirements 27. Commission – intentionally omitted 764 as may be prescribed by the insurers, tThe Vessel,
The Owners to pay a commission at the rate indicated 765 unless the written consent of the in Box 33 to the Brokers named in Box 33 on any hire 766 Owners be first obtained, shall not continue to or go 694 paid under the Charter. If no rate is
indicated in Box 33, 767 through any port, place, area or zone (whether of land 695 the commission to be paid by the Owners shall cover 768 or sea), or any waterway or canal, where it reasonably 696 the actual expenses of the Brokers and a
reasonable 769 appears that the Vessel, her cargo, crew or other 697 fee for their work. 770 persons on board the Vessel, in the reasonable 698 If the full hire is not paid owing to breach of the Charter 771 judgement of the Owners, may be, or are
likely to be, 699 by either of the parties the party liable therefor shall 772 exposed to War Risks. Should the Vessel be within any 700 indemnify the Brokers against their loss of commission. 773 such place as aforesaid, which only becomes danger-
701 Should the parties agree to cancel the Charter, the 774 ous, or is likely to be or to become dangerous, after her 702 Owners shall indemnify the Brokers against any loss of 775 commission but in such case the commission shall not 776 This
document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly
visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated
document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter exceed the brokerage on one year’s hire. 777 29. Repossession 850
28. Termination See Clauses 40 and 44 778 In the event of the Owners have made a request for 851 (a) Charterers’ Default 779 redelivery of the Vessel termination of this Charter in The Owners shall be entitled to withdraw the Vessel from 780
accordance with the applicable provisions of Clause 852 the service of the Charterers and terminate the Charter 781 28Clause 40.3, with immediate effect by written notice to the Charterers if: 782 the Owners shall in addition have the right to
repossess 853 (i) the Charterers fail to pay hire in accordance with 783 the Vessel Clause 11. However, where there is a failure to 784 from the Charterers at her current or next port of call, or 854 make punctual payment of hire due to oversight,
785 at a port or place convenient to them without hindrance 855 negligence, errors or omissions on the part of the 786 or interference by the Charterers, courts or local 856 Charterers or their bankers, the Owners shall give 787 authorities. Pending
physical repossession of the Vessel 857 the Charterers written notice of the number of clear 788 in accordance with this Clause 29 and/or Clause 40, the 858 banking days stated in Box 34 (as recognised at 789 Charterers shall the agreed place of
payment) in which to rectify 790 hold the Vessel as gratuitous bailee only to the Owners 859 the failure, and when so rectified within such 791 and the Charterers shall procure that the master and number of days following the Owners’ notice,
the 792 crew follow the orders and directions of the Owners. payment shall stand as regular and punctual. 793 The Owners shall arrange for an authorised represent- 860 Failure by the Charterers to pay hire within the 794 ative to board the Vessel as
soon as reasonably 861 number of days stated in Box 34 of their receiving 795 practicable following the termination of the Charter. The 862 the Owners’ notice as provided herein, shall entitle 796 Vessel shall be deemed to be repossessed by the
863 the Owners to withdraw the Vessel from the service 797 Owners from the Charterers upon the boarding of the 864 of the Charterers and terminate the Charter without 798 Vessel by the Owners’ representative. All arrangements 865 further
notice; 799 and expenses relating to the settling of wages, 866 (ii) the Charterers fail to comply with the requirements of: 800 disembarkation and repatriation of the Charterers’ 867 (1) Clause 6 (Trading Restrictions) 801 Master, officers and
crew shall be the sole responsibility 868 (2) Clause 13(a) (Insurance and Repairs) 802 of the Charterers. 869 provided that the Owners shall have the option, by 803 30. Dispute Resolution 870 written notice to the Charterers, to give the 804 *) (a)
This Contract Charter and any non-contractual 871 Charterers a specified number of days grace within 805 obligations arising out of or in connection with it shall be which to rectify the failure without prejudice to the 806 governed by and construed
Owners’ right to withdraw and terminate under this 807 in accordance with English law and any dispute arising 872 Clause if the Charterers fail to comply with such 808 out of or in connection with this Contract Charter shall be 873 notice; 809
referred (iii) the Charterers fail to rectify any failure to comply 810 to arbitration in London in accordance with the Arbitration 874 with the requirements of sub-clause 10(a)(i) 811 Act 1996 or any statutory modification or re-enactment 875
(Maintenance and Repairs) as soon as practically 812 thereof save to the extent necessary to give effect to 876 possible after the Owners have requested them in 813 the provisions of this Clause. 877 writing so to do and in any event so that the
Vessel’s 814 The arbitration shall be conducted in accordance with 878 insurance cover is not prejudiced. 815 the London Maritime Arbitrators Association (LMAA) 879 (b) Owners’ Default 816 Terms current at the time when the arbitration
proceed- 880 If the Owners shall by any act or omission be in breach 817 ings are commenced. 881 of their obligations under this Charter to the extent that 818 The reference shall be to three arbitrators. A party 882 the Charterers are deprived of
the use of the Vessel 819 wishing to refer a dispute to arbitration shall appoint its 883 and such breach continues for a period of fourteen (14) 820 arbitrator and send notice of such appointment in writing 884 running days after written notice
thereof has been given 821 to the other party requiring the other party to appoint its 885 by the Charterers to the Owners, the Charterers shall 822 own arbitrator within 14 calendar days of that notice and 886 be entitled to terminate this Charter
with immediate effect 823 stating that it will appoint its arbitrator as sole arbitrator 887 by written notice to the Owners. 824 unless the other party appoints its own arbitrator and 888 (c) Loss of Vessel 825 gives notice that it has done so
within the 14 days 889 This Charter shall be deemed to be terminated if the 826 specified. If the other party does not appoint its own 890 Vessel becomes a total loss or is declared as a 827 arbitrator and give notice that it has done so within the
891 constructive or compromised or arranged total loss. For 828 14 days specified, the party referring a dispute to 892 the purpose of this sub-clause, the Vessel shall not be 829 arbitration may, without the requirement of any further 893 deemed to
be lost unless she has either become an 830 prior notice to the other party, appoint its arbitrator as 894 actual total loss or agreement has been reached with 831 sole arbitrator and shall advise the other party 895 her underwriters in respect of
her constructive, 832 accordingly. The award of a sole arbitrator shall be 896 compromised or arranged total loss or if such agreement 833 binding on both parties as if he had been appointed by 897 with her underwriters is not reached it is adjudged
by a 834 agreement. 898 competent tribunal that a constructive loss of the Vessel 835 Nothing herein shall prevent the parties agreeing in 899 has occurred. 836 writing to vary these provisions to provide for the 900 (d) Either party shall be
entitled to terminate this 837 appointment of a sole arbitrator. 901 Charter with immediate effect by written notice to the 838 In cases where neither the claim nor any counterclaim 902 other party in the event of an order being made or 839 exceeds
the sum of US$50,000 (or such other sum as 903 resolution passed for the winding up, dissolution, 840 the parties may agree) the arbitration shall be conducted 904 liquidation or bankruptcy of the other party (otherwise 841 in accordance with the
LMAA Small Claims Procedure 905 than for the purpose of reconstruction or amalgamation) 842 current at the time when the arbitration proceedings are 906 or if a receiver is appointed, or if it suspends payment, 843 commenced. 907 ceases to carry on
business or makes any special 844 *) (b) This Contract shall be governed by and construed 908 arrangement or composition with its creditors. 845 in accordance with Title 9 of the United States Code 909 (e) The termination of this Charter shall be
without 846 and the Maritime Law of the United States and any 910 prejudice to all rights accrued due between the parties 847 dispute arising out of or in connection with this Contract 911 prior to the date of termination and to any claim that 848
shall be referred to three persons at New York, one to 912 either party might have. 849 be appointed by each of the parties hereto, and the third 913 by the two so chosen; their decision or that of any two 914 This document is a computer generated
BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter of them shall be final, and for the purposes of enforcing 915 party
shall be in writing and may be sent by fax, telex, 989 any award, judgement may be entered on an award by 916 registered or recorded mail or by personal service. 990 any court of competent jurisdiction. The proceedings 917 (b) The address of the
Parties for service of such 991 shall be conducted in accordance with the rules of the 918 communication shall be as stated in Boxes 3 and 4 992 Society of Maritime Arbitrators, Inc. 919 respectively. 993 In cases where neither the claim nor any
counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at
924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928
connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there. 931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to refer to mediation
any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following shall apply:- 938 (i) Either
party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on the other 942 party to agree to
mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a mediator within a further 947 14
calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate for that 951 purpose. The mediation
shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If the other party does not agree to
mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The mediation shall not affect the right
of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The arbitration procedure shall 966 continue
during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or specified in the 971 mediation terms, each
party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice 975 and confidential and no information or
documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties should be aware that the mediation 980 process
may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d) shall 983 apply in all cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are
alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party to the other 988 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART III PART PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY
(Optional, only to apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 and upon and after such acceptance, subject to Clause 69 (a) The Vessel shall be constructed in accordance with 2 1(d), the Charterers shall
not be entitled to make any claim 70 the Building Contract (hereafter called “the Building 3 against the Owners in respect of any conditions, 71 Contract”) as annexed to this Charter, made between the 4 representations or warranties,
whether express or implied, 72 Builders and the Owners and in accordance with the 5 as to the seaworthiness of the Vessel or in respect of delay 73 specifications and plans annexed thereto, such Building 6 in delivery. 74 Contract, specifications
and plans having been counter- 7 (b) If for any reason other than a default by the Owners 75 signed as approved by the Charterers. 8 under the Building Contract, the Builders become entitled 76 (b) No change shall be made in the Building Contract or
9 under that Contract not to deliver the Vessel to the Owners, 77 in the specifications or plans of the Vessel as approved by 10 the Owners shall upon giving to the Charterers written 78 the Charterers as aforesaid, without the Charterers’ 11
notice of Builders becoming so entitled, be excused from 79 consent. 12 giving delivery of the Vessel to the Charterers and upon 80 (c) The Charterers shall have the right to send their 13 receipt of such notice by the Charterers this Charter shall
81 representative to the Builders’ Yard to inspect the Vessel 14 cease to have effect. 82 during the course of her construction to satisfy themselves 15 (c) If for any reason the Owners become entitled under 83 that construction is in
accordance with such approved 16 the Building Contract to reject the Vessel the Owners shall, 84 specifications and plans as referred to under sub-clause 17 before exercising such right of rejection, consult the 85 (a) of this Clause. 18 Charterers
and thereupon 86 (d) The Vessel shall be built in accordance with the 19 (i) if the Charterers do not wish to take delivery of the Vessel 87 Building Contract and shall be of the description set out 20 they shall inform the Owners within seven (7)
running days 88 therein. Subject to the provisions of sub-clause 2(c)(ii) 21 by notice in writing and upon receipt by the Owners of such 89 hereunder, the Charterers shall be bound to accept the 22 notice this Charter shall cease to have effect; or
90 Vessel from the Owners, completed and constructed in 23 (ii) if the Charterers wish to take delivery of the Vessel 91 accordance with the Building Contract, on the date of 24 they may by notice in writing within seven (7) running days 92 delivery
by the Builders. The Charterers undertake that 25 require the Owners to negotiate with the Builders as to the 93 having accepted the Vessel they will not thereafter raise 26 terms on which delivery should be taken and/or refrain from 94 any claims
against the Owners in respect of the Vessel’s 27 exercising their right to rejection and upon receipt of such 95 performance or specification or defects, if any. 28 notice the Owners shall commence such negotiations and/ 96 Nevertheless, in
respect of any repairs, replacements or 29 or take delivery of the Vessel from the Builders and deliver 97 defects which appear within the first 12 months from 30 her to the Charterers; 98 delivery by the Builders, the Owners shall endeavour to 31
(iii) in no circumstances shall the Charterers be entitled to 99 compel the Builders to repair, replace or remedy any defects 32 reject the Vessel unless the Owners are able to reject the 100 or to recover from the Builders any expenditure incurred
in 33 Vessel from the Builders; 101 carrying out such repairs, replacements or remedies. 34 (iv) if this Charter terminates under sub-clause (b) or (c) of 102 However, the Owners’ liability to the Charterers shall be 35 this Clause, the Owners
shall thereafter not be liable to the 103 limited to the extent the Owners have a valid claim against 36 Charterers for any claim under or arising out of this Charter 104 the Builders under the guarantee clause of the Building 37 or its termination.
105 Contract (a copy whereof has been supplied to the 38 (d) Any liquidated damages for delay in delivery under the 106 Charterers). The Charterers shall be bound to accept such 39 Building Contract and any costs incurred in pursuing a claim 107
sums as the Owners are reasonably able to recover under 40 therefor shall accrue to the account of the party stated in 108 this Clause and shall make no further claim on the Owners 41 Box 41(c) or if not filled in shall be shared equally between 109
for the difference between the amount(s) so recovered and 42 the parties. 110 the actual expenditure on repairs, replacement or 43 3. Guarantee Works 111 remedying defects or for any loss of time incurred. 44 If not otherwise agreed, the Owners
authorise the 112 Any liquidated damages for physical defects or deficiencies 45 Charterers to arrange for the guarantee works to be 113 shall accrue to the account of the party stated in Box 41(a) 46 performed in accordance with the building
contract terms, 114 or if not filled in shall be shared equally between the parties. 47 and hire to continue during the period of guarantee works. 115 The costs of pursuing a claim or claims against the Builders 48 The Charterers have to advise the
Owners about the 116 under this Clause (including any liability to the Builders) 49 performance to the extent the Owners may request. 117 shall be borne by the party stated in Box 41(b) or if not 50 filled in shall be shared equally between the
parties. 51 4. Name of Vessel 118 The name of the Vessel shall be mutually agreed between 119 2. Time and Place of Delivery 52 the Owners and the Charterers and the Vessel shall be 120 (a) Subject to the Vessel having completed her 53 painted in the
colours, display the funnel insignia and fly 121 acceptance trials including trials of cargo equipment in 54 the house flag as required by the Charterers. 122 accordance with the Building Contract and specifications 55 to the satisfaction of the
Charterers, the Owners shall give 56 5. Survey on Redelivery 123 and the Charterers shall take delivery of the Vessel afloat 57 The Owners and the Charterers shall appoint surveyors 124 when ready for delivery and properly documented at the 58 for
the purpose of determining and agreeing in writing the 125 Builders’ Yard or some other safe and readily accessible 59 condition of the Vessel at the time of re-delivery. 126 dock, wharf or place as may be agreed between the parties 60 Without
prejudice to Clause 15 (Part II), the Charterers 127 hereto and the Builders. Under the Building Contract the 61 shall bear all survey expenses and all other costs, if any, 128 Builders have estimated that the Vessel will be ready for 62 including
the cost of docking and undocking, if required, 129 delivery to the Owners as therein provided but the delivery 63 as well as all repair costs incurred. The Charterers shall 130 date for the purpose of this Charter shall be the date when 64 also
bear all loss of time spent in connection with any 131 the Vessel is in fact ready for delivery by the Builders after 65 docking and undocking as well as repairs, which shall be 132 completion of trials whether that be before or after as 66 paid at
the rate of hire per day or pro rata. 133 indicated in the Building Contract. The Charterers shall not 67 be entitled to refuse acceptance of delivery of the Vessel 68 This document is a computer generated BARECON 2001 form printed by authority of
BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART IV PART HIRE/PURCHASE AGREEMENT (Optional, only to apply if
expressly agreed and stated in Box 42) On expiration of this Charter and provided the Charterers 1 In exchange for payment of the last month’s hire 28 have fulfilled their obligations according to Part I and II 2 instalment the Sellers shall
furnish the Buyers with a 29 as well as Part III, if applicable, it is agreed, that on 3 Bill of Sale duly attested and legalized, together with a 30 payment of the final payment of hire as per Clause 11 4 certificate setting out the registered
encumbrances, if 31 the Charterers have purchased the Vessel with 5 any. On delivery of the Vessel the Sellers shall provide 32 everything belonging to her and the Vessel is fully paid 6 for deletion of the Vessel from the Ship’s Register and
33 for. 7 deliver a certificate of deletion to the Buyers. 34 In the following paragraphs the Owners are referred to 8 The Sellers shall, at the time of delivery, hand to the 35 as the Sellers and the Charterers as the Buyers. 9 Buyers all
classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 The Vessel shall be delivered by the Sellers and taken 10 be in Sellers’ possession. 38 over by the Buyers on expiration of the
Charter. 11 The Wireless Installation and Nautical Instruments, 39 The Sellers guarantee that the Vessel, at the time of 12 unless on hire, shall be included in the sale without any 40 delivery, is free from all encumbrances and maritime 13 extra
payment. 41 liens or any debts whatsoever other than those arising 14 from anything done or not done by the Buyers or any 15 The Vessel with everything belonging to her shall be at 42 existing mortgage agreed not to be paid off by the time 16
Sellers’ risk and expense until she is delivered to the 43 of delivery. Should any claims, which have been incurred 17 Buyers, subject to the conditions of this Contract and 44 prior to the time of delivery be made against the Vessel, 18 the
Vessel with everything belonging to her shall be 45 the Sellers hereby undertake to indemnify the Buyers 19 delivered and taken over as she is at the time of delivery, 46 against all consequences of such claims to the extent it 20 after which the
Sellers shall have no responsibility for 47 can be proved that the Sellers are responsible for such 21 possible faults or deficiencies of any description. 48 claims. Any taxes, notarial, consular and other charges 22 The Buyers undertake to pay for
the repatriation of the 49 and expenses connected with the purchase and 23 Master, officers and other personnel if appointed by the 50 registration under Buyers’ flag, shall be for Buyers’ 24 Sellers to the port where the Vessel entered
the Bareboat 51 account. Any taxes, consular and other charges and 25 Charter as per Clause 3 (Part II) or to pay the equivalent 52 expenses connected with closing of the Sellers’ register, 26 cost for their journey to any other place. 53 shall
be for Sellers’ account. 27 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of
this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved
document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT
CHARTER REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 3. Termination of Charter by Default 17 For the purpose of this PART V, the following terms shall 2 If the Vessel chartered under this Charter is
registered 18 have the meanings hereby assigned to them: 3 in a Bareboat Charter Registry as stated in Box 44, and 19 “The Bareboat Charter Registry” shall mean the registry 4 if the Owners shall default in the payment of any amounts 20 of
the State whose flag the Vessel will fly and in which 5 due under the mortgage(s) specified in Box 28, the 21 the Charterers are registered as the bareboat charterers 6 Charterers shall, if so required by the mortgagee, direct 22 during the period
of the Bareboat Charter. 7 the Owners to re-register the Vessel in the Underlying 23 “The Underlying Registry” shall mean the registry of the 8 Registry as shown in Box 45. 24 state in which the Owners of the Vessel are registered 9 In the
event of the Vessel being deleted from the 25 as Owners and to which jurisdiction and control of the 10 Bareboat Charter Registry as stated in Box 44, due to a 26 Vessel will revert upon termination of the Bareboat 11 default by the Owners in the
payment of any amounts 27 Charter Registration. 12 due under the mortgage(s), the Charterers shall have 28 2. Mortgage 13 the right to terminate this Charter forthwith and without 29 The Vessel chartered under this Charter is financed by 14
prejudice to any other claim they may have against the 30 a mortgage and the provisions of Clause 12(b) (Part II) 15 Owners under this Charter. 31 shall apply. 16 This document is a computer generated BARECON 2001 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes
no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 Execution Version 

ADDITIONAL CLAUSES TO BARECON 2001 DATED 25 MAY 2018 

CLAUSE 32  – CHARTER PERIOD 
  

	 32.1
	 For the avoidance of doubt, notwithstanding the fact that the Charter Period shall commence on the Commencement
Date, this Charter shall be: 

  

	 (a)
	 in full force and effect; and 

 

	 (b)
	 valid, binding and enforceable against the parties hereto, 

 

	 (c)
	 with effect from the date of this Charter until the end of the Charter Period (subject to the terms of this Charter).

  

	 32.2
	 The Charter Period shall, subject to the terms of this Charter, continue for a period of sixty (60) months
from the Commencement Date. 

 CLAUSE 33  – CANCELLATION 

 

	 33.1
	 If: 

  

	 (a)
	 a Termination Event occurs prior to the delivery of the Vessel by the Charterers as sellers to Owners as buyers under
the MOA; 

  

	 (b)
	 it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their obligations under the MOA
or any of the obligations of the Owners under the MOA are not or cease to be legal, valid, binding and enforceable; and/or 

  

	 (c)
	 the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and
effect for any reason, 

 then this Charter shall immediately terminate and be cancelled (provided that any
provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever provided that the Owners shall be entitled to
retain all fees or amounts paid by the Charterers pursuant to Clause 41.1 and Clause 41.2(and without prejudice to Clause 41.1 or Clause 41.2 and if such fees or amounts have not been paid but are due and payable, the Charterers shall forthwith pay
such fees or amounts to the Owners in accordance with Clause 41.1) and such payment and any default interest in relation thereto shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners
in entering into this Charter upon the terms and conditions contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as compensation to the Owners, provided that if such termination or cancellation is
solely attributable to the Owners’ breach of their obligations under the Leasing Documents, any Total Loss or any incidents beyond the control of the Charterers (but in any case excluding, for the avoidance of doubt, any act or incident which
has taken place after the occurrence of a Termination Event or Potential Termination Event), then the Charterers shall not be discharged from the payment obligations under Clause 41.1 and if any fee has been paid by the Charterers (and actually
received by the Owners) prior to such termination or cancellation the Owners shall refund such fee to the Charterers (in any case without interest). 

  
 1 

 CLAUSE 34  – DELIVERY OF VESSEL 

34.1 
  

	 (a)
	 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one
of the Leasing Documents. 

  

	 (b)
	 Prior to the Owners’ prepositioning of the Relevant Amount on the Prepositioning Date in accordance with clause
19(b) of the MOA, the Charterers shall in advance provide the Owners with the documents or evidence set out in Part A of Schedule II in form and substance satisfactory to the Owners. 

 

	 (c)
	 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:

  

	 	 (i)
	 the delivery of the Vessel by the Charterers as sellers to the Owners as buyers in accordance with the terms of the
MOA with such Delivery occurring on or before the Cancelling Date(and, for the purposes of this Charter, the Vessel shall be deemed delivered to the Charterers simultaneously with delivery of the Vessel to the Owners pursuant to the MOA);

  

	 	 (ii)
	 no Potential Termination Event or Termination Event having occurred and being continuing as at the Commencement Date;

  

	 	 (iii)
	 the representations and warranties contained in Clause 45 being true and correct on the date of this Charter and each
day thereafter until and including the last day of the Charter Period; 

  

	 	 (iv)
	 the Owners having received from the Charterers: 

 

	 	 (A)
	 on or prior to Delivery, the documents or evidence set out in Part B of Schedule II in form and substance satisfactory
to them; and 

  

	 	 (B)
	 after Delivery, the documents or evidence set out in Part C of Schedule II in form and substance satisfactory to them
within the time periods set out thereunder; 

  

	 	  
	 and if any of the documents listed in sub-paragraph (iv) above are not in
the English language then they shall be accompanied by a certified English translation. 

  

	 34.2
	 The conditions precedent or conditions subsequent specified in Clause (b)(iv) are inserted for the sole benefit
of the Owners and may be waived or deferred in whole or in part and with or without conditions by the Owners. 

  

	 34.3
	 On delivery to and acceptance by the Owners of the Vessel under the MOA from the Charterers as sellers and
subject to the provisions of this Clause 34, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of
the Vessel on and subject to the terms and conditions of this Charter. 

  

	 34.4
	 On Delivery, as evidence of the commencement of the Charter Period the Charterers shall sign and deliver to the
Owners the Acceptance Certificate. Without prejudice to this Clause 34.4, the Charterers shall be deemed to have accepted the Vessel under this Charter and the commencement of the Charter Period having started, on Delivery even if for whatever
reason, the Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time. 

  
 2 

	 34.5
	 Save where any of the events set out under Clause 44.1(f)(iv), (v), (vi) and (viii) below applies in
relation to the Owners (and in the absence of a Termination Event or Potential Termination Event having occurred at the same time), the Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this
Charter once the Vessel has been delivered to and accepted by the Owners under the MOA from the Charterers as sellers, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever arising including, without
limitation, any loss of profit or any loss or otherwise: 

  

	 (a)
	 resulting directly or indirectly from any defect or alleged defect in the Vessel or any failure of the Vessel; or

  

	 (b)
	 arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.

  

	 34.6
	 The Owners will not and shall not be obliged to deliver the Vessel to the Charterers with any bunkers and
unused lubricating oils and greases (whether in storage tanks and unopened drums or otherwise) except such items (including bunkers, lubricating oils, unbroached provisions, paints, ropes and other consumable stores) as are on the Vessel on
Delivery.  

  

	 34.7
	 The Charterers shall, following the Owners’ delivery of items on board the Vessel on Delivery pursuant to
Clause 34.6, keep all such items on board the Vessel for the Charterers’ own use.  

 CLAUSE 35  –
QUIET ENJOYMENT 
  

	 35.1
	 Provided that no Potential Termination Event or Termination Event has occurred pursuant to the terms of this
Charter, the Owners hereby agree not to disturb or interfere (or instruct or authorise another party to disturb or interfere) with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period.

  

	 35.2
	 The Owners shall use best endeavors to procure that their financier(s) enter into a Quiet Enjoyment Agreement
with the Charterers on such terms as may be mutually agreed between the Owners, the Owners’ financier(s) and the Charterers. 

  

	 35.3
	 Subject to Clause 35.1 above, the Charterers acknowledge that, at any time during the Charter Period:

  

	 (a)
	 the Owners are entitled to enter into certain funding arrangements with their financier(s), (the
“Mortgagee”), in order to finance in part or in full of the Purchase Price (such financing amount not to exceed the Outstanding Principal Balance at the relevant time), which funding arrangements may be secured, inter alia,
by the relevant Financial Instruments; 

  

	 (b)
	 the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case without consent of the Charterers: 

  

	 	 (i)
	 execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee;

  

	 	 (ii)
	 assign their rights and interests to, in or in connection with this Charter and any other Leasing Document in favour
of that Mortgagee; 

  

	 	 (iii)
	 assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of that Mortgagee; and 

  

	 	 (iv)
	 enter into any other document or arrangement which is necessary to give effect to such financing arrangements
(including without limitation creating or permitting the creation of any Security Interests over the direct or indirect equity interests or shares of the Owners); and 

  
 3 

	 (c)
	 the Charterers undertake to comply, and provide such information and documents reasonably required to enable the
Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency of
this Charter by the Mortgagee in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge this in writing in
any form that may be reasonably required by the Mortgagee. 

 CLAUSE 36  – CHARTERHIRE AND DEPOSIT 

 

	 36.1
	 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the
request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners, the Charterhire, the Deposit, and the Purchase Obligation Price or, as the case may be, the Purchase Option Price. 

 

	 36.2
	 The Charterers shall pay an amount in Dollars equivalent to the Deposit Amount as the deposit (the
“Deposit”) to the Owners at least three (3) Business Days prior to the Commencement Date (the “Deposit Date”) to an account nominated by the Owners and notified to the Charterers reasonably
prior to the Deposit Date without set off. The Owners may, in their absolute discretion, either refrain from applying the Deposit (or any part of the Deposit) held or apply the same in such manner and order as they see fit upon the occurrence of any
Termination Event towards payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document (including without limitation, the Charterhire, the Termination Purchase Price, the
Purchase Option Price and the Purchase Obligation Price) (any amount so applied by the Owners, the “Applied Amount”) and the Charterers shall immediately and in any event within ten (10) days upon Owners’
demand pay to the Owners an amount in Dollars equivalent to the Applied Amount so that at all time the Deposit held by the Owners is not less than the Deposit Amount (for the avoidance of doubt any amount paid by the Charterers to the Owners in
respect of any Applied Amount pursuant to this Clause 36.2 shall constitute part of the Deposit ). The Deposit (after deducting any payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any
Leasing Documents) shall be refunded to the Charterers (in any case without interest) upon irrevocable payment in full of all amounts due and payable under the Leasing Documents. The Deposit paid to the Owners shall be in the possession and
ownership of the Owners until the Deposit is refunded in accordance with this Clause 36.2. For the avoidance of doubt, if the Owners, upon the, occurrence of any Termination Event,elect to apply the Deposit or any part of the Deposit towards payment
of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document, any shortfall of such due and payable amount not satisfied by the application of the Deposit (or part of the Deposit)
shall remain outstanding payment obligations of the Charterers, such Relevant Party or the Approved Manager (as the case may be). 

  

	 36.3
	 Subject to the terms of this Clause 36, the Charterers shall pay the Charterhire monthly in arrears in sixty
(60) consecutive instalments to the Owners under this Charter with the first instalment of the Charterhire payable on the date falling one (1) month after the Commencement Date and the final instalment of the Charterhire payable on the
last day of the Charter Period.  

  

	 36.4
	 The Vessel shall not at any time be deemed off-hire and the
Charterers’ obligation to pay all Charterhire, the Deposit and other amounts payable under the Leasing Documents shall be absolute and unconditional under any and all circumstances and shall not be affected by any circumstances of any nature
whatsoever including but not limited to: 

  

	 (a)
	 any set-off, counterclaim, recoupment, defence, claim or other right which the
Charterers may at any time have against the Owners or any other person for any reason whatsoever 

  
 4 

	     
	 including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other
agreement at any time existing between the Owners and the Charterers; 

  

	 (b)
	 any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the
Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation; 

  

	 (c)
	 any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

  

	 (d)
	 any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel
or the ineligibility of the Vessel for any particular trade; 

  

	 (e)
	 the Total Loss or any damage to or forfeiture or court marshall’s or other sale of the Vessel;

  

	 (f)
	 any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or
prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers; 

  

	 (g)
	 any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings
by or against the Charterers; 

  

	 (h)
	 any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or
complying with any of the terms and provisions of this Charter or the other Leasing Documents by any party to this Charter or any other person; 

  

	 (i)
	 any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing
Documents executed or to be executed pursuant to this Charter; or 

  

	 (j)
	 any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage,
accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this Charter. 

 

	 36.5
	 Time of payment of the Charterhire, the Deposit and other payments by the Charterers shall be of the essence of
this Charter and the other Leasing Documents. 

  

	 36.6
	 All payments of the Charterhire, the Deposit and any other amounts payable under the Leasing Documents shall be
made in Dollars and shall be received by the Owners in same day available funds and by not later than 6:00pm (Shanghai time) on the due date thereof. 

 

	 36.7
	 All Charterhire and any moneys payable hereunder shall be payable by the Charterers to the Owners to such
account as the Owners may notify the Charterers in writing.  

  

	 36.8
	 Payment of the Charterhire and any other amounts payable under the Leasing Documents shall be at the
Charterers’ risk until receipt by the Owners.  

  

	 36.9
	 All stamp duty, value added tax, withholding or other taxes (not including taxes levied on the income of the
Owners) and import and export duties and all other similar types of charges which may be levied or assessed on or in connection with: 

  

	 (a)
	 the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and
the remittance thereof to the Owners; and 

  

	 (b)
	 the import, export, purchase, delivery and re-delivery of the Vessel,

  
 5 

 shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax
and other similar tax levied on any Charterhire and the Deposit and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. 
  

	 36.10
	 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay interest on
such late payment at the default rate of seven per cent. (7 %) per annum from the date on which such payment became due until the date of payment thereof. 

  

	 36.11
	 All default interest and any other payments under this Charter which are of an annual or periodic nature shall
accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  

	 36.12
	 Any payment which is due to be made on a day which is not a Business Day, shall be made on the preceding
Business Day in the same calendar month. 

  

	 36.13
	 Any payment of the Termination Purchase Price, the Purchase Obligation Price or the Purchase Option Price (as
the case may be) shall be made together with any other amount payable under this Charter. 

 CLAUSE 37  –
POSSESSION OF VESSEL 
  

	 37.1
	 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the
Vessel or any interest therein, its Earnings, Insurances, any Requisition Compensation and/or its rights or interests under any Approved Subcharter and shall not permit the creation of any Security Interest thereon other than the Permitted Security
Interests. 

  

	 37.2
	 The Charterers shall promptly notify any party including any Approved Subcharterer (as the Owners may request),
in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and reasonably satisfactory evidence that such party has received such written notification.

  

	 37.3
	 Other than in the circumstances specified in Clause 37.4, if the Vessel is arrested, seized, impounded,
forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process but other than due to piracy events which are insured against pursuant to Clause 38), the Charterers shall
immediately act to procure the prompt release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall (if it will or is likely to exceed five
(5) days) immediately notify the Owners of such event and shall indemnify the Owners against all losses, documented costs or documented charges incurred by the Owners by reason thereof in re-taking
possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
master, officers or agents signing bills of lading or other documents. 

  

	 37.4
	 If the Vessel is arrested or otherwise detained solely because of the Owners’ direct actions or omissions
and for reasons which are not in any part a consequence of a Relevant Person’s (or its affiliate’s) contributory negligence and/or wilful misconduct, the Owners shall at their own expense take all reasonable steps to procure that within a
reasonable time the Vessel is released, including the provision of bail. 

  

	 37.5
	 The Charterers shall pay and discharge or cause any Approved Subcharterer to pay and discharge all obligations
and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel and take all steps to prevent (and in connection with procuring any Approved Subcharterer who is an Affiliate of the Charterers in
doing the above, to use the best endeavors to procure such Approved Subcharterer to prevent and in connection with procuring any Approved Subcharterer who is not an Affiliate of the Charterers

  
 6 

	     
	 in doing the above, to take all reasonable steps to procure such Approved Subcharterer to prevent) an arrest
(threatened or otherwise) of the Vessel. 

 Clause 38  – INSURANCE 

 

	 38.1
	 The Charterers shall procure that insurances are effected in form and substance satisfactory to the Owners:

  

	 (a)
	 in Dollars; 

  

	 (b)
	 in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an
agreed value basis in an amount (taking into account any increased value for up to 33% of such cover and of the following mentioned amount) of at least the higher of (i) 120% of the then Outstanding Principal Balance and (ii) the Market Value
of the Vessel; 

  

	 (c)
	 in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the highest level of
cover from time to time available under protection and indemnity club entry and in the international marine insurance market and for an amount of not less than $1,000,000,000; and 

 

	 (d)
	 in relation to protection and indemnity risks in respect of the full tonnage of the Vessel; 

 

	 (e)
	 through approved brokers and with first class international insurers and/or underwriters reasonably acceptable to the
Owners (including having a Standard & Poor’s rating of BBB+ or above, a Moody’s rating of A or above or an AM Best rating of A- or above) or, in the case of war risks and protection and
indemnity risks, in a war risks and protection and indemnity risks associations reasonably acceptable to the Owners (including being a member of the International Group of Protection and Indemnity Clubs); and 

 

	 (f)
	 on no less favourable terms which the Charterers may be under an obligation (if any) to maintain under the terms of
any Approved Subcharter. 

  

	 38.2
	 In addition to the terms set out in Clause 13(a), the Charterers shall procure that the obligatory insurances
shall: 

  

	 (a)
	 subject always to paragraph (ii), name the Charterers, the Approved Manager and the Owners (at their option and, if
required by the Owners, the Owners’ financiers) as the only named assureds unless the interest of every other named assured or co-assured is limited: 

 

	 	 (ii)
	 in respect of any obligatory insurances for hull and machinery and war risks; 

 

	 	 (1)
	 to any provable out-of-pocket expenses
that they have incurred and which form part of any recoverable claim on underwriters; and 

  

	 	 (2)
	 to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of
discharge of any claims made against them); and 

  

	 	 (iii)
	 in respect of any obligatory insurances for protection and indemnity risks, to any recoveries they are entitled to
make by way of reimbursement following discharge of any third party liability claims made specifically against them, 

and every other named assured or co-assured has undertaken in writing to the Owners or their
financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they
shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance 

  
 7 

 
with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the obligatory insurances; 

 

	 (b)
	 whenever a financier of the Owners requires: 

 

	 	 (i)
	 in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional
named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums,
calls or other assessments in respect of such insurance; 

  

	 	 (ii)
	 in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and 

 

	 	 (iii)
	 name the Owners’ financiers (as applicable) and the Owners (as applicable) as the first ranking loss payee and
the second ranking loss payee respectively (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners’ financiers and the Owners (such
approval not to be unreasonably withheld) with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and their financiers (if any) may specify; 

 

	 (c)
	 provide that all payments by or on behalf of the insurers under the obligatory insurances to the Owners and/or their
financiers (as applicable) shall be made without set-off, counterclaim or deductions or condition whatsoever; 

  

	 (d)
	 provide that such obligatory insurances shall be primary without right of contribution from other insurances which may
be carried by the Owners or their financiers (if any); 

  

	 (e)
	 provide that the Owners and/or their financiers (if any) may make proof of loss if the Charterers fail to do so; and

  

	 (f)
	 provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which
adversely affects the interest of the Owners , or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the
Owners and/or their financiers (if any) for fourteen (14) days (or seven (7) days in the case of war risks), or such other period as may be agreed by the Owners and/or their financiers (if any), after receipt by the Owners and/or their
financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse. 

  

	 38.3
	 The Charterers shall: 

 

	 (a)
	 at least fourteen (14) days prior to Delivery (or such shorter period agreed by the parties), notify in writing
the Owners (copied to their financiers (if any)) of the terms and conditions of all Insurances; 

  

	 (b)
	 at least fourteen (14) days before the expiry of any obligatory insurance notify the Owners (copied
to their financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew that obligatory insurance and of the proposed terms of renewal and obtain
the Owners’ approval (such approval not to be unreasonably withheld and who shall have regard to the requirements as to insurance cover required under the provisions of this Clause 38); 

 

	 (c)
	 at least seven (7) days before the expiry of any obligatory insurance, procure that such obligatory
insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter; 

  
 8 

	 (d)
	 procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a
renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to their financiers (if any)) in writing of the terms and conditions of the renewal; and

  

	 (e)
	 as soon as practicable after the expiry of any obligatory insurance, deliver to the Owners a letter of undertaking as
required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to this Clause 38.3 together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or
their financiers (if any). 

  

	 38.4
	 The Charterers shall ensure that all insurance companies and/or underwriters, and/or (if any) insurance brokers
provide the Owners with all copies of policies, cover notes and certificates of entry (originals where so requested by the Owners following the occurrence of a Termination Event or Potential Termination Event) relating to the obligatory insurances
which they are to effect or renew and of a letter or letters or undertaking in a form required by the Owners and/or the Owners’ financiers (which the Charterers shall procure the relevant insurance companies, underwriters and/or insurance
brokers to provide upon renewal or receipt of the insurance companies, underwriters and/of insurance brokers of an executed notice of assignment). Such letter or letters of undertaking shall include undertakings by the insurance companies and/or
underwriters that: 

  

	 (a)
	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment
complying with the provisions of this Charter and the Financial Instruments; 

  

	 (b)
	 they will hold the benefit of such policies and such insurances, to the order of the Owners and/or their financiers
(if any) and/or such other party in accordance with the said loss payable clause; 

  

	 (c)
	 they will advise the Owners and their financiers (if any) promptly of any material change to the terms of the
obligatory insurances of which they are aware; 

  

	 (d)
	 (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and their financiers
(if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or their financiers (if any) not later than one (1) month before the expiry of the
obligatory insurances they will notify the Owners and their financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the
Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and their financiers (if any) of the terms of the instructions; and 

 

	 (e)
	 if any of the obligatory insurances form part of any fleet cover, the Charterers shall use best endeavours to procure
that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and their financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the
Vessel under such obligatory insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under
them, which they might have in respect of such premiums, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or their financiers (if any) and where practicable. 

  

	 38.5
	 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel
is entered provides the Owners with and their financiers (if any): 

  
 9 

	 (a)
	 a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

  

	 (b)
	 a letter or letters of undertaking in such form as may be required by the Owners or in such association’s
standard form (following the relevant association’s receipt of an executed notice of assignment upon the effecting or renewal of insurances); and 

  

	 (c)
	 a copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive
Material issued by the relevant certifying authority in relation to the Vessel. 

  

	 38.6
	 The Charterers shall ensure that all policies relating to obligatory insurances are deposited with the approved
brokers through which the insurances are effected or renewed. 

  

	 38.7
	 The Charterers shall procure that all premiums or other sums payable in respect of the obligatory insurances
are punctually paid and produce all relevant receipts when so required by the Owners. 

  

	 38.8
	 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect. 

  

	 38.9
	 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which
would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

 

	 (a)
	 the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from
time to time be applicable to the obligatory insurances, and (without limiting the obligations contained in this Clause) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Owners have not
given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of protection and indemnity associations), such
approval not to be unreasonably withheld; 

  

	 (b)
	 the Charterers shall not make or permit any changes relating to the classification or classification society or
manager or operator of the Vessel unless such changes have first been approved by the underwriters of the obligatory insurances or the Owners (such approval not to be unreasonably withheld by the Owners’ but always subject to the Owners
receiving credit approval on such changes); 

  

	 (c)
	 as may be applicable, the Charterers shall procure that all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of the certificate of financial responsibility; and 

 

	 (d)
	 the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	 38.10
	 The Charterers shall not make or agree to any material alteration to the terms of any obligatory insurance nor
waive any right relating to any obligatory insurance without the prior written consent of the Owners (such consent to only be required where such amendment or waiver adversely affects or potentially adversely affects the Owners’ interests under
the Leasing Documents and which is not to be unreasonably withheld or delayed).  

  
 10 

 In this Clause 38.10 “material” alterations shall include, without limitation,
change of identity of the beneficiaries under such insurances, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause a breach under the terms of this Charter, any other Leasing Document or
any Approved Subcharter. 
  

	 38.11
	 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for a Total
Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

  

	 38.12
	 The Charterers shall provide the Owners, promptly upon the Owners’ written request, copies of:

  

	 (a)
	 all communications between the Charterers and: 

 

	 	 (i)
	 the approved brokers; and 

  

	 	 (ii)
	 the approved protection and indemnity and/or war risks associations; and 

 

	 	 (iii)
	 the approved international insurers and/or underwriters, which relate directly or indirectly to:

  

	 	 (A)
	 the Charterers’ obligations relating to the obligatory insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and 

  

	 	 (B)
	 any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii)
relating wholly or partly to the effecting or maintenance of the obligatory insurances; and 

 any communication
with all parties involved in case of a claim under any of the Vessel’s insurances. 
  

	 38.13
	 The Charterers shall promptly provide the Owners (or any persons which they may designate) with any information
which the Owners reasonably request for the purpose of: 

  

	 (a)
	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory
insurances effected or proposed to be effected; and/or 

  

	 (b)
	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) or dealing with or
considering any matters relating to any such insurances. 

  

	 38.14
	 If one or more of the obligatory insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with
reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a
form acceptable to the Owners. The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required. 

 

	 (a)
	 The Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are
reasonably incurred by (i) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners’ interest insurance, mortgagee’s interest insurance and a lessor’s/mortgagee’s additional
perils (pollution) insurance that is taken out in respect of the Vessel and/or (ii) the financier(s) of the Owners (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee’s interest insurance and a
mortgagee’s additional perils (pollution) insurance that is taken out 

  
 11 

	     
	 in respect of the Vessel, in each case, with the Charterers’ insurance brokers as approved by the Owners (in
their sole discretion) and provided that the Charterers shall provide the Owners, as soon as these are dispatched, with copies of all communications between the Charterers and such insurance brokers. In each case, the amount of the cover under the
insurances referred to this Clause (a) shall be equal to at least the higher of (i) 120% of the Outstanding Principal Balance and (ii) the Market Value of the Vessel. 

 

	 38.15
	 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the
Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, reasonable wear and tear to the
Vessel only excepted. 

  

	 38.16
	 The Charterers shall: 

 

	 (a)
	 reimburse the Owners any expenses incurred by the Owners in obtaining the reports described in Clause 38.13 (provided
that such reimbursement obligation does not arise for the second or subsequent report obtained for any given 12-month period); and 

 

	 (b)
	 procure that there is delivered to the brokers, insurers, underwriters, associations described in Clause 38.1(e) such
information in relation to the Insurances as they may require. 

  

	 38.17
	 The Charterers shall keep the Vessel insured at their expense against such other risks which the Owners or
their financiers (if any) consider reasonable for a prudent shipowner or operator to insure against at the relevant time (as notified by the Owners) and which are, at that time, generally insured against by owners or operators of vessels similar to
the Vessel. 

  

	 38.18
	 The Charterers shall, in the event that the Approved Manager makes a claim under any obligatory insurances
taken out in connection with this Clause 38 but is unable to or otherwise fails to pay in full any deductible in connection with such claim (in an amount as apportioned between the Charterers and every other assured in proportion to the gross claims
made by or paid to each of them), pay such shortfall in deductible payable on behalf of the Approved Manager. 

 CLAUSE
39  – WARRANTIES RELATING TO VESSEL 
  

	 39.1
	 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the
Vessel which has been purchased by the Owners from the Charterers as sellers pursuant to the MOA for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has
been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof). 

  

	 39.2
	 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded. 

  

	 39.3
	 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense
or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be
released from any liability to pay any Charterhire or other payment due under this Charter or the other Leasing Documents. 

CLAUSE 40  – TERMINATION, REDELIVERY AND TOTAL LOSS 
  

	 40.1
	 If the Termination Purchase Price becomes payable in accordance with Clause 44.2, Clause 44.3, Clause 44A.1 or
Clause 44A.2, the same shall (in each case) be payable in consideration 

  
 12 

	     
	 of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 40.4 and it is hereby
agreed by the parties hereto that payment of the Termination Purchase Price shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners in buying the Vessel and entering into this Charter
upon the terms and conditions contained herein, in each case, at the request of the Charterers and shall therefore be paid as compensation to the Owners for early termination and acquisition of the Vessel by the Charterers. 

 

	 40.2
	 Upon irrevocable receipt of the Termination Purchase Price by the Owners pursuant to Clause 40.1 in full, this
Charter shall terminate. 

  

	 40.3
	 

  

	 (a)
	 If the Charterers fail to make any payment of the Termination Purchase Price on the due date thereof,

  

	 	 (i)
	 Clauses 36.10 and 36.11 shall apply; 

 

	 	 (ii)
	 the Charterers’ right to possess and operate the Vessel shall immediately cease and (without in any way affecting
the Charterers’ obligation to pay the Termination Purchase Price ) the Charterers shall, upon the Owners’ request (at Owners’ sole discretion), be obliged to immediately (and at the Charterers’ own cost) redeliver the Vessel to
the Owners at such ready and nearest safe port as the Owners may require; further and for the avoidance of doubt, the Owners shall be entitled (at Owners’ sole discretion) to operate the Vessel as they may require and may create whatsoever
interests thereon, including without limitation charterparties or any other form of employment contracts (“Post-enforcement Interests”); 

 

	 	 (iii)
	 the Owners shall be entitled (at Owners’ sole discretion) to sell the Vessel on terms they deem fit (an
“Owners’ Sale”); and 

  

	 	 (iv)
	 the Owners shall be entitled to terminating this Charter upon service of a prior written notice to the Charterers.

  

	 (b)
	 Prior to effecting an Owners’ Sale, the Owners shall notify the Charterers in writing and the Charterers may
within seven (7) Business Days thereafter submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a purchaser offering by way of a firm offer (subject to customary closing conditions and Owners’
investigation on know your client issues) (a “Charterers’ Offers”) an amount at least equal to the higher of (i) the purchase price contemplated by the Owners’ Sale and (ii) the then current amount
of the Termination Purchase Price in either case following which the Owners will use reasonable endearvours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 	 (c)
	 Without prejudice to the other provisions of this Clause 40.3, the Charterers may at any time following the occurrence
of any event set out in Clause 44.2, Clause 44.3, Clause 44A.1 or Clause 44A.2 (as the case may be) submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a Charterers’ Offer in an amount at least equal to the
then current amount of the Termination Purchase price in which case the Owners will use reasonable endeavours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 (d)
	 The proceeds of any sale of the Vessel pursuant to Clause 40.3(a)(iii) shall be applied: 

 

	 	 (i)
	 first, towards the Owners’ documented costs incurred in relation to such sale; 

  
 13 

	 	 (ii)
	 second, towards payment of the outstanding Termination Purchase Price and other sums then due and payable to the
Owners under the Leasing Documents; and 

  

	 	 (iii)
	 third, any remaining balance to be paid to the Charterers subject to all actual and/or contingent liabilities incurred
under any of the Leasing Documents being fully discharged; provided also in the case of an Owners’ Sale that if such proceeds are not in an amount sufficient to discharge in full the aggregate amounts due to the Owners under (i) and (ii),
the Charterers shall continue to be liable for the shortfall. 

  

	 40.4
	 Concurrently with the Owners receiving irrevocable payment of the Termination Purchase Price in full pursuant
to the terms of this Charter, the Owners shall (save in the event of Total Loss or where ownership has already been or agreed to be transferred pursuant to Clause 40.3) transfer the legal and beneficial ownership of the Vessel on an “as is
where is” basis (and, for the avoidance of doubt but without prejudice to Clause 49.1(b), subject to any Post-enforcement Interests), and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and (b)), to the
Charterers (or their nominees) and shall (at the cost of the Charterers) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to Charterers
(or their nominees) (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners). 

  

	 40.5
	 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel
as a result of the Charterers’ action or performance prior to such transfer of ownership. Any taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners’ register shall be for the Charterers’
account. 

  

	 40.6
	 If the Charterers are required to redeliver the Vessel to the Owners pursuant to Clause 40.3, the Charterers
shall ensure that the Vessel shall, at the time of redelivery to the Owners (at Charterers’ cost and expense): 

  

	 (a)
	 be in compliance with its Insurances; 

 

	 (b)
	 be in an equivalent classification as she was as at the Commencement Date without any outstanding recommendation or
condition, and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel’s classification and in the same or as good structure, state, condition and classification as that in
which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel’s classification excepted; 

  

	 (c)
	 have passed her 5-year and if applicable,
10-year special surveys, and subsequent second intermediate surveys and drydock at the Charterers’ time and expense without any condition or outstanding issue and to the satisfaction of the Classification
Society and with all the Vessel’s classification, trading, national and international certificates that the Vessel had when she was delivered under this Charter and the log book and whatsoever necessary relating to the operation of the Vessel,
valid and un-extended without conditions or recommendation falling due; 

  

	 (d)
	 have her survey cycles up to date and trading and classification certificate valid for at least six (6) months;

  

	 (e)
	 be redelivered to the Owners together with all spare parts and spare equipment as were on board at the time of
Delivery and to the extent not already expended in the operation of the Vessel, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free of
charge; 

  

	 (f)
	 be free of any Security Interest (save for the Security Interests granted pursuant to the Financial Instruments) and
the Charterer shall use their best endeavours to procure that the Vessel is free of any cargo; 

  
 14 

	 (g)
	 be redelivered to the Owners together with all material information generated during the Charter Period in respect of
the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterers’ equipment, computer or property; 

 

	 (h)
	 be free of any charter (unless the Owners wish to retain the continuance of any then existing charter;

  

	 (i)
	 be free of officers and crew (unless otherwise agreed by the Owners);  

 

	 (j)
	 shall have had her underwater parts treated with ample anti-fouling to last for the ensuing period up to the next
scheduled dry docking of the Vessel; and  

  

	 (k)
	 be in compliance with all laws or regulations relating to the Vessel then applicable, including the ISM Code, the ISPS
Code, all Environmental Laws and the laws of the Vessel’s registry at the time of redelivery  

  

	 40.7
	 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes and other consumable stores in the Vessel at no cost to the Owners. 

  

	 40.8
	 If the Vessel, for any reason, becomes a Total Loss after Delivery, the Charterers shall pay the Termination
Purchase Price to the Owners on the earlier of: 

  

	 (a)
	 the date falling one hundred and twenty (120) days after such Total Loss has occurred; and 

 

	 (b)
	 the date of receipt by the Owners and/or their financiers (if any), in accordance with the terms of the relevant loss
payable clause, of the proceeds of insurance relating to such Total Loss, 

 provided that it is hereby agreed that
any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon
(and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination
Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any Other Charterers any of their Affiliates under any Other Charters pro rata and
thereafter paid to the Charterers by way of rebate of hire. 
 For the avoidance of doubt, in the event that the Vessel becomes a
Total Loss: 
  

	 	 (A)
	 payment of the Charterhire and all other sums payable under the Leasing Documents during such period shall continue to
be made by the Charterers in accordance with the terms thereof unless and until the Owners receive in full the Termination Purchase Price; 

  

	 	 (B)
	 should insurance proceeds be received by the Owners from the insurers, the Charterers’ obligations to pay the
Termination Purchase Price shall be accordingly reduced by an amount corresponding to such insurance proceeds but in the event that such insurance proceeds are less than the amount of the Termination Purchase Price together with any interest accrued
thereon, the Charterers shall remain obliged to pay to the Owners the balance so that the full amount of the Termination Purchase Price due together with any interest accrued thereon is received by the Owners; and 

 

	 	 (C)
	 the obligation of the Charterers to pay the Termination Purchase Price shall remain unaffected and exist regardless of
whether any of the insurers have agreed or refused to meet or have disputed in good faith, the claim for Total Loss. 

  
 15 

	 40.9
	 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss. 

 CLAUSE 41       – FEES AND EXPENSES 

 

	 41.1
	 In consideration of the Owners entering into this Charter, the Charterers shall pay to the Owners or their
nominee a non-refundable arrangement fee equal to one point two five per cent. (1.25%) of the Financing Amount which shall be payable, and actually received by the Owners or their nominee, no later than three
(3) Business Days prior to the scheduled delivery date, such scheduled delivery date being the date of delivery of the Vessel set out in the notice to be sent to the Owners from the Charterers five (5) days before delivery in accordance
with Clause 5(b) of the MOA. 

  

	 41.2
	 Without prejudice to any other rights of the Owners under this Agreement, the Charterers shall promptly pay to
the Owners on written demand on a full indemnity basis: 

  

	 (a)
	 all documented costs, charges and expenses incurred by the Owners in collecting any Charterhire, the Deposit or other
payments not paid on the due date under this Charter, in remedying any other failure of the Charterers to observe the terms and conditions of this Charter and in enforcing the Owners’ rights under any Leasing Document; and

  

	 (b)
	 all documented costs and expenses (including, but not limited to, legal costs) incurred by the Owners in the
negotiation and execution of all documentation in relation to this Charter and the other Leasing Documents including, but not limited to, all documented costs incurred by the Owners and all documented legal costs, expenses and other disbursements
incurred by the Owners’ legal counsels in connection with the same, provided that the Charterers shall not be obliged to pay such costs and expenses if this Charter is terminated pursuant to the terms of this Charter prior to the Delivery of
the Vessel solely due to any default by the Owners under a Leasing Document.     

 CLAUSE 42
      - NO WAIVER OF RIGHTS 
  

	 42.1
	 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.

  

	 42.2
	 No right or remedy conferred upon either party by this Charter shall be exclusive of any other right or remedy
provided for herein or by law and all such rights and remedies shall be cumulative. 

 CLAUSE 43
      - NOTICES 
  

	 43.1
	 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to
this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post, fax or by email to the following
respective addresses: 

  

					
	 (A)
	  	 to the Owners:
	  	 Attention: Rita Wang

		  		  	 Room 2310, 23/F C C Wu Building, 302-308, Hennessy Road,

		  		  	 Wanchai, Hong Kong

		  		  	 Email: wangyuping@msfl.com.cn

		  		  	 Tel: +86 010 68940066 9983

		  		  	 Fax: +86 010 68940066 9864

			
	 (B)
	  	 to the Charterers:
	  	 c/o Navios ShipManagement Inc.

		  		  	 Attention: Vassiliki Papaefthymiou

  
 16 

					
		  		  	 Email: vpapaefthymiou@Navios.com

		  		  	 Tel: +30 210 41 72 050

		  		  	 Fax: +30 210 41 72 070

 or, if a party hereto changes its address or fax number, to such other address or fax number as
that party may notify to the other. 
 CLAUSE 44       – TERMINATION EVENTS 

 

	 44.1
	 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event: 

  

	 (a)
	 any of the Relevant Persons fails to make any payment on its due date under this Charter or any other Leasing Document
to which such Relevant Person is a party and in each case, such non-payment fails to be rectified within seven (7) Business Days of the relevant due date; or 

 

	 (b)
	 the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (n), (o), (p), (q) or
(r) or the Guarantor breaches or omits to observe or perform its financial covenants contained in clause 11.20 of the Guarantee; or the Charterers fail to obtain and/or maintain the Insurances required under Clause 38 in accordance with
the provisions thereof or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto; or 

  

	 (c)
	 any Relevant Person or the Approved Manager commits any other breach of, or omits to observe or perform, any of their
other obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraph (a) or (b) above) unless such breach or omission is, in the reasonable opinion of the Owners, remediable and such Relevant
Person and/or the Approved Manager remedies such breach or omission to the satisfaction of the Owners within fourteen (14) Business Days of notice thereof from the Owners (except that in the case of Clause 46(l), the relevant period shall be
ten (10) Business Days of notice thereof from the Owners); or 

  

	 (d)
	 any representation or warranty made by the any Relevant Person or the Approved Manager in or pursuant to any Leasing
Document proves to be untrue or misleading when made; or 

  

	 (e)
	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person: 

 

	 	 (i)
	 any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand after any applicable
grace period has expired; or 

  

	 	 (ii)
	 any Financial Indebtedness of a Relevant Person becomes due and payable, or capable of being declared due and payable,
prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary right of prepayment; or 

  

	 	 (iii)
	 a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by
the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or 

  

	 	 (iv)
	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or
becomes capable of being required, as a result of any termination event or event of default (howsoever defined), 

provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person if the aggregate amount of
Financial Indebtedness or commitment for 

  
 17 

 
Financial Indebtedness falling within paragraphs (i) to (iv) above is less than (A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 (or its equivalent in any
other currency) in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly
from a claim which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.  
  

	 (f)
	 any of the following occurs in relation to a Relevant Person: 

 

	 	 (i)
	 a Relevant Person becomes, in the reasonable opinion of the Owners, unable to pay their debts as they fall due; or

  

	 	 (ii)
	 any assets of a Relevant Person, or any assets of the Guarantor exceeding the value of $10,000,000 (or its equivalent
in any other currency) in aggregate, or the Vessel are subject to any form of execution, attachment, arrest, sequestration or distress which is not discharged within thirty (30) days (or such longer period agreed by the Owners); or

  

	 	 (iii)
	 any administrative or other receiver is appointed over all or a substantial part of the assets of a Relevant Person
unless as part of a solvent reorganisation which has been approved by the Owners; or 

  

	 	 (iv)
	 a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that they are
insolvent or likely to become insolvent, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that they should be wound up, placed in
administration or cease to carry on business; or 

  

	 	 (v)
	 a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a
provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within thirty (30) days of the presentation of the petition; or 

 

	 	 (vi)
	 a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of
them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

  

	 	 (vii)
	 any meeting of the members or directors of a Relevant Person is summoned for the purpose of proposing to authorise or
take any action of a type described in paragraphs (iii) to (vi); or 

  

	 	 (viii)
	 in a country other than England and Wales, any event occurs or any procedure is commenced which, in the reasonable
opinion of the Owners, is similar to any of the foregoing referred to in (ii) to (vii) above inclusive; or 

  

	 	 (ix)
	 any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction)
affects any asset or assets of a Relevant Person; or 

  

	 (g)
	 a Relevant Person suspends or ceases or threatens to suspend or cease carrying on its business; or

  

	 (h)
	 any consent, approval, authorisation, license or permit necessary to enable the Charterers, any Approved Subcharterer
or any Approved Manager to operate or charter the Vessel, to enable any Relevant Person, Approved Subcharterer or any Approved Manager to comply with any provision of any Leasing Document, as the case may be, to ensure that the obligations of

  
 18 

	     
	 any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be) are legal, valid, binding or
enforceable is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent, approval, authorisation, license or permit is not fulfilled; or 

 

	 (i)
	 any event or circumstance occurs which has or is likely to have a Material Adverse Effect; or 

 

	 (j)
	 this Charter or any Leasing Document or any Security Interest created by a Leasing Document is cancelled, terminated,
rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever; or 

 

	 (k)
	 a Relevant Person or Approved Manager rescinds or purports to rescind or repudiates or purports to repudiate a Leasing
Document; or 

  

	 (l)
	 the Security Interest constituted by any Security Document is in any way imperiled or in jeopardy; or

  

	 (m)
	 the Vessel is not delivered latest by the Cancelling Date; or 

 

	 (n)
	 there is a merger, amalgamation, demerger or corporation reconstructions of a Relevant Person (other than where, in
the case of the Guarantor, the Guarantor remains the surviving legal entity following the occurrence of such event) or a change of control or legal or beneficial ownership of the Charterers from that set out in Clause 45.1(a) without disclosure to
the Owners and the Owners’ prior written consent; or     

  

	 (o)
	 there is a change in control of the Guarantor from that set out in Clause 45.1(b) or of the Charterers from that set
out in Clause 45.1(a), in any case without disclosure to the Owners and the Owners’ prior written consent; or 

  

	 (p)
	 any Termination Event (as defined in any Other Charter) occurs under such Other Charter; or 

 

	 (q)
	 the occurrence of any of the following events; 

 

	 	 (i)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (ii)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer of such Approved Bareboat Subcharter to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer. 

 

	 44.2
	 Subject to Clause 44.3 below, upon the occurrence of a Termination Event which is continuing (other than
pursuant to: (i) Clause (f), in which case the Owner’s entitlement to issue the notice of termination to the Charterers under Clause 44.3 shall immediately arise), the Owners shall notify the Charterers of occurrence of the same (the
“Termination Event Notice”) whereupon the Charterers may, within three (3) Business Days of the date of the Termination Event Notice, provide to the Owners a written notice advising the Owners of their intention to pay the Termination
Purchase Price to the Owners and terminate this Charter in accordance with the procedures set out in Clause 40. 

  

	 44.3
	 If the Charterers do not notify the Owners of their intention to terminate this Charter pursuant to Clause 44.2
within three (3) Business Days of the date of the Termination Event Notice, or a Termination Event is continuing pursuant to Clause (f), then the Owners shall be entitled, provided the Termination Event is continuing, by notice to the
Charterers to terminate this Charter at any time, and the Charterers shall be required to pay to the Owners the Termination Purchase Price in accordance with the procedures set out in Clause 40. 

  
 19 

	 44.4
	 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the
Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter. 

  

	 44.5
	 Without limiting the generality of the foregoing or any other rights of the Owners, upon the occurrence of a
Termination Event which is continuing, the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to or pertaining to the Vessel and this
Charter, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or
take any other action in respect of, any such policy or policies and (iii) change or appoint a new manager for the Vessel other than the Approved Manager and the appointment of the Approved Manager may be terminated immediately without any
recourse to the Owners. 

 CLAUSE 44A       – MANDATORY SALE 

 

	 44A.1
	 If (i) it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as
contemplated by this Charter or any other Leasing Document or the financiers to perform their obligations under the Financial Instruments or (ii) any event described in Clauses 44.1(f)(iii),(iv),(v),(vi) or (vii) applies to the Owners, the
Owners shall notify the Charterers of such event and the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such notice by the Owners or, in the event of (i), if earlier, the date
specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law),and this Charter shall terminate in accordance with the procedures set out in Clause 40.

  

	 44A.2
	 If it is or has become: 

  

	 	 (i)
	 unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	 	 (ii)
	 contrary to, or inconsistent with, any regulation, 

for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other
Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be
legal, valid, binding and enforceable (any such event an “Illegality Event”), the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such occurrence or,
if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 40, provided that if an Illegality
Event applies to the Approved Manager only at the relevant time, the Charterers shall only be obliged to pay the Termination Purchase Price and this Charter shall only terminate pursuant to this Clause 44A.2 if the Charterers fail to replace such
Approved Manager with another Approved Manager to which no Illegality Event applies within sixty (60) days from the occurrence of that Illegality Event (but in any event no later than the date specified by the Owners (being no earlier than the
last day of any applicable grace period permitted by law)).  
 CLAUSE 45
      – REPRESENTATIONS AND WARRANTIES      
  

	 45.1
	 The Charterers represent and warrant to the Owners as of the date of this Charter, and on the first day of each
Term as follows: 

  

	 (a)
	 the Charterers are wholly legally, indirectly and beneficially owned by the Guarantor; 

  
 20 

	 (b)
	 Mrs Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or
foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. and/or its Affiliates is the ultimate beneficial owner of, or has ultimate control of the voting rights attaching to, twenty per cent. (20%) of all the issued shares
in the Guarantor;  

  

	 (c)
	 each of the Relevant Persons and Approved Manager is duly incorporated and validly existing under the laws of its
jurisdiction of its incorporation; 

  

	 (d)
	 each of the Relevant Persons and the Approved Manager has the corporate capacity, and has taken all corporate actions
and obtained all consents, approvals, authorisations, licenses or permits necessary for it: 

  

	 	 (i)
	 to execute each of the Leasing Documents to which it is a party; and 

 

	 	 (ii)
	 to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

  

	 (e)
	 all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(d) remain in force and
nothing has occurred which makes any of them liable to revocation; 

  

	 (f)
	 each of the Leasing Documents to which a Relevant Person or Approved Manager is a party constitutes such Relevant
Person’s or Approved Manager’s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors’ rights generally; 

 

	 (g)
	 no third party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or
claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents or any interest or assets subject to or purported to be subject to any Security Documents; 

 

	 (h)
	 all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a
party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of the jurisdiction of incorporation; 

  

	 (i)
	 no legal or administrative action involving a Relevant Person or Approved Manager has been commenced or taken which is
likely to have a Material Adverse Effect; 

  

	 (j)
	 each of the Relevant Persons and Approved Manager has paid all taxes applicable to, or imposed on or in relation to
it, its business or if applicable, the Vessel, except for those being contested in good faith with adequate reserves; 

  

	 (k)
	 the choice of governing law as stated in each Leasing Document to which a Relevant Person or Approved Manager is a
party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person or Approved Manager; 

 

	 (l)
	 no Relevant Person or Approved Manager nor any of their assets are entitled to immunity on the grounds of sovereignty
or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement); 

 

	 (m)
	 the obligations of each Relevant Person or Approved Manager under each Leasing Document to which it is a party, are
the direct, general and unconditional obligations of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) and, rank at least pari passu with all other present and future unsecured and
unsubordinated creditors of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) save for any obligation which is mandatorily preferred by law and not by virtue of any contract;

  
 21 

	 (n)
	 no Relevant Person or Approved Manager (which is an Affiliate of the Charterers) is a US Tax Obligor, and no Relevant
Person or Approved Manager (which is an Affiliate of the Charterers) has established a place of business in the United Kingdom or the United States of America; 

 

	 (o)
	 no Relevant Person, Approved Manager nor any of their respective directors, officers, employees or agents is a
Restricted Person and to the best of the Charterers’ knowledge and belief (after due and careful enquiry), no Approved Subcharterer nor any of its directors, officers, employees or agents is a Restricted Person; 

 

	 (p)
	 each Relevant Person and Approved Manager and their respective directors, officers, employees and agents, and to the
best of the Charterers’ knowledge and belief (after due and careful enquiry), the Approved Subcharterer and its directors, officers, employees and agents, is in compliance with all Sanctions laws, and none of them have been or are currently
being investigated on compliance with Sanctions, they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of
Sanctions; 

  

	 (q)
	 each Relevant Person and Approved Manager, and to the best of the Charterers’ knowledge and belief (after due and
careful enquiry) any Approved Subcharterer, is not in breach of Anti- Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each of the Relevant Persons and Approved Manager has instituted and maintained systems,
controls, policies and procedures designed to: 

  

	 	 (i)
	 prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

  

	 	 (ii)
	 promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics
Laws. 

  

	 (r)
	 none of the Relevant Persons and the Approved Manager or any of their assets, in each case, has any right to immunity
from set off, legal proceedings, attachment prior to judgment or other attachment or execution of judgment on the grounds of sovereign immunity or otherwise; 

 

	 (s)
	 none of the Relevant Persons and the Approved Manager is insolvent or in liquidation or administration or subject to
any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Relevant Persons or the Approved Manager or all or material
part of their assets; 

  

	 (t)
	 that in respect of any Approved Subcharter: 

 

	 	 (i)
	 the copy of such Approved Subcharter provided to the Owners (if required to be provided under the terms of this
Charter) is a true and complete copy; 

  

	 	 (ii)
	 in the case of an Approved Bareboat Subcharter, the relevant Approved Subcharterer is fully aware of the transactions
contemplated under this Charter; 

  

	 (u)
	 no Termination Event or Potential Termination Event has occurred nor is continuing or might reasonably be expected to
result from the entry into and performance of this Charter or any other Leasing Document; 

  

	 (v)
	 as at the date of this Charter, the Charterers have not entered into any other investments, any sale or leaseback
agreements, any off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except:

  
 22 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel; 

  

	 (w)
	 any factual information provided by any Relevant Person or Approved Manager (which is an Affiliate of the Charterers)
(or on their behalf) to the Owners was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; 

 

	 (x)
	 the entry by each Relevant Person and Approved Manager (which is an Affiliate of the Charterers) into any Leasing
Document does not in any way cause any breach, and is in all respects permitted, under the terms of any of such entity’s constitutional documents or agreements binding on such entity; 

 

	 (y)
	 all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of the each
Relevant Person or Approved Manager (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with; 

  

	 (z)
	 no Environmental Claim has been made or threatened against any Relevant Person or Approved Manager or otherwise in
connection with the Vessel; and 

  

	 	 (aa)
	 no Environmental Incident which has led or would lead to any Environmental Claim has occurred and, unless otherwise
notified by the Charterers to the Owners, to the best of their knowledge no person has claimed that an Environmental Incident has occurred. 

CLAUSE 46       – CHARTERERS’ UNDERTAKINGS 

 

	 46.1
	 The Charterers undertake that they shall comply or procure compliance with the following undertakings
commencing from the date of this Charter and up to the last day of the Security Period: 

  

	 (a)
	 there shall be sent to the Owners: 

 

	 	 (i)
	 as soon as possible, but in no event later than 90 days after the end of each financial half-year, the consolidated
semi-annual accounts of the Guarantor certified as to their correctness by an officer of the Guarantor; 

  

	 	 (ii)
	 as soon as possible, but in no event later than 180 days after the end of each financial year of the
Guarantor, the audited consolidated annual financial reports of the Guarantor; 

  

	 (b)
	 they will provide to the Owners, promptly at the Owners’ request, copies of all notices and minutes relating to
any of their extraordinary shareholders’ meeting which are despatched to the Charterers’ or the Guarantor’s respective shareholders or any class of them, save that publicly disclosed notices and minutes not concerning the Vessel or
these Leasing Documents need not be provided to the Owners under this clause; 

  

	 (c)
	 they will provide to the Owners, promptly at the Owners’ requests so long as a Termination Event has occurred and
whilst the same is continuing, copies of all notices and notices of meetings which are despatched to the Charterers’ or Guarantors’ other creditors (if any); 

 

	 (d)
	 they will provide or will procure that each Relevant Person and Approved Manager provides the Owners with details of
any legal, arbitral or administrative action involving such Relevant Person or Approved Manager or the Vessel as soon as such action is instituted or it becomes apparent to such Relevant Person or Approved Manager that it is likely to be instituted
and is 

  
 23 

	     
	 likely to have a material adverse effect on the ability of a Relevant Person or Approved Manager to perform their
obligations under each Leasing Document to which it is a party (and in the case of such Relevant Person being the Guarantor, where the claim under such legal, arbitral or administrative action exceeds the sum of US$5,000,000); 

  

	 (e)
	 they will, and will procure that each other Relevant Person and Approved Manager obtains and promptly renews or
procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document
to which it is a party (including without limitation to sell, charter and operate the Vessel); 

  

	 (f)
	 they will not, and will procure that each other Relevant Person and Approved Manager will not, create, assume or
permit to exist any Security Interest of any kind upon any Leasing Document or any asset subject thereto to which such Relevant Person or Approved Manager is a party, and if applicable, the Vessel, in each case other than the Permitted Security
Interests; 

  

	 (g)
	 they will at their own cost, and will procure that each other Relevant Person and Approved Manager will:

  

	 	 (i)
	 do all that such Relevant Person or Approved Manager reasonably can to ensure that any Leasing Document to which such
Relevant Person or Approved Manager is a party validly creates the obligations and the Security Interests which such Relevant Person or Approved Manager purports to create; and 

 

	 	 (ii)
	 without limiting the generality of paragraph (i), promptly register, file, record or enrol any Leasing Document to
which such Relevant Person or Approved Manager is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
Relevant Person or Approved Manager is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the
priority of any Security Interest which such Relevant Person or Approved Manager creates; 

  

	 (h)
	 they will, and will procure that each other Relevant Person and the Approved Manager will, notify the Owners
immediately of the occurrence of: 

  

	 	 (i)
	 any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to
result, in repairs on the Vessel which exceed $1,000,000; 

  

	 	 (ii)
	 any material safety incidents taking place on board the Vessel; 

 

	 	 (iii)
	 any Termination Event; 

  

	 	 (iv)
	 any default by either an Approved Subcharterer under an Approved Bareboat Subcharter or Charterers of the terms of any
Approved Bareboat Subcharter; 

  

	 	 (v)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling either the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (vi)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer, 

  
 24 

 and will keep the Owners fully up-to-date with all developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or
Termination Event; 
  

	 (i)
	 they will, and will procure that each other Relevant Person and Approved Manager will, as soon as practicable after
receiving the request, provide the Owners with any additional financial or other information relating: 

  

	 	 (i)
	 to themselves and/or the Vessel (including, but not limited to the condition and location of the Vessel); or

  

	 	 (ii)
	 to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

  

	 (j)
	 which may be reasonably requested by the Owners (or their financiers (if any)) at any time; without prejudice to
Clause 46.1(n), comply, or procure compliance, and will procure that each other Relevant Person, Approved Subcharterer and Approved Manager will comply or procure compliance, with all laws or regulations relating to the Vessel and its ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel’s registry; 

 

	 (k)
	 the Vessel shall be classed with the Classification Society and shall be free of all overdue recommendations and
requirements; 

  

	 (l)
	 they will ensure and procure that: 

 

	 	 (i)
	 the Market Value of the Vessel shall be ascertained from time to time in the following circumstances:

  

	 	 (aa)
	 upon the occurrence of a Potential Termination Event or a Termination Event which is continuing, at any time at the
request of the Owners; and 

  

	 	 (bb)
	 in the absence of occurrence of a Potential Termination Event or Termination Event no more than once every calendar
year, with such report to be dated no more than 30 calendar days prior to every anniversary of the Commencement Date occurring within the Charter Period or on such other date as the Owners may request; 

 

	 	 (ii)
	 the Charterers shall pay the amount of the fees and expenses incurred by the Owners in connection with any matter
arising out of this paragraph (l); 

  

	 (m)
	 they will notify the Owners immediately of: 

 

	 	 (i)
	 any Environmental Claim which is made against the Charterers, Approved Subcharterer or Approved Manager in connection
with the Vessel or any Environmental Incident; 

  

	 	 (ii)
	 any arrest or detention of the Vessel (that will or is likely to exceed fifteen (15) days), any exercise or
purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire; and 

  

	 	 (iii)
	 any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise,
likely to become, a Major Casualty; 

  

	 (n)
	 they shall comply, shall procure that each other Relevant Person and Approved Manager comply, and shall use all
reasonable endeavours to procure that the Approved Subcharterer comply, with all laws and regulations in respect of Sanctions, and in particular, each of these 

  
 25 

	     
	 entities shall effect and maintain a sanctions compliance policy to ensure compliance with all such laws and
regulations implemented from time to time; 

  

	 (o)
	 they shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary
to any Sanctions (and in particular, the Vessel shall not be used by or to benefit any party which is a target of Sanctions and/or is a Restricted Person or trade to any area or country where trading the Vessel to such area or country would
constitute or reasonably be expected to constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People’s Republic of China),
(ii) would result or reasonably be expected to result in any Relevant Person, Approved Subcharterer, Approved Manager or the Owners becoming a Restricted Person or (iii) would trigger the operation of any sanctions limitation or exclusion
clause in any insurance documentation; 

  

	 (p)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, promptly notify the Owners of any non-compliance, by any Relevant Person, Approved Subcharterer or Approved Manager or their respective officers,
directors, employees, consultants, agents or intermediaries, with all laws and regulations relating to Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws (including but not limited to notifying the
Owners in writing immediately upon being aware that any Relevant Person, Approved Subcharterer, Approved Manager or its shareholders, directors, officers or employees is a Restricted Person or has otherwise become a target of Sanctions) as well as
provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws; 

 

	 (q)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, (in each case above, including procuring or as the case may be, using all reasonable endeavours to procure the respective officers, directors, employees, consultants, agents and/or
intermediaries of the relevant entity to do the same) shall: 

  

	 	 (i)
	 comply with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

  

	 	 (ii)
	 maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money
Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws; and 

  

	 	 (iii)
	 in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing
Amount for any purpose that would breach any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (r)
	 in respect of the Charterers, not lend, invest, contribute or otherwise make available the Financing Amount to or for
any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (s)
	 they shall not appoint or permit to be appointed any manager of the Vessel unless it is the Approved Manager appointed
on terms acceptable to the Owners and their financiers (if any) and such Approved Manager has (prior to accepting its appointment) entered into a Manager’s Undertaking; 

 

	 (t)
	 they shall ensure that all Earnings and any other amounts received by them in connection with the Vessel are paid into
the Earnings Account and all operating expenses in connection with the Vessel are paid from the Earnings Account; 

  
 26 

	 (u)
	 upon request, they will provide or they will procure to be provided to the Owners the report(s) of the survey(s)
conducted pursuant to Clause 7 of this Charter in form and substance satisfactory to the Owners; 

  

	 (v)
	 they shall not permit the sub-chartering of the Vessel save for an Approved
Subcharter provided that: 

  

	 	 (i)
	 in the case of a request from the Charterers for the Owners’ written consent to the terms of an Approved
Subcharter being a time charter exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Owners shall respond to such request within five (5) Business Days or any other longer period
agreed between the Owners and the Charterers; 

  

	 	 (ii)
	 as a condition precedent to the execution of any Approved Subcharter being a bareboat charter or a time charter of a
period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Charterers assign all their rights and interests under such Approved Subcharter in form and substance acceptable to the
Owners and shall use the reasonable endeavours to procure such Approved Subcharter to give a written acknowledgment of such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such Approved
Subcharter;     

  

	 (w)
	 in respect of an Approved Subcharter (other than a Short Term Time Subcharter) which contains an option to extend the
charter period, they shall notify the Owners as soon as they become aware that the relevant Approved Subcharterer does not intend to, or has not by the date falling 20 days prior to the date on which such Approved Subcharter will expire, exercise
the relevant option to extend the time charter period of the Subcharter in accordance with the terms thereunder;  

  

	 (x)
	 in respect of an Approved Subcharter other than a Short Term Time Subcharter, save with the prior written consent of
the Owners, they shall not, and shall procure that the relevant Approved Subcharterer shall not, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing
or waiving any material term of any such Approved Subcharter.  

 In this Clause 46.1(x), “material
term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;  

 

	 (y)
	 they shall not make or pay any dividend or other distribution (in cash or in kind) in respect of its share capital
following the occurrence of a Potential Termination Event or Termination Event or which would result in a Potential Termination Event or Termination Event; 

  

	 (z)
	 the Vessel shall be registered under the Flag State at all times; and 

 

	 (aa)
	 they shall not enter into any other investments, any sale or leaseback agreements, any
off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except: 

 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel. 

  
 27 

 CLAUSE 47       PURCHASE OPTION 

 

	 47.1
	 The Charterers shall, at any time during the Charter Period, have the option to purchase the Vessel on any date
which shall also be a Payment Date (the “Purchase Option Date”) specified in such notice (the “Purchase Option Notice”, which shall be served to the Owners not less than two (2) months prior to the proposed
Purchase Option Date) at the then applicable Purchase Option Price, provided that the Charterers shall not be entitled to serve a Purchase Option Notice if five (5) “Purchase Option Notices” (as defined in any Other Charters) or
“Joint Purchase Option Notices” (as defined in any Other Charters) which, in each case, is unrelated to the exercise of purchase option of the Vessel under this Charter have been delivered by the relevant Other Charterers to the relevant
Other Owners under the relevant Other Charters at such time.  

  

	 47.2
	 A Purchase Option Notice maybe made in connection with the exercise of the option to purchase of any Other
Vessel by the relevant Other Charterers under clause 47 (Purchase Option) of such Other Charters (such Purchase Option Notice, the “Joint Purchase Option Notice”) and shall include any “Purchase Option Notice” (as
defined in any Other Charters) or “Joint Purchase Option Notice” (as defined in any Other Charters) if such “Purchase Option Notice” or “Joint Purchase Option Notice” (each as defined in the relevant Other Charters) is
made also in connection with the purchase of the Vessel). A Purchase Option Notice shall be signed by a duly authorised officer or attorney of the Charterers (and in the case of any Joint Purchase Option Notice, of the relevant Other Charterers
notifying its exercise of the option to purchase of the relevant Other Vessel or, as the case may be, Other Vessels pursuant to such Joint Purchase Option Notice) and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to
pay to the Owners the then applicable Purchase Option Price on the Purchase Option Date. The Charterer agrees that any Joint Purchase Option Notice which is also made in connection with the Charterers’ exercise of purchase option of the Vessel
served by any Other Charterers to the relevant Other Owners shall be deemed to be a Purchase Option Notice served by the Charterers to the Owners under this Clause 47. 

 

	 47.3
	 Upon the Owners’ receipt in full of the Purchase Option Price, the Owners shall (except in the case of
Total Loss) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clauses 49.1(a) and 49.1(b)) to the Charterers or their nominees and
shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes the Vessel shall
be deemed first to have been redelivered to the Owners).  

 CLAUSE 48       – PURCHASE
OBLIGATION 
 Subject to other provisions of this Charter, in consideration of the Owners entering into this Charter, the
Charterers shall on the last day of the Charter Period be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall
perform their obligations referred to in Clause 49 and the Charterers shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the
Charterers agree otherwise. 
 CLAUSE 49       – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

  

	 49.1
	 Completion of the exercise of the Purchase Option (by the Charterers) or the Purchase Obligation (by the
Owners) shall respectively take place on the Purchase Option Date or the Purchase Obligation Date (as the case may be), whereupon the Owners will sell to the Charterers (or their nominee), and the Charterers (or their nominee) will purchase from the
Owners, all the legal and beneficial interest and title in the Vessel, for the Purchase Option Price or the Purchase Obligation Price (as the case may be) on an “as is where is” basis and on the following terms and conditions:

  
 28 

	 (a)
	 the Charterers expressly agree and acknowledge that no condition, warranty or representation of any kind is or has
been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any
person on the Owners’ behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality,
merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the
Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law, the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under this
Clause and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or
warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or
waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party; 

 

	 (b)
	 the Vessel shall be free from any registered mortgages, liens, encumbrances or debts incurred by the Owners and any
other claims whatsoever (save for those mortgages, liens, encumbrances or debts arising out of or in connection with the Charter or the Leasing Documents); 

  

	 (c)
	 the Purchase Option Price or the Purchase Obligation Price (as the case may be) shall be paid by (or on behalf of) the
Charterers to the Owners on respectively the Purchase Option Date or the Purchase Obligation Date, together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the
Purchase Option Date or Purchase Obligation Date (as the case may be) which remain unpaid; and 

  

	 (d)
	 concurrently with the Owners receiving irrevocable payment of the Purchase Obligation Price or the Purchase Option
Price (as the case may be) and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of Total Loss) (at Charterer’s cost) transfer the legal and beneficial ownership of
the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and Clause 49.1(b)) to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of
sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes, the Vessel shall be deemed first to
have been redelivered to the Owners). 

 CLAUSE 50       INDEMNITIES 

 

	 50.1
	 The Charterers shall pay such amounts to the Owners, on the Owners’ demand, in respect of all documented
claims, expenses, liabilities, losses, fees (including, but not limited to, any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document or in connection
with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners , and the costs related to the prevention or release of liens or
detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it, enforcement of the Owners’ rights under any Leasing Document, and whether prior to, during or after termination of the leasing of this
Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any documented claims, expenses, liabilities and losses which arise, or are asserted,
under or in 

  
 29 

	     
	 connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental
Law, any Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws. 

  

	 50.2
	 Without prejudice to the above Clause 50.1, if any sum (a “Sum”) due from a Relevant Person,
the Approved Manager or Approved Subcharterer under the Leasing Documents, or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable
into another currency (the “Second Currency”) for the purpose of: 

  

	 (a)
	 making or filing a claim or proof against that Relevant Person the Approved Manager or Approved Subcharterer (as the
case may be); or 

  

	 (b)
	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum. 
  

	 50.3
	 The obligations of the Charterers under Clause 50 and in respect of any Security Interest created pursuant to
the Security Documents will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under Clause 50 or in respect of any Security Interest created pursuant to the Security
Documents (without limitation and whether or not known to it or any Relevant Person or Approved Manager) including: 

  

	 (a)
	 any time, waiver or consent granted to, or composition with, any Relevant Person or Approved Manager or any other
person; 

  

	 (b)
	 the release of any other Relevant Person or Approved Manager or any other person under the terms of any composition or
arrangement with any creditor of such Relevant Person, Approved Manager or such other person or any of its affiliates; 

  

	 (c)
	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in
perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or Approved Manager or any other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 (d)
	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status
of a Relevant Person or Approved Manager or any other person; 

  

	 (e)
	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or
replacement of any Leasing Document or any other document or security; 

  

	 (f)
	 any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any
other document or security; or 

  

	 (g)
	 any insolvency or similar proceedings. 

 

	 50.4
	 Notwithstanding anything to the contrary under the Leasing Documents (but subject and without prejudice to Clause 33)
and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the 

  
 30 

	     
	 indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect notwithstanding
any breach of the terms of this Charter or such Leasing Document or termination or cancellation of this Charter or such Leasing Document pursuant to the terms hereof or thereof or termination of this Charter or such Leasing Document by the Owners.

  

	 50.5
	 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers
under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from either the Owner or the Other Owners (or any of them, as the case may be) such amounts in respect of all claims, expenses,
liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such moneys, costs,
fees and expenses upon the Owner’s or any of the Other Owner’s demand. 

  

	 50.6
	 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against
the Other Charterers or the Guarantor or any of them shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any
rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this
Clause: 

  

	 (a)
	 to be indemnified by the Other Charterers or the Guarantor or any of them; 

 

	 (b)
	 to claim any contribution from any third party providing security for, or any other guarantor of, the Other
Charterers’ or the Guarantor’s obligations under the Leasing Documents; 

  

	 (c)
	 to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Other
Charterers or the Guarantor or any of them under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties; 

 

	 (d)
	 to bring legal or other proceedings for an order requiring any of the Other Charterers or the Guarantor or any of them
to make any payment, or perform any obligation, in respect of any Leasing Document; 

  

	 (e)
	 to exercise any right of set-off against any of the Other Charterers or the
Guarantor or any of them; and/or 

  

	 (f)
	 to claim or prove as a creditor of any of the Other Charterers or the Guarantor or any of them, 

and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or
distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners. 
  

	 50.7
	 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33
(Cancellation)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in
full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. 

  
 31 

 CLAUSE 51    – NO SET-OFF OR TAX
DEDUCTION 
  

	 51.1
	 All Charterhire or payment of the Purchase Obligation Price or the Purchase Option Price and any other payment
made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually: 

  

	 (a)
	 without any form of set-off, cross-claim or condition and in the case of
Charterhire or Deposit, without previous demand unless otherwise agreed with the Owners; and 

  

	 (b)
	 free and clear of any tax deduction or withholding unless required by law. 

 

	 51.2
	 Without prejudice to Clause 51.1, if the Charterers are required by law to make a tax deduction from any
payment: 

  

	 (a)
	 the Charterers shall notify the Owners as soon as they become aware of the requirement; and 

 

	 (b)
	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive
and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received. 

 

	 51.3
	 In this Clause “tax deduction” means any deduction or withholding for or on
account of any present or future tax, other than a FATCA Deduction. 

 CLAUSE 52    – INCREASED COSTS

  

	 52.1
	 This Clause 52 applies if the Owners notify the Charterers that they consider that as a result of:

  

	 (a)
	 the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter
in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Charter of a tax on the Owners’ overall net income); or 

 

	 (b)
	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects
the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter, 

the Owners (or a parent company of them) has incurred or will incur an “increased cost”. 

 

	 52.2
	 In this Clause 52, “increased cost” means, in relation to the Owners:

  

	 (a)
	 an additional or increased cost incurred as a result of, or in connection with, the Owners having entered into, or
being a party to, this Charter, of funding the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter; 

  

	 (b)
	 a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a
payment represents to the Owners on their capital; 

  

	 (c)
	 an additional or increased cost of funding the acquisition of the Vessel pursuant to the MOA; or

  

	 (d)
	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or
receivable by the Owners under this Charter, 

  
 32 

	 (e)
	 and for the purposes of this Clause 52.2 the Owners may in good faith allocate or spread costs and/or losses among
their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate. 

  

	 52.3
	 Subject to the terms of Clause 52.1, the Charterers shall pay to the Owners, on the Owners’ demand, the
amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost. 

CLAUSE 53    – CONFIDENTIALITY 
  

	 53.1
	 The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the
“Confidential Information”) strictly confidential, provided that a Party may disclose Confidential Information in the following cases: 

 

	 (a)
	 it is already known to the public or becomes available to the public other than through the act or omission of the
disclosing Party; 

  

	 (b)
	 it is required to be disclosed under the applicable laws of any Relevant Jurisdiction or by a governmental order,
decree, regulation or rule, by an order of a court, tribunal or listing exchange of the Relevant Jurisdiction, provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the disclosure unless
such disclosure is made pursuant to any order by the US Securities and Exchange Commission, the New York Stock Exchange, or the NASDAQ Stock Market in which case no such prior written notice is required; 

 

	 (c)
	 in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in
discovery arising out of such proceedings; 

  

	 (d)
	 to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for
circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; 

  

	 (e)
	 to any of the following persons on a need to know basis: 

 

	 	 (i)
	 a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof); 

  

	 	 (ii)
	 professional advisers retained by a disclosing party; or 

 

	 	 (iii)
	 persons advising on, providing or considering the provision of financing to the disclosing party or an Affiliate,

 provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose
Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or 

 

	 (f)
	 with the prior written consent of all Parties. 

CLAUSE 54    – PARTIAL INVALIDITY 

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or
impaired. 

  
 33 

 CLAUSE 55    – SETTLEMENT OR DISCHARGE CONDITIONAL 

 

	 55.1
	 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person or Approved
Manager or any other person shall be conditional upon no security or payment to the Owners by any Relevant Person or Approved Manager or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or
otherwise. 

  

	 55.2
	 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or Approved
Manager or Approved Subcharterer of an Approved Subcharter of a period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods) or by any other person in purported payment or discharge of an
obligation of that Relevant Person or Approved Manager or such Approved Subcharterer to the Owners under the Leasing Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or
Approved Manager or such Approved Subcharterer or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents. 

CLAUSE 56 – CHANGES TO THE PARTIES 
  

	 56.1
	 Assignment or transfer by the Charterers 

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents
except with the prior consent in writing of the Owners, provided that the Owners’ consent shall not be unreasonably withheld if the assignee or transferee of such assignment or transfer by the Charterers is an Affiliate of the Charterers. 

 

	 56.2
	 Transfer by the Owners 

 

	 (a)
	 Subject to Clause 35.3, the Owners may transfer by novation (or otherwise) any of its rights and obligations under the
Leasing Documents: 

  

	 	 (i)
	 in the event of an occurrence of a Termination Event which is continuing; or 

 

	 	 (ii)
	 subject to the consent of such other party under the Leasing Document (which must not be unreasonably withheld or
delayed), to another lessor or financial institution or trust, fund, leasing company or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets,

  

	 (b)
	 During the Charter Period, any change in the registered ownership of the Vessel (other than pursuant to paragraph (a))
above shall require the Charterers’ prior approval which shall not be unreasonably withheld or delayed, provided always that, notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or
mutually agreed amendments). The Guarantor and the Charterers shall remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered ownership
of the Vessel from the Owners to such new owner. 

  

	 56.3
	 The Charterers agree and undertake to enter into any such usual documents as the Owners shall require to
complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause 56.2, with any documented costs or expenses whatsoever arising in relation thereto at no cost to the Charterers.

  
 34 

 CLAUSE 57    – MISCELLANEOUS 

 

	 57.1
	 The Charterers waive any rights of sovereign immunity which they or any of their assets may enjoy in any
jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter. 

  

	 57.2
	 No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a
person who is not party to this Charter , save that the Other Owners may rely on the rights conferred on them under Clause 50.5 (Indemnities). 

  

	 57.3
	 This Charter and each Leasing Document 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 Charter or that Leasing Document, as the case may be. 

  

	 57.4
	 These additional clauses shall be read together with the BARECON 2001 to constitute this Charter as a single
instrument. However, in case of any conflict between these additional clauses and the BARECON 2001, the terms of these additional clauses shall prevail. 

CLAUSE 58    – FATCA 
  

	 58.1
	 Defined terms. For the purposes of this Clause 58, the following terms shall have the following meanings:
 

 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder. 

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing
Documents required by or under FATCA. 
 “FATCA Exempt Party” means a Relevant Party that is entitled
under FATCA to receive payments free from any FATCA Deduction. 
 “FATCA FFI” means a foreign financial
institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 

“FATCA Non-Exempt Party” means any Relevant Party who is not a
FATCA Exempt Party. 
 “IRS” means the United States Internal Revenue Service or any successor taxing authority or
agency of the United States government. 
 “Relevant Party” means any party to a Leasing Document
except an Approved Subcharterer. 
  

	 58.2
	 FATCA Information. 

  

	 (a)
	 Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten
Business Days of a reasonable request by another Relevant Party: 

  

	 	 (i)
	 confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

  

	 	 (ii)
	 supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS
Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including
its applicable “pass thru percentage” or other information required under FATCA or other official guidance including 

  
 35 

	 	
intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party’s compliance with FATCA. 

 

	 (b)
	 If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall so notify all
other Relevant Parties reasonably promptly. 

  

	 (c)
	 Nothing in this clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might
constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided,
however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of
such party for purposes of this paragraph. 

  

	 (d)
	 If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in
accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then: 

  

	 	 (i)
	 if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated
for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and 

  

	 	 (ii)
	 if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes
of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%, 

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to
establish the relevant facts. 
  

	 58.3
	 FATCA Deduction and gross-up by Relevant Party 

 

	 (a)
	 If the representation made by the Charterers under Clause 45.1(n) proves to be untrue or misleading such that the
Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

  

	 (b)
	 If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them
to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required. 

 

	 (c)
	 The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change
in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to
the Owners evidence reasonably satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	 58.4
	 FATCA Deduction by Owners 

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA
Deduction, and the Owners shall not be 

  
 36 

 
required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction. 

 

	 58.5
	 FATCA Mitigation 

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause
58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in
relation to such transfer shall be for the account of the Charterers. 
 CLAUSE 59    - DEFINITIONS 

 

	 59.1
	 In this Charter the following terms shall have the meanings ascribed to them below: 

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed
by the Charterers at Delivery. 
 “Account Bank” means ABN AMRO, BNP Paribas, HSH Nordbank AG or any
other bank which is acceptable to the Owner. 
 “Account Security” means the document creating security
over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form. 
 “Affiliate”
means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company. 

“Aggregate Outstanding Principal Balance” means, at any time, the sum of (i) the Outstanding Principal
Balance under this Charter at that time; and (ii) the aggregate amount of each “Outstanding Principal Balance” (as defined in each Other Charter) at that time under each such Other Charter. 

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements,
anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of
America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager
or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are
subjected or subject to. 
 “Anti-Terrorism Financing Laws” means all applicable anti-terrorism laws, rules,
regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over
any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person,
Approved Subcharterer, Approved Manager or the Owners are subjected or subject to. 
 “Approved Bareboat
Subcharter” means an Approved Subcharter as described under paragraph b(i) of the definition of an Approved Subcharter and consented to by the Owners. 

“Applied Amount” has the meaning given to such terms in Clause 36.2. 

  
 37 

 “Approved Manager” means (i) Navios Shipmanagement
Inc., a corporation incorporated under the laws of Marshall Islands having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (ii) Navios Containers Management Inc., a corporation incorporated under the laws of Marshall Islands
having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (iii) any other Affiliate of the Guarantor which acts as a ship manager; (iv) any other ship management company which is an Affiliate of the Charterers; or
(v) any other ship management company which is not an Affiliate of the Charterers but is approved in writing by the Owners.  

“Approved Subcharter” means the Subcharter or: 

 

	 	 (a)
	 any Short Term Time Subcharter; 

 

	 	 (b)
	 subject to prior written consent of the Owners: 

 

	 	 (i)
	 a subcharter of the Vessel on a bareboat charter basis; or 

 

	 	 (ii)
	 a subcharter of the Vessel on a time charter basis with a charter period exceeding or capable of exceeding thirteen
(13) months (taking into account any optional extension period). 

 “Approved
Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter, any subcharterer of the Vessel approved by the Owners in writing. 

“Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers A/S, Fearnleys, Howe Robinson,
Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Breakfunding Costs” means all breakfunding costs and expenses (including without limitation any early
termination costs under any swap or hedging arrangements) incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall
on a Payment Date. 
 “Business Day” means a day on which banks are open for business in the principal
business centres of Amsterdam, Beijing, Hong Kong and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open
in New York City. 
 “Business Ethics Law” means any laws, regulations and/or other legally binding
requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii) the United States
Foreign Corrupt Practices Act 1977 and all rules and regulations under each of (i) and (ii).     

“Cancelling Date” has the meaning given to that term in the MOA. 

“Charterhire “ means, in relation to the Payment Date for each month, an amount equal to $2,600 times the number of
calendar days in that month. 
 “Charterhire Principal” means the aggregate amount of Charterhire
payable under this Charter. 
 “Charterhire Principal Balance” means the Charterhire Principal
outstanding under this Charter from time to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire under this Charter. 

  
 38 

 “CISADA” means the United States Comprehensive Iran Sanctions,
Accountability and Divestment Act of 2010 as it applies to non-US persons. 

“Charter Period” means the period commencing on the Commencement Date and described in Clause 32.2 unless
it is either terminated earlier or extended in accordance with the provisions of this Charter. 
 “Classification
Society” means DNV GL or any classification society being a member of the International Association of Classification Societies (other than PRS (Polski Rejestr Statków)), IRS (Indian Register of Shipping as IRS) or CRS
(Hrvatski registar brodova) which is approved by the Owners.  
 “Commencement Date”
means the date on which Delivery takes place. 
 “Delivery” means the delivery of the legal and beneficial interest
in the Vessel from the Owners to the Charterers pursuant to the terms of the MOA. 
 “Deposit” has the
meaning given to such terms in Clause 36.2. 
 “Deposit Amount” means an amount in Dollars equal to
$79,201. 
 “Dollars” or “$” have the meanings given to those terms in the MOA. 

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which
arise out of the use or operation of the Vessel, including (but not limited to): 
  

	 	 (a)
	 all freight, hire and passage moneys, compensation payable in the event of requisition of the Vessel for hire, all
moneys which are at any time payable under any Insurances in respect of loss of hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Vessel; and 

  

	 	 (b)
	 if and whenever the Vessel is employed on terms whereby any moneys falling within paragraph (a) are pooled or
shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Vessel; 

“Earnings Account” means, an account in the name of the Charterers with Account Bank or such bank as the
Owners may approve. 
 “Environmental Claim” means: 

 

	 	 (a)
	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which
relates to any Environmental Law; or 

  

	 	 (b)
	 any claim by any other person which relates to an Environmental Incident, 

and “claim” means a claim for damages, compensation, fines, penalties or any other payment (exceeding $1,000,000 in
each of the above cases); an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means: 

 

	 	 (a)
	 any release of Environmentally Sensitive Material from the Vessel; or 

 

	 	 (b)
	 any incident in which Environmentally Sensitive Material is released from a vessel other than the Vessel and which
involves a collision between the Vessel and such other vessel 

  
 39 

	 	     
	 or some other incident of navigation or operation, in either case, in connection with which the Vessel is actually
liable to be arrested, attached, detained or injuncted and/or the Vessel and/or the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action; or

  

	 	 (c)
	 any other incident involving the Vessel in which Environmentally Sensitive Material is released otherwise than from
the Vessel and in connection with which the Vessel is actually arrested and/or where the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action in respect
of such Vessel. 

 “Environmental Law” means any law relating to pollution or
protection of the environment, to the carriage or releases of Environmentally Sensitive Material. 
 “Environmentally
Sensitive Material” means oil, oil products and any other substances (including any chemical, gas or other hazardous or noxious substance) which are (or are capable of being or becoming) polluting, toxic or hazardous. 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of
the debtor: 
  

	 	 (a)
	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	 (b)
	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	 (c)
	 under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

  

	 	 (d)
	 under a lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services
obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	 (e)
	 under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction
entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	 (f)
	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another
person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person. 

“Financial Instruments” means the mortgage, deed of covenant, the general assignment or such other
financial security instruments granted to the Owners’ financiers as security for the obligations of the Owners in relation to the financing of the acquisition of the Vessel. 

“Financing Amount” means an amount equal to the Purchase Price. 

“Flag State” means Republic of Panama, the Republic of the Marshall Islands or Republic of Liberia or any
other flag state approved by the Owners in writing.  
 “Fleet Vessel” has the meaning
give to it under clause 11.20 of the Guarantee. 
 “General Assignment” means the general assignment
executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, inter alia, assign their rights under the Insurances, Earnings and Requisition

  
 40 

 
Compensation and any sub-charters having a duration of at least thirteen (13) months (or which are capable of exceeding thirteen (13) months) in
respect of the Vessel, in favour of the Owners and in the agreed form.  
 “Guarantor” means Navios
Maritime Containers Inc., a corporation incorporated under the laws of the Republic of Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.  

“Guarantee” means a guarantee executed by the Guarantor in favour of the Owners dated on or around the date of this
Charter. 
 “Holding Company” means, in relation to a person, any other person in relation to which it
is a subsidiary.  
 “IAPPC” means a valid international air pollution prevention certificate for the Vessel
issued pursuant to the MARPOL Protocol. 
 “Initial Market Value” means, in relation to the Vessel at
any relevant time, the valuation prepared by an Approved Valuer selected by the Charterers:  
  

	 	 (a)
	 on a date no earlier than three (3) months prior to the Commencement Date; 

 

	 	 (b)
	 without physical inspection of the Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment. 

 “Insurances”
means: 
  

	 	 (a)
	 all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks
association, which are effected in respect of the Vessel or otherwise in relation to it whether before, on or after the date of this Charter; and 

  

	 	 (b)
	 all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a
premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Charter. 

“ISM Code” means the International Safety Management Code (including the guidelines on its
implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms “safety management
system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code). 

“ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of
Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or
amended from time to time. 
 “Joint Purchase Option Notice” has the meaning given to such term in
Clause 47. 
 “Leasing Documents” means this Charter, the MOA, the Security Documents and the Trust
Deed. 

  
 41 

 “Major Casualty” means any casualty to the Vessel in respect
of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency. 

“Manager’s Undertaking” means, in relation to an Approved Manager, the letter of undertaking from
the Approved Manager, inter alia, subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners and their financiers (if any) in an agreed form. 

“Market Value” means, in relation to the Vessel or any Other Vessel at any relevant time, the valuation
prepared: 
  

	 	 (a)
	 on a date no earlier than thirty (30) days previously (or, in the case of the Initial Market Value of the Vessel,
three (3) month prior to the Commencement Date);     

  

	 	 (b)
	 without physical inspection of the Vessel or that Other Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment 

 and such valuations shall be
prepared by an Approved Valuer. 
 “MARPOL Protocol” means Annex VI (Regulations for the Prevention of
Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997). 

“Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

  

	 	 (a)
	 the business, operations, property, condition (financial or otherwise) or prospects of the Charterers or the Guarantor
and its subsidiaries as a whole; or 

  

	 	 (b)
	 the ability of any Relevant Person or Approved Manager to perform its obligations under any Leasing Document to which
it is a party; or 

  

	 	 (c)
	 the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to any
of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents. 

“MOA” means the memorandum of agreement entered into by the Charterers as sellers and the Owners as buyers dated on the
date of this Charter in relation to the sale and purchase of the Vessel. 
 “Mortgagee” has the meaning given to that
term in Clause 35.3. 
 “Original Financial Statements” means the Guarantor’s audited consolidated
financial statements for the financial year ended 31 December 2017.  
 “Original
Jurisdiction” means, in relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be), the jurisdiction under whose laws they are respectively incorporated as at the date of this Charter. 

“Other Charter” means the bareboat charterparty entered into between the relevant Other Owner and the
relevant Other Charterer In respect of any of the Other Vessels. 
 “Other Charterer” means Jasmer Shipholding Ltd.,
Inastros Maritime Corp., Jaspero Shiptrade S.A., Thetida Marine Co., Sui An Navigation Limited, Pingel Navigation Limited, Ebba 

  
 42 

 
Navigation Limited, Clan Navigation Limited, Anthimar Marine Inc., Bertyl Ventures Co., Olympia II Navigation Limited, Isolde Shipping Inc., Rodman Maritime Corp., Silvanus Marine Company, Morven
Chartering Inc., Enplo Shipping Limited or Velour Management Corp. (and “Other Charterers” mean all of them). 

“Other Owner” means Ocean Dawn Shipping Limited or Ocean Wood Tang Shipping Limited (and
“Other Owners” means all of them). 
 “Other Vessel” means APL Atlanta, APL Denver,
APL Los Angeles, APL Oakland, MOL Dedication, MOL Delight, MOL Destiny, MOL Devotion, Navios Amarillo, Navios Azure, Navios Domino, Navios Indigo, Navios Spring, Navios Summer, Navios Verano, Navios Verde or Navios Vermilion (and “Other
Vessels” means all of them). 
 “Outstanding Principal Balance” means, at the relevant time,
the aggregate of: 
  

	 	 (a)
	 the Charterhire Principal Balance; and 

 

	 	 (b)
	 the then applicable Purchase Obligation Price. 

“Owners’ Sale” has the meaning given to that term in Clause 40.3(a)(iii). 

“Party” means either party to this Charter. 

“Payment Date” means each of the sixty (60) dates upon which Charterhire is to be paid by the
Charterers to the Owners pursuant to Clause 36. 
 “Permitted Security Interests” means: 

 

	 	 (a)
	 Security Interests created by a Leasing Document or a Financial Instrument; 

 

	 	 (b)
	 other Security Interests Permitted by the Owners in writing; 

 

	 	 (c)
	 liens for unpaid master’s and crew’s wages (in each case not overdue) in accordance with the ordinary course
of operation of the Vessel or in accordance with usual reputable maritime practice; 

  

	 	 (d)
	 liens for salvage; 

  

	 	 (e)
	 liens for master’s disbursements incurred in the ordinary course of trading; 

 

	 	 (f)
	 any other liens arising by operation of law or otherwise in the ordinary course of the operation, repair or
maintenance of the Vessel provided such liens do not secure amounts more than 30 days overdue; 

  

	 	 (g)
	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom
such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good faith by appropriate steps; and 

  

	 	 (h)
	 Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which
are overdue for payment but which are being contested by the Owners or the Charterers in good. 

“Post-enforcement Interests” has the meaning given to that term in 40.3(a)(ii). 

  
 43 

 “Potential Termination Event” means, an event or
circumstance which, with the giving of any notice, the lapse of time, a determination of the Owners and/or the satisfaction of any other condition, would constitute a Termination Event. 

“Prepayment Sum” means, in respect of each Purchase Option Date (which shall also be a Payment Date), the
amount in Dollars set out in Schedule IV next to each such Payment Date in Schedule IV. 
 “Prepositioning
Date” means the date on which the Owners are obliged to deposit the Relevant Amount with the Sellers’ Account (as defined in the MOA) pursuant to Clause 19(b) of the MOA. 

“Purchase Obligation” means the purchase obligation referred to in Clause 48.  

“Purchase Obligation Date” means the date on which the Owners shall transfer the legal and beneficial
interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period. 

“Purchase Obligation Price” means fifty per cent. (50%) of the Financing Amount. 

“Purchase Price” has the meaning given to that term in the MOA. 

“Purchase Option” means the early termination option which the Charterers are entitled to pursuant to
Clause 47. 
 “Purchase Option Date” has the meaning given to that term in Clause 47.1. 

“Purchase Option Notice” has the meaning given to that term in Clause 47.1. 

“Purchase Option Price” means the aggregate of: 

 

	 	 (a)
	 Prepayment Sum as at the Purchase Option Date; 

 

	 	 (b)
	 the Charterhire payable on the Purchase Option Date but for the exercise of the purchase option by the Charterers
pursuant to Clause 47; 

  

	 	 (c)
	 any default interest accrued as at the Purchase Option Date; 

 

	 	 (d)
	 any legal costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 47; and

  

	 	 (e)
	 all other amounts payable under this Charter and the other Leasing Documents together with any applicable interest
thereon. 

 “Quiet Enjoyment Agreement” means the quiet enjoyment agreement executed
or to be executed between, amongst others, the Charterers, the Owners and the Owners’ financiers in the agreed form. 

“Relevant Amount” shall have the meaning as defined under the MOA. 

“Relevant Person” means the Charterers, the Other Charterers, the Guarantor, the Shareholder and such
other party providing security to the Owners for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (but not including the Subcharterer, any Approved Subcharterer and the Approved Manager).
 
 “Relevant Jurisdiction” means, in relation to any Relevant Person, Approved
Subcharterer or Approved Manager (as the case may be): 

  
 44 

	 	 (a)
	 its Original Jurisdiction; 

 

	 	 (b)
	 any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

  

	 	 (c)
	 any jurisdiction where it conducts its business; and 

 

	 	 (d)
	 any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating a
Security Interest. 

 “Requisition Compensation” includes all compensation or other
moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”. 

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or
trade embargoes, in particular but not limited to pursuant to the U.S.‘s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) or the United Nations including at the date of this Charter, but without
limitation, Iran, North Korea, Sudan and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons. 

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or
incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom, Her Majesty’s Treasury
(“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in
(i) and (ii).  
 “Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or
other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United
States of America (including, without limitation, CISADA and OFAC), the United Nations, the People’s Republic of China or the Council of the European Union.  

“Secured Liabilities” means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of a Relevant Person or the Approved Manager or any Approved Subcharterer to the Owners under or in connection with the Leasing Documents or any judgment relating
to the Leasing Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or
other procedure under the insolvency laws of any country. 
 “Security Documents” means the Guarantee,
the Account Security, the General Assignment, the Shares Pledge, the Manager’s Undertaking and any other security documents granted as security for the obligations of the Charterers under or in connection with this Charter. 

“Security Interest” means: 
  

	 	 (a)
	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any
other security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest; 

  

	 	 (b)
	 the security rights of a plaintiff under an action in rem; or 

 

	 	 (c)
	 any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually
or contingently due to it ahead of the general unsecured 

  
 45 

	 	     
	 creditors of the debtor concerned; however this paragraph (c) does not apply to a right of set off or combination
of accounts conferred by the standard terms of business of a bank or financial institution. 

“Security Period” means the period commencing on the date hereof and ending on the date on which the
Owners are reasonably satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full. 

“Shareholder” means Navios Partners Containers Inc. 

“Shares Pledge” means the shares pledge over the shares in the Charterers to be executed by the Guarantor
in favour of the Owners on or around the date of this Charter. 
 “Short Term Time Subcharter” means
a subcharter of the Vessel on a time charter basis with a charter period not exceeding and not capable of exceeding thirteen (13) months (taking into account any optional extension period) 

“Subcharter” means the subcharter with the particulars set out under Schedule IV. 

“Term” means, in relation to the definitions of “Charterhire” and for the purpose of Clause 45, a period of
one (1) month’s duration provided that: 
  

	 	 (a)
	 the first Term shall commence on the Commencement Date; 

 

	 	 (b)
	 each subsequent Term shall commence on the last day of the preceding Term; 

 

	 	 (c)
	 any Term which would otherwise end on a non-Business Day shall instead end on
the next following Business Day or, if that Business Day is in another calendar month, on the immediately preceding Business Day; 

  

	 	 (d)
	 if any Term commences on the last Business Day of a calendar month or on a day for which there is no numerically
corresponding day in the calendar month one (1) month thereafter, as the case may be, that Term shall, subject to paragraphs (c), (e) and (f), end on the last Business Day of such later calendar month; 

 

	 	 (e)
	 any Term which would otherwise overrun a Payment Date shall instead end on that Payment Date; and

  

	 	 (f)
	 , except for the purpose of Clause 45 any Term which would otherwise extend beyond the Charter Period shall instead
end on the last day of the Charter Period. 

 “Termination Event” means any event
described in Clause 44. 
 “Termination Purchase Price” means, in respect of any date (for the purpose
of this definition only, the “Relevant Date”), the aggregate of: 
  

	 	 (a)
	 the Outstanding Principal Balance as at the Relevant Date; 

 

	 	 (b)
	 any accrued but unpaid interest as at the Relevant Date; 

 

	 	 (c)
	 any Breakfunding Costs; 

  

	 	 (d)
	 any documented costs and expenses incurred by the Owners (and their financiers (if any)) in locating, repossessing or
recovering the Vessel or collecting any payments due under this Charter or in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents and any default interest in relation thereto; and

  
 46 

	 	 (e)
	 all other outstanding amounts payable under this Charter together with any applicable interest thereon.

 “Total Loss” means: 

 

	 	 (a)
	 actual, constructive, compromised, agreed or arranged total loss of the Vessel; 

 

	 	 (b)
	 any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the
Charterers; or 

  

	 	 (c)
	 any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event
specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers. 

“Trust Deed” means a trust deed dated on or around the date of this Charter entered into between the
Owners, the Other Owners, the Charterers, the Other Charterers, the Guarantor and the Approved Manager which, inter alia, sets out the obligations of the Owners in respect of holding on trust all moneys or other assets received or recovered by or on
behalf of the Owners by virtue of any Security Interest or other rights granted to the Owners under or by virtue of the Security Documents. 

“US Tax Obligor” means (a) a person which is resident for tax purposes in the United States of America or
(b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes. 

“Vessel” means the vessel named Navios Amaranth with particulars stated in Boxes 6 to 12 of this Charter and which is
to be registered under the name of the Owners with the Marshall Islands registry upon Delivery. 
  

	 59.2
	 In this Charter: 

“Approved Manager”, “Approved Subcharterer”,
“Charterers”, “Other Charterers”, “Other Owners”, “Owners”, “Relevant Person”,
“Subcharterer” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents. 

“agreed form” means, in relation to a document, such document in a form agreed in writing by the Owners;

 “asset” includes every kind of property, asset, interest or right, including any present, future or contingent
right to any revenues or other payment; 
 “company” includes any partnership, joint venture and unincorporated
association; 
 “consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing,
registration, notarisation and legalisation; 
 “contingent liability” means a liability which is not
certain to arise and/or the amount of which remains unascertained; 

  
 47 

 “continuing” means, in relation to any Termination Event, a Termination
Event which has not been waived by the Owners and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners; 

“control” over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or
otherwise) to: 
  

	 	 (a)
	 cast, or control the casting of, more than fifty per cent (50%), of the maximum number of votes that might be cast at
a general meeting of such company; or 

  

	 	 (b)
	 appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or

  

	 	 (c)
	 give directions with respect to the operating and financial policies of such company with which the directors or other
equivalent officers of such company are obliged to comply; 

 “document” includes a deed; also a
letter, fax or telex; 
 “expense” means any kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable value added or other tax; 
 “financiers” of the Owners means any financing parties or
creditors of the Owners for financing part or in full of the Purchase Price, provided that such financing amount shall not exceed the Outstanding Principal Balance at the relevant time and such financing is not restricted under this Charter. 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or
regulatory action or investigation; 
 “liability” includes every kind of debt or liability (present or future,
certain or contingent), whether incurred as principal or surety or otherwise; 
 “months” shall be construed in
accordance with Clause 59.3; 
 “person” includes any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
the contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks
covered (excluding freight, demurrage and defence cover) by a protection and indemnity association which is a member of the International Group of P&I Clubs including pollution risks, extended passenger cover and the proportion (if any) of any
sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of
the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of
law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  
 48 

 “subsidiary” has the meaning given in Clause 59.4; and 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine. 

 

	 59.3
	 Meaning of “month”. A period of one or more “months” ends on the day in the relevant
calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

 

	 	 (a)
	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business
Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	 	 (b)
	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar
month or if the last calendar month of the period has no numerically corresponding day; 

 and
“month” and “monthly” shall be construed accordingly. 
  

	 59.4
	 Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if a
majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P. 

A company (S) is a subsidiary of another company (U) if S is a subsidiary of P and P is in turn a subsidiary of U. 

 

	 59.5
	 In this Charter: 

  

	 	 (a)
	 references to a Leasing Document or any other document being in the form of a particular appendix or to any document
referred to in the recitals include references to that form with any modifications to that form which the Owners approve; 

  

	 	 (b)
	 references to, or to a provision of, a Leasing Document or any other document are references to it as amended or
supplemented, whether before the date of this Charter or otherwise; 

  

	 	 (c)
	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Charter or otherwise; and 

  

	 	 (d)
	 words denoting the singular number shall include the plural and vice versa. 

 

	 59.6
	 Headings. In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded. 

  
 49 

 

 
 OWNERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) Ocean Dazzle Shipping Limited ) in the presence of: )
Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED ) by ) for and on behalf of ) Evian
Shiptrade Ltd ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 

 

 
 OWNERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) Ocean Dazzle Shipping Limited } in the presence of: )
Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS signed Efstratios G. Camatsos for and on behalf
of ) Evian Shiptrade Ltd ) in the presence of: SHRAIYA THAPA ) Witness’ signature: ) Witness’ name: WATSON, FARLEY & WILLIAMS Witness’ address: 348 SYNGROU AVENUE ) KALLITHEA 176 74 ATHENS - GREECE 

 

 
 MEMORANDUM OF AGREEMENT Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships.
Adopted by BIMCO in 1956. Code-name SALEFORM 2012 Revised 1966, 1983 and 1986/87, 1993 and 2012 at www.bimco.org Dated: 2018 1 Evian Shiptrade Ltd, a corporation incorporated and existing under the laws of the Republic of Marshall 2 Islands having
its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, from BIMCO MH96960, Marshall Islands (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and Ocean Dazzle Shipping Limited, a
company incorporated and existing under the laws of Hong Kong 3 having its registered office at Room 2310, 23/F, C C Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong (Name of buyers), hereinafter called
the “Buyers”, have agreed to buy: Name of vessel: Navios Amaranth 4 2012 are available IMO Number: 9334143 5 SALEFORM Classification Society: DNV GL 6 Class Notation: 100 A5 Container ship BWM SOLAS-II-2,Reg.19 IW 7 for MC AUT Notes Year of Build: 2007 Builder/Yard: Dalian Shipyard Co., Ltd. 8 Explanatory Flag: Marshall Islands Place of Registration: Marshall Islands GT/NT: 39,906 / 24,504 9
hereinafter called the “Vessel”, on the following terms and conditions: 10 Definitions – see also Clause 28 11 “Agreement” means this memorandum of agreement which shall for the avoidance of doubt, include the rider
provisions from Clauses 19 to 28. “Banking Days” are days on which banks are open both in the country of the currency stipulated for 12 idea the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8
13 (Documentation) and (add additional jurisdictions as appropriate). 14 “Buyers’ Nominated Flag State” means Marshall Islands (state flag state). 15 “Cancelling Date” has the meaning given to that term in Clause 5. 16
Printed by BIMCO’s “Conditions Precedent” has the meaning given to that term in Clause 8(a). “Class” means the class notation referred to above. 17 “Classification Society” means the Classification Society referred
to above. Copenhagen ““Dollars” or “$” mean United States dollars, being the lawful currency of the United States of 18 America.Deposit” shall have the meaning given in Clause 2 (Deposit) “Deposit Holder”
means (state name and location of Deposit Holder) or, if left blank, the 19 Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement. 20 “In writing” or “written” means a letter handed over
from the Sellers to the Buyers or vice versa, a 21 Oslo and BIMCO, registered letter, e-mail or telefax. 22 Oslo. Association, Association, “Parties” means the Sellers and the Buyers. 23
“Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price). 24 Shipbrokers’ Shipbrokers’ “Sellers’ Account” means (state details of bank account) at the Sellers’ Bank. 25
“Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank 26 notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 Norwegian Norwegian 1. Purchase Price 28 See
Clause 19The Purchase Price is (state currency and amount both in words and figures). 29 2. Deposit – intentionally omitted 30 Copyright: Published by As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of
31 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss,
damage or expense as a result of discrepancies between the original approved document and this computer generated document. 

 

 
 % ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the 32 “Deposit”) in an interest bearing
account for the Parties with the Deposit Holder within three (3) 33 Banking Days after the date that: 34 (i) this Agreement has been signed by the Parties and exchanged in original or by 35 e-mail or telefax;
and 36 (ii) the Deposit Holder has confirmed in writing to the Parties that the account has been 37 opened. 38 The Deposit shall be released in accordance with joint written instructions of the Parties. 39 Interest, if any, shall be credited to the
Buyers. Any fee charged for holding and releasing the 40 Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder 41 all necessary documentation to open and maintain the account without delay. 42 3. Payment 43
See Clause 19On delivery of the Vessel, but not later than three (3) Banking Days after the date that 44 Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and 45 notices): 46 (i) the Deposit shall be
released to the Sellers; and 47 (ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank charges to the 49 Sellers’ Account. 50 4.
Inspection – intentionally omitted 51 (a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers 52 have also inspected the Vessel at/in (state place) on (state date) and have 53 accepted the Vessel
following this inspection and the sale is outright and definite, subject only 54 to the terms and conditions of this Agreement. 55 (b)* The Buyers shall have the right to inspect the Vessel’s classification records and declare 56 whether same
are accepted or not within (state date/period). 57 The Sellers shall make the Vessel available for inspection at/in (state place/range) within 58 (state date/period). 59 The Buyers shall undertake the inspection without undue delay to the Vessel.
Should the 60 Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 61 The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 62 During the inspection, the Vessel’s deck and
engine log books shall be made available for 63 examination by the Buyers. 64 The sale shall become outright and definite, subject only to the terms and conditions of this 65 Agreement, provided that the Sellers receive written notice of acceptance
of the Vessel from 66 the Buyers within seventy-two (72) hours after completion of such inspection or after the 67 date/last day of the period stated in Line 59, whichever is earlier. 68 Should the Buyers
fail to undertake the inspection as scheduled and/or notice of acceptance of 69 the Vessel’s classification records and/or of the Vessel not be received by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be
released immediately to the 71 Buyers, whereafter this Agreement shall be null and void. 72 *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, 73 alternative 4(a) shall apply. 74 5. Time and place of
delivery and notices 75 (a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in (state place/range) in the Sellers’ option and subject to such conditions as 77 may be agreed by the
Buyers and subject further to the delivery of the Vessel in such place not causing the Buyers to incur additional tax liabilities to those that the Buyers would have incurred had the sale been completed in international waters. Notice of Readiness
shall not be tendered before: (date) 78 Cancelling Date (see Clauses 5(c) , 6 (a)(i), 6 (a) (iii) and 14): 30 June 2018 (or such later date as may 79 be agreed by the Sellers and the Buyers in writing) (the “Cancelling Date”) (b)
The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall 80 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and
the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 

 

 
 provide the Buyers with twenty (20), ten (10), five (5) and three (3) days’ notice of the date the 81 Sellers
intend to tender Notice of Readiness and of the intended place of delivery. 82 When the Vessel is, on a day being a Business Day, at the place of delivery and physically ready for 83 delivery in accordance with this Agreement, the Sellers shall give
the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in
writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in
accordance with Clause 14 (Sellers’ Default) within three (3) 89 Banking Business Days of receipt of the notice or of accepting the new date as the new Cancelling 90 Date. If the Buyers have not declared their option within three
(3) Banking Business Days of receipt of the 91 Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for
the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the a new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force
and effect. 97 (d) Cancellation, failure to cancel or acceptance of the a new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ 99 Default) for the Vessel not being
ready by the original Cancelling Date. 100 (e) Should the Vessel become an actual, constructive or compromised t Total lLoss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the Buyers 102
whereafter this Agreement shall be null and voidterminate (provided that any provision hereof 103 expressed to survive such termination shall do so in accordance with its terms). 6. Divers Inspection / Drydocking – intentionally omitted 104
(a)* 105 (i) The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be declared latest nine
(9) days prior to the Vessel’s intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available for 110 such
inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers’ representative(s) shall have the right to
be present at the diver’s 113 inspection as observer(s) only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed shall be to
the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place near to 118
the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of
Readiness prior to completion of the underwater inspection. 121 (ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel’s class, then
(1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the
Vessel’s underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society’s rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128
satisfaction of the Classification Society without condition/recommendation** and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society’s 130 attendance. 131 Notwithstanding anything to the contrary in
this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction
from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the
defects 137 and/or repairs. The estimated direct cost of the repairs shall be the average of quotes 138 for the repair work obtained from two reputable independent shipyards at or in the 139 This document is a computer generated SALEFORM 2012 form
printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this
document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the
original approved document and this computer generated document. 3 

 

 
 vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 140 Banking Days from the date of the
imposition of the condition/recommendation, unless 141 the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within 142 the stipulated time then the quote duly obtained by the other Party shall be the sole basis 143
for the estimate of the direct repair costs. The Sellers may not tender Notice of 144 Readiness prior to such estimate having been established. 145 (iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range
as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the
Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of fourteen (14) days. 153 (b)* The Sellers shall place the Vessel in drydock at the port of delivery for
inspection by the 154 Classification Society of the Vessel’s underwater parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society’s rules. If the rudder, 156 propeller, bottom
or other underwater parts below the deepest load line are found broken, 157 damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the 158 Sellers’ cost and expense to the satisfaction of the
Classification Society without 159 condition/recommendation**. In such event the Sellers are also to pay for the costs and 160 expenses in connection with putting the Vessel in and taking her out of drydock, including the 161 drydock dues and the
Classification Society’s fees. The Sellers shall also pay for these costs 162 and expenses if parts of the tailshaft system are condemned or found defective or broken so as 163 to affect the Vessel’s class. In all other cases, the Buyers
shall pay the aforesaid costs and 164 expenses, dues and fees. 165 (c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: 166 (i) The Classification Society may require survey of the tailshaft system, the extent of the 167
survey being to the satisfaction of the Classification surveyor. If such survey is 168 not required by the Classification Society, the Buyers shall have the option to require the 169 tailshaft to be drawn and surveyed by the Classification Society,
the extent of the survey 170 being in accordance with the Classification Society’s rules for tailshaft survey and 171 consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare 172 whether they require the
tailshaft to be drawn and surveyed not later than by the 173 completion of the inspection by the Classification Society. The drawing and refitting of 174 the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be 175
condemned or found defective so as to affect the Vessel’s class, those parts shall be 176 renewed or made good at the Sellers’ cost and expense to the satisfaction of 177 Classification Society without condition/recommendation**. 178 (ii)
The costs and expenses relating to the survey of the tailshaft system shall be borne by 179 the Buyers unless the Classification Society requires such survey to be carried out or if 180 parts of the system are condemned or found defective or broken
so as to affect the 181 Vessel’s class, in which case the Sellers shall pay these costs and expenses. 182 (iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as 183 observer(s) only without interfering
with the work or decisions of the Classification 184 Society surveyor. 185 (iv) The Buyers shall have the right to have the underwater parts of the Vessel 186 cleaned and painted at their risk, cost and expense without interfering with the
Sellers’ or the 187 Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely 188 delivery. If, however, the Buyers’ work in drydock is still in progress when the 189 Sellers have completed the
work which the Sellers are required to do, the additional 190 docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and 191 expense. In the event that the Buyers’ work requires such additional time, the
Sellers 192 may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst 193 the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be 194 obliged to take delivery in accordance with Clause
3 (Payment), whether the Vessel is in 195 drydock or not. 196 *6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, 197 alternative 6 (a) shall apply. 198 **Notes or memoranda, if any, in the
surveyor’s report which are accepted by the Classification 199 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 4 

 

 
 Society without condition/recommendation are not to be taken into account. 200 7. Spares, bunkers and other items 201 The Sellers
shall deliver the Vessel to the Buyers with everything belonging to her on board 202 and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or 203 spare propeller(s)/propeller
blade(s), if any, belonging to the Vessel at the time of inspectiondelivery 204 used or unused, whether on board or not shall become the Buyers’ property, but spares on 205 order are excluded. Forwarding charges, if any, shall be for the
Buyers’ account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as
replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 210 Library and forms exclusively
for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: (include list)
213 Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: (include list) 215 Items on board at the time of inspection which are on hire or owned by third parties, not
listed 216 above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened
drums at no extra cost.and pay either 219 (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220 (b) *the current net market price (excluding barging expenses) at the port and date of delivery 221 of the
Vessel or, if unavailable, at the nearest bunkering port, 222 for the quantities taken over. 223 Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225 “inspection” in
this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant date. 228 *(a) and
(b) are alternatives, delete whichever is not applicable. In the absence of deletions 229 alternative (a) shall apply. 230 8. Documentation 231 The place of closing: To be mutually agreed between the Sellers and the Buyers 232 (a) In
exchange for pPayment of the Purchase Price by the Buyers to the Sellers shall be subject to 233 Clause 20 and conditional on the Buyers having on or prior to delivery of the Vessel on the Delivery Date received, or being satisfied as to, provide
the Buyers with the following delivery documentsitems: 234 (i) Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag State, 235 transferring title of the Vessel and stating that the Vessel is free from all mortgages, 236
encumbrances and maritime liens (whether maritime or otherwise) or any other debts 237 whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State; 238 (ii) Acceptance of Sale in a form
recordable in the Buyers’ Nominated Flag State, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State. (iiiii) Evidence that all necessary corporate, shareholder and other action has been
taken by 239 the Sellers to authorise the execution, delivery and performance of this Agreement; 240 (iiiiv) Power of Attorney of the Sellers appointing one or more representatives to act on behalf 241 of the Sellers in the performance of this
Agreement, duly notarially attested and legalised 242 or apostilled (as appropriate); 243 (ivv) Certificate or Transcript of Registry issued by the competent authorities of the flag state 244 on the date of delivery evidencing the Sellers’
ownership of the Vessel and that the 245 Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by 246 such authority to the closing meeting with the original to be sent to the
Buyers as soon as 247 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made
to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for
any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 5 

 

 
 possible after delivery of the Vessel; 248 (vvi) Declaration of Class or (depending on the Classification Society) a
Class Maintenance 249 Certificate issued within three (3) Business Banking Days prior to delivery confirming that the 250 Vessel is in Class free of condition/recommendation; 251 (vi) Certificate of Deletion of the Vessel from the
Vessel’s registry or other official evidence of 252 deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that 253 the registry does not as a matter of practice issue such documentation immediately, a 254
written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith 255 and provide a certificate or other official evidence of deletion to the Buyers promptly and 256 latest within four (4) weeks after the Purchase
Price has been paid and the Vessel has 257 been delivered; 258 (vii) A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the 259 Vessel ceased to be registered with the Vessel’s registry, or, in the event that
the registry 260 does not as a matter of practice issue such certificate immediately, a written undertaking 261 from the Sellers to provide the copy of this certificate promptly upon it being issued 262 together with evidence of submission by the
Sellers of a duly executed Form 2 stating 263 the date on which the Vessel shall cease to be registered with the Vessel’s registry; 264 (viiivii) Commercial Invoice for the Vessel; 265 (ix) Commercial Invoice(s) for bunkers, lubricating and
hydraulic oils and greases; 266 (x) A copy of the Sellers’ letter to their satellite communication provider cancelling the 267 Vessel’s communications contract which is to be sent immediately after delivery of the 268 Vessel; 269 (xiviii)
Any additional documents as may reasonably be required by the competent authorities 270 of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, each in a form 271 acceptable to the Buyers’ Nominated Flag State, duly
notarially attested and legalised or apostilled (if required) provided the Buyers notify the Sellers of any such documents as soon as possible after the date of 272 this Agreement; and 273 (xiiix) The Sellers’ letter of confirmation that to the
best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275 (x) The items set out in Clause 20. The items set out in this Clause 8(a) (together the “Conditions Precedent”) are inserted for
the sole benefit of the Buyers and may be waived in whole or in part with or without conditions by the Buyers. (b) At the time of delivery the Buyers shall provide the Sellers with: 276 (i) Evidence that all necessary corporate, shareholder and
other action has been taken by 277 the Buyers to authorise the execution, delivery and performance of this Agreement; and 278 (ii) Power of Attorney of the Buyers (if any) appointing one or more representatives to act on 279 behalf of the Buyers in
the performance of this Agreement, duly notarially attested and legalised 280 or apostilled (as appropriate). 281 (c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English
282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated language. 284 (d) The Parties shall to the extent possible exchange
copies, drafts or samples of the 285 documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the 286 other party not later than
ten (10) days (or such later date as the Buyers may agree) prior to the 287 Vessel’s intended date of readiness for delivery as notified by the Sellers to the Buyers five (5) days prior to the delivery in accordance with Clause 5(b)
of this Agreement. (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289 (e) On delivery,
Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) 290 above, This document is a computer generated SALEFORM 2012 form printed by
authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is
not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved
document and this computer generated document. 6 

 

 
 the Sellers shall also hand to the Buyers copies of the classification certificate(s) as well as all plans, 291 drawings and
manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless 293 the Sellers are required to retain same, in which case the Buyers have the
right to take copies. 294 (f) Other technical documentation which may be in the Sellers’ possession shall promptly after 295 delivery be forwarded to the Buyers at their Sellers’ expense, if they so request. The Sellers may keep 296 the
Vessel’s log books but the Buyers have the right to take copies of same. 297 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance (“the 298 Protocol of Delivery and Acceptance”) confirming the
date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the 301 Bareboat Charter and any current subcharter
permitted by the terms of the Leasing Documents), encumbrances, mortgages and maritime liens (whether maritime or otherwise) or any other debts 302 whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby
undertake to indemnify the 303 Buyers against all consequences of claims made against the Vessel which have been incurred 304 prior to the time of delivery. 305 10. Taxes, fees and expenses 306 Any taxes, fees and expenses in connection with the
purchase of the Vessel and registration in the 307 Buyers’ Nominated Flag State shall be for the Buyers’ account, whereas similar charges and in connection 308 with the closing of the Sellers’ register shall be for the Sellers’
account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is 311 delivered to the Buyers, but subject pursuant to the terms and conditions of this Agreement she
shall 312 be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. 313 However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without overdue
condition/recommendation*, free of average damage affecting the Vessel’s 315 class, and with her classification certificates and national certificates, as well as all other 316 certificates the Vessel had at the time of inspectiondelivery,
valid and unextended without 317 condition/recommendation* by the Classification Society or the relevant authorities at the time 318 of delivery. 319 “inspection” in this Clause 11, shall mean the Buyers’ inspection according to
Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322 *Notes and memoranda, if any, in the surveyor’s report which are accepted by
the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings – intentionally omitted 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326
markings. 327 13. Buyers’ default 328 Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the 329 right to cancel this Agreement, and they shall be entitled to claim compensation for their losses 330 and for
all expenses incurred together with interest. 331 Should the Purchase Price not be paid in accordance with Clause 3 (Payment)this Agreement, the 332 Sellers have the right to cancel this Agreement, in which case it shall terminate whereupon all the
Buyers’ 333 liabilities hereunder shall be extinguished. the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further
compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers’ default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete
a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for
delivery and is not 341 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 7 

 

 
 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to
cancel. In the event that the Buyers elect to cancel this 343 Agreement, the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345 Without prejudice to any of the rights the Buyers may have under the Leasing
Documents, at law 346 or otherwise, Sshould the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their direct
and documented loss and for all documented expenses together with 348 interest accrued in accordance with the terms of the Leasing Documentsif their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. 349 15.
Buyers’ representatives – intentionally omitted 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole
risk and 352 expense. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the
Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration See Clause 25 358 (a) *This Agreement shall be governed by and construed in
accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association
(LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such
appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other
party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen
(14) days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The
award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375 In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted
in accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the 379 United States Code and the
substantive law (not including the choice of law rules) of the State 380 of New York and any dispute arising out of or in connection with this Agreement shall be 381 referred to three (3) persons at New York, one to be appointed by each of the
parties hereto, 382 and the third by the two so chosen; their decision or that of any two of them shall be final, and 383 for the purposes of enforcing any award, judgment may be entered on an award by any court of 384 competent jurisdiction. The
proceedings shall be conducted in accordance with the rules of the 385 Society of Maritime Arbitrators, Inc. 386 In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the 387 arbitration shall be conducted in
accordance with the Shortened Arbitration Procedure of the 388 Society of Maritime Arbitrators, Inc. 389 (c) This Agreement shall be governed by and construed in accordance with the laws of 390 (state place) and any dispute arising out of or in
connection with this Agreement shall be 391 referred to arbitration at (state place), subject to the procedures applicable there. 392 *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions,
alternative 16(a) shall apply. 394 17. Notices See Clause 27 395 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 8 

 

 
 Contact details for recipients-of notices are as follows: 397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400
The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether
oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or
405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statute or law are hereby excluded to 407 the extent that such exclusion can legally be
made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 For and on behalf of the Sellers For and on behalf of the Buyers Name: Name: Title: Title: This document is a computer generated SALEFORM 2012 form printed by
authonty of the Norwegian Shipbrakers’ Association. Any insertion or deletion 1o the form must be clearty visible In the event of any modification made to tho pre-printed text of this document which is not clearty visible, the text of the
original approved document shall apply. BIMCO and the Norwegian Shipbrokers Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document

 

 
 All notices to be provided under this Agreement shall be in writing. 396 Contact details for recipients of notices are as follows:
397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the sale and
purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no
right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statute or law
are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 For and on behalf of the Sellers For and on behalf of the Buyers Name: Name: Title: Title:
ATTORNEY IN FACT This documant is a computer generated SALE FORM 2012 form printed by authority of the Norwegian Shipbrokers Association, Any Insertion or deletion So the form must be clearty visible. In the event of Any modification mode to the
pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers Association assume no responsibility for any loss, damage or expense as a result of
discrepancies between the original approvad document and this computer generated document, g 

 Execution Version 

RIDER CLAUSES TO 
 MEMORANDUM OF AGREEMENT

 DATED 25 MAY 2018 
 Clause 19
– Payment of Purchase Price 
  

	 (a)
	 The Purchase Price of the Vessel shall be the lowest of: 

 

	 	 (i)
	 $6,500,000; and 

  

	 	 (ii)
	 the Market Value. 

Subject always to Clause 21 and the Conditions Precedent having been satisfied, the Purchase Price of the Vessel shall be paid by the
Buyers to the Sellers on delivery of the Vessel on the Delivery Date free of bank charges into the Sellers’ Account. 
  

	 (b)
	 The Buyers shall, one (1) Business Day prior to the scheduled delivery date, such scheduled delivery date being
the date of delivery of the Vessel set out in the notice to be sent to the Buyers from the Sellers five (5) days before delivery in accordance with Clause 5(b) (the “Preposition Date”) and provided that all
amounts due to the Buyers as owners under Clause 41.1 of the Bareboat Charter have been received in full in available funds by the Buyers as owners under the Bareboat Charter, deposit with the Sellers’ Account the Relevant Amount on an
unallocated basis in a suspense account with a SWIFT MT103 and a SWIFT MT199 irrevocable conditional release instruction in a form to be agreed (the “SWIFT Payment Instructions”). The amount so deposited
shall be transferable and payable to the Sellers or their designated nominee at the Sellers’ Account upon the fulfilment of the conditions set out in the SWIFT Payment Instructions, which shall include the presentation by the Sellers to the
Sellers’ Bank of a copy of the duly executed, timed and dated Protocol of Delivery and Acceptance of the Vessel. 

  

	 (c)
	 Interest at the rate of the Overnight USD LIBOR plus 350 basis points (the “Remittance
Interest”) shall: 

  

	 	 (i)
	 in the event that the Vessel is delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date until
the Delivery Date (both dates inclusive); and 

  

	 	 (ii)
	 in the event that the Vessel is not delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date
until the Relevant Amount is returned by the Sellers’ Bank to the Buyers in accordance with the SWIFT Payment Instructions (both dates inclusive). 

The Sellers shall pay to the Buyers the applicable amount of Remittance Interest as notified by the Buyers to the Sellers within three
(3) Business Days of the Buyers’ demand. 
 Clause 20 – Further conditions precedent 

The items referred to in Clause 8(a)(x) are: 
  

	 (a)
	 the certificate of incorporation, articles of incorporation and by-laws or
other constitutional documents of the Sellers along with an up-to-date certificate of goodstanding; 

  
 1 

SINGAPORE/89326221v1 

	 (b)
	 such other documents as the Buyers may reasonably notify the Sellers as being necessary in relation to the Vessel
and/or its status (including without limitation, such confirmation of no liens and/or indemnity thereto which the Buyers may require the Sellers to provide or procure in respect of the Vessel); 

 

	 (c)
	 a certificate of an authorized signatory of the Sellers certifying that each copy document provided by Sellers to
Buyers pursuant to this Agreement is correct, complete and in full force and effect as at a date no earlier than the Delivery Date; and 

  

	 (d)
	 the Buyers being satisfied that the conditions precedent set out in the Bareboat Charter, have been, or will be
capable of being, satisfied on the Delivery Date. 

 Clause 21 – Obligation to sell / purchase the Vessel 

The Parties’ obligation to sell / purchase the Vessel under this Agreement is conditional upon the simultaneous delivery to and acceptance by the
Sellers as bareboat charterers of the Vessel under the Bareboat Charter and that no Potential Termination Event or Termination Event has occurred or will occur as a result of the performance by the Parties of their obligations under this Agreement.

 Clause 22 – Physical Presence 
 If
the Buyers’ Nominated Flag State requires the Buyers to have a physical presence or office in the Buyers’ Nominated Flag State, all fees, costs and expenses arising out of or in connection with the establishment and maintenance of such
physical presence or office by the Buyers shall be borne by the Sellers.  
 Clause 23 – Costs and Expense 

 

	 (a)
	 The Sellers shall pay such amounts to the Buyers in respect of all costs, claims, expenses, liabilities, losses and
fees (including but not limited to any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this Agreement or in connection with the delivery, registration and purchase of the Vessel by the
Buyers whether prior to, during or after termination of this Agreement and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise. 

 

	 (b)
	 Notwithstanding anything to the contrary under the Leasing Documents and without prejudice to any right to damages or
other claim which the Buyers may have at any time against the Sellers under this Agreement, the indemnities provided by the Sellers in favour of the Buyers shall continue in full force and effect notwithstanding any breach of the terms of this
Agreement or such Leasing Document or termination or cancellation of this Agreement or such Leasing Document pursuant to the terms hereof or thereof or termination of this Agreement or such Leasing Document by the Buyers. 

Clause 24 – Sanctions 
 The Sellers
represent and warrant to the Buyers as of the date hereof and at the Delivery Date that: 
  

	 (a)
	 they: 

  

	 	 (i)
	 are not a Restricted Person; 

 

	 	 (ii)
	 are not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Restricted
Person; 

  

	 	 (iii)
	 do not own or control a Restricted Person; or 

  
 2 

SINGAPORE/89326221v1 

	 	 (iv)
	 do not have a Restricted Person serving as a director, officer or employee; and 

 

	 (b)
	 no proceeds of the Purchase Price shall be made available, directly or indirectly, to or for the benefit of a
Restricted Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

Clause 25 – Governing Law and Jurisdiction 

This Agreement and any non-contractual obligations arising under or in connection with it, shall be governed by
and construed in accordance with English law. 
 Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”)) shall be referred to and finally
resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause
25. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (“LMAA”) Terms current at the time when the arbitration proceedings are commenced. 

The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such
appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been
appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated
above. 
 The language of the arbitration shall be English. 

Clause 26 - Counterparts 
 This 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 Agreement. 

Clause 27 - Notices 
 All notices to be
provided under this Agreement shall be in writing. 
 Contact details for recipients of notices are as follows: 

For the Sellers:  
 c/o Navios
ShipManagement Inc.  
 85 Akti Miaouli 

Piraeus 185 38 
 Greece 

Attention: Vassiliki Papaefthymiou 
 Email:
vpapaefthymiou@navios.com 
 Tel: +30 210 41 72 050 

Fax: +30 210 41 72 070 
  

  
 3 

SINGAPORE/89326221v1 

 For the Buyers: 

Room 2310, 23/F, C C Wu Building, 
 302-308 Hennessy Road, Wanchai, Hong Kong 
 Attention: Rita Wang 

Email: wangyuping@msfl.com.cn 
 Tel: +86 010 68490066
- 9983 
 Fax: +86 010 68490066 - 9864 
 Clause
28 – Definitions 
 Unless otherwise specified herein, capitalised terms in this Agreement shall have the same meaning as in the Bareboat
Charter. Furthermore, in this Agreement: 
 “Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers
A/S, Fearnleys, Howe Robinson, Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Bareboat Charter” means the bareboat charter in respect of the Vessel dated on or about the date hereof and made between
the Buyers as owners and the Sellers as bareboat charterers. 
 “Business Day” means a day on which banks are open for
business in the principal business centres of Amsterdam, Hong Kong, Beijing and Athens and (a) in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day
on which commercial banks are open in New York City; and (b) in respect of a day on which Overnight USD LIBOR is to be determined under this Agreement, also a day on which commercial banks are open in London. 

“Delivery Date” means the date (being a Business Day) on which the Vessel is delivered to the Buyers pursuant to the
terms of this Agreement and thereafter immediately delivered to the Sellers as bareboat charterers pursuant to the terms of the Bareboat Charter. 

“Market Value” means, in relation to the Vessel, the valuation prepared by an Approved Valuer selected by the
Sellers: 
  

	 (a)
	 on a date no earlier than three (3) months prior to the Delivery Date;  

 

	 (b)
	 without physical inspection of the Vessel; and 

 

	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
seller and a willing buyer, free of any existing charter or other contract of employment. 

 “Overnight USD
LIBOR” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars based on a one day maturity rate on the relevant
date displayed on page LIBOR 01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters, and if such page or service ceases to be available the Buyers may specify another page or service displaying the relevant rate on such day, or if such day is not a Business Day, the Business Day immediately preceding such day (if
the rate as determined above is less than zero, the Overnight USD LIBOR shall be deemed to be zero). 
 “Purchase Price” means
the purchase price of the Vessel payable by the Buyers to the Sellers pursuant to Clause 19 above. 
  

  
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SINGAPORE/89326221v1 

 “Relevant Amount” means an amount equivalent to the Purchase Price. 

“Sellers’ Account” means the account in the name of the Seller with ABN AMRO Bank N.V. in USD with the account
number NL50ABNA0248310542. 
  

  
 5 

SINGAPORE/89326221v1 

 

 
 EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) OCEAN DAZZLE SHIPPING LIMITED ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED ) by ) for and on behalf of
) Evian Shiptrade Ltd ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 

 

 
 EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) OCEAN DAZZLE SHIPPING LIMITED ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED by EFSTRAMCS CAMATSES ) for
and on behalf of ) Evian Shiptrade Ltd ) as in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 

 

 
 1. Shipbroker N/A BIMCO STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001” PART I 2. Place and date 2001 2018 1974
Revised in . 1989 3. Owners/Place of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1) Ocean Dazzle Shipping Limited / Room 2310, 23/F C C Wu Anthimar Marine Inc. / Trust Company Complex, Ajeltake Road, Copenhagen Building, 302-308,
Hennessy Road, Wanchai, Hong Kong Ajeltake Island, Majuro, MH96960, Marshall Islands amalgamated (BIMCO), and Council 5. Vessel’s name, call sign and flag (Cl. 1 and 3) Revised “ . Navios Amarillo / V7LE9 / Marshall Islands or any other
Flag State ‘B’ Maritime “Barecon 6. Type of Vessel 7. GT/NT and Container 39,906 / 24,504 “ International by ‘A’ and issued Baltic 8. When/Where built 9. Total DWT (abt.) in metric tons on summer freeboard “Barecon
2007 / Dalian Shipyard Co., Ltd. 50,629 The as First 10. Classification Society (Cl. 3) 11. Date of last special survey by the Vessel’s classification society DNV GL or any other Classification Society 06/09/2017 idea 12. Further particulars of
Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) BIMCO’s IMO No.: 9324849 by Length: 246.80 metres Printed Breadth: 32.26 metres Depth: 16.06 metres 13. Port or Place of delivery (Cl. 3)
14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34 See Clause 33 16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading and class
certificates 2001 At a safe, ice free port or place in such ready safe berth as the upon redelivery (Cl. 15) Owners may direct See Clause 40 November Issued 18. Running days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking
(Cl. 10(g)) . N/A In accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Copenhagen Worldwide within Institute Warranty Limits, please also see Clauses 46.1(n), 46.1(o) and 46.1(q) (BIMCO), Council 21.
Charter period (Cl. 2) 22. Charter hire (Cl. 11) Maritime See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii)) N/A by International and 24. Rate of
interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency and method of payment (Cl. 11) published Baltic PART IV Dollars/bank transfer Copyright, See Clause 36.10 - neither Clause 11(f) nor Part IV applies The This document is a
computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text
of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26. Place of payment; also state beneficiary and bank account (Cl. 11)
27. Bank Corporate guarantee/tend (sum and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code: MSBCHKHH
28, Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) 29. Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) applies stale date of Financial Instrument and name of or, if applicable, acc. to Cl. 14(k)) (also
state if Cl. 14 applies) Mortgagee(s)/Place of business) (CI. 12) See Clause 35 See Clause 38 - CLAUSE 14 DOES NOT APPLY 30. Additional insurance cover, if any, for Owners’ account limited to 31. Additional insurance cover, if any, for
Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Cl. 3) 33. Brokerage commission
and to whom payable (Cl. 27) N/A N/A 34. Grace period (state number of clear banking daysBusiness Days) (Cl. 28) 35. DISPute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30) See Clause 44 See
Clause 30(a) War cancellation (indicate countries agreed) (Cl. 26(f)) N/A Newbuilding Vessel (indicate with “yes’’ or “no” whether PART III 38. Name and place of Builders (only to be filled in if PART III applies) applies)
(optional) No, Part III does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) 40. Date of Building Contract (only to be filled in if PART III applies) N/A N/A Liquidated damages and costs shall accrue to
(state party acc. to Cl. 1) N/A N/A N/A Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional)
applies) (optional) No, Part IV does not apply No, Part V does not apply 44.Flag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be filled in if PART V applies) in if PART V applies)
N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I
and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only
apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II
shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) Signature (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: Name: This document
is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. “

 

 
 BARECON 2001” STANDARD BAREBOAT CHARTER PART I 26. Place of payment; also state beneficiary and bank account (Cl. 11) 27 Bank
Corporate guarantee/bond (sum and place) (Cl. 24) (optional) Beneficiary: Minsheng Blueocean Leasing Corporation Limited See Clause 24 Account No.: 800020278-214 Beneficiary bank: China Minsheng Banking Hong Kong Branch SWIFT Code: MSBCHKHH 28
Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) 29 Insurance (hull and machinery and war risks) (state value acc to Cl. 13(f) applies state date of Financial Instrument and name of or, if applicable, acc to Cl. 14(k)) (also state
if Cl. 14 applies) Mortgagee(s)/Place of business) (CM2) See Clause 35 See Clause 38 - CLAUSE 14 DOES NOT APPLY 30 Additional insurance cover, if any, for Owners’ account limited to 31 Additional insurance cover, if any, for Charterers’
account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Cl. 3) 33. Brokerage commission and to whom
payable (Cl. 27) N/A N/A 34 Grace period (state number of clear banking daysBusiness Days) (Cl 28) 35 Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30) See Clause 44 See Clause 30(a) 36 War
cancellation (indicate countries agreed) (Cl, 26(f)) N/A Newbuilding Vessel (indicate with “yes” or “no” whether PART III 3B Name and place of Builders (only to be filled in if PART III applies) applies) (optional) No, Part III
does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) 40. Date of Building Contract (only to be filled in if PART III applies) N/A N/A Liquidated damages and costs shall accrue to (state party acc to Cl. 1)
N/A N/A N/A . Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) applies) (optional) No, Part IV
does not apply No, Part V does not apply 44 Flag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be filled in if PART V applies) in if PART V applies) N/A N/A 46 Number of additional
clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II. In the event of
a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of
this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of
PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) Signature (Charterers) For and on behalf of the Owners For and on behalf of the Charterers Name: Efstratios Title: Title: This document is a
computer generated BARECON 2001 form printed by authority of BIMCO, Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text
of the original BIMCO approved document shall apply BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” STANDARD BAREBOAT CHARTER PARTi

This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 day on which the Vessel should be
ready, give notice 72 In this Charter, the following terms shall have the 2 thereof to the Charterers asking whether they will 73 meanings hereby assigned to them: 3 exercise their option of cancelling, and the option must 74 “The Owners”
shall mean the party identified in Box 3; 4 then be declared within one hundred and sixty-eight 75 “The Charterers” shall mean the party identified in Box 4; 5 (168) running hours of the receipt by the Charterers of 76 “The
Vessel” shall mean the vessel named in Box 5 and 6 such notice or within thirty-six (36) running hours after 77 with particulars as stated in Boxes 6 to 12. 7 the cancelling date, whichever is the earlier. If the 78 “Financial
Instrument” means the mortgage, deed of 8 Charterers do not then exercise their option of cancelling, 79 covenant or other such financial security instrument as 9 the seventh day after the readiness date stated in the 80 annexed to this Charter
and stated in Box 28. 10 Owners’ notice shall be substituted for the cancelling 81 2. Charter Period 11 date indicated in Box 15 for the purpose of this Clause 5. 82 In consideration of the hire detailed in Box 22, 12 (c) Cancellation under
this Clause 5 shall be without 83 the Owners have agreed to let and the Charterers have 13 prejudice to any claim the Charterers may otherwise 84 agreed to hire the Vessel for the period stated in Box 21 14 have on the Owners under this Charter. 85
(“The Charter Period”). See also Clause 32 and Clause 15 6. Trading Restrictions See also Clauses 46.1(n) and 86 36. 46.1(o) and 46.1(q) 3. Delivery 16 The Vessel shall be employed in lawful trades for the 87 (not applicable when Part III
applies, as indicated in Box 37) 17 carriage of suitable lawful merchandise within the trading 88 (a) The Owners shall before and at the time of delivery 18 limits indicated in Box 20. 89 exercise due diligence to make the Vessel seaworthy 19 The
Charterers undertake not to employ the Vessel or 90 And in every respect ready in hull, machinery and 20 suffer the Vessel to be employed otherwise than in 91 equipment for service under this Charter. 21 conformity with the terms of the contracts of
insurance 92 The Vessel shall be delivered by the Owners and taken 22 (including any warranties expressed or implied therein) 93 over by the Charterers at the port or place indicated in 23 without first obtaining the consent of the insurers to such
94 Box 13 in such ready safe berth as the Charterers may 24 employment and complying with such requirements as 95 direct. 25 to extra premium or otherwise as the insurers may 96 (b) The Vessel shall beis properly documented on 26 prescribe. 97
delivery in accordance with the laws of the fFlag State 27 The Charterers also undertake not to employ the Vessel 98 indicated in Box 5 and the requirements of the 28 or suffer her employment in any trade or business which 99 cClassification
sSociety stated in Box 10. The Vessel 29 is forbidden by the law of any country to which the Vessel 100 upon may sail or is otherwise illicit or in carrying illicit or 101 delivery shall have her survey cycles up to date and 30 prohibited goods or
in any manner whatsoever which 102 trading and class certificates valid for at least the number 31 may render her liable to condemnation, destruction, 103 of months agreed in Box 12. 32 seizure or confiscation. 104 (c) The delivery of the Vessel by
the Owners and the 33 Notwithstanding any other provisions contained in this 105 taking over of the Vessel by the Charterers shall 34 Charter it is agreed that nuclear fuels or radioactive 106 constitute a full performance by the Owners of all the
35 products or waste are specifically excluded from the 107 Owners’ obligations under this Clause 3, and thereafter 36 cargo permitted to be loaded or carried under this 108 the Charterers shall not be entitled to make or assert 37 Charter.
This exclusion does not apply to radio-isotopes 109 any claim against the Owners on account of any 38 used or intended to be used for any industrial, 110 conditions, representations or warranties expressed or 39 commercial, agricultural, medical or
scientific purposes 111 implied with respect to the Vessel but the Owners shall 40 provided the Owners’ prior approval has been obtained 112 be liable for the cost of but not the time for repairs or 41 to loading thereof. 113 renewals
occasioned by latent defects in the Vessel, 42 7. Surveys on Delivery and Redelivery 114 her machinery or appurtenances, existing at the time of 43 (not applicable when Part III applies, as indicated in Box 37) 115 delivery under this Charter,
provided such defects have 44 The Owners and Charterers shall each appoint 116 manifested themselves within twelve (12) months after 45 surveyors for the purpose of determining and agreeing 117 delivery unless otherwise provided in Box 32. 46 in
writing the condition of the Vessel at the time of 118 4. Time for Delivery See Clauses 32 and 34 47 delivery and redelivery pursuant to Clause 40.3 (with 119 (not applicable when Part III applies, as indicated in Box 37) 48 the relevant costs paid
by the Charterers).hereunder. The Vessel shall not be delivered before the date 49 The Owners shall indicated in Box 14 without the Charterers’ consent and 50 bear all expenses of the On-hire Survey including loss 120 the Owners shall exercise
due diligence to deliver the 51 of time, if any, and the Charterers shall bear all expenses 121 Vessel not later than the date indicated in Box 15. 52 of the Off-hire Survey including loss of time, if any, at 122 Unless otherwise agreed in Box 18,
the Owners shall 53 the daily equivalent to the rate of hire or pro rata thereof. 123 give the Charterers not less than thirty (30) running days’ 54 8. Inspection 124 preliminary and not less than fourteen (14) running days’ 55 The Owners
shall have the right at any time either (i) 125 definite notice of the date on which the Vessel is 56 once every calendar year provided no Potential expected to be ready for delivery. 57 Termination Event or Termination Event has occurred The Owners
shall keep the Charterers closely advised 58 (after giving reasonable notice to the Charterers and of possible changes in the Vessel’s position. 59 provided that the Owners do not unduly interfere with 5. Cancelling See Clause 33 60 or cause
delay to the commercial operation of the (not applicable when Part III applies, as indicated in Box 37) 61 Vessel) or (ii) at any time following the occurrence of (a) Should the Vessel not be delivered latest by the 62 a Potential Termination Event
or Termination Event cancelling date indicated in Box 15, the Charterers shall 63 and for as long as it is continuing (after giving have the option of cancelling this Charter by giving the 64 reasonable notice to the Charterers), to inspect or
survey 126 Owners notice of cancellation within thirty-six (36) 65 the Vessel or instruct a duly authorised surveyor to carry 127 running hours after the cancelling date stated in Box 66 out such survey on their behalf:- 128 15, failing which this
Charter shall remain in full force 67 (a) to ascertain the condition of the Vessel and satisfy 129 and effect. 68 themselves that the Vessel is being properly repaired 130 (b) If it appears that the Vessel will be delayed beyond 69 and maintained.
The costs and fees for such inspection 131 the cancelling date, the Owners may, as soon as they 70 or survey shall be paid by the Charterers, subject to the 132 are in a position to state with reasonable certainty the 71 above conditions as may be
applicable from lines 125 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this
document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and
this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel of agreement, be referred to the
dispute resolution 199 is found to require repairs or maintenance in order to 133 method agreed in Clause 30., the Charterers shall 200 achieve the condition so provided; 134 ensure that the same are complied with and the (b) in dry-dock if the
Charterers have not dry-docked 135 time and costs of compliance shall be for the Her in accordance with Clause 10(g). The costs and fees 136 Charterers’ account. for such inspection or survey shall be paid by the 137 (iii) Financial Security -
The Charterers shall maintain 201 Charterers, subject to the above conditions as may be 138 financial security or responsibility in respect of third 202 applicable from lines 125 to 128; and party liabilities as required by any government, 203 (c)
for any other commercial reason they consider 139 including federal, state or municipal or other division 204 necessary (provided it does not unduly interfere with 140 or authority thereof, to enable the Vessel, without 205 the commercial operation
of the Vessel). The costs and 141 penalty or charge, lawfully to enter, remain at, or 206 fees for such inspection and survey shall be paid by the 142 leave any port, place, territorial or contiguous 207 OwnersCharterers, subject to the above
conditions as 143 waters of any country, state or municipality in 208 may be applicable from lines 125 to 128. performance of this Charter without any delay. This 209 All time used in respect of inspection, survey or repairs 144 obligation shall
apply whether or not such 210 shall be for the Charterers’ account and form part of the 145 requirements have been lawfully imposed by such 211 Charter Period. 146 government or division or authority thereof. 212 The Charterers shall also
permit the Owners to inspect 147 The Charterers shall make and maintain all arrange- 213 the Vessel’s log books whenever requested and shall 148 ments by bond or otherwise as may be necessary to 214 whenever required by the Owners furnish them
with full 149 satisfy such requirements at the Charterers’ sole 215 information regarding any casualties or other accidents 150 expense and the Charterers shall indemnify the Owners 216 or damage to the Vessel. 151 against all consequences
whatsoever (including loss of 217 The Charterers shall provide such necessary time) for any failure or inability to do so. 218 assistance to the Owners, their representatives or (b) Operation of the Vessel - The Charterers shall at 219 agents in
respect of any inspection hereunder. their own expense and by their own procurement man, 220 victual, navigate, operate, supply, fuel and, whenever 221 9. Inventories, Oil and Stores See Clause 34.7 152 required, repair the Vessel during the Charter
Period 222 A complete inventory of the Vessel’s entire equipment, 153 and they shall pay all charges and expenses of every 223 outfit including spare parts, appliances and of all 154 kind and nature whatsoever incidental to their use and 224
consumable stores on board the Vessel shall be made 155 operation of the Vessel under this Charter, including 225 by the Charterers in conjunction with the Owners on 156 annual flag Flag State fees and any foreign general 226 delivery and again on
redelivery of the Vessel. The 157 municipality and/or state taxes. The Master, officers 227 Charterers and the Owners, respectively, shall at the 158 and crew of the Vessel shall be the servants of the Charterers 228 time of delivery and redelivery
take over and pay for all 159 for all purposes whatsoever, even if for any reason 229 bunkers, lubricating oil, unbroached provisions, paints, 160 appointed by the Owners. 230 ropes and other consumable stores (excluding spare 161 Charterers shall
comply with the regulations regarding 231 parts) in the said Vessel at the then current market prices 162 officers and crew in force in the country of the Vessel’s 232 at the ports of delivery and redelivery, respectively. The 163 flag or any
other applicable law. 233 Charterers shall ensure that all spare parts listed in the 164 (c) The Charterers shall keep the Owners and the 234 inventory and used during the Charter Period are 165 mMortgagee(s) advised of the intended employment 235
replaced at their expense prior to redelivery of the 166 (other than in respect of time charterers which are Vessel. 167 less than 13 months in duration (after including any 10. Maintenance and Operation 168 optional extension periods)),
(a)(i)Maintenance and Repairs - During the Charter 169 planned dry-docking (other than the periodical dry- 236 Period the Vessel shall be in the full possession 170 docking referred to under paragraph (g) below) and and at the absolute disposal for
all purposes of the 171 major repairs of the Vessel, Charterers and under their complete control in 172 as reasonably required. 237 every respect. The Charterers shall maintain the 173 (d) Flag and Name of Vessel – During the Charter 238
Vessel, her machinery, boilers, appurtenances and 174 Period, the Charterers shall have the liberty to paint the 239 spare parts in a good state of repair, in efficient 175 Vessel in their own colours, install and display their 240 operating
condition and in accordance with good 176 funnel insignia and fly their own house flag (with all fees, 241 commercial maintenance practice and, except as 177 costs and expenses arising in relation thereto for the provided for in Clause 14(l), if
applicable, at their 178 Charterers account). The own expense they shall at all times keep the 179 Charterers shall also have the liberty, with the Owners’ 242 Vessel’s Class classification fully up to date with 180 consent, which shall
not be unreasonably withheld, to 243 the Classification change the flag of the Vessel to that of another Flag 244 Society indicated in Box 10 and maintain all other 181 State (with all fees, costs and expenses arising in necessary certificates in
force at all times. 182 relation thereto for the Charterers’ account) and/or (ii) New Class and Other Safety Requirements - In the 183 with the Owners’ consent, the name of the Vessel (with event of any improvement, structural changes or
184 all fees, costs and expenses arising in relation new equipment becoming necessary for the 185 thereto for the Charterers’ account) during continued operation of the Vessel by reason of new 186 the Charter Period. Any Ppainting and
re-painting, 245 class requirements or by compulsory legislation 187 instalment costing (excluding the Charterers’ loss of time) 188 and re-instalment, registration (including maintenance 246 more than the percentage stated in Box 23, or if 189
and renewal thereof) and re-registration, if Box 23 is left blank, 5 per cent. of the Vessel’s 190 required by the Owners, shall be at the Charterers’ 247 insurance value as stated in Box 29, then the 191 expense and time. If the Flag
State requires the 248 extent, if any, to which the rate of hire shall be varied 192 Owners to establish a physical presence or office in and the ratio in which the cost of compliance shall 193 the jurisdiction of such Flag State, all fees, costs
and be shared between the parties concerned in order 194 expenses payable by the Owners to establish and to achieve a reasonable distribution thereof as 195 maintain such physical presence or office shall be for between the Owners and the Charterers
having 196 the account of the Charterers. regard, inter alia, to the length of the period 197 (e) Changes to the Vessel – Subject to Clause 10(a)(ii) and 249 remaining under this Charter shall, in the absence 198 Clause 10(b), the Charterers
shall make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original
BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter Vessel which materially adversely affect the Vessel’s 251 as lost
or missing shall be ten (10) days after the Vessel 312 classification or value or changes in the machinery, was last reported or when the Vessel is posted as 313 boilers, appurten- missing by Lloyd’s, whichever occurs first. Any hire paid 314
ances or spare parts thereof without in each instance 252 in advance to be adjusted accordingly. 315 first securing the Owners’ approval thereof. If the Owners 253 (f) Any delay in payment of hire shall entitle the 316 so agree, the Charterers
shall, if the Owners so require, 254 Owners to interest at the rate per annum as agreed 317 restore the Vessel to its former condition before the 255 in Box 24. If Box 24 has not been filled in, the three months 318 termination of this Charter. 256
Interbank offered rate in London (LIBOR or its successor) 319 (f) Use of the Vessel’s Outfit, Equipment and 257 for the currency stated in Box 25, as quoted by the British 320 Appliances - The Charterers shall have the use of all 258
Bankers’ Association (BBA) on the date when the hire 321 outfit, equipment, and appliances on board the Vessel 259 fell due, increased by 2 per cent., shall apply. 322 at the time of delivery, provided the same or their 260 (g) Payment of
interest due under sub-clause 11(f) 323 substantial equivalent shall be returned to the Owners 261 shall be made within seven (7) running days of the date 324 on redelivery (without prejudice to Clauses 40.6 and 262 of the Owners’ invoice
specifying the amount payable 325 40.7 and if redelivery is required pursuant to this or, in the absence of an invoice, at the time of the next 326 Charter) in the same good order and condition as hire payment date. 327 when received, ordinary wear
and tear excepted. The 263 12. Mortgage See Clause 35 328 Charterers shall from time to time during the Charter 264 (only to apply if Box 28 has been appropriately filled in) 329 Period replace such items of equipment as shall be so 265 *) (a) The
Owners warrant that they have not effected 330 damaged or worn as to be unfit for use. The Charterers 266 any mortgage(s) of the Vessel and that they shall not 331 are to procure that all repairs to or replacement of any 267 effect any mortgage(s)
without the prior consent of the 332 damaged, worn or lost parts or equipment be effected 268 Charterers, which shall not be unreasonably withheld. 333 in such manner (both as regards workmanship and 269 *) (b) The Vessel chartered under this
Charter is financed 334 quality of materials) as not to diminish the value of the 270 by a mortgage according to the Financial Instrument. 335 Vessel. Title of any equipment so replaced shall vest 271 The Charterers undertake to comply, and provide
such 336 in and remain with the Owners. The Charterers have information and documents to enable the Owners to 337 the right to fit additional comply, with all such instructions or directions in regard 338 equipment at their expense and risk
(provided that no 272 to the employment, insurances, operation, repairs and 339 permanent structural damage is caused to the Vessel maintenance of the Vessel as laid down in the Financial 340 by reason of such installation) andbut the Charterers
Instrument or as may be directed from time to time during 341 shall, at their expense, remove such equipment and 273 the currency of the Charter by the mortgagee(s) in 342 make good any damage caused by the fitting or conformity with the Financial
Instrument. The Charterers 343 removal of such additional equipment before the confirm that, for this purpose, they have acquainted 344 Vessel is redelivered to the Owners pursuant to themselves with all relevant terms, conditions and 345 Clause
40.3 and without prejudice to Clauses 40.6 provisions of the Financial Instrument and agree to 346 and 40.7,at the end of the period if acknowledge this in writing in any form that may be 347 requested by the Owners. Any equipment including radio
274 required by the mortgagee(s). The Owners warrant that 348 equipment on hire on the Vessel at time of delivery shall 275 they have not effected any mortgage(s) other than stated 349 be kept and maintained by the Charterers and the 276 in Box 28
and that they shall not agree to any 350 Charterers shall assume the obligations and liabilities 277 amendment of the mortgage(s) referred to in Box 28 or 351 of the Owners under any lease contracts in connection 278 effect any other mortgage(s)
without the prior consent 352 therewith and shall reimburse the Owners for all 279 of the Charterers, which shall not be unreasonably 353 expenses incurred in connection therewith, also for any 280 withheld. 354 new equipment required in order to
comply with radio 281 *) (Optional, Clauses 12(a) and 12(b) are alternatives; 355 regulations. 282 indicate alternative agreed in Box 28). 356 (g) Periodical Dry-Docking - The Charterers shall dry- 283 dock the Vessel and clean and paint her
underwater 284 13. Insurance and Repairs See also Clause 38 357 parts whenever the same may be necessary, but not 285 (a) Subject and without prejudice to Clause 38, 358 less than once during the period stated in Box 19 or, if 286 Dduring the
Charter Period the Vessel shall be kept Box 19 has been left blank, every sixty (60) calendar 287 insured by the Charterers at their expense against hull 359 months after delivery or such other period as may be 288 and machinery, marine and war
(including blocking 360 required by the Classification Society or flag State. 289 and trapping) and Protection and Indemnity risks (excluding freight, demurrage and defence risks) 11. Hire See Clause 36 290 (and any risks against which it is
compulsory to insure 361 (a) The Charterers shall pay hire due to the Owners 291 for the operation of the Vessel, including but not limited 362 punctually in accordance with the terms of this Charter 292 to maintaining in respect of which time shall
be of the essence. 293 financial security in accordance with sub-clause 363 (b) The Charterers shall pay to the Owners for the hire 294 10(a)(iii)) in such form as the Owners shall in writing 364 of the Vessel a lump sum in the amount indicated in
295 approve, which approval shall not be un-reasonably 365 Box 22 which shall be payable not later than every thirty 296 withheld. During the Charter Period, the Charterers 366 (30) running days in advance, the first lump sum being 297 shall procure
(at Charterers’ expense) that there are payable on the date and hour of the Vessel’s delivery to 298 in place innocent Owners’ interest insurance, the Charterers. Hire shall be paid continuously 299 Owner’s additional perils
(pollution) insurance and if throughout the Charter Period. 300 applicable Mortgagees’ interest insurance and (c) Payment of hire shall be made in cash without 301 Mortgagees’ additional perils (pollution) insurance. discount in the
currency and in the manner indicated in 302 Such insurances as specified in this Clause 13 shall be Box 25 and at the place mentioned in Box 26. 303 arranged by the (d) Final payment of hire, if for a period of less than 304 Charterers to protect
the interests of both the Owners 367 thirty (30) running days, shall be calculated proportionally 305 and the Charterers and the mortgageeMortgagee(s) (if 368 according to the number of days and hours remaining 306 any),. and before redelivery and
advance payment to be effected 307 The Charterers shall be at liberty to protect under such 369 accordingly. 308 insurances the interests of any managers they may 370 (e) Should the Vessel be lost or missing, hire shall 309 appoint. Insurance
policies shall cover the Owners and 371 cease from the date and time when she was lost or last 310 the Charterers and the Mortgagees (if any) according to 372 heard of. The date upon which the Vessel is to be treated 311 This document is a computer
generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter their respective interests. against the Charterers on account of loss
of or any 434 Subject to the provisions of the Financial Instruments (if 373 damage to the Vessel or her machinery or appurt- 435 any), if and the agreed loss payable clauses, enances covered by such insurance, or on account of 436 any, and the
approval of the Owners and the insurers, 374 payments made to discharge claims against or liabilities 437 the Charterers shall effect all insured repairs and shall 375 of the Vessel or the Owners covered by such insurance. 438 undertake settlement
and reimbursement from the 376 Insurance policies shall cover the Owners and the 439 insurers of all costs in connection with such repairs as 377 Charterers according to their respective interests. 440 well as insured charges, expenses and
liabilities to the 378 (b) During the Charter Period the Vessel shall be kept 441 extent of coverage under the insurances herein provided 379 insured by the Charterers at their expense against 442 for. 380 Protection and Indemnity risks (and any
risks against 443 The Charterers also to remain responsible for and to 381 which it is compulsory to insure for the operation of the 444 effect repairs and settlement of costs and expenses 382 Vessel, including maintaining financial security in 445
incurred thereby in respect of all other repairs not 383 accordance with sub-clause 10(a)(iii)) in such form as 446 covered by the insurances and/or not exceeding any 384 the Owners shall in writing approve which approval shall 447 possible
franchise(s) or deductibles provided for in the 385 not be unreasonably withheld. 448 insurances. 386 (c) In the event that any act or negligence of the 449 All time used for repairs under the provisions of sub- 387 Charterers shall vitiate any of
the insurance herein 450 clause 13(a) and for repairs of latent defects according 388 provided, the Charterers shall pay to the Owners all 451 to Clause 3(c) above, including any deviation, shall be 389 losses and indemnify the Owners against all
claims and 452 for the Charterers’ account. 390 demands which would otherwise have been covered by 453 (b) If the conditions of the above insurances permit 391 such insurance. 454 additional insurance to be placed by the parties, such 392 (d)
The Charterers shall, subject to the approval of the 455 cover shall be limited to the amount for each party set 393 Owners or Owners’ Underwriters, effect all insured 456 out in Box 30 and Box 31, respectively. The Owners or 394 repairs, and
the Charterers shall undertake settlement 457 the Charterers as the case may be shall immediately 395 of all miscellaneous expenses in connection with such 458 furnish the other partyOwners with particulars of any 396 repairs as well as all insured
charges, expenses and 459 additional liabilities, to the extent of coverage under the insurances 460 insurance effected, including copies of any cover notes 397 provided for under the provisions of sub-clause 14(a). 461 or policies and the written
consent of the insurers of 398 The Charterers to be secured reimbursement through 462 any such required insurance in any case where the 399 the Owners’ Underwriters for such expenditures upon 463 consent of such insurers is necessary. The
Charterers 400 presentation of accounts. 464 hereby undertake that any additional insurances that (e) The Charterers to remain responsible for and to 465 they arrange now or in the future will always be effect repairs and settlement of costs and
expenses 466 compliant with the terms of the underlying hull and incurred thereby in respect of all other repairs not 467 machinery policies. covered by the insurances and/or not exceeding any 468 (c) The Charterers shall upon the request of the 401
possible franchise(s) or deductibles provided for in the 469 Owners, provide information and promptly execute such 402 insurances. 470 documents as may be required to enable the Owners to 403 (f) All time used for repairs under the provisions of 471
comply with the insurance provisions of the each 404 sub-clauses 14(d) and 14(e) and for repairs of latent 472 Financial defects according to Clause 3 above, including any 473 Instrument (if any). 405 deviation, shall be for the Charterers’
account and shall 474 (d) Subject to the provisions of the Financial Instru- 406 form part of the Charter Period. 475 ments, if any, and Clause 38 and Clause 40, should the 407 The Owners shall not be responsible for any expenses 476 Vessel become
an actual, as are incident to the use and operation of the Vessel 477 constructive, compromised or agreed a tTotal lLoss under 408 for such time as may be required to make such repairs. 478 the insurances required under sub-clause 13(a), all 409 (g)
If the conditions of the above insurances permit 479 insurance payments for such loss shall be paid to the 410 additional insurance to be placed by the parties such 480 Owners (or if applicable, their financiers) in 411 cover shall be limited to the
amount for each party set 481 accordance with the agreed loss payable clauses who out in Box 30 and Box 31, respectively. The Owners or 482 shall distribute the moneys between the the Charterers as the case may be shall immediately 483 Owners and
the Charterers according to their respective 412 furnish the other party with particulars of any additional 484 interests. The Charterers undertake to notify the Owners 413 insurance effected, including copies of any cover notes 485 and the
mortgageeMortgagee(s), if any, of any 414 or policies and the written consent of the insurers of 486 occurrences in any such required insurance in any case where the 487 consequence of which the Vessel is likely to become a 415 consent of such
insurers is necessary. 488 Ttotal Lloss as defined in this Clause. 416 (h) Should the Vessel become an actual, constructive, 489 (e) The Owners shall upon the request of the 417 compromised or agreed total loss under the insurances 490 Charterers,
promptly execute such documents as may 418 required under sub-clause 14(a), all insurance payments 491 be required to enable the Charterers to abandon the 419 for such loss shall be paid to the Owners, who shall 492 Vessel to insurers and claim a
constructive total loss. 420 distribute the moneys between themselves and the 493 (f) For the purpose of insurance coverage against hull 421 Charterers according to their respective interests. 494 and machinery and war risks under the provisions of
422 (i) If the Vessel becomes an actual, constructive, 495 sub-clause 13(a), the value of the Vessel is the sum 423 compromised or agreed total loss under the insurances 496 indicated in Box 29Clause 38. 424 arranged by the Owners in accordance with
sub-clause 497 14. Insurance, Repairs and Classification – intentionally 425 14(a), this Charter shall terminate as of the date of such 498 omitted loss. 499 (Optional, only to apply if expressly agreed and stated 426 (j) The Charterers shall
upon the request of the 500 in Box 29, in which event Clause 13 shall be considered 427 Owners, promptly execute such documents as may be 501 deleted). 428 required to enable the Owners to abandon the Vessel 502 (a) During the Charter Period the
Vessel shall be kept 429 to the insurers and claim a constructive total loss. 503 insured by the Owners at their expense against hull and 430 (k) For the purpose of insurance coverage against hull 504 machinery and war risks under the form of policy
or 431 and machinery and war risks under the provisions of 505 policies attached hereto. The Owners and/or insurers 432 sub-clause 14(a), the value of the Vessel is the sum 506 shall not have any right of recovery or subrogation 433 indicated in Box
29. 507 (l) Notwithstanding anything contained in sub-clause 508 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the
original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter 10(a), it is agreed that under the provisions of Clause 509 reason of a
claim or claims against the Owners, the 578 14, if applicable, the Owners shall keep the Vessel’s 510 Owners shall at their own expense take all reasonable 579 Class fully up to date with the Classification Society 511 steps to secure that
within a reasonable time the Vessel 580 indicated in Box 10 and maintain all other necessary 512 is released, including the provision of bail. 581 certificates in force at all times. 513 In such circumstances the Owners shall indemnify the 582 15.
Redelivery See Clause 40 514 Charterers against any loss, damage or expense 583 At the expiration of the Charter Period the Vessel shall 515 incurred by the Charterers (including hire paid under 584 be redelivered by the Charterers to the Owners at
a 516 this Charter) as a direct consequence of such arrest or 585 safe and ice-free port or place as indicated in Box 16, in 517 detention. 586 such ready safe berth as the Owners may direct. The 518 18. Lien 587 Charterers shall give the Owners not
less than thirty 519 The Owners to have a lien upon all cargoes, sub-hires 588 (30) running days’ preliminary notice of expected date, 520 and sub-freights belonging or due to the Charterers or 589 range of ports of redelivery or port or place
of redelivery 521 any sub-charterers and any Bill of Lading freight for all 590 and not less than fourteen (14) running days’ definite 522 claims under this Charter, and the Charterers to have a 591 notice of expected date and port or place of
redelivery. 523 lien on the Vessel for all moneys paid in advance and 592 Any changes thereafter in the Vessel’s position shall be 524 not earned. 593 notified immediately to the Owners. 525 19. Salvage 594 The Charterers warrant that they will
not permit the 526 All salvage and towage performed by the Vessel shall 595 Vessel to commence a voyage (including any preceding 527 be for the Charterers’ benefit and the cost of repairing 596 ballast voyage) which cannot reasonably be
expected 528 damage occasioned thereby shall be borne by the 597 to be completed in time to allow redelivery of the Vessel 529 Charterers. 598 within the Charter Period. Notwithstanding the above, 530 should the Charterers fail to redeliver the
Vessel within 531 20. Wreck Removal 599 The Charter Period, the Charterers shall pay the daily 532 In the event of the Vessel becoming a wreck or 600 equivalent to the rate of hire stated in Box 22 plus 10 533 obstruction to navigation the
Charterers shall indemnify 601 per cent. or to the market rate, whichever is the higher, 534 the Owners against any sums whatsoever which the 602 for the number of days by which the Charter Period is 535 Owners shall become liable to pay and shall
pay in 603 exceeded. All other terms, conditions and provisions of 536 consequence of the Vessel becoming a wreck or 604 this Charter shall continue to apply. 537 obstruction to navigation. 605 Subject to the provisions of Clause 10, the Vessel
shall 538 be redelivered to the Owners in the same or as good 539 21. General Average 606 structure, state, condition and class as that in which she 540 The Owners shall not contribute to General Average. 607 was delivered, fair wear and tear not
affecting class 541 22. Assignment, Sub-Charter and Sale (see Clauses 608 excepted. 542 46.1(v)) and 40.3) The Vessel upon redelivery shall have her survey cycles 543 (a) The Charterers shall not assign this Charter nor 609 up to date and trading
and class certificates valid for at 544 sub-charter the Vessel on a bareboat basis except with 610 least the number of months agreed in Box 17. 545 the prior consent in writing of the Owners, which shall 611 16. Non-Lien 546 not be unreasonably
withheld, and subject to such terms 612 Other than Permitted Security Interests, Tthe 547 and conditions as the Owners shall approve. 613 Charterers will not suffer, nor permit to be continued, (b) The Owners shall not sell the Vessel during the 614
any lien or encumbrance incurred by them or their 548 currency of this Charter except with the prior written 615 agents, which might have priority over the title and 549 consent of the Charterers, which shall not be unreason- 616 interest of the
Owners in the Vessel. The Charterers 550 ably withheld, and subject to the buyer accepting an 617 further agree to fasten to the Vessel in a conspicuous 551 assignment of this Charter. 618 place and to keep so fastened during the Charter Period 552
a notice reading as follows: 553 23. Contracts of Carriage 619 “This Vessel is the property of (name of Owners). It is 554 *) (a) The Charterers are to procure that all documents 620 under charter to (name of Charterers) and by the terms 555
issued during the Charter Period evidencing the terms 621 of the Charter Party neither the Charterers nor the 556 and conditions agreed in respect of carriage of goods 622 Master have any right, power or authority to create, incur 557 shall contain
a paramount clause incorporating any 623 or permit to be imposed on the Vessel any lien 558 legislation relating to carrier’s liability for cargo 624 whatsoever.” 559 compulsorily applicable in the trade; if no such legislation 625 or a
notice in such form as required by any exists, the documents shall incorporate the Hague-Visby 626 Mortgagee(s). Rules. The documents shall also contain the New Jason 627 17. Indemnity See Clauses 37.3, 38.14, 38.15, 40.5, 41.2 560 Clause and the
Both-to-Blame Collision Clause. 628 and 50 *) (b) The Charterers are to procure that all passenger 629 (a) The Charterers shall indemnify the Owners against 561 tickets issued during the Charter Period for the carriage 630 any loss, damage or
expense incurred by the Owners 562 of passengers and their luggage under this Charter shall 631 arising out of or in relation to the operation of the Vessel 563 contain a paramount clause incorporating any legislation 632 by the Charterers, and
against any lien of whatsoever 564 relating to carrier’s liability for passengers and their 633 nature arising out of an event occurring during the 565 luggage compulsorily applicable in the trade; if no such 634 Charter Period. If the Vessel
be arrested or otherwise 566 legislation exists, the passenger tickets shall incorporate 635 detained by reason of claims or liens arising out of her 567 the Athens Convention Relating to the Carriage of 636 operation hereunder by the Charterers,
the Charterers 568 Passengers and their Luggage by Sea, 1974, and any 637 shall at their own expense take all reasonable steps to 569 protocol thereto. 638 secure that within a reasonable time the Vessel is 570 *) Delete as applicable. 639 released,
including the provision of bail. 571 24. Bank Corporate Guarantee 640 Without prejudice to the generality of the foregoing, the 572 (Optional, only to apply if Box 27 filled in) 641 Charterers agree to indemnify the Owners against all 573 The
Charterers undertake to furnish, on or about the 642 consequences or liabilities arising from the Master, 574 date of this Charter before delivery of officers or agents signing Bills of Lading or other 575 the Vessel, a first class bank a corporate
guarantee from 643 documents. 576 the Guarantor or bond in the (b) If the Vessel be arrested or otherwise detained by 577 sum and at the place as indicated in Box 27 as 644 This document is a computer generated BARECON 2001 form printed by authority
of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter guarantee, and on or about the date of this Charter entry into it, the
Owners shall have the right to require 703 the other Security Documents (as the case may be) as 645 the Vessel to leave such area. 704 security, in each case for full performance of their (c) The Vessel shall not load contraband cargo, or to 705
obligations under this pass through any blockade, whether such blockade be 706 Charter. 646 imposed on all vessels, or is imposed selectively in any 707 25. Requisition/Acquisition 647 way whatsoever against vessels of certain flags or 708 (a)
Subject to the provisions of the Financial 648 ownership, or against certain cargoes or crews or 709 Instruments (if any) and the General Assignment, Iin otherwise howsoever, or to proceed to an area where 710 the event of the Requisition for Hire
of the Vessel she shall be subject, or is likely to be subject to 711 by any governmental or other competent authority 649 a belligerent’s right of search and/or confiscation. 712 (hereinafter referred to as “Requisition for Hire”)
650 (d) If the insurers of the war risks insurance, when 713 irrespective of the date during the Charter Period when 651 Clause 14 is applicable, should require payment of 714 “Requisition for Hire” may occur and irrespective of the 652
premiums and/or calls because, pursuant to the 715 length thereof and whether or not it be for an indefinite 653 Charterers’ orders, the Vessel is within, or is due to enter 716 or a limited period of time, and irrespective of whether it 654
and remain within, any area or areas which are specified 717 may or will remain in force for the remainder of the 655 by such insurers as being subject to additional premiums 718 Charter Period, this Charter shall not be deemed thereby 656 because
of War Risks, then such premiums and/or calls 719 or thereupon to be frustrated or otherwise terminated 657 shall be reimbursed by the Charterers to the Owners at 720 and the Charterers shall continue to pay the stipulated 658 the same time as the
next payment of hire is due. 721 hire in the manner provided by this Charter until the time 659 (e) The Charterers shall have the liberty: 722 when the Charter would have terminated pursuant to 660 (i) to comply with all orders, directions,
recommend- 723 any of the provisions hereof always provided however 661 ations or advice as to departure, arrival, routes, 724 that if all hire has been paid by the Charterers 662 sailing in convoy, ports of call, stoppages, 725 hereunder then in
the event of “Requisition for Hire” any destinations, discharge of cargo, delivery, or in any 726 Requisition other way whatsoever, which are given by the 727 Hire or compensation is received or receivable by the 663 Government of the
Nation under whose flag the 728 Owners, the same shall be payable to the Charterers 664 Vessel sails, or any other Government, body or 729 during the group whatsoever acting with the power to compel 730 remainder of the Charter Period or the period
of the 665 compliance with their orders or directions; 731 “Requisition for Hire” whichever be the shorter. 666 (ii) to comply with the orders, directions or recom- 732 (b) In the event of the Owners being deprived of their 667 mendations
of any war risks underwriters who have 733 ownership in the Vessel by any Compulsory Acquisition 668 the authority to give the same under the terms of 734 of the Vessel or requisition for title by any governmental 669 the war risks insurance; 735 or
other competent authority (hereinafter referred to as 670 (iii) to comply with the terms of any resolution of the 736 “Compulsory Acquisition”), then, irrespective of the date 671 Security Council of the United Nations, any 737 during the
Charter Period when “Compulsory Acqui- 672 directives of the European Community, the effective 738 sition” may occur, this Charter shall be deemed 673 orders of any other Supranational body which has 739 terminated as of the date of such
“Compulsory 674 the right to issue and give the same, and with 740 Acquisition”. In such event Charter Hire to be considered 675 national laws aimed at enforcing the same to which 741 as earned and to be paid up to the date and time of 676
the Owners are subject, and to obey the orders 742 such “Compulsory Acquisition”. 677 and directions of those who are charged with their 743 enforcement. 744 26. War 678 (f) In the event of outbreak of war (whether there be a 745 (a)
Subject to the provisions of the Financial 679 declaration of war or not) (i) between any two or more 746 Instruments (if any), Ffor the purpose of this Clause, the of the following countries: the United States of America; 747 words “War
Russia; the United Kingdom; France; and the People’s 748 Risks” shall include any war (whether actual or 680 Republic of China, (ii) between any two or more of the 749 threatened), act of war, civil war, hostilities, revolution, 681
countries stated in Box 36, both the Owners and the 750 rebellion, civil commotion, warlike operations, the laying 682 Charterers shall have the right to cancel this Charter, 751 of mines (whether actual or reported), acts of piracy, 683 whereupon
the Charterers shall redeliver the Vessel to 752 acts of terrorists, acts of hostility or malicious damage, 684 the Owners in accordance with Clause 15, if the Vessel 753 blockades (whether imposed against all vessels or 685 has cargo on board after
discharge thereof at 754 imposed selectively against vessels of certain flags or 686 destination, or if debarred under this Clause from 755 ownership, or against certain cargoes or crews or 687 reaching or entering it at a near, open and safe port
as 756 otherwise howsoever), by any person, body, terrorist or 688 directed by the Owners, or if the Vessel has no cargo 757 political group, or the Government of any state 689 on board, at the port at which the Vessel then is or if at 758
whatsoever, which may be dangerous or are likely to be 690 sea at a near, open and safe port as directed by the 759 or to become dangerous to the Vessel, her cargo, crew 691 Owners. In all cases hire shall continue to be paid in 760 or other persons
on board the Vessel. 692 accordance with Clause 11 and except as aforesaid all 761 (b) Without first obtaining the consent of the 693 other provisions of this Charter shall apply until 762 insurers to such employment and complying with the
redeliverythe end of the Security Period. 763 terms of Clause 38 and such other requirements as to extra insurance premiums or any other requirements 27. Commission – intentionally omitted 764 as may be prescribed by the insurers, tThe Vessel,
The Owners to pay a commission at the rate indicated 765 unless the written consent of the in Box 33 to the Brokers named in Box 33 on any hire 766 Owners be first obtained, shall not continue to or go 694 paid under the Charter. If no rate is
indicated in Box 33, 767 through any port, place, area or zone (whether of land 695 the commission to be paid by the Owners shall cover 768 or sea), or any waterway or canal, where it reasonably 696 the actual expenses of the Brokers and a
reasonable 769 appears that the Vessel, her cargo, crew or other 697 fee for their work. 770 persons on board the Vessel, in the reasonable 698 If the full hire is not paid owing to breach of the Charter 771 judgement of the Owners, may be, or are
likely to be, 699 by either of the parties the party liable therefor shall 772 exposed to War Risks. Should the Vessel be within any 700 indemnify the Brokers against their loss of commission. 773 such place as aforesaid, which only becomes danger-
701 Should the parties agree to cancel the Charter, the 774 ous, or is likely to be or to become dangerous, after her 702 Owners shall indemnify the Brokers against any loss of 775 commission but in such case the commission shall not 776 This
document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly
visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated
document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter exceed the brokerage on one year’s hire. 777 29. Repossession 850
28. Termination See Clauses 40 and 44 778 In the event of the Owners have made a request for 851 (a) Charterers’ Default 779 redelivery of the Vessel termination of this Charter in The Owners shall be entitled to withdraw the Vessel from 780
accordance with the applicable provisions of Clause 852 the service of the Charterers and terminate the Charter 781 28Clause 40.3, with immediate effect by written notice to the Charterers if: 782 the Owners shall in addition have the right to
repossess 853 (i) the Charterers fail to pay hire in accordance with 783 the Vessel Clause 11. However, where there is a failure to 784 from the Charterers at her current or next port of call, or 854 make punctual payment of hire due to oversight,
785 at a port or place convenient to them without hindrance 855 negligence, errors or omissions on the part of the 786 or interference by the Charterers, courts or local 856 Charterers or their bankers, the Owners shall give 787 authorities. Pending
physical repossession of the Vessel 857 the Charterers written notice of the number of clear 788 in accordance with this Clause 29 and/or Clause 40, the 858 banking days stated in Box 34 (as recognised at 789 Charterers shall the agreed place of
payment) in which to rectify 790 hold the Vessel as gratuitous bailee only to the Owners 859 the failure, and when so rectified within such 791 and the Charterers shall procure that the master and number of days following the Owners’ notice,
the 792 crew follow the orders and directions of the Owners. payment shall stand as regular and punctual. 793 The Owners shall arrange for an authorised represent- 860 Failure by the Charterers to pay hire within the 794 ative to board the Vessel as
soon as reasonably 861 number of days stated in Box 34 of their receiving 795 practicable following the termination of the Charter. The 862 the Owners’ notice as provided herein, shall entitle 796 Vessel shall be deemed to be repossessed by the
863 the Owners to withdraw the Vessel from the service 797 Owners from the Charterers upon the boarding of the 864 of the Charterers and terminate the Charter without 798 Vessel by the Owners’ representative. All arrangements 865 further
notice; 799 and expenses relating to the settling of wages, 866 (ii) the Charterers fail to comply with the requirements of: 800 disembarkation and repatriation of the Charterers’ 867 (1) Clause 6 (Trading Restrictions) 801 Master, officers and
crew shall be the sole responsibility 868 (2) Clause 13(a) (Insurance and Repairs) 802 of the Charterers. 869 provided that the Owners shall have the option, by 803 30. Dispute Resolution 870 written notice to the Charterers, to give the 804 *) (a)
This Contract Charter and any non-contractual 871 Charterers a specified number of days grace within 805 obligations arising out of or in connection with it shall be which to rectify the failure without prejudice to the 806 governed by and construed
Owners’ right to withdraw and terminate under this 807 in accordance with English law and any dispute arising 872 Clause if the Charterers fail to comply with such 808 out of or in connection with this Contract Charter shall be 873 notice; 809
referred (iii) the Charterers fail to rectify any failure to comply 810 to arbitration in London in accordance with the Arbitration 874 with the requirements of sub-clause 10(a)(i) 811 Act 1996 or any statutory modification or re-enactment 875
(Maintenance and Repairs) as soon as practically 812 thereof save to the extent necessary to give effect to 876 possible after the Owners have requested them in 813 the provisions of this Clause. 877 writing so to do and in any event so that the
Vessel’s 814 The arbitration shall be conducted in accordance with 878 insurance cover is not prejudiced. 815 the London Maritime Arbitrators Association (LMAA) 879 (b) Owners’ Default 816 Terms current at the time when the arbitration
proceed- 880 If the Owners shall by any act or omission be in breach 817 ings are commenced. 881 of their obligations under this Charter to the extent that 818 The reference shall be to three arbitrators. A party 882 the Charterers are deprived of
the use of the Vessel 819 wishing to refer a dispute to arbitration shall appoint its 883 and such breach continues for a period of fourteen (14) 820 arbitrator and send notice of such appointment in writing 884 running days after written notice
thereof has been given 821 to the other party requiring the other party to appoint its 885 by the Charterers to the Owners, the Charterers shall 822 own arbitrator within 14 calendar days of that notice and 886 be entitled to terminate this Charter
with immediate effect 823 stating that it will appoint its arbitrator as sole arbitrator 887 by written notice to the Owners. 824 unless the other party appoints its own arbitrator and 888 (c) Loss of Vessel 825 gives notice that it has done so
within the 14 days 889 This Charter shall be deemed to be terminated if the 826 specified. If the other party does not appoint its own 890 Vessel becomes a total loss or is declared as a 827 arbitrator and give notice that it has done so within the
891 constructive or compromised or arranged total loss. For 828 14 days specified, the party referring a dispute to 892 the purpose of this sub-clause, the Vessel shall not be 829 arbitration may, without the requirement of any further 893 deemed to
be lost unless she has either become an 830 prior notice to the other party, appoint its arbitrator as 894 actual total loss or agreement has been reached with 831 sole arbitrator and shall advise the other party 895 her underwriters in respect of
her constructive, 832 accordingly. The award of a sole arbitrator shall be 896 compromised or arranged total loss or if such agreement 833 binding on both parties as if he had been appointed by 897 with her underwriters is not reached it is adjudged
by a 834 agreement. 898 competent tribunal that a constructive loss of the Vessel 835 Nothing herein shall prevent the parties agreeing in 899 has occurred. 836 writing to vary these provisions to provide for the 900 (d) Either party shall be
entitled to terminate this 837 appointment of a sole arbitrator. 901 Charter with immediate effect by written notice to the 838 In cases where neither the claim nor any counterclaim 902 other party in the event of an order being made or 839 exceeds
the sum of US$50,000 (or such other sum as 903 resolution passed for the winding up, dissolution, 840 the parties may agree) the arbitration shall be conducted 904 liquidation or bankruptcy of the other party (otherwise 841 in accordance with the
LMAA Small Claims Procedure 905 than for the purpose of reconstruction or amalgamation) 842 current at the time when the arbitration proceedings are 906 or if a receiver is appointed, or if it suspends payment, 843 commenced. 907 ceases to carry on
business or makes any special 844 *) (b) This Contract shall be governed by and construed 908 arrangement or composition with its creditors. 845 in accordance with Title 9 of the United States Code 909 (e) The termination of this Charter shall be
without 846 and the Maritime Law of the United States and any 910 prejudice to all rights accrued due between the parties 847 dispute arising out of or in connection with this Contract 911 prior to the date of termination and to any claim that 848
shall be referred to three persons at New York, one to 912 either party might have. 849 be appointed by each of the parties hereto, and the third 913 by the two so chosen; their decision or that of any two 914 This document is a computer generated
BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II “BARECON 2001” Standard Bareboat Charter of them shall be final, and for the purposes of enforcing 915 party
shall be in writing and may be sent by fax, telex, 989 any award, judgement may be entered on an award by 916 registered or recorded mail or by personal service. 990 any court of competent jurisdiction. The proceedings 917 (b) The address of the
Parties for service of such 991 shall be conducted in accordance with the rules of the 918 communication shall be as stated in Boxes 3 and 4 992 Society of Maritime Arbitrators, Inc. 919 respectively. 993 In cases where neither the claim nor any
counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at
924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928
connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there. 931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to refer to mediation
any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following shall apply:- 938 (i) Either
party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on the other 942 party to agree to
mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a mediator within a further 947 14
calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate for that 951 purpose. The mediation
shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If the other party does not agree to
mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The mediation shall not affect the right
of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The arbitration procedure shall 966 continue
during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or specified in the 971 mediation terms, each
party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice 975 and confidential and no information or
documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties should be aware that the mediation 980 process
may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d) shall 983 apply in all cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are
alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party to the other 988 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART III PART PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY
(Optional, only to apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 and upon and after such acceptance, subject to Clause 69 (a) The Vessel shall be constructed in accordance with 2 1(d), the Charterers shall
not be entitled to make any claim 70 the Building Contract (hereafter called “the Building 3 against the Owners in respect of any conditions, 71 Contract”) as annexed to this Charter, made between the 4 representations or warranties,
whether express or implied, 72 Builders and the Owners and in accordance with the 5 as to the seaworthiness of the Vessel or in respect of delay 73 specifications and plans annexed thereto, such Building 6 in delivery. 74 Contract, specifications
and plans having been counter- 7 (b) If for any reason other than a default by the Owners 75 signed as approved by the Charterers. 8 under the Building Contract, the Builders become entitled 76 (b) No change shall be made in the Building Contract or
9 under that Contract not to deliver the Vessel to the Owners, 77 in the specifications or plans of the Vessel as approved by 10 the Owners shall upon giving to the Charterers written 78 the Charterers as aforesaid, without the Charterers’ 11
notice of Builders becoming so entitled, be excused from 79 consent. 12 giving delivery of the Vessel to the Charterers and upon 80 (c) The Charterers shall have the right to send their 13 receipt of such notice by the Charterers this Charter shall
81 representative to the Builders’ Yard to inspect the Vessel 14 cease to have effect. 82 during the course of her construction to satisfy themselves 15 (c) If for any reason the Owners become entitled under 83 that construction is in
accordance with such approved 16 the Building Contract to reject the Vessel the Owners shall, 84 specifications and plans as referred to under sub-clause 17 before exercising such right of rejection, consult the 85 (a) of this Clause. 18 Charterers
and thereupon 86 (d) The Vessel shall be built in accordance with the 19 (i) if the Charterers do not wish to take delivery of the Vessel 87 Building Contract and shall be of the description set out 20 they shall inform the Owners within seven (7)
running days 88 therein. Subject to the provisions of sub-clause 2(c)(ii) 21 by notice in writing and upon receipt by the Owners of such 89 hereunder, the Charterers shall be bound to accept the 22 notice this Charter shall cease to have effect; or
90 Vessel from the Owners, completed and constructed in 23 (ii) if the Charterers wish to take delivery of the Vessel 91 accordance with the Building Contract, on the date of 24 they may by notice in writing within seven (7) running days 92 delivery
by the Builders. The Charterers undertake that 25 require the Owners to negotiate with the Builders as to the 93 having accepted the Vessel they will not thereafter raise 26 terms on which delivery should be taken and/or refrain from 94 any claims
against the Owners in respect of the Vessel’s 27 exercising their right to rejection and upon receipt of such 95 performance or specification or defects, if any. 28 notice the Owners shall commence such negotiations and/ 96 Nevertheless, in
respect of any repairs, replacements or 29 or take delivery of the Vessel from the Builders and deliver 97 defects which appear within the first 12 months from 30 her to the Charterers; 98 delivery by the Builders, the Owners shall endeavour to 31
(iii) in no circumstances shall the Charterers be entitled to 99 compel the Builders to repair, replace or remedy any defects 32 reject the Vessel unless the Owners are able to reject the 100 or to recover from the Builders any expenditure incurred
in 33 Vessel from the Builders; 101 carrying out such repairs, replacements or remedies. 34 (iv) if this Charter terminates under sub-clause (b) or (c) of 102 However, the Owners’ liability to the Charterers shall be 35 this Clause, the Owners
shall thereafter not be liable to the 103 limited to the extent the Owners have a valid claim against 36 Charterers for any claim under or arising out of this Charter 104 the Builders under the guarantee clause of the Building 37 or its termination.
105 Contract (a copy whereof has been supplied to the 38 (d) Any liquidated damages for delay in delivery under the 106 Charterers). The Charterers shall be bound to accept such 39 Building Contract and any costs incurred in pursuing a claim 107
sums as the Owners are reasonably able to recover under 40 therefor shall accrue to the account of the party stated in 108 this Clause and shall make no further claim on the Owners 41 Box 41(c) or if not filled in shall be shared equally between 109
for the difference between the amount(s) so recovered and 42 the parties. 110 the actual expenditure on repairs, replacement or 43 3. Guarantee Works 111 remedying defects or for any loss of time incurred. 44 If not otherwise agreed, the Owners
authorise the 112 Any liquidated damages for physical defects or deficiencies 45 Charterers to arrange for the guarantee works to be 113 shall accrue to the account of the party stated in Box 41(a) 46 performed in accordance with the building
contract terms, 114 or if not filled in shall be shared equally between the parties. 47 and hire to continue during the period of guarantee works. 115 The costs of pursuing a claim or claims against the Builders 48 The Charterers have to advise the
Owners about the 116 under this Clause (including any liability to the Builders) 49 performance to the extent the Owners may request. 117 shall be borne by the party stated in Box 41(b) or if not 50 filled in shall be shared equally between the
parties. 51 4. Name of Vessel 118 The name of the Vessel shall be mutually agreed between 119 2. Time and Place of Delivery 52 the Owners and the Charterers and the Vessel shall be 120 (a) Subject to the Vessel having completed her 53 painted in the
colours, display the funnel insignia and fly 121 acceptance trials including trials of cargo equipment in 54 the house flag as required by the Charterers. 122 accordance with the Building Contract and specifications 55 to the satisfaction of the
Charterers, the Owners shall give 56 5. Survey on Redelivery 123 and the Charterers shall take delivery of the Vessel afloat 57 The Owners and the Charterers shall appoint surveyors 124 when ready for delivery and properly documented at the 58 for
the purpose of determining and agreeing in writing the 125 Builders’ Yard or some other safe and readily accessible 59 condition of the Vessel at the time of re-delivery. 126 dock, wharf or place as may be agreed between the parties 60 Without
prejudice to Clause 15 (Part II), the Charterers 127 hereto and the Builders. Under the Building Contract the 61 shall bear all survey expenses and all other costs, if any, 128 Builders have estimated that the Vessel will be ready for 62 including
the cost of docking and undocking, if required, 129 delivery to the Owners as therein provided but the delivery 63 as well as all repair costs incurred. The Charterers shall 130 date for the purpose of this Charter shall be the date when 64 also
bear all loss of time spent in connection with any 131 the Vessel is in fact ready for delivery by the Builders after 65 docking and undocking as well as repairs, which shall be 132 completion of trials whether that be before or after as 66 paid at
the rate of hire per day or pro rata. 133 indicated in the Building Contract. The Charterers shall not 67 be entitled to refuse acceptance of delivery of the Vessel 68 This document is a computer generated BARECON 2001 form printed by authority of
BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART IV PART HIRE/PURCHASE AGREEMENT (Optional, only to apply if
expressly agreed and stated in Box 42) On expiration of this Charter and provided the Charterers 1 In exchange for payment of the last month’s hire 28 have fulfilled their obligations according to Part I and II 2 instalment the Sellers shall
furnish the Buyers with a 29 as well as Part III, if applicable, it is agreed, that on 3 Bill of Sale duly attested and legalized, together with a 30 payment of the final payment of hire as per Clause 11 4 certificate setting out the registered
encumbrances, if 31 the Charterers have purchased the Vessel with 5 any. On delivery of the Vessel the Sellers shall provide 32 everything belonging to her and the Vessel is fully paid 6 for deletion of the Vessel from the Ship’s Register and
33 for. 7 deliver a certificate of deletion to the Buyers. 34 In the following paragraphs the Owners are referred to 8 The Sellers shall, at the time of delivery, hand to the 35 as the Sellers and the Charterers as the Buyers. 9 Buyers all
classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 The Vessel shall be delivered by the Sellers and taken 10 be in Sellers’ possession. 38 over by the Buyers on expiration of the
Charter. 11 The Wireless Installation and Nautical Instruments, 39 The Sellers guarantee that the Vessel, at the time of 12 unless on hire, shall be included in the sale without any 40 delivery, is free from all encumbrances and maritime 13 extra
payment. 41 liens or any debts whatsoever other than those arising 14 from anything done or not done by the Buyers or any 15 The Vessel with everything belonging to her shall be at 42 existing mortgage agreed not to be paid off by the time 16
Sellers’ risk and expense until she is delivered to the 43 of delivery. Should any claims, which have been incurred 17 Buyers, subject to the conditions of this Contract and 44 prior to the time of delivery be made against the Vessel, 18 the
Vessel with everything belonging to her shall be 45 the Sellers hereby undertake to indemnify the Buyers 19 delivered and taken over as she is at the time of delivery, 46 against all consequences of such claims to the extent it 20 after which the
Sellers shall have no responsibility for 47 can be proved that the Sellers are responsible for such 21 possible faults or deficiencies of any description. 48 claims. Any taxes, notarial, consular and other charges 22 The Buyers undertake to pay for
the repatriation of the 49 and expenses connected with the purchase and 23 Master, officers and other personnel if appointed by the 50 registration under Buyers’ flag, shall be for Buyers’ 24 Sellers to the port where the Vessel entered
the Bareboat 51 account. Any taxes, consular and other charges and 25 Charter as per Clause 3 (Part II) or to pay the equivalent 52 expenses connected with closing of the Sellers’ register, 26 cost for their journey to any other place. 53 shall
be for Sellers’ account. 27 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of
this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved
document and this computer generated document. 

 

 
 “BARECON 2001” Standard Bareboat Charter OPTIONAL PART PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT
CHARTER REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 3. Termination of Charter by Default 17 For the purpose of this PART V, the following terms shall 2 If the Vessel chartered under this Charter is
registered 18 have the meanings hereby assigned to them: 3 in a Bareboat Charter Registry as stated in Box 44, and 19 “The Bareboat Charter Registry” shall mean the registry 4 if the Owners shall default in the payment of any amounts 20 of
the State whose flag the Vessel will fly and in which 5 due under the mortgage(s) specified in Box 28, the 21 the Charterers are registered as the bareboat charterers 6 Charterers shall, if so required by the mortgagee, direct 22 during the period
of the Bareboat Charter. 7 the Owners to re-register the Vessel in the Underlying 23 “The Underlying Registry” shall mean the registry of the 8 Registry as shown in Box 45. 24 state in which the Owners of the Vessel are registered 9 In the
event of the Vessel being deleted from the 25 as Owners and to which jurisdiction and control of the 10 Bareboat Charter Registry as stated in Box 44, due to a 26 Vessel will revert upon termination of the Bareboat 11 default by the Owners in the
payment of any amounts 27 Charter Registration. 12 due under the mortgage(s), the Charterers shall have 28 2. Mortgage 13 the right to terminate this Charter forthwith and without 29 The Vessel chartered under this Charter is financed by 14
prejudice to any other claim they may have against the 30 a mortgage and the provisions of Clause 12(b) (Part II) 15 Owners under this Charter. 31 shall apply. 16 This document is a computer generated BARECON 2001 form printed by authority of BIMCO.
Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes
no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 Execution Version 

ADDITIONAL CLAUSES TO BARECON 2001 DATED 25 MAY 2018 

CLAUSE 32  – CHARTER PERIOD 
  

	 32.1
	 For the avoidance of doubt, notwithstanding the fact that the Charter Period shall commence on the Commencement
Date, this Charter shall be: 

  

	 (a)
	 in full force and effect; and 

 

	 (b)
	 valid, binding and enforceable against the parties hereto, 

 

	 (c)
	 with effect from the date of this Charter until the end of the Charter Period (subject to the terms of this Charter).

  

	 32.2
	 The Charter Period shall, subject to the terms of this Charter, continue for a period of sixty (60) months
from the Commencement Date. 

 CLAUSE 33  – CANCELLATION 

 

	 33.1
	 If: 

  

	 (a)
	 a Termination Event occurs prior to the delivery of the Vessel by the Charterers as sellers to Owners as buyers under
the MOA; 

  

	 (b)
	 it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their obligations under the MOA
or any of the obligations of the Owners under the MOA are not or cease to be legal, valid, binding and enforceable; and/or 

  

	 (c)
	 the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and
effect for any reason, 

 then this Charter shall immediately terminate and be cancelled (provided that any
provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever provided that the Owners shall be entitled to
retain all fees or amounts paid by the Charterers pursuant to Clause 41.1 and Clause 41.2(and without prejudice to Clause 41.1 or Clause 41.2 and if such fees or amounts have not been paid but are due and payable, the Charterers shall forthwith pay
such fees or amounts to the Owners in accordance with Clause 41.1) and such payment and any default interest in relation thereto shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners
in entering into this Charter upon the terms and conditions contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as compensation to the Owners, provided that if such termination or cancellation is
solely attributable to the Owners’ breach of their obligations under the Leasing Documents, any Total Loss or any incidents beyond the control of the Charterers (but in any case excluding, for the avoidance of doubt, any act or incident which
has taken place after the occurrence of a Termination Event or Potential Termination Event), then the Charterers shall not be discharged from the payment obligations under Clause 41.1 and if any fee has been paid by the Charterers (and actually
received by the Owners) prior to such termination or cancellation the Owners shall refund such fee to the Charterers (in any case without interest). 

  
 1 

 CLAUSE 34  – DELIVERY OF VESSEL 

34.1 
  

	 (a)
	 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one
of the Leasing Documents. 

  

	 (b)
	 Prior to the Owners’ prepositioning of the Relevant Amount on the Prepositioning Date in accordance with clause
19(b) of the MOA, the Charterers shall in advance provide the Owners with the documents or evidence set out in Part A of Schedule II in form and substance satisfactory to the Owners. 

 

	 (c)
	 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:

  

	 	 (i)
	 the delivery of the Vessel by the Charterers as sellers to the Owners as buyers in accordance with the terms of the
MOA with such Delivery occurring on or before the Cancelling Date(and, for the purposes of this Charter, the Vessel shall be deemed delivered to the Charterers simultaneously with delivery of the Vessel to the Owners pursuant to the MOA);

  

	 	 (ii)
	 no Potential Termination Event or Termination Event having occurred and being continuing as at the Commencement Date;

  

	 	 (iii)
	 the representations and warranties contained in Clause 45 being true and correct on the date of this Charter and each
day thereafter until and including the last day of the Charter Period; 

  

	 	 (iv)
	 the Owners having received from the Charterers: 

 

	 	 (A)
	 on or prior to Delivery, the documents or evidence set out in Part B of Schedule II in form and substance satisfactory
to them; and 

  

	 	 (B)
	 after Delivery, the documents or evidence set out in Part C of Schedule II in form and substance satisfactory to them
within the time periods set out thereunder; 

  

	 	  
	 and if any of the documents listed in sub-paragraph (iv) above are not in
the English language then they shall be accompanied by a certified English translation. 

  

	 34.2
	 The conditions precedent or conditions subsequent specified in Clause (b)(iv) are inserted for the sole benefit
of the Owners and may be waived or deferred in whole or in part and with or without conditions by the Owners. 

  

	 34.3
	 On delivery to and acceptance by the Owners of the Vessel under the MOA from the Charterers as sellers and
subject to the provisions of this Clause 34, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of
the Vessel on and subject to the terms and conditions of this Charter. 

  

	 34.4
	 On Delivery, as evidence of the commencement of the Charter Period the Charterers shall sign and deliver to the
Owners the Acceptance Certificate. Without prejudice to this Clause 34.4, the Charterers shall be deemed to have accepted the Vessel under this Charter and the commencement of the Charter Period having started, on Delivery even if for whatever
reason, the Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time. 

  
 2 

	 34.5
	 Save where any of the events set out under Clause 44.1(f)(iv), (v), (vi) and (viii) below applies in
relation to the Owners (and in the absence of a Termination Event or Potential Termination Event having occurred at the same time), the Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this
Charter once the Vessel has been delivered to and accepted by the Owners under the MOA from the Charterers as sellers, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever arising including, without
limitation, any loss of profit or any loss or otherwise: 

  

	 (a)
	 resulting directly or indirectly from any defect or alleged defect in the Vessel or any failure of the Vessel; or

  

	 (b)
	 arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.

  

	 34.6
	 The Owners will not and shall not be obliged to deliver the Vessel to the Charterers with any bunkers and
unused lubricating oils and greases (whether in storage tanks and unopened drums or otherwise) except such items (including bunkers, lubricating oils, unbroached provisions, paints, ropes and other consumable stores) as are on the Vessel on
Delivery.  

  

	 34.7
	 The Charterers shall, following the Owners’ delivery of items on board the Vessel on Delivery pursuant to
Clause 34.6, keep all such items on board the Vessel for the Charterers’ own use.  

 CLAUSE 35  –
QUIET ENJOYMENT 
  

	 35.1
	 Provided that no Potential Termination Event or Termination Event has occurred pursuant to the terms of this
Charter, the Owners hereby agree not to disturb or interfere (or instruct or authorise another party to disturb or interfere) with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period.

  

	 35.2
	 The Owners shall use best endeavors to procure that their financier(s) enter into a Quiet Enjoyment Agreement
with the Charterers on such terms as may be mutually agreed between the Owners, the Owners’ financier(s) and the Charterers. 

  

	 35.3
	 Subject to Clause 35.1 above, the Charterers acknowledge that, at any time during the Charter Period:

  

	 (a)
	 the Owners are entitled to enter into certain funding arrangements with their financier(s), (the
“Mortgagee”), in order to finance in part or in full of the Purchase Price (such financing amount not to exceed the Outstanding Principal Balance at the relevant time), which funding arrangements may be secured, inter alia,
by the relevant Financial Instruments; 

  

	 (b)
	 the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case without consent of the Charterers: 

  

	 	 (i)
	 execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee;

  

	 	 (ii)
	 assign their rights and interests to, in or in connection with this Charter and any other Leasing Document in favour
of that Mortgagee; 

  

	 	 (iii)
	 assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of that Mortgagee; and 

  

	 	 (iv)
	 enter into any other document or arrangement which is necessary to give effect to such financing arrangements
(including without limitation creating or permitting the creation of any Security Interests over the direct or indirect equity interests or shares of the Owners); and 

  
 3 

	 (c)
	 the Charterers undertake to comply, and provide such information and documents reasonably required to enable the
Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency of
this Charter by the Mortgagee in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge this in writing in
any form that may be reasonably required by the Mortgagee. 

 CLAUSE 36  – CHARTERHIRE AND DEPOSIT 

 

	 36.1
	 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the
request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners, the Charterhire, the Deposit, and the Purchase Obligation Price or, as the case may be, the Purchase Option Price. 

 

	 36.2
	 The Charterers shall pay an amount in Dollars equivalent to the Deposit Amount as the deposit (the
“Deposit”) to the Owners at least three (3) Business Days prior to the Commencement Date (the “Deposit Date”) to an account nominated by the Owners and notified to the Charterers reasonably
prior to the Deposit Date without set off. The Owners may, in their absolute discretion, either refrain from applying the Deposit (or any part of the Deposit) held or apply the same in such manner and order as they see fit upon the occurrence of any
Termination Event towards payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document (including without limitation, the Charterhire, the Termination Purchase Price, the
Purchase Option Price and the Purchase Obligation Price) (any amount so applied by the Owners, the “Applied Amount”) and the Charterers shall immediately and in any event within ten (10) days upon Owners’
demand pay to the Owners an amount in Dollars equivalent to the Applied Amount so that at all time the Deposit held by the Owners is not less than the Deposit Amount (for the avoidance of doubt any amount paid by the Charterers to the Owners in
respect of any Applied Amount pursuant to this Clause 36.2 shall constitute part of the Deposit ). The Deposit (after deducting any payment of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any
Leasing Documents) shall be refunded to the Charterers (in any case without interest) upon irrevocable payment in full of all amounts due and payable under the Leasing Documents. The Deposit paid to the Owners shall be in the possession and
ownership of the Owners until the Deposit is refunded in accordance with this Clause 36.2. For the avoidance of doubt, if the Owners, upon the, occurrence of any Termination Event,elect to apply the Deposit or any part of the Deposit towards payment
of any sums due and payable by the Charterers and/or any Relevant Party and/or the Approved Manager under any Leasing Document, any shortfall of such due and payable amount not satisfied by the application of the Deposit (or part of the Deposit)
shall remain outstanding payment obligations of the Charterers, such Relevant Party or the Approved Manager (as the case may be). 

  

	 36.3
	 Subject to the terms of this Clause 36, the Charterers shall pay the Charterhire monthly in arrears in sixty
(60) consecutive instalments to the Owners under this Charter with the first instalment of the Charterhire payable on the date falling one (1) month after the Commencement Date and the final instalment of the Charterhire payable on the
last day of the Charter Period.  

  

	 36.4
	 The Vessel shall not at any time be deemed off-hire and the
Charterers’ obligation to pay all Charterhire, the Deposit and other amounts payable under the Leasing Documents shall be absolute and unconditional under any and all circumstances and shall not be affected by any circumstances of any nature
whatsoever including but not limited to: 

  

	 (a)
	 any set-off, counterclaim, recoupment, defence, claim or other right which the
Charterers may at any time have against the Owners or any other person for any reason whatsoever 

  
 4 

	     
	 including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other
agreement at any time existing between the Owners and the Charterers; 

  

	 (b)
	 any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the
Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation; 

  

	 (c)
	 any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

  

	 (d)
	 any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel
or the ineligibility of the Vessel for any particular trade; 

  

	 (e)
	 the Total Loss or any damage to or forfeiture or court marshall’s or other sale of the Vessel;

  

	 (f)
	 any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or
prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers; 

  

	 (g)
	 any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings
by or against the Charterers; 

  

	 (h)
	 any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or
complying with any of the terms and provisions of this Charter or the other Leasing Documents by any party to this Charter or any other person; 

  

	 (i)
	 any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing
Documents executed or to be executed pursuant to this Charter; or 

  

	 (j)
	 any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage,
accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this Charter. 

 

	 36.5
	 Time of payment of the Charterhire, the Deposit and other payments by the Charterers shall be of the essence of
this Charter and the other Leasing Documents. 

  

	 36.6
	 All payments of the Charterhire, the Deposit and any other amounts payable under the Leasing Documents shall be
made in Dollars and shall be received by the Owners in same day available funds and by not later than 6:00pm (Shanghai time) on the due date thereof. 

 

	 36.7
	 All Charterhire and any moneys payable hereunder shall be payable by the Charterers to the Owners to such
account as the Owners may notify the Charterers in writing.  

  

	 36.8
	 Payment of the Charterhire and any other amounts payable under the Leasing Documents shall be at the
Charterers’ risk until receipt by the Owners.  

  

	 36.9
	 All stamp duty, value added tax, withholding or other taxes (not including taxes levied on the income of the
Owners) and import and export duties and all other similar types of charges which may be levied or assessed on or in connection with: 

  

	 (a)
	 the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and
the remittance thereof to the Owners; and 

  

	 (b)
	 the import, export, purchase, delivery and re-delivery of the Vessel,

  
 5 

 shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax
and other similar tax levied on any Charterhire and the Deposit and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. 
  

	 36.10
	 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay interest on
such late payment at the default rate of seven per cent. (7 %) per annum from the date on which such payment became due until the date of payment thereof. 

  

	 36.11
	 All default interest and any other payments under this Charter which are of an annual or periodic nature shall
accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  

	 36.12
	 Any payment which is due to be made on a day which is not a Business Day, shall be made on the preceding
Business Day in the same calendar month. 

  

	 36.13
	 Any payment of the Termination Purchase Price, the Purchase Obligation Price or the Purchase Option Price (as
the case may be) shall be made together with any other amount payable under this Charter. 

 CLAUSE 37  –
POSSESSION OF VESSEL 
  

	 37.1
	 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the
Vessel or any interest therein, its Earnings, Insurances, any Requisition Compensation and/or its rights or interests under any Approved Subcharter and shall not permit the creation of any Security Interest thereon other than the Permitted Security
Interests. 

  

	 37.2
	 The Charterers shall promptly notify any party including any Approved Subcharterer (as the Owners may request),
in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and reasonably satisfactory evidence that such party has received such written notification.

  

	 37.3
	 Other than in the circumstances specified in Clause 37.4, if the Vessel is arrested, seized, impounded,
forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process but other than due to piracy events which are insured against pursuant to Clause 38), the Charterers shall
immediately act to procure the prompt release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall (if it will or is likely to exceed five
(5) days) immediately notify the Owners of such event and shall indemnify the Owners against all losses, documented costs or documented charges incurred by the Owners by reason thereof in re-taking
possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
master, officers or agents signing bills of lading or other documents. 

  

	 37.4
	 If the Vessel is arrested or otherwise detained solely because of the Owners’ direct actions or omissions
and for reasons which are not in any part a consequence of a Relevant Person’s (or its affiliate’s) contributory negligence and/or wilful misconduct, the Owners shall at their own expense take all reasonable steps to procure that within a
reasonable time the Vessel is released, including the provision of bail. 

  

	 37.5
	 The Charterers shall pay and discharge or cause any Approved Subcharterer to pay and discharge all obligations
and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel and take all steps to prevent (and in connection with procuring any Approved Subcharterer who is an Affiliate of the Charterers in
doing the above, to use the best endeavors to procure such Approved Subcharterer to prevent and in connection with procuring any Approved Subcharterer who is not an Affiliate of the Charterers 

  
 6 

	     
	 in doing the above, to take all reasonable steps to procure such Approved Subcharterer to prevent) an arrest
(threatened or otherwise) of the Vessel. 

 Clause 38  – INSURANCE 

 

	 38.1
	 The Charterers shall procure that insurances are effected in form and substance satisfactory to the Owners:

  

	 (a)
	 in Dollars; 

  

	 (b)
	 in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an
agreed value basis in an amount (taking into account any increased value for up to 33% of such cover and of the following mentioned amount) of at least the higher of (i) 120% of the then Outstanding Principal Balance and (ii) the Market Value
of the Vessel; 

  

	 (c)
	 in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the highest level of
cover from time to time available under protection and indemnity club entry and in the international marine insurance market and for an amount of not less than $1,000,000,000; and 

 

	 (d)
	 in relation to protection and indemnity risks in respect of the full tonnage of the Vessel; 

 

	 (e)
	 through approved brokers and with first class international insurers and/or underwriters reasonably acceptable to the
Owners (including having a Standard & Poor’s rating of BBB+ or above, a Moody’s rating of A or above or an AM Best rating of A- or above) or, in the case of war risks and protection and
indemnity risks, in a war risks and protection and indemnity risks associations reasonably acceptable to the Owners (including being a member of the International Group of Protection and Indemnity Clubs); and 

 

	 (f)
	 on no less favourable terms which the Charterers may be under an obligation (if any) to maintain under the terms of
any Approved Subcharter. 

  

	 38.2
	 In addition to the terms set out in Clause 13(a), the Charterers shall procure that the obligatory insurances
shall: 

  

	 (a)
	 subject always to paragraph (ii), name the Charterers, the Approved Manager and the Owners (at their option and, if
required by the Owners, the Owners’ financiers) as the only named assureds unless the interest of every other named assured or co-assured is limited: 

 

	 	 (ii)
	 in respect of any obligatory insurances for hull and machinery and war risks; 

 

	 	 (1)
	 to any provable out-of-pocket expenses
that they have incurred and which form part of any recoverable claim on underwriters; and 

  

	 	 (2)
	 to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of
discharge of any claims made against them); and 

  

	 	 (iii)
	 in respect of any obligatory insurances for protection and indemnity risks, to any recoveries they are entitled to
make by way of reimbursement following discharge of any third party liability claims made specifically against them, 

and every other named assured or co-assured has undertaken in writing to the Owners or their
financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they
shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance 

  
 7 

 with the terms of the loss payable clause, to collect or recover any moneys which at any
time become payable in respect of the obligatory insurances; 
  

	 (b)
	 whenever a financier of the Owners requires: 

 

	 	 (i)
	 in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional
named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums,
calls or other assessments in respect of such insurance; 

  

	 	 (ii)
	 in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and 

 

	 	 (iii)
	 name the Owners’ financiers (as applicable) and the Owners (as applicable) as the first ranking loss payee and
the second ranking loss payee respectively (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners’ financiers and the Owners (such
approval not to be unreasonably withheld) with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and their financiers (if any) may specify; 

 

	 (c)
	 provide that all payments by or on behalf of the insurers under the obligatory insurances to the Owners and/or their
financiers (as applicable) shall be made without set-off, counterclaim or deductions or condition whatsoever; 

  

	 (d)
	 provide that such obligatory insurances shall be primary without right of contribution from other insurances which may
be carried by the Owners or their financiers (if any); 

  

	 (e)
	 provide that the Owners and/or their financiers (if any) may make proof of loss if the Charterers fail to do so; and

  

	 (f)
	 provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which
adversely affects the interest of the Owners , or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the
Owners and/or their financiers (if any) for fourteen (14) days (or seven (7) days in the case of war risks), or such other period as may be agreed by the Owners and/or their financiers (if any), after receipt by the Owners and/or their
financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse. 

  

	 38.3
	 The Charterers shall: 

 

	 (a)
	 at least fourteen (14) days prior to Delivery (or such shorter period agreed by the parties), notify in writing
the Owners (copied to their financiers (if any)) of the terms and conditions of all Insurances; 

  

	 (b)
	 at least fourteen (14) days before the expiry of any obligatory insurance notify the Owners (copied
to their financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew that obligatory insurance and of the proposed terms of renewal and obtain
the Owners’ approval (such approval not to be unreasonably withheld and who shall have regard to the requirements as to insurance cover required under the provisions of this Clause 38); 

 

	 (c)
	 at least seven (7) days before the expiry of any obligatory insurance, procure that such obligatory
insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter; 

  
 8 

	 (d)
	 procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a
renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to their financiers (if any)) in writing of the terms and conditions of the renewal; and

  

	 (e)
	 as soon as practicable after the expiry of any obligatory insurance, deliver to the Owners a letter of undertaking as
required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to this Clause 38.3 together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or
their financiers (if any). 

  

	 38.4
	 The Charterers shall ensure that all insurance companies and/or underwriters, and/or (if any) insurance brokers
provide the Owners with all copies of policies, cover notes and certificates of entry (originals where so requested by the Owners following the occurrence of a Termination Event or Potential Termination Event) relating to the obligatory insurances
which they are to effect or renew and of a letter or letters or undertaking in a form required by the Owners and/or the Owners’ financiers (which the Charterers shall procure the relevant insurance companies, underwriters and/or insurance
brokers to provide upon renewal or receipt of the insurance companies, underwriters and/of insurance brokers of an executed notice of assignment). Such letter or letters of undertaking shall include undertakings by the insurance companies and/or
underwriters that: 

  

	 (a)
	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment
complying with the provisions of this Charter and the Financial Instruments; 

  

	 (b)
	 they will hold the benefit of such policies and such insurances, to the order of the Owners and/or their financiers
(if any) and/or such other party in accordance with the said loss payable clause; 

  

	 (c)
	 they will advise the Owners and their financiers (if any) promptly of any material change to the terms of the
obligatory insurances of which they are aware; 

  

	 (d)
	 (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and their financiers
(if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or their financiers (if any) not later than one (1) month before the expiry of the
obligatory insurances they will notify the Owners and their financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the
Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and their financiers (if any) of the terms of the instructions; and 

 

	 (e)
	 if any of the obligatory insurances form part of any fleet cover, the Charterers shall use best endeavours to procure
that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and their financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the
Vessel under such obligatory insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under
them, which they might have in respect of such premiums, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or their financiers (if any) and where practicable. 

  

	 38.5
	 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel
is entered provides the Owners with and their financiers (if any): 

  
 9 

	 (a)
	 a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

  

	 (b)
	 a letter or letters of undertaking in such form as may be required by the Owners or in such association’s
standard form (following the relevant association’s receipt of an executed notice of assignment upon the effecting or renewal of insurances); and 

  

	 (c)
	 a copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive
Material issued by the relevant certifying authority in relation to the Vessel. 

  

	 38.6
	 The Charterers shall ensure that all policies relating to obligatory insurances are deposited with the approved
brokers through which the insurances are effected or renewed. 

  

	 38.7
	 The Charterers shall procure that all premiums or other sums payable in respect of the obligatory insurances
are punctually paid and produce all relevant receipts when so required by the Owners. 

  

	 38.8
	 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect. 

  

	 38.9
	 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which
would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

 

	 (a)
	 the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from
time to time be applicable to the obligatory insurances, and (without limiting the obligations contained in this Clause) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Owners have not
given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of protection and indemnity associations), such
approval not to be unreasonably withheld; 

  

	 (b)
	 the Charterers shall not make or permit any changes relating to the classification or classification society or
manager or operator of the Vessel unless such changes have first been approved by the underwriters of the obligatory insurances or the Owners (such approval not to be unreasonably withheld by the Owners’ but always subject to the Owners
receiving credit approval on such changes); 

  

	 (c)
	 as may be applicable, the Charterers shall procure that all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of the certificate of financial responsibility; and 

 

	 (d)
	 the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	 38.10
	 The Charterers shall not make or agree to any material alteration to the terms of any obligatory insurance nor
waive any right relating to any obligatory insurance without the prior written consent of the Owners (such consent to only be required where such amendment or waiver adversely affects or potentially adversely affects the Owners’ interests under
the Leasing Documents and which is not to be unreasonably withheld or delayed).  

  
 10 

 In this Clause 38.10 “material” alterations shall include, without limitation,
change of identity of the beneficiaries under such insurances, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause a breach under the terms of this Charter, any other Leasing Document or
any Approved Subcharter. 
  

	 38.11
	 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for a Total
Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

  

	 38.12
	 The Charterers shall provide the Owners, promptly upon the Owners’ written request, copies of:

  

	 (a)
	 all communications between the Charterers and: 

 

	 	 (i)
	 the approved brokers; and 

  

	 	 (ii)
	 the approved protection and indemnity and/or war risks associations; and 

 

	 	 (iii)
	 the approved international insurers and/or underwriters, which relate directly or indirectly to:

  

	 	 (A)
	 the Charterers’ obligations relating to the obligatory insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and 

  

	 	 (B)
	 any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii)
relating wholly or partly to the effecting or maintenance of the obligatory insurances; and 

 any communication
with all parties involved in case of a claim under any of the Vessel’s insurances. 
  

	 38.13
	 The Charterers shall promptly provide the Owners (or any persons which they may designate) with any information
which the Owners reasonably request for the purpose of: 

  

	 (a)
	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory
insurances effected or proposed to be effected; and/or 

  

	 (b)
	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) or dealing with or
considering any matters relating to any such insurances. 

  

	 38.14
	 If one or more of the obligatory insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with
reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a
form acceptable to the Owners. The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required. 

 

	 (a)
	 The Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are
reasonably incurred by (i) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners’ interest insurance, mortgagee’s interest insurance and a lessor’s/mortgagee’s additional
perils (pollution) insurance that is taken out in respect of the Vessel and/or (ii) the financier(s) of the Owners (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee’s interest insurance and a
mortgagee’s additional perils (pollution) insurance that is taken out 

  
 11 

	     
	 in respect of the Vessel, in each case, with the Charterers’ insurance brokers as approved by the Owners (in
their sole discretion) and provided that the Charterers shall provide the Owners, as soon as these are dispatched, with copies of all communications between the Charterers and such insurance brokers. In each case, the amount of the cover under the
insurances referred to this Clause (a) shall be equal to at least the higher of (i) 120% of the Outstanding Principal Balance and (ii) the Market Value of the Vessel. 

 

	 38.15
	 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the
Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, reasonable wear and tear to the
Vessel only excepted. 

  

	 38.16
	 The Charterers shall: 

 

	 (a)
	 reimburse the Owners any expenses incurred by the Owners in obtaining the reports described in Clause 38.13 (provided
that such reimbursement obligation does not arise for the second or subsequent report obtained for any given 12-month period); and 

 

	 (b)
	 procure that there is delivered to the brokers, insurers, underwriters, associations described in Clause 38.1(e) such
information in relation to the Insurances as they may require. 

  

	 38.17
	 The Charterers shall keep the Vessel insured at their expense against such other risks which the Owners or
their financiers (if any) consider reasonable for a prudent shipowner or operator to insure against at the relevant time (as notified by the Owners) and which are, at that time, generally insured against by owners or operators of vessels similar to
the Vessel. 

  

	 38.18
	 The Charterers shall, in the event that the Approved Manager makes a claim under any obligatory insurances
taken out in connection with this Clause 38 but is unable to or otherwise fails to pay in full any deductible in connection with such claim (in an amount as apportioned between the Charterers and every other assured in proportion to the gross claims
made by or paid to each of them), pay such shortfall in deductible payable on behalf of the Approved Manager. 

 CLAUSE
39  – WARRANTIES RELATING TO VESSEL 
  

	 39.1
	 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the
Vessel which has been purchased by the Owners from the Charterers as sellers pursuant to the MOA for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has
been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof). 

  

	 39.2
	 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded. 

  

	 39.3
	 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense
or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be
released from any liability to pay any Charterhire or other payment due under this Charter or the other Leasing Documents. 

CLAUSE 40  – TERMINATION, REDELIVERY AND TOTAL LOSS 
  

	 40.1
	 If the Termination Purchase Price becomes payable in accordance with Clause 44.2, Clause 44.3, Clause 44A.1 or
Clause 44A.2, the same shall (in each case) be payable in consideration 

  
 12 

	     
	 of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 40.4 and it is hereby
agreed by the parties hereto that payment of the Termination Purchase Price shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners in buying the Vessel and entering into this Charter
upon the terms and conditions contained herein, in each case, at the request of the Charterers and shall therefore be paid as compensation to the Owners for early termination and acquisition of the Vessel by the Charterers. 

 

	 40.2
	 Upon irrevocable receipt of the Termination Purchase Price by the Owners pursuant to Clause 40.1 in full, this
Charter shall terminate. 

  

	 40.3
	 

  

	 (a)
	 If the Charterers fail to make any payment of the Termination Purchase Price on the due date thereof,

  

	 	 (i)
	 Clauses 36.10 and 36.11 shall apply; 

 

	 	 (ii)
	 the Charterers’ right to possess and operate the Vessel shall immediately cease and (without in any way affecting
the Charterers’ obligation to pay the Termination Purchase Price ) the Charterers shall, upon the Owners’ request (at Owners’ sole discretion), be obliged to immediately (and at the Charterers’ own cost) redeliver the Vessel to
the Owners at such ready and nearest safe port as the Owners may require; further and for the avoidance of doubt, the Owners shall be entitled (at Owners’ sole discretion) to operate the Vessel as they may require and may create whatsoever
interests thereon, including without limitation charterparties or any other form of employment contracts (“Post-enforcement Interests”); 

 

	 	 (iii)
	 the Owners shall be entitled (at Owners’ sole discretion) to sell the Vessel on terms they deem fit (an
“Owners’ Sale”); and 

  

	 	 (iv)
	 the Owners shall be entitled to terminating this Charter upon service of a prior written notice to the Charterers.

  

	 (b)
	 Prior to effecting an Owners’ Sale, the Owners shall notify the Charterers in writing and the Charterers may
within seven (7) Business Days thereafter submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a purchaser offering by way of a firm offer (subject to customary closing conditions and Owners’
investigation on know your client issues) (a “Charterers’ Offers”) an amount at least equal to the higher of (i) the purchase price contemplated by the Owners’ Sale and (ii) the then current amount
of the Termination Purchase Price in either case following which the Owners will use reasonable endearvours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 	 (c)
	 Without prejudice to the other provisions of this Clause 40.3, the Charterers may at any time following the occurrence
of any event set out in Clause 44.2, Clause 44.3, Clause 44A.1 or Clause 44A.2 (as the case may be) submit to the Owners evidence (to the satisfaction of the Owners, acting reasonably) of a Charterers’ Offer in an amount at least equal to the
then current amount of the Termination Purchase price in which case the Owners will use reasonable endeavours to enter into a memorandum of agreement (in a form acceptable to the Owners and the relevant counterparty buyer) pursuant to such
Charterers’ Offer. 

  

	 (d)
	 The proceeds of any sale of the Vessel pursuant to Clause 40.3(a)(iii) shall be applied: 

 

	 	 (i)
	 first, towards the Owners’ documented costs incurred in relation to such sale; 

  
 13 

	 	 (ii)
	 second, towards payment of the outstanding Termination Purchase Price and other sums then due and payable to the
Owners under the Leasing Documents; and 

  

	 	 (iii)
	 third, any remaining balance to be paid to the Charterers subject to all actual and/or contingent liabilities incurred
under any of the Leasing Documents being fully discharged; provided also in the case of an Owners’ Sale that if such proceeds are not in an amount sufficient to discharge in full the aggregate amounts due to the Owners under (i) and (ii),
the Charterers shall continue to be liable for the shortfall. 

  

	 40.4
	 Concurrently with the Owners receiving irrevocable payment of the Termination Purchase Price in full pursuant
to the terms of this Charter, the Owners shall (save in the event of Total Loss or where ownership has already been or agreed to be transferred pursuant to Clause 40.3) transfer the legal and beneficial ownership of the Vessel on an “as is
where is” basis (and, for the avoidance of doubt but without prejudice to Clause 49.1(b), subject to any Post-enforcement Interests), and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and (b)), to the
Charterers (or their nominees) and shall (at the cost of the Charterers) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to Charterers
(or their nominees) (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners). 

  

	 40.5
	 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel
as a result of the Charterers’ action or performance prior to such transfer of ownership. Any taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners’ register shall be for the Charterers’
account. 

  

	 40.6
	 If the Charterers are required to redeliver the Vessel to the Owners pursuant to Clause 40.3, the Charterers
shall ensure that the Vessel shall, at the time of redelivery to the Owners (at Charterers’ cost and expense): 

  

	 (a)
	 be in compliance with its Insurances; 

 

	 (b)
	 be in an equivalent classification as she was as at the Commencement Date without any outstanding recommendation or
condition, and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel’s classification and in the same or as good structure, state, condition and classification as that in
which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel’s classification excepted; 

  

	 (c)
	 have passed her 5-year and if applicable,
10-year special surveys, and subsequent second intermediate surveys and drydock at the Charterers’ time and expense without any condition or outstanding issue and to the satisfaction of the Classification
Society and with all the Vessel’s classification, trading, national and international certificates that the Vessel had when she was delivered under this Charter and the log book and whatsoever necessary relating to the operation of the Vessel,
valid and un-extended without conditions or recommendation falling due; 

  

	 (d)
	 have her survey cycles up to date and trading and classification certificate valid for at least six (6) months;

  

	 (e)
	 be redelivered to the Owners together with all spare parts and spare equipment as were on board at the time of
Delivery and to the extent not already expended in the operation of the Vessel, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free of
charge; 

  

	 (f)
	 be free of any Security Interest (save for the Security Interests granted pursuant to the Financial Instruments) and
the Charterer shall use their best endeavours to procure that the Vessel is free of any cargo; 

  
 14 

	 (g)
	 be redelivered to the Owners together with all material information generated during the Charter Period in respect of
the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterers’ equipment, computer or property; 

 

	 (h)
	 be free of any charter (unless the Owners wish to retain the continuance of any then existing charter;

  

	 (i)
	 be free of officers and crew (unless otherwise agreed by the Owners);  

 

	 (j)
	 shall have had her underwater parts treated with ample anti-fouling to last for the ensuing period up to the next
scheduled dry docking of the Vessel; and  

  

	 (k)
	 be in compliance with all laws or regulations relating to the Vessel then applicable, including the ISM Code, the ISPS
Code, all Environmental Laws and the laws of the Vessel’s registry at the time of redelivery  

  

	 40.7
	 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes and other consumable stores in the Vessel at no cost to the Owners. 

  

	 40.8
	 If the Vessel, for any reason, becomes a Total Loss after Delivery, the Charterers shall pay the Termination
Purchase Price to the Owners on the earlier of: 

  

	 (a)
	 the date falling one hundred and twenty (120) days after such Total Loss has occurred; and 

 

	 (b)
	 the date of receipt by the Owners and/or their financiers (if any), in accordance with the terms of the relevant loss
payable clause, of the proceeds of insurance relating to such Total Loss, 

 provided that it is hereby agreed that
any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon
(and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination
Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any Other Charterers any of their Affiliates under any Other Charters pro rata and
thereafter paid to the Charterers by way of rebate of hire. 
 For the avoidance of doubt, in the event that the Vessel becomes a
Total Loss: 
  

	 	 (A)
	 payment of the Charterhire and all other sums payable under the Leasing Documents during such period shall continue to
be made by the Charterers in accordance with the terms thereof unless and until the Owners receive in full the Termination Purchase Price; 

  

	 	 (B)
	 should insurance proceeds be received by the Owners from the insurers, the Charterers’ obligations to pay the
Termination Purchase Price shall be accordingly reduced by an amount corresponding to such insurance proceeds but in the event that such insurance proceeds are less than the amount of the Termination Purchase Price together with any interest accrued
thereon, the Charterers shall remain obliged to pay to the Owners the balance so that the full amount of the Termination Purchase Price due together with any interest accrued thereon is received by the Owners; and 

 

	 	 (C)
	 the obligation of the Charterers to pay the Termination Purchase Price shall remain unaffected and exist regardless of
whether any of the insurers have agreed or refused to meet or have disputed in good faith, the claim for Total Loss. 

  
 15 

	 40.9
	 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss. 

 CLAUSE 41       – FEES AND EXPENSES 

 

	 41.1
	 In consideration of the Owners entering into this Charter, the Charterers shall pay to the Owners or their
nominee a non-refundable arrangement fee equal to one point two five per cent. (1.25%) of the Financing Amount which shall be payable, and actually received by the Owners or their nominee, no later than three
(3) Business Days prior to the scheduled delivery date, such scheduled delivery date being the date of delivery of the Vessel set out in the notice to be sent to the Owners from the Charterers five (5) days before delivery in accordance
with Clause 5(b) of the MOA. 

  

	 41.2
	 Without prejudice to any other rights of the Owners under this Agreement, the Charterers shall promptly pay to
the Owners on written demand on a full indemnity basis: 

  

	 (a)
	 all documented costs, charges and expenses incurred by the Owners in collecting any Charterhire, the Deposit or other
payments not paid on the due date under this Charter, in remedying any other failure of the Charterers to observe the terms and conditions of this Charter and in enforcing the Owners’ rights under any Leasing Document; and

  

	 (b)
	 all documented costs and expenses (including, but not limited to, legal costs) incurred by the Owners in the
negotiation and execution of all documentation in relation to this Charter and the other Leasing Documents including, but not limited to, all documented costs incurred by the Owners and all documented legal costs, expenses and other disbursements
incurred by the Owners’ legal counsels in connection with the same, provided that the Charterers shall not be obliged to pay such costs and expenses if this Charter is terminated pursuant to the terms of this Charter prior to the Delivery of
the Vessel solely due to any default by the Owners under a Leasing Document.     

 CLAUSE 42
      - NO WAIVER OF RIGHTS 
  

	 42.1
	 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.

  

	 42.2
	 No right or remedy conferred upon either party by this Charter shall be exclusive of any other right or remedy
provided for herein or by law and all such rights and remedies shall be cumulative. 

 CLAUSE 43
      - NOTICES 
  

	 43.1
	 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to
this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post, fax or by email to the following
respective addresses: 

  

					
	 (A)
	  	 to the Owners:
	  	 Attention: Rita Wang

		  		  	 Room 2310, 23/F C C Wu Building, 302-308, Hennessy Road,

		  		  	 Wanchai, Hong Kong

		  		  	 Email: wangyuping@msfl.com.cn

		  		  	 Tel: +86 010 68940066 9983

		  		  	 Fax: +86 010 68940066 9864

			
	 (B)
	  	 to the Charterers:
	  	 c/o Navios ShipManagement Inc.

		  		  	 Attention: Vassiliki Papaefthymiou

  
 16 

					
		  		  	 Email: vpapaefthymiou@Navios.com

		  		  	 Tel: +30 210 41 72 050

		  		  	 Fax: +30 210 41 72 070

 or, if a party hereto changes its address or fax number, to such other address or fax number as
that party may notify to the other. 
 CLAUSE 44       – TERMINATION EVENTS 

 

	 44.1
	 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event: 

  

	 (a)
	 any of the Relevant Persons fails to make any payment on its due date under this Charter or any other Leasing Document
to which such Relevant Person is a party and in each case, such non-payment fails to be rectified within seven (7) Business Days of the relevant due date; or 

 

	 (b)
	 the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (n), (o), (p), (q) or
(r) or the Guarantor breaches or omits to observe or perform its financial covenants contained in clause 11.20 of the Guarantee; or the Charterers fail to obtain and/or maintain the Insurances required under Clause 38 in accordance with
the provisions thereof or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto; or 

  

	 (c)
	 any Relevant Person or the Approved Manager commits any other breach of, or omits to observe or perform, any of their
other obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraph (a) or (b) above) unless such breach or omission is, in the reasonable opinion of the Owners, remediable and such Relevant
Person and/or the Approved Manager remedies such breach or omission to the satisfaction of the Owners within fourteen (14) Business Days of notice thereof from the Owners (except that in the case of Clause 46(l), the relevant period shall be
ten (10) Business Days of notice thereof from the Owners); or 

  

	 (d)
	 any representation or warranty made by the any Relevant Person or the Approved Manager in or pursuant to any Leasing
Document proves to be untrue or misleading when made; or 

  

	 (e)
	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person: 

 

	 	 (i)
	 any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand after any applicable
grace period has expired; or 

  

	 	 (ii)
	 any Financial Indebtedness of a Relevant Person becomes due and payable, or capable of being declared due and payable,
prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary right of prepayment; or 

  

	 	 (iii)
	 a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by
the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or 

  

	 	 (iv)
	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or
becomes capable of being required, as a result of any termination event or event of default (howsoever defined), 

provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person if the aggregate amount of
Financial Indebtedness or commitment for 

  
 17 

 Financial Indebtedness falling within paragraphs (i) to (iv) above is less than
(A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 (or its equivalent in any other currency) in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in
aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly from a claim which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.  

 

	 (f)
	 any of the following occurs in relation to a Relevant Person: 

 

	 	 (i)
	 a Relevant Person becomes, in the reasonable opinion of the Owners, unable to pay their debts as they fall due; or

  

	 	 (ii)
	 any assets of a Relevant Person, or any assets of the Guarantor exceeding the value of $10,000,000 (or its equivalent
in any other currency) in aggregate, or the Vessel are subject to any form of execution, attachment, arrest, sequestration or distress which is not discharged within thirty (30) days (or such longer period agreed by the Owners); or

  

	 	 (iii)
	 any administrative or other receiver is appointed over all or a substantial part of the assets of a Relevant Person
unless as part of a solvent reorganisation which has been approved by the Owners; or 

  

	 	 (iv)
	 a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that they are
insolvent or likely to become insolvent, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that they should be wound up, placed in
administration or cease to carry on business; or 

  

	 	 (v)
	 a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a
provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within thirty (30) days of the presentation of the petition; or 

 

	 	 (vi)
	 a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of
them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

  

	 	 (vii)
	 any meeting of the members or directors of a Relevant Person is summoned for the purpose of proposing to authorise or
take any action of a type described in paragraphs (iii) to (vi); or 

  

	 	 (viii)
	 in a country other than England and Wales, any event occurs or any procedure is commenced which, in the reasonable
opinion of the Owners, is similar to any of the foregoing referred to in (ii) to (vii) above inclusive; or 

  

	 	 (ix)
	 any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction)
affects any asset or assets of a Relevant Person; or 

  

	 (g)
	 a Relevant Person suspends or ceases or threatens to suspend or cease carrying on its business; or

  

	 (h)
	 any consent, approval, authorisation, license or permit necessary to enable the Charterers, any Approved Subcharterer
or any Approved Manager to operate or charter the Vessel, to enable any Relevant Person, Approved Subcharterer or any Approved Manager to comply with any provision of any Leasing Document, as the case may be, to ensure that the obligations of

  
 18 

	     
	 any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be) are legal, valid, binding or
enforceable is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent, approval, authorisation, license or permit is not fulfilled; or 

 

	 (i)
	 any event or circumstance occurs which has or is likely to have a Material Adverse Effect; or 

 

	 (j)
	 this Charter or any Leasing Document or any Security Interest created by a Leasing Document is cancelled, terminated,
rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever; or 

 

	 (k)
	 a Relevant Person or Approved Manager rescinds or purports to rescind or repudiates or purports to repudiate a Leasing
Document; or 

  

	 (l)
	 the Security Interest constituted by any Security Document is in any way imperiled or in jeopardy; or

  

	 (m)
	 the Vessel is not delivered latest by the Cancelling Date; or 

 

	 (n)
	 there is a merger, amalgamation, demerger or corporation reconstructions of a Relevant Person (other than where, in
the case of the Guarantor, the Guarantor remains the surviving legal entity following the occurrence of such event) or a change of control or legal or beneficial ownership of the Charterers from that set out in Clause 45.1(a) without disclosure to
the Owners and the Owners’ prior written consent; or     

  

	 (o)
	 there is a change in control of the Guarantor from that set out in Clause 45.1(b) or of the Charterers from that set
out in Clause 45.1(a), in any case without disclosure to the Owners and the Owners’ prior written consent; or 

  

	 (p)
	 any Termination Event (as defined in any Other Charter) occurs under such Other Charter; or 

 

	 (q)
	 the occurrence of any of the following events; 

 

	 	 (i)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (ii)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer of such Approved Bareboat Subcharter to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer. 

 

	 44.2
	 Subject to Clause 44.3 below, upon the occurrence of a Termination Event which is continuing (other than
pursuant to: (i) Clause (f), in which case the Owner’s entitlement to issue the notice of termination to the Charterers under Clause 44.3 shall immediately arise), the Owners shall notify the Charterers of occurrence of the same (the
“Termination Event Notice”) whereupon the Charterers may, within three (3) Business Days of the date of the Termination Event Notice, provide to the Owners a written notice advising the Owners of their intention to pay the Termination
Purchase Price to the Owners and terminate this Charter in accordance with the procedures set out in Clause 40. 

  

	 44.3
	 If the Charterers do not notify the Owners of their intention to terminate this Charter pursuant to Clause 44.2
within three (3) Business Days of the date of the Termination Event Notice, or a Termination Event is continuing pursuant to Clause (f), then the Owners shall be entitled, provided the Termination Event is continuing, by notice to the
Charterers to terminate this Charter at any time, and the Charterers shall be required to pay to the Owners the Termination Purchase Price in accordance with the procedures set out in Clause 40. 

  
 19 

	 44.4
	 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the
Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter. 

  

	 44.5
	 Without limiting the generality of the foregoing or any other rights of the Owners, upon the occurrence of a
Termination Event which is continuing, the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to or pertaining to the Vessel and this
Charter, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or
take any other action in respect of, any such policy or policies and (iii) change or appoint a new manager for the Vessel other than the Approved Manager and the appointment of the Approved Manager may be terminated immediately without any
recourse to the Owners. 

 CLAUSE 44A       – MANDATORY SALE 

 

	 44A.1
	 If (i) it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as
contemplated by this Charter or any other Leasing Document or the financiers to perform their obligations under the Financial Instruments or (ii) any event described in Clauses 44.1(f)(iii),(iv),(v),(vi) or (vii) applies to the Owners, the
Owners shall notify the Charterers of such event and the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such notice by the Owners or, in the event of (i), if earlier, the date
specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law),and this Charter shall terminate in accordance with the procedures set out in Clause 40.

  

	 44A.2
	 If it is or has become: 

  

	 	 (i)
	 unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	 	 (ii)
	 contrary to, or inconsistent with, any regulation, 

for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other
Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be
legal, valid, binding and enforceable (any such event an “Illegality Event”), the Charterers shall be required to pay the Termination Purchase Price to the Owners on the next Payment Date following such occurrence or,
if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 40, provided that if an Illegality
Event applies to the Approved Manager only at the relevant time, the Charterers shall only be obliged to pay the Termination Purchase Price and this Charter shall only terminate pursuant to this Clause 44A.2 if the Charterers fail to replace such
Approved Manager with another Approved Manager to which no Illegality Event applies within sixty (60) days from the occurrence of that Illegality Event (but in any event no later than the date specified by the Owners (being no earlier than the
last day of any applicable grace period permitted by law)).  
 CLAUSE 45
      – REPRESENTATIONS AND WARRANTIES      
  

	 45.1
	 The Charterers represent and warrant to the Owners as of the date of this Charter, and on the first day of each
Term as follows: 

  

	 (a)
	 the Charterers are wholly legally, indirectly and beneficially owned by the Guarantor; 

  
 20 

	 (b)
	 Mrs Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or
foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. and/or its Affiliates is the ultimate beneficial owner of, or has ultimate control of the voting rights attaching to, twenty per cent. (20%) of all the issued shares
in the Guarantor;  

  

	 (c)
	 each of the Relevant Persons and Approved Manager is duly incorporated and validly existing under the laws of its
jurisdiction of its incorporation; 

  

	 (d)
	 each of the Relevant Persons and the Approved Manager has the corporate capacity, and has taken all corporate actions
and obtained all consents, approvals, authorisations, licenses or permits necessary for it: 

  

	 	 (i)
	 to execute each of the Leasing Documents to which it is a party; and 

 

	 	 (ii)
	 to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

  

	 (e)
	 all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(d) remain in force and
nothing has occurred which makes any of them liable to revocation; 

  

	 (f)
	 each of the Leasing Documents to which a Relevant Person or Approved Manager is a party constitutes such Relevant
Person’s or Approved Manager’s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors’ rights generally; 

 

	 (g)
	 no third party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or
claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents or any interest or assets subject to or purported to be subject to any Security Documents; 

 

	 (h)
	 all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a
party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of the jurisdiction of incorporation; 

  

	 (i)
	 no legal or administrative action involving a Relevant Person or Approved Manager has been commenced or taken which is
likely to have a Material Adverse Effect; 

  

	 (j)
	 each of the Relevant Persons and Approved Manager has paid all taxes applicable to, or imposed on or in relation to
it, its business or if applicable, the Vessel, except for those being contested in good faith with adequate reserves; 

  

	 (k)
	 the choice of governing law as stated in each Leasing Document to which a Relevant Person or Approved Manager is a
party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person or Approved Manager; 

 

	 (l)
	 no Relevant Person or Approved Manager nor any of their assets are entitled to immunity on the grounds of sovereignty
or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement); 

 

	 (m)
	 the obligations of each Relevant Person or Approved Manager under each Leasing Document to which it is a party, are
the direct, general and unconditional obligations of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) and, rank at least pari passu with all other present and future unsecured and
unsubordinated creditors of such Relevant Person and Approved Manager (which is an Affiliate of the Charterers) (as the case may be) save for any obligation which is mandatorily preferred by law and not by virtue of any contract;

  
 21 

	 (n)
	 no Relevant Person or Approved Manager (which is an Affiliate of the Charterers) is a US Tax Obligor, and no Relevant
Person or Approved Manager (which is an Affiliate of the Charterers) has established a place of business in the United Kingdom or the United States of America; 

 

	 (o)
	 no Relevant Person, Approved Manager nor any of their respective directors, officers, employees or agents is a
Restricted Person and to the best of the Charterers’ knowledge and belief (after due and careful enquiry), no Approved Subcharterer nor any of its directors, officers, employees or agents is a Restricted Person; 

 

	 (p)
	 each Relevant Person and Approved Manager and their respective directors, officers, employees and agents, and to the
best of the Charterers’ knowledge and belief (after due and careful enquiry), the Approved Subcharterer and its directors, officers, employees and agents, is in compliance with all Sanctions laws, and none of them have been or are currently
being investigated on compliance with Sanctions, they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of
Sanctions; 

  

	 (q)
	 each Relevant Person and Approved Manager, and to the best of the Charterers’ knowledge and belief (after due and
careful enquiry) any Approved Subcharterer, is not in breach of Anti- Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each of the Relevant Persons and Approved Manager has instituted and maintained systems,
controls, policies and procedures designed to: 

  

	 	 (i)
	 prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

  

	 	 (ii)
	 promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics
Laws. 

  

	 (r)
	 none of the Relevant Persons and the Approved Manager or any of their assets, in each case, has any right to immunity
from set off, legal proceedings, attachment prior to judgment or other attachment or execution of judgment on the grounds of sovereign immunity or otherwise; 

 

	 (s)
	 none of the Relevant Persons and the Approved Manager is insolvent or in liquidation or administration or subject to
any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Relevant Persons or the Approved Manager or all or material
part of their assets; 

  

	 (t)
	 that in respect of any Approved Subcharter: 

 

	 	 (i)
	 the copy of such Approved Subcharter provided to the Owners (if required to be provided under the terms of this
Charter) is a true and complete copy; 

  

	 	 (ii)
	 in the case of an Approved Bareboat Subcharter, the relevant Approved Subcharterer is fully aware of the transactions
contemplated under this Charter; 

  

	 (u)
	 no Termination Event or Potential Termination Event has occurred nor is continuing or might reasonably be expected to
result from the entry into and performance of this Charter or any other Leasing Document; 

  

	 (v)
	 as at the date of this Charter, the Charterers have not entered into any other investments, any sale or leaseback
agreements, any off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except:

  
 22 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel; 

  

	 (w)
	 any factual information provided by any Relevant Person or Approved Manager (which is an Affiliate of the Charterers)
(or on their behalf) to the Owners was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; 

 

	 (x)
	 the entry by each Relevant Person and Approved Manager (which is an Affiliate of the Charterers) into any Leasing
Document does not in any way cause any breach, and is in all respects permitted, under the terms of any of such entity’s constitutional documents or agreements binding on such entity; 

 

	 (y)
	 all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of the each
Relevant Person or Approved Manager (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with; 

  

	 (z)
	 no Environmental Claim has been made or threatened against any Relevant Person or Approved Manager or otherwise in
connection with the Vessel; and 

  

	 	 (aa)
	 no Environmental Incident which has led or would lead to any Environmental Claim has occurred and, unless otherwise
notified by the Charterers to the Owners, to the best of their knowledge no person has claimed that an Environmental Incident has occurred. 

CLAUSE 46       – CHARTERERS’ UNDERTAKINGS 

 

	 46.1
	 The Charterers undertake that they shall comply or procure compliance with the following undertakings
commencing from the date of this Charter and up to the last day of the Security Period: 

  

	 (a)
	 there shall be sent to the Owners: 

 

	 	 (i)
	 as soon as possible, but in no event later than 90 days after the end of each financial half-year, the consolidated
semi-annual accounts of the Guarantor certified as to their correctness by an officer of the Guarantor; 

  

	 	 (ii)
	 as soon as possible, but in no event later than 180 days after the end of each financial year of the
Guarantor, the audited consolidated annual financial reports of the Guarantor; 

  

	 (b)
	 they will provide to the Owners, promptly at the Owners’ request, copies of all notices and minutes relating to
any of their extraordinary shareholders’ meeting which are despatched to the Charterers’ or the Guarantor’s respective shareholders or any class of them, save that publicly disclosed notices and minutes not concerning the Vessel or
these Leasing Documents need not be provided to the Owners under this clause; 

  

	 (c)
	 they will provide to the Owners, promptly at the Owners’ requests so long as a Termination Event has occurred and
whilst the same is continuing, copies of all notices and notices of meetings which are despatched to the Charterers’ or Guarantors’ other creditors (if any); 

 

	 (d)
	 they will provide or will procure that each Relevant Person and Approved Manager provides the Owners with details of
any legal, arbitral or administrative action involving such Relevant Person or Approved Manager or the Vessel as soon as such action is instituted or it becomes apparent to such Relevant Person or Approved Manager that it is likely to be instituted
and is 

  
 23 

	     
	 likely to have a material adverse effect on the ability of a Relevant Person or Approved Manager to perform their
obligations under each Leasing Document to which it is a party (and in the case of such Relevant Person being the Guarantor, where the claim under such legal, arbitral or administrative action exceeds the sum of US$5,000,000); 

  

	 (e)
	 they will, and will procure that each other Relevant Person and Approved Manager obtains and promptly renews or
procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document
to which it is a party (including without limitation to sell, charter and operate the Vessel); 

  

	 (f)
	 they will not, and will procure that each other Relevant Person and Approved Manager will not, create, assume or
permit to exist any Security Interest of any kind upon any Leasing Document or any asset subject thereto to which such Relevant Person or Approved Manager is a party, and if applicable, the Vessel, in each case other than the Permitted Security
Interests; 

  

	 (g)
	 they will at their own cost, and will procure that each other Relevant Person and Approved Manager will:

  

	 	 (i)
	 do all that such Relevant Person or Approved Manager reasonably can to ensure that any Leasing Document to which such
Relevant Person or Approved Manager is a party validly creates the obligations and the Security Interests which such Relevant Person or Approved Manager purports to create; and 

 

	 	 (ii)
	 without limiting the generality of paragraph (i), promptly register, file, record or enrol any Leasing Document to
which such Relevant Person or Approved Manager is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
Relevant Person or Approved Manager is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the
priority of any Security Interest which such Relevant Person or Approved Manager creates; 

  

	 (h)
	 they will, and will procure that each other Relevant Person and the Approved Manager will, notify the Owners
immediately of the occurrence of: 

  

	 	 (i)
	 any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to
result, in repairs on the Vessel which exceed $1,000,000; 

  

	 	 (ii)
	 any material safety incidents taking place on board the Vessel; 

 

	 	 (iii)
	 any Termination Event; 

  

	 	 (iv)
	 any default by either an Approved Subcharterer under an Approved Bareboat Subcharter or Charterers of the terms of any
Approved Bareboat Subcharter; 

  

	 	 (v)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling either the Charterers to terminate such Approved Bareboat Subcharter; or 

  

	 	 (vi)
	 an event of default or termination event howsoever called under the terms of any Approved Bareboat Subcharter
entitling the relevant Approved Subcharterer to terminate such Approved Bareboat Subcharter which has not been unconditionally waived by such Approved Subcharterer, 

  
 24 

 and will keep the Owners fully up-to-date with all developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or
Termination Event; 
  

	 (i)
	 they will, and will procure that each other Relevant Person and Approved Manager will, as soon as practicable after
receiving the request, provide the Owners with any additional financial or other information relating: 

  

	 	 (i)
	 to themselves and/or the Vessel (including, but not limited to the condition and location of the Vessel); or

  

	 	 (ii)
	 to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

  

	 (j)
	 which may be reasonably requested by the Owners (or their financiers (if any)) at any time; without prejudice to
Clause 46.1(n), comply, or procure compliance, and will procure that each other Relevant Person, Approved Subcharterer and Approved Manager will comply or procure compliance, with all laws or regulations relating to the Vessel and its ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel’s registry; 

 

	 (k)
	 the Vessel shall be classed with the Classification Society and shall be free of all overdue recommendations and
requirements; 

  

	 (l)
	 they will ensure and procure that: 

 

	 	 (i)
	 the Market Value of the Vessel shall be ascertained from time to time in the following circumstances:

  

	 	 (aa)
	 upon the occurrence of a Potential Termination Event or a Termination Event which is continuing, at any time at the
request of the Owners; and 

  

	 	 (bb)
	 in the absence of occurrence of a Potential Termination Event or Termination Event no more than once every calendar
year, with such report to be dated no more than 30 calendar days prior to every anniversary of the Commencement Date occurring within the Charter Period or on such other date as the Owners may request; 

 

	 	 (ii)
	 the Charterers shall pay the amount of the fees and expenses incurred by the Owners in connection with any matter
arising out of this paragraph (l); 

  

	 (m)
	 they will notify the Owners immediately of: 

 

	 	 (i)
	 any Environmental Claim which is made against the Charterers, Approved Subcharterer or Approved Manager in connection
with the Vessel or any Environmental Incident; 

  

	 	 (ii)
	 any arrest or detention of the Vessel (that will or is likely to exceed fifteen (15) days), any exercise or
purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire; and 

  

	 	 (iii)
	 any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise,
likely to become, a Major Casualty; 

  

	 (n)
	 they shall comply, shall procure that each other Relevant Person and Approved Manager comply, and shall use all
reasonable endeavours to procure that the Approved Subcharterer comply, with all laws and regulations in respect of Sanctions, and in particular, each of these 

  
 25 

	     
	 entities shall effect and maintain a sanctions compliance policy to ensure compliance with all such laws and
regulations implemented from time to time; 

  

	 (o)
	 they shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary
to any Sanctions (and in particular, the Vessel shall not be used by or to benefit any party which is a target of Sanctions and/or is a Restricted Person or trade to any area or country where trading the Vessel to such area or country would
constitute or reasonably be expected to constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People’s Republic of China),
(ii) would result or reasonably be expected to result in any Relevant Person, Approved Subcharterer, Approved Manager or the Owners becoming a Restricted Person or (iii) would trigger the operation of any sanctions limitation or exclusion
clause in any insurance documentation; 

  

	 (p)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, promptly notify the Owners of any non-compliance, by any Relevant Person, Approved Subcharterer or Approved Manager or their respective officers,
directors, employees, consultants, agents or intermediaries, with all laws and regulations relating to Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws (including but not limited to notifying the
Owners in writing immediately upon being aware that any Relevant Person, Approved Subcharterer, Approved Manager or its shareholders, directors, officers or employees is a Restricted Person or has otherwise become a target of Sanctions) as well as
provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws; 

 

	 (q)
	 they shall, shall procure that each other Relevant Person and Approved Manager shall, and shall use all reasonable
endeavours to procure that the Approved Subcharterer shall, (in each case above, including procuring or as the case may be, using all reasonable endeavours to procure the respective officers, directors, employees, consultants, agents and/or
intermediaries of the relevant entity to do the same) shall: 

  

	 	 (i)
	 comply with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

  

	 	 (ii)
	 maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money
Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws; and 

  

	 	 (iii)
	 in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing
Amount for any purpose that would breach any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (r)
	 in respect of the Charterers, not lend, invest, contribute or otherwise make available the Financing Amount to or for
any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; 

  

	 (s)
	 they shall not appoint or permit to be appointed any manager of the Vessel unless it is the Approved Manager appointed
on terms acceptable to the Owners and their financiers (if any) and such Approved Manager has (prior to accepting its appointment) entered into a Manager’s Undertaking; 

 

	 (t)
	 they shall ensure that all Earnings and any other amounts received by them in connection with the Vessel are paid into
the Earnings Account and all operating expenses in connection with the Vessel are paid from the Earnings Account; 

  
 26 

	 (u)
	 upon request, they will provide or they will procure to be provided to the Owners the report(s) of the survey(s)
conducted pursuant to Clause 7 of this Charter in form and substance satisfactory to the Owners; 

  

	 (v)
	 they shall not permit the sub-chartering of the Vessel save for an Approved
Subcharter provided that: 

  

	 	 (i)
	 in the case of a request from the Charterers for the Owners’ written consent to the terms of an Approved
Subcharter being a time charter exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Owners shall respond to such request within five (5) Business Days or any other longer period
agreed between the Owners and the Charterers; 

  

	 	 (ii)
	 as a condition precedent to the execution of any Approved Subcharter being a bareboat charter or a time charter of a
period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods), the Charterers assign all their rights and interests under such Approved Subcharter in form and substance acceptable to the
Owners and shall use the reasonable endeavours to procure such Approved Subcharter to give a written acknowledgment of such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such Approved
Subcharter;     

  

	 (w)
	 in respect of an Approved Subcharter (other than a Short Term Time Subcharter) which contains an option to extend the
charter period, they shall notify the Owners as soon as they become aware that the relevant Approved Subcharterer does not intend to, or has not by the date falling 20 days prior to the date on which such Approved Subcharter will expire, exercise
the relevant option to extend the time charter period of the Subcharter in accordance with the terms thereunder;  

  

	 (x)
	 in respect of an Approved Subcharter other than a Short Term Time Subcharter, save with the prior written consent of
the Owners, they shall not, and shall procure that the relevant Approved Subcharterer shall not, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing
or waiving any material term of any such Approved Subcharter.  

 In this Clause 46.1(x), “material
term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;  

 

	 (y)
	 they shall not make or pay any dividend or other distribution (in cash or in kind) in respect of its share capital
following the occurrence of a Potential Termination Event or Termination Event or which would result in a Potential Termination Event or Termination Event; 

  

	 (z)
	 the Vessel shall be registered under the Flag State at all times; and 

 

	 (aa)
	 they shall not enter into any other investments, any sale or leaseback agreements, any
off-balance sheet transaction or incur any other liability or obligation (including without limitation, any Financial Indebtedness of any obligations under a guarantee) except: 

 

	 	 (i)
	 liabilities and obligations under the Leasing Documents to which it is or, as the case may be, will be a party; and/or

  

	 	 (ii)
	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Vessel. 

  
 27 

 CLAUSE 47       PURCHASE OPTION 

 

	 47.1
	 The Charterers shall, at any time during the Charter Period, have the option to purchase the Vessel on any date
which shall also be a Payment Date (the “Purchase Option Date”) specified in such notice (the “Purchase Option Notice”, which shall be served to the Owners not less than two (2) months prior to the proposed
Purchase Option Date) at the then applicable Purchase Option Price, provided that the Charterers shall not be entitled to serve a Purchase Option Notice if five (5) “Purchase Option Notices” (as defined in any Other Charters) or
“Joint Purchase Option Notices” (as defined in any Other Charters) which, in each case, is unrelated to the exercise of purchase option of the Vessel under this Charter have been delivered by the relevant Other Charterers to the relevant
Other Owners under the relevant Other Charters at such time.  

  

	 47.2
	 A Purchase Option Notice maybe made in connection with the exercise of the option to purchase of any Other
Vessel by the relevant Other Charterers under clause 47 (Purchase Option) of such Other Charters (such Purchase Option Notice, the “Joint Purchase Option Notice”) and shall include any “Purchase Option Notice” (as
defined in any Other Charters) or “Joint Purchase Option Notice” (as defined in any Other Charters) if such “Purchase Option Notice” or “Joint Purchase Option Notice” (each as defined in the relevant Other Charters) is
made also in connection with the purchase of the Vessel). A Purchase Option Notice shall be signed by a duly authorised officer or attorney of the Charterers (and in the case of any Joint Purchase Option Notice, of the relevant Other Charterers
notifying its exercise of the option to purchase of the relevant Other Vessel or, as the case may be, Other Vessels pursuant to such Joint Purchase Option Notice) and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to
pay to the Owners the then applicable Purchase Option Price on the Purchase Option Date. The Charterer agrees that any Joint Purchase Option Notice which is also made in connection with the Charterers’ exercise of purchase option of the Vessel
served by any Other Charterers to the relevant Other Owners shall be deemed to be a Purchase Option Notice served by the Charterers to the Owners under this Clause 47. 

 

	 47.3
	 Upon the Owners’ receipt in full of the Purchase Option Price, the Owners shall (except in the case of
Total Loss) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clauses 49.1(a) and 49.1(b)) to the Charterers or their nominees and
shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes the Vessel shall
be deemed first to have been redelivered to the Owners).  

 CLAUSE 48       – PURCHASE
OBLIGATION 
 Subject to other provisions of this Charter, in consideration of the Owners entering into this Charter, the
Charterers shall on the last day of the Charter Period be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall
perform their obligations referred to in Clause 49 and the Charterers shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the
Charterers agree otherwise. 
 CLAUSE 49       – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

  

	 49.1
	 Completion of the exercise of the Purchase Option (by the Charterers) or the Purchase Obligation (by the
Owners) shall respectively take place on the Purchase Option Date or the Purchase Obligation Date (as the case may be), whereupon the Owners will sell to the Charterers (or their nominee), and the Charterers (or their nominee) will purchase from the
Owners, all the legal and beneficial interest and title in the Vessel, for the Purchase Option Price or the Purchase Obligation Price (as the case may be) on an “as is where is” basis and on the following terms and conditions:

  
 28 

	 (a)
	 the Charterers expressly agree and acknowledge that no condition, warranty or representation of any kind is or has
been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any
person on the Owners’ behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality,
merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the
Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law, the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under this
Clause and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or
warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or
waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party; 

 

	 (b)
	 the Vessel shall be free from any registered mortgages, liens, encumbrances or debts incurred by the Owners and any
other claims whatsoever (save for those mortgages, liens, encumbrances or debts arising out of or in connection with the Charter or the Leasing Documents); 

  

	 (c)
	 the Purchase Option Price or the Purchase Obligation Price (as the case may be) shall be paid by (or on behalf of) the
Charterers to the Owners on respectively the Purchase Option Date or the Purchase Obligation Date, together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the
Purchase Option Date or Purchase Obligation Date (as the case may be) which remain unpaid; and 

  

	 (d)
	 concurrently with the Owners receiving irrevocable payment of the Purchase Obligation Price or the Purchase Option
Price (as the case may be) and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of Total Loss) (at Charterer’s cost) transfer the legal and beneficial ownership of
the Vessel on an “as is where is” basis (and otherwise in accordance with the terms and conditions set out at Clause 49.1(a) and Clause 49.1(b)) to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of
sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes, the Vessel shall be deemed first to
have been redelivered to the Owners). 

 CLAUSE 50       INDEMNITIES 

 

	 50.1
	 The Charterers shall pay such amounts to the Owners, on the Owners’ demand, in respect of all documented
claims, expenses, liabilities, losses, fees (including, but not limited to, any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document or in connection
with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners , and the costs related to the prevention or release of liens or
detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it, enforcement of the Owners’ rights under any Leasing Document, and whether prior to, during or after termination of the leasing of this
Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any documented claims, expenses, liabilities and losses which arise, or are asserted,
under or in 

  
 29 

	     
	 connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental
Law, any Sanctions, Anti-Money Laundering Laws, Anti-Terrorism Financing Laws or Business Ethics Laws. 

  

	 50.2
	 Without prejudice to the above Clause 50.1, if any sum (a “Sum”) due from a Relevant Person,
the Approved Manager or Approved Subcharterer under the Leasing Documents, or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable
into another currency (the “Second Currency”) for the purpose of: 

  

	 (a)
	 making or filing a claim or proof against that Relevant Person the Approved Manager or Approved Subcharterer (as the
case may be); or 

  

	 (b)
	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum. 
  

	 50.3
	 The obligations of the Charterers under Clause 50 and in respect of any Security Interest created pursuant to
the Security Documents will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under Clause 50 or in respect of any Security Interest created pursuant to the Security
Documents (without limitation and whether or not known to it or any Relevant Person or Approved Manager) including: 

  

	 (a)
	 any time, waiver or consent granted to, or composition with, any Relevant Person or Approved Manager or any other
person; 

  

	 (b)
	 the release of any other Relevant Person or Approved Manager or any other person under the terms of any composition or
arrangement with any creditor of such Relevant Person, Approved Manager or such other person or any of its affiliates; 

  

	 (c)
	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in
perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or Approved Manager or any other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 (d)
	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status
of a Relevant Person or Approved Manager or any other person; 

  

	 (e)
	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or
replacement of any Leasing Document or any other document or security; 

  

	 (f)
	 any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any
other document or security; or 

  

	 (g)
	 any insolvency or similar proceedings. 

 

	 50.4
	 Notwithstanding anything to the contrary under the Leasing Documents (but subject and without prejudice to Clause 33)
and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the 

  
 30 

	     
	 indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect notwithstanding
any breach of the terms of this Charter or such Leasing Document or termination or cancellation of this Charter or such Leasing Document pursuant to the terms hereof or thereof or termination of this Charter or such Leasing Document by the Owners.

  

	 50.5
	 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers
under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from either the Owner or the Other Owners (or any of them, as the case may be) such amounts in respect of all claims, expenses,
liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such moneys, costs,
fees and expenses upon the Owner’s or any of the Other Owner’s demand. 

  

	 50.6
	 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against
the Other Charterers or the Guarantor or any of them shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any
rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this
Clause: 

  

	 (a)
	 to be indemnified by the Other Charterers or the Guarantor or any of them; 

 

	 (b)
	 to claim any contribution from any third party providing security for, or any other guarantor of, the Other
Charterers’ or the Guarantor’s obligations under the Leasing Documents; 

  

	 (c)
	 to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Other
Charterers or the Guarantor or any of them under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties; 

 

	 (d)
	 to bring legal or other proceedings for an order requiring any of the Other Charterers or the Guarantor or any of them
to make any payment, or perform any obligation, in respect of any Leasing Document; 

  

	 (e)
	 to exercise any right of set-off against any of the Other Charterers or the
Guarantor or any of them; and/or 

  

	 (f)
	 to claim or prove as a creditor of any of the Other Charterers or the Guarantor or any of them, 

and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or
distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners. 
  

	 50.7
	 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33
(Cancellation)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in
full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. 

  
 31 

 CLAUSE 51    – NO SET-OFF OR TAX
DEDUCTION 
  

	 51.1
	 All Charterhire or payment of the Purchase Obligation Price or the Purchase Option Price and any other payment
made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually: 

  

	 (a)
	 without any form of set-off, cross-claim or condition and in the case of
Charterhire or Deposit, without previous demand unless otherwise agreed with the Owners; and 

  

	 (b)
	 free and clear of any tax deduction or withholding unless required by law. 

 

	 51.2
	 Without prejudice to Clause 51.1, if the Charterers are required by law to make a tax deduction from any
payment: 

  

	 (a)
	 the Charterers shall notify the Owners as soon as they become aware of the requirement; and 

 

	 (b)
	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive
and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received. 

 

	 51.3
	 In this Clause “tax deduction” means any deduction or withholding for or on
account of any present or future tax, other than a FATCA Deduction. 

 CLAUSE 52    – INCREASED COSTS

  

	 52.1
	 This Clause 52 applies if the Owners notify the Charterers that they consider that as a result of:

  

	 (a)
	 the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter
in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Charter of a tax on the Owners’ overall net income); or 

 

	 (b)
	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects
the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter, 

the Owners (or a parent company of them) has incurred or will incur an “increased cost”. 

 

	 52.2
	 In this Clause 52, “increased cost” means, in relation to the Owners:

  

	 (a)
	 an additional or increased cost incurred as a result of, or in connection with, the Owners having entered into, or
being a party to, this Charter, of funding the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter; 

  

	 (b)
	 a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a
payment represents to the Owners on their capital; 

  

	 (c)
	 an additional or increased cost of funding the acquisition of the Vessel pursuant to the MOA; or

  

	 (d)
	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or
receivable by the Owners under this Charter, 

  
 32 

	 (e)
	 and for the purposes of this Clause 52.2 the Owners may in good faith allocate or spread costs and/or losses among
their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate. 

  

	 52.3
	 Subject to the terms of Clause 52.1, the Charterers shall pay to the Owners, on the Owners’ demand, the
amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost. 

CLAUSE 53    – CONFIDENTIALITY 
  

	 53.1
	 The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the
“Confidential Information”) strictly confidential, provided that a Party may disclose Confidential Information in the following cases: 

 

	 (a)
	 it is already known to the public or becomes available to the public other than through the act or omission of the
disclosing Party; 

  

	 (b)
	 it is required to be disclosed under the applicable laws of any Relevant Jurisdiction or by a governmental order,
decree, regulation or rule, by an order of a court, tribunal or listing exchange of the Relevant Jurisdiction, provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the disclosure unless
such disclosure is made pursuant to any order by the US Securities and Exchange Commission, the New York Stock Exchange, or the NASDAQ Stock Market in which case no such prior written notice is required; 

 

	 (c)
	 in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in
discovery arising out of such proceedings; 

  

	 (d)
	 to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for
circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; 

  

	 (e)
	 to any of the following persons on a need to know basis: 

 

	 	 (i)
	 a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof); 

  

	 	 (ii)
	 professional advisers retained by a disclosing party; or 

 

	 	 (iii)
	 persons advising on, providing or considering the provision of financing to the disclosing party or an Affiliate,

 provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose
Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or 

 

	 (f)
	 with the prior written consent of all Parties. 

CLAUSE 54    – PARTIAL INVALIDITY 

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or
impaired. 

  
 33 

 CLAUSE 55    – SETTLEMENT OR DISCHARGE CONDITIONAL 

 

	 55.1
	 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person or Approved
Manager or any other person shall be conditional upon no security or payment to the Owners by any Relevant Person or Approved Manager or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or
otherwise. 

  

	 55.2
	 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or Approved
Manager or Approved Subcharterer of an Approved Subcharter of a period exceeding or capable of exceeding thirteen (13) months (taking into account any optional extension periods) or by any other person in purported payment or discharge of an
obligation of that Relevant Person or Approved Manager or such Approved Subcharterer to the Owners under the Leasing Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or
Approved Manager or such Approved Subcharterer or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents. 

CLAUSE 56 – CHANGES TO THE PARTIES 
  

	 56.1
	 Assignment or transfer by the Charterers 

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents
except with the prior consent in writing of the Owners, provided that the Owners’ consent shall not be unreasonably withheld if the assignee or transferee of such assignment or transfer by the Charterers is an Affiliate of the Charterers. 

 

	 56.2
	 Transfer by the Owners 

 

	 (a)
	 Subject to Clause 35.3, the Owners may transfer by novation (or otherwise) any of its rights and obligations under the
Leasing Documents: 

  

	 	 (i)
	 in the event of an occurrence of a Termination Event which is continuing; or 

 

	 	 (ii)
	 subject to the consent of such other party under the Leasing Document (which must not be unreasonably withheld or
delayed), to another lessor or financial institution or trust, fund, leasing company or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets,

  

	 (b)
	 During the Charter Period, any change in the registered ownership of the Vessel (other than pursuant to paragraph (a))
above shall require the Charterers’ prior approval which shall not be unreasonably withheld or delayed, provided always that, notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or
mutually agreed amendments). The Guarantor and the Charterers shall remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered ownership
of the Vessel from the Owners to such new owner. 

  

	 56.3
	 The Charterers agree and undertake to enter into any such usual documents as the Owners shall require to
complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause 56.2, with any documented costs or expenses whatsoever arising in relation thereto at no cost to the Charterers.

  
 34 

 CLAUSE 57    – MISCELLANEOUS 

 

	 57.1
	 The Charterers waive any rights of sovereign immunity which they or any of their assets may enjoy in any
jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter. 

  

	 57.2
	 No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who
is not party to this Charter , save that the Other Owners may rely on the rights conferred on them under Clause 50.5 (Indemnities). 

  

	 57.3
	 This Charter and each Leasing Document 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 Charter or that Leasing Document, as the case may be. 

  

	 57.4
	 These additional clauses shall be read together with the BARECON 2001 to constitute this Charter as a single
instrument. However, in case of any conflict between these additional clauses and the BARECON 2001, the terms of these additional clauses shall prevail. 

CLAUSE 58    – FATCA 
  

	 58.1
	 Defined terms. For the purposes of this Clause 58, the following terms shall have the following meanings:
 

 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder. 

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing
Documents required by or under FATCA. 
 “FATCA Exempt Party” means a Relevant Party that is entitled
under FATCA to receive payments free from any FATCA Deduction. 
 “FATCA FFI” means a foreign financial
institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 

“FATCA Non-Exempt Party” means any Relevant Party who is not a
FATCA Exempt Party. 
 “IRS” means the United States Internal Revenue Service or any successor taxing authority or
agency of the United States government. 
 “Relevant Party” means any party to a Leasing Document
except an Approved Subcharterer. 
  

	 58.2
	 FATCA Information. 

  

	 (a)
	 Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten
Business Days of a reasonable request by another Relevant Party: 

  

	 	 (i)
	 confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

  

	 	 (ii)
	 supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS
Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including
its applicable “pass thru percentage” or other information required under FATCA or other official guidance including 

  
 35 

	 	
intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party’s compliance with FATCA . 

 

	 (b)
	 If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall so notify all
other Relevant Parties reasonably promptly. 

  

	 (c)
	 Nothing in this clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might
constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided,
however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of
such party for purposes of this paragraph. 

  

	 (d)
	 If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in
accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then: 

  

	 	 (i)
	 if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated
for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and 

  

	 	 (ii)
	 if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes
of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%, 

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to
establish the relevant facts. 
  

	 58.3
	 FATCA Deduction and gross-up by Relevant Party 

 

	 (a)
	 If the representation made by the Charterers under Clause 45.1(n) proves to be untrue or misleading such that the
Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

  

	 (b)
	 If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them
to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required. 

 

	 (c)
	 The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change
in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to
the Owners evidence reasonably satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	 58.4
	 FATCA Deduction by Owners 

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA
Deduction, and the Owners shall not be 

  
 36 

 
required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction. 

 

	 58.5
	 FATCA Mitigation 

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause
58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in
relation to such transfer shall be for the account of the Charterers. 
 CLAUSE 59    - DEFINITIONS 

 

	 59.1
	 In this Charter the following terms shall have the meanings ascribed to them below: 

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed
by the Charterers at Delivery. 
 “Account Bank” means ABN AMRO, BNP Paribas, HSH Nordbank AG or any
other bank which is acceptable to the Owner. 
 “Account Security” means the document creating security
over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form. 
 “Affiliate”
means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company. 

“Aggregate Outstanding Principal Balance” means, at any time, the sum of (i) the Outstanding Principal
Balance under this Charter at that time; and (ii) the aggregate amount of each “Outstanding Principal Balance” (as defined in each Other Charter) at that time under each such Other Charter. 

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements,
anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of
America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager
or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are
subjected or subject to. 
 “Anti-Terrorism Financing Laws” means all applicable anti-terrorism laws, rules,
regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over
any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person,
Approved Subcharterer, Approved Manager or the Owners are subjected or subject to. 
 “Approved Bareboat
Subcharter” means an Approved Subcharter as described under paragraph b(i) of the definition of an Approved Subcharter and consented to by the Owners. 

“Applied Amount” has the meaning given to such terms in Clause 36.2. 

  
 37 

 “Approved Manager” means (i) Navios Shipmanagement
Inc., a corporation incorporated under the laws of Marshall Islands having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (ii) Navios Containers Management Inc., a corporation incorporated under the laws of Marshall Islands
having its registered office at Akti Miaouli 85, 18538, Piraeus, Greece; (iii) any other Affiliate of the Guarantor which acts as a ship manager; (iv) any other ship management company which is an Affiliate of the Charterers; or
(v) any other ship management company which is not an Affiliate of the Charterers but is approved in writing by the Owners.  

“Approved Subcharter” means the Subcharter or: 

 

	 	 (a)
	 any Short Term Time Subcharter; 

 

	 	 (b)
	 subject to prior written consent of the Owners: 

 

	 	 (i)
	 a subcharter of the Vessel on a bareboat charter basis; or 

 

	 	 (ii)
	 a subcharter of the Vessel on a time charter basis with a charter period exceeding or capable of exceeding thirteen
(13) months (taking into account any optional extension period). 

 “Approved
Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter, any subcharterer of the Vessel approved by the Owners in writing. 

“Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers A/S, Fearnleys, Howe Robinson,
Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Breakfunding Costs” means all breakfunding costs and expenses (including without limitation any early
termination costs under any swap or hedging arrangements) incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall
on a Payment Date. 
 “Business Day” means a day on which banks are open for business in the principal
business centres of Amsterdam, Beijing, Hong Kong and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open
in New York City. 
 “Business Ethics Law” means any laws, regulations and/or other legally binding
requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any
Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii) the United States
Foreign Corrupt Practices Act 1977 and all rules and regulations under each of (i) and (ii).     

“Cancelling Date” has the meaning given to that term in the MOA. 

“Charterhire” means, in relation to the Payment Date for each month, an amount equal to $2,600 times the number of
calendar days in that month. 
 “Charterhire Principal” means the aggregate amount of Charterhire
payable under this Charter. 
 “Charterhire Principal Balance” means the Charterhire Principal
outstanding under this Charter from time to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire under this Charter. 

  
 38 

 “CISADA” means the United States Comprehensive Iran Sanctions,
Accountability and Divestment Act of 2010 as it applies to non-US persons. 

“Charter Period” means the period commencing on the Commencement Date and described in Clause 32.2 unless
it is either terminated earlier or extended in accordance with the provisions of this Charter. 
 “Classification
Society” means DNV GL or any classification society being a member of the International Association of Classification Societies (other than PRS (Polski Rejestr Statków)), IRS (Indian Register of Shipping as IRS) or CRS
(Hrvatski registar brodova) which is approved by the Owners.  
 “Commencement Date”
means the date on which Delivery takes place. 
 “Delivery” means the delivery of the legal and beneficial interest
in the Vessel from the Owners to the Charterers pursuant to the terms of the MOA. 
 “Deposit” has the
meaning given to such terms in Clause 36.2. 
 “Deposit Amount” means an amount in Dollars equal to
$79,201. 
 “Dollars” or “$” have the meanings given to those terms in the MOA. 

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which
arise out of the use or operation of the Vessel, including (but not limited to): 
  

	 	 (a)
	 all freight, hire and passage moneys, compensation payable in the event of requisition of the Vessel for hire, all
moneys which are at any time payable under any Insurances in respect of loss of hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Vessel; and 

  

	 	 (b)
	 if and whenever the Vessel is employed on terms whereby any moneys falling within paragraph (a) are pooled or
shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Vessel; 

“Earnings Account” means, an account in the name of the Charterers with Account Bank or such bank as the
Owners may approve. 
 “Environmental Claim” means: 

 

	 	 (a)
	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which
relates to any Environmental Law; or 

  

	 	 (b)
	 any claim by any other person which relates to an Environmental Incident, 

and “claim” means a claim for damages, compensation, fines, penalties or any other payment (exceeding $1,000,000 in
each of the above cases); an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means: 

 

	 	 (a)
	 any release of Environmentally Sensitive Material from the Vessel; or 

 

	 	 (b)
	 any incident in which Environmentally Sensitive Material is released from a vessel other than the Vessel and which
involves a collision between the Vessel and such other vessel 

  
 39 

	 	     
	 or some other incident of navigation or operation, in either case, in connection with which the Vessel is actually
liable to be arrested, attached, detained or injuncted and/or the Vessel and/or the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action; or

  

	 	 (c)
	 any other incident involving the Vessel in which Environmentally Sensitive Material is released otherwise than from
the Vessel and in connection with which the Vessel is actually arrested and/or where the Owners and/or the Charterers and/or any other operator or manager of the Vessel is at fault or otherwise liable to any legal or administrative action in respect
of such Vessel. 

 “Environmental Law” means any law relating to pollution or
protection of the environment, to the carriage or releases of Environmentally Sensitive Material. 
 “Environmentally
Sensitive Material” means oil, oil products and any other substances (including any chemical, gas or other hazardous or noxious substance) which are (or are capable of being or becoming) polluting, toxic or hazardous. 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of
the debtor: 
  

	 	 (a)
	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	 (b)
	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	 (c)
	 under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

  

	 	 (d)
	 under a lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services
obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	 (e)
	 under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction
entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	 (f)
	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another
person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person. 

“Financial Instruments” means the mortgage, deed of covenant, the general assignment or such other
financial security instruments granted to the Owners’ financiers as security for the obligations of the Owners in relation to the financing of the acquisition of the Vessel. 

“Financing Amount” means an amount equal to the Purchase Price. 

“Flag State” means Republic of Panama, the Republic of the Marshall Islands or Republic of Liberia or any
other flag state approved by the Owners in writing.  
 “Fleet Vessel” has the meaning
give to it under clause 11.20 of the Guarantee. 
 “General Assignment” means the general assignment
executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, inter alia, assign their rights under the Insurances, Earnings and Requisition 

  
 40 

 
Compensation and any sub-charters having a duration of at least thirteen (13) months (or which are capable of exceeding thirteen (13) months) in
respect of the Vessel, in favour of the Owners and in the agreed form.  
 “Guarantor” means Navios
Maritime Containers Inc., a corporation incorporated under the laws of the Republic of Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.  

“Guarantee” means a guarantee executed by the Guarantor in favour of the Owners dated on or around the date of this
Charter. 
 “Holding Company” means, in relation to a person, any other person in relation to which it
is a subsidiary.  
 “IAPPC” means a valid international air pollution prevention certificate for the Vessel
issued pursuant to the MARPOL Protocol. 
 “Initial Market Value” means, in relation to the Vessel at
any relevant time, the valuation prepared by an Approved Valuer selected by the Charterers:  
  

	 	 (a)
	 on a date no earlier than three (3) months prior to the Commencement Date; 

 

	 	 (b)
	 without physical inspection of the Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment. 

 “Insurances”
means: 
  

	 	 (a)
	 all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks
association, which are effected in respect of the Vessel or otherwise in relation to it whether before, on or after the date of this Charter; and 

  

	 	 (b)
	 all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a
premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Charter. 

“ISM Code” means the International Safety Management Code (including the guidelines on its
implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms “safety management
system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code). 

“ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of
Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or
amended from time to time. 
 “Joint Purchase Option Notice” has the meaning given to such term in
Clause 47. 
 “Leasing Documents” means this Charter, the MOA, the Security Documents and the Trust
Deed. 

  
 41 

 “Major Casualty” means any casualty to the Vessel in respect
of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency. 

“Manager’s Undertaking” means, in relation to an Approved Manager, the letter of undertaking from
the Approved Manager, inter alia, subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners and their financiers (if any) in an agreed form. 

“Market Value” means, in relation to the Vessel or any Other Vessel at any relevant time, the valuation
prepared: 
  

	 	 (a)
	 on a date no earlier than thirty (30) days previously (or, in the case of the Initial Market Value of the Vessel,
three (3) month prior to the Commencement Date);     

  

	 	 (b)
	 without physical inspection of the Vessel or that Other Vessel; and 

 

	 	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
and a willing buyer, free of any existing charter or other contract of employment 

 and such valuations shall be
prepared by an Approved Valuer. 
 “MARPOL Protocol” means Annex VI (Regulations for the Prevention of
Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997). 

“Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

  

	 	 (a)
	 the business, operations, property, condition (financial or otherwise) or prospects of the Charterers or the Guarantor
and its subsidiaries as a whole; or 

  

	 	 (b)
	 the ability of any Relevant Person or Approved Manager to perform its obligations under any Leasing Document to which
it is a party; or 

  

	 	 (c)
	 the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to any
of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents. 

“MOA” means the memorandum of agreement entered into by the Charterers as sellers and the Owners as buyers dated on the
date of this Charter in relation to the sale and purchase of the Vessel. 
 “Mortgagee” has the meaning given to that
term in Clause 35.3. 
 “Original Financial Statements” means the Guarantor’s audited consolidated
financial statements for the financial year ended 31 December 2017.  
 “Original
Jurisdiction” means, in relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be), the jurisdiction under whose laws they are respectively incorporated as at the date of this Charter. 

“Other Charter” means the bareboat charterparty entered into between the relevant Other Owner and the
relevant Other Charterer In respect of any of the Other Vessels. 
 “Other Charterer” means Jasmer
Shipholding Ltd., Inastros Maritime Corp., Jaspero Shiptrade S.A., Thetida Marine Co., Sui An Navigation Limited, Pingel Navigation Limited, Ebba 

  
 42 

 Navigation Limited, Clan Navigation Limited, Evian Shiptrade Ltd, Bertyl Ventures Co.,
Olympia II Navigation Limited, Isolde Shipping Inc., Rodman Maritime Corp., Silvanus Marine Company, Morven Chartering Inc., Enplo Shipping Limited or Velour Management Corp. (and “Other Charterers” mean all of them). 

“Other Owner” means Ocean Dawn Shipping Limited or Ocean Wood Tang Shipping Limited (and
“Other Owners” means all of them). 
 “Other Vessel” means APL Atlanta, APL Denver,
APL Los Angeles, APL Oakland, MOL Dedication, MOL Delight, MOL Destiny, MOL Devotion, Navios Amaranth, Navios Azure, Navios Domino, Navios Indigo, Navios Spring, Navios Summer, Navios Verano, Navios Verde or Navios Vermilion (and “Other
Vessels” means all of them). 
 “Outstanding Principal Balance” means, at the relevant time,
the aggregate of: 
  

	 	 (a)
	 the Charterhire Principal Balance; and 

 

	 	 (b)
	 the then applicable Purchase Obligation Price. 

“Owners’ Sale” has the meaning given to that term in Clause 40.3(a)(iii). 

“Party” means either party to this Charter. 

“Payment Date” means each of the sixty (60) dates upon which Charterhire is to be paid by the
Charterers to the Owners pursuant to Clause 36. 
 “Permitted Security Interests” means: 

 

	 	 (a)
	 Security Interests created by a Leasing Document or a Financial Instrument; 

 

	 	 (b)
	 other Security Interests Permitted by the Owners in writing; 

 

	 	 (c)
	 liens for unpaid master’s and crew’s wages (in each case not overdue) in accordance with the ordinary course
of operation of the Vessel or in accordance with usual reputable maritime practice; 

  

	 	 (d)
	 liens for salvage; 

  

	 	 (e)
	 liens for master’s disbursements incurred in the ordinary course of trading; 

 

	 	 (f)
	 any other liens arising by operation of law or otherwise in the ordinary course of the operation, repair or
maintenance of the Vessel provided such liens do not secure amounts more than 30 days overdue; 

  

	 	 (g)
	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom
such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good faith by appropriate steps; and 

  

	 	 (h)
	 Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which
are overdue for payment but which are being contested by the Owners or the Charterers in good. 

“Post-enforcement Interests” has the meaning given to that term in 40.3(a)(ii). 

  
 43 

 “Potential Termination Event” means, an event or
circumstance which, with the giving of any notice, the lapse of time, a determination of the Owners and/or the satisfaction of any other condition, would constitute a Termination Event. 

“Prepayment Sum” means, in respect of each Purchase Option Date (which shall also be a Payment Date), the
amount in Dollars set out in Schedule IV next to each such Payment Date in Schedule IV. 
 “Prepositioning
Date” means the date on which the Owners are obliged to deposit the Relevant Amount with the Sellers’ Account (as defined in the MOA) pursuant to Clause 19(b) of the MOA. 

“Purchase Obligation” means the purchase obligation referred to in Clause 48.  

“Purchase Obligation Date” means the date on which the Owners shall transfer the legal and beneficial
interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period. 

“Purchase Obligation Price” means fifty per cent. (50%) of the Financing Amount. 

“Purchase Price” has the meaning given to that term in the MOA. 

“Purchase Option” means the early termination option which the Charterers are entitled to pursuant to
Clause 47. 
 “Purchase Option Date” has the meaning given to that term in Clause 47.1. 

“Purchase Option Notice” has the meaning given to that term in Clause 47.1. 

“Purchase Option Price” means the aggregate of: 

 

	 	 (a)
	 Prepayment Sum as at the Purchase Option Date; 

 

	 	 (b)
	 the Charterhire payable on the Purchase Option Date but for the exercise of the purchase option by the Charterers
pursuant to Clause 47; 

  

	 	 (c)
	 any default interest accrued as at the Purchase Option Date; 

 

	 	 (d)
	 any legal costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 47; and

  

	 	 (e)
	 all other amounts payable under this Charter and the other Leasing Documents together with any applicable interest
thereon. 

 “Quiet Enjoyment Agreement” means the quiet enjoyment agreement executed
or to be executed between, amongst others, the Charterers, the Owners and the Owners’ financiers in the agreed form. 

“Relevant Amount” shall have the meaning as defined under the MOA. 

“Relevant Person” means the Charterers, the Other Charterers, the Guarantor, the Shareholder and such
other party providing security to the Owners for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (but not including the Subcharterer, any Approved Subcharterer and the Approved Manager).
 
 “Relevant Jurisdiction” means, in relation to any Relevant Person, Approved
Subcharterer or Approved Manager (as the case may be): 

  
 44 

	 	 (a)
	 its Original Jurisdiction; 

 

	 	 (b)
	 any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

  

	 	 (c)
	 any jurisdiction where it conducts its business; and 

 

	 	 (d)
	 any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating a
Security Interest. 

 “Requisition Compensation” includes all compensation or other
moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”. 

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or
trade embargoes, in particular but not limited to pursuant to the U.S.‘s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) or the United Nations including at the date of this Charter, but without
limitation, Iran, North Korea, Sudan and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons. 

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or
incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom, Her Majesty’s Treasury
(“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in
(i) and (ii).  
 “Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or
other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United
States of America (including, without limitation, CISADA and OFAC), the United Nations, the People’s Republic of China or the Council of the European Union.  

“Secured Liabilities” means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of a Relevant Person or the Approved Manager or any Approved Subcharterer to the Owners under or in connection with the Leasing Documents or any judgment relating
to the Leasing Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or
other procedure under the insolvency laws of any country. 
 “Security Documents” means the Guarantee,
the Account Security, the General Assignment, the Shares Pledge, the Manager’s Undertaking and any other security documents granted as security for the obligations of the Charterers under or in connection with this Charter. 

“Security Interest” means: 
  

	 	 (a)
	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any
other security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest; 

  

	 	 (b)
	 the security rights of a plaintiff under an action in rem; or 

 

	 	 (c)
	 any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually
or contingently due to it ahead of the general unsecured 

  
 45 

	 	     
	 creditors of the debtor concerned; however this paragraph (c) does not apply to a right of set off or combination
of accounts conferred by the standard terms of business of a bank or financial institution. 

“Security Period” means the period commencing on the date hereof and ending on the date on which the
Owners are reasonably satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full. 

“Shareholder” means Navios Partners Containers Inc. 

“Shares Pledge” means the shares pledge over the shares in the Charterers to be executed by the Guarantor
in favour of the Owners on or around the date of this Charter. 
 “Short Term Time Subcharter” means
a subcharter of the Vessel on a time charter basis with a charter period not exceeding and not capable of exceeding thirteen (13) months (taking into account any optional extension period) 

“Subcharter” means the subcharter with the particulars set out under Schedule IV. 

“Term” means, in relation to the definitions of “Charterhire” and for the purpose of Clause 45, a period of
one (1) month’s duration provided that: 
  

	 	 (a)
	 the first Term shall commence on the Commencement Date; 

 

	 	 (b)
	 each subsequent Term shall commence on the last day of the preceding Term; 

 

	 	 (c)
	 any Term which would otherwise end on a non-Business Day shall instead end on
the next following Business Day or, if that Business Day is in another calendar month, on the immediately preceding Business Day; 

  

	 	 (d)
	 if any Term commences on the last Business Day of a calendar month or on a day for which there is no numerically
corresponding day in the calendar month one (1) month thereafter, as the case may be, that Term shall, subject to paragraphs (c), (e) and (f), end on the last Business Day of such later calendar month; 

 

	 	 (e)
	 any Term which would otherwise overrun a Payment Date shall instead end on that Payment Date; and

  

	 	 (f)
	 , except for the purpose of Clause 45 any Term which would otherwise extend beyond the Charter Period shall instead
end on the last day of the Charter Period. 

 “Termination Event” means any event
described in Clause 44. 
 “Termination Purchase Price” means, in respect of any date (for the purpose
of this definition only, the “Relevant Date”), the aggregate of: 
  

	 	 (a)
	 the Outstanding Principal Balance as at the Relevant Date; 

 

	 	 (b)
	 any accrued but unpaid interest as at the Relevant Date; 

 

	 	 (c)
	 any Breakfunding Costs; 

  

	 	 (d)
	 any documented costs and expenses incurred by the Owners (and their financiers (if any)) in locating, repossessing or
recovering the Vessel or collecting any payments due under this Charter or in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents and any default interest in relation thereto; and

  
 46 

	 	 (e)
	 all other outstanding amounts payable under this Charter together with any applicable interest thereon.

 “Total Loss” means: 

 

	 	 (a)
	 actual, constructive, compromised, agreed or arranged total loss of the Vessel; 

 

	 	 (b)
	 any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the
Charterers; or 

  

	 	 (c)
	 any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event
specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers. 

“Trust Deed” means a trust deed dated on or around the date of this Charter entered into between the
Owners, the Other Owners, the Charterers, the Other Charterers, the Guarantor and the Approved Manager which, inter alia, sets out the obligations of the Owners in respect of holding on trust all moneys or other assets received or recovered by or on
behalf of the Owners by virtue of any Security Interest or other rights granted to the Owners under or by virtue of the Security Documents. 

“US Tax Obligor” means (a) a person which is resident for tax purposes in the United States of America or
(b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes. 

“Vessel” means the vessel named Navios Amarillo with particulars stated in Boxes 6 to 12 of this Charter and which is
to be registered under the name of the Owners with the Marshall Islands registry upon Delivery. 
  

	 59.2
	 In this Charter: 

“Approved Manager”, “Approved Subcharterer”,
“Charterers”, “Other Charterers”, “Other Owners”, “Owners”, “Relevant Person”,
“Subcharterer” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents. 

“agreed form” means, in relation to a document, such document in a form agreed in writing by the Owners;

 “asset” includes every kind of property, asset, interest or right, including any present, future or contingent
right to any revenues or other payment; 
 “company” includes any partnership, joint venture and unincorporated
association; 
 “consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing,
registration, notarisation and legalisation; 
 “contingent liability” means a liability which is not
certain to arise and/or the amount of which remains unascertained; 
 “continuing” means, in relation to any
Termination Event, a Termination Event which has not been waived by the Owners and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners; 

  
 47 

 “control” over a particular company means the power (whether by way of
ownership of shares, proxy, contract, agency or otherwise) to: 
  

	 	 (a)
	 cast, or control the casting of, more than fifty per cent (50%), of the maximum number of votes that might be cast at
a general meeting of such company; or 

  

	 	 (b)
	 appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or

  

	 	 (c)
	 give directions with respect to the operating and financial policies of such company with which the directors or other
equivalent officers of such company are obliged to comply; 

 “document” includes a deed; also a
letter, fax or telex; 
 “expense” means any kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable value added or other tax; 
 “financiers” of the Owners means any financing parties or
creditors of the Owners for financing part or in full of the Purchase Price, provided that such financing amount shall not exceed the Outstanding Principal Balance at the relevant time and such financing is not restricted under this Charter. 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or
regulatory action or investigation; 
 “liability” includes every kind of debt or liability (present or future,
certain or contingent), whether incurred as principal or surety or otherwise; 
 “months” shall be construed in
accordance with Clause 59.3; 
 “person” includes any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
the contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks
covered (excluding freight, demurrage and defence cover) by a protection and indemnity association which is a member of the International Group of P&I Clubs including pollution risks, extended passenger cover and the proportion (if any) of any
sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of
the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of
law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 59.4; and 

  
 48 

 “tax” includes any present or future tax, duty, impost, levy or charge of
any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty,
interest or fine. 
  

	 59.3
	 Meaning of “month”. A period of one or more “months” ends on the day in the relevant
calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

 

	 	 (a)
	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business
Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	 	 (b)
	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar
month or if the last calendar month of the period has no numerically corresponding day; 

 and
“month” and “monthly” shall be construed accordingly. 
  

	 59.4
	 Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if a
majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P. 

A company (S) is a subsidiary of another company (U) if S is a subsidiary of P and P is in turn a subsidiary of U. 

 

	 59.5
	 In this Charter: 

  

	 	 (a)
	 references to a Leasing Document or any other document being in the form of a particular appendix or to any document
referred to in the recitals include references to that form with any modifications to that form which the Owners approve; 

  

	 	 (b)
	 references to, or to a provision of, a Leasing Document or any other document are references to it as amended or
supplemented, whether before the date of this Charter or otherwise; 

  

	 	 (c)
	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Charter or otherwise; and 

  

	 	 (d)
	 words denoting the singular number shall include the plural and vice versa. 

 

	 59.6
	 Headings. In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded. 

  
 49 

 

 
 EXECUTION PAGE OWNERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) Ocean Dazzle Shipping Limited ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS SIGNED ) by ) for and on behalf
of ) Anthimar Marine Inc. ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 

 

 
 EXECUTION PAGE OWNERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) Ocean Dazzle Shipping Limited ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 CHARTERERS signed Efstratios G. Camatsos )
for and on behalf of ) Anthimar Marine Inc. ) in the presence of: SHRAIYA THAPA ) Witness’ signature: ) Witness’ name: WATSON, FARLEY & WILLIAMS ) Witness’ address: ‘ 348 SYNGROU AVENUE ) KALLITHEA 176 74 ATHENS - GREECE

 

 
 MEMORANDUM OF AGREEMENT Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships.
Adopted by BIMCO in 1956. Code-name SALEFORM 2012 org bimco. Revised 1966, 1983 and 1986/87, 1993 and 2012 www. Dated: 2018 1 at Anthimar Marine Inc., a corporation incorporated and existing under the laws of the Republic of 2 BIMCO Marshall Islands
having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, from Majuro, MH96960, Marshall Islands (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and Ocean Dazzle Shipping Limited, a
company incorporated and existing under the laws of Hong Kong 3 available having its registered office at Room 2310, 23/F, C C Wu Building, 302-308 Hennessy Road, Wanchai, are Hong Kong (Name of buyers), hereinafter called the “Buyers”,
have agreed to buy: 2012 Name of vessel: Navios Amarillo 4 IMO Number: 9324849 5 SALEFORM Classification Society: DNV GL 6 for Class Notation: 100 A5 Container ship SOLAS-II-2,Reg.19 IW RSD 7 Notes MC AUT TMON (oil lubricated) Year of Build: 2007
Builder/Yard: Dalian Shipyard Co., Ltd. 8 Explanatory Flag: Marshall Islands Place of Registration: Marshall Islands GT/NT: 39,906 / 24,504 9 hereinafter called the “Vessel”, on the following terms and conditions: 10 Definitions – see
also Clause 28 11 “Agreement” means this memorandum of agreement which shall for the avoidance of doubt, include the rider provisions from Clauses 19 to 28. idea “Banking Days” are days on which banks are open both in the country
of the currency stipulated for 12 the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 13 BIMCO’s (Documentation) and (add additional jurisdictions as appropriate). 14 by “Buyers’
Nominated Flag State” means Marshall Islands (state flag state). 15 Printed “Cancelling Date” has the meaning given to that term in Clause 5. 16 “Conditions Precedent” has the meaning given to that term in Clause 8(a).
“Class” means the class notation referred to above. 17 “Classification Society” means the Classification Society referred to above. Copenhagen “”Dollars” or “$” mean United States dollars, being the
lawful currency of the United States of 18 America.Deposit” shall have the meaning given in Clause 2 (Deposit) BIMCO, “Deposit Holder” means (state name and location of Deposit Holder) or, if left blank, the 19 and Sellers’ Bank,
which shall hold and release the Deposit in accordance with this Agreement. 20 “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a 21 Oslo Oslo. registered letter, e-mail or
telefax. 22 Association, “Parties” means the Sellers and the Buyers. 23 Association, “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price). 24 Shipbrokers’ “Sellers’ Account”
means (state details of bank account) at the Sellers’ Bank. 25 Shipbrokers’ “Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank 26 Norwegian notified by the Sellers to the Buyers for
receipt of the balance of the Purchase Price. 27 Norwegianby 1. Purchase Price 28 See Clause 19The Purchase Price is (state currency and amount both in words and figures). 29 Copyright: Published 2. Deposit – intentionally omitted 30 This
document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of
this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between
the original approved document and this computer generated document. 

 

 
 As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of 31 % (per cent) or, if left blank,
10% (ten per cent), of the Purchase Price (the 32 “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three (3) 33 Banking Days after the date that: 34 (i) this Agreement has been signed by the Parties
and exchanged in original or by 35 e-mail or telefax; and 36 (ii) the Deposit Holder has confirmed in writing to the Parties that the account has been 37 opened. 38 The Deposit shall be released in accordance with joint written instructions of the
Parties. 39 Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the 40 Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder 41 all necessary documentation to open and
maintain the account without delay. 42 3. Payment 43 See Clause 19On delivery of the Vessel, but not later than three (3) Banking Days after the date that 44 Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery
and 45 notices): 46 (i) the Deposit shall be released to the Sellers; and 47 (ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank
charges to the 49 Sellers’ Account. 50 4. Inspection – intentionally omitted 51 (a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers 52 have also inspected the Vessel at/in (state place) on
(state date) and have 53 accepted the Vessel following this inspection and the sale is outright and definite, subject only 54 to the terms and conditions of this Agreement. 55 (b)* The Buyers shall have the right to inspect the Vessel’s
classification records and declare 56 whether same are accepted or not within (state date/period). 57 The Sellers shall make the Vessel available for inspection at/in (state place/range) within 58 (state date/period). 59 The Buyers shall undertake
the inspection without undue delay to the Vessel. Should the 60 Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 61 The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 62
During the inspection, the Vessel’s deck and engine log books shall be made available for 63 examination by the Buyers. 64 The sale shall become outright and definite, subject only to the terms and conditions of this 65 Agreement, provided that
the Sellers receive written notice of acceptance of the Vessel from 66 the Buyers within seventy-two (72) hours after completion of such inspection or after the 67 date/last day of the period stated in Line 59, whichever is earlier. 68 Should the
Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of 69 the Vessel’s classification records and/or of the Vessel not be received by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any,
shall be released immediately to the 71 Buyers, whereafter this Agreement shall be null and void. 72 *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, 73 alternative 4(a) shall apply. 74 5. Time and
place of delivery and notices 75 (a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or 76 anchorage at/in (state place/range) in the Sellers’ option and subject to such conditions as 77 may be agreed
by the Buyers and subject further to the delivery of the Vessel in such place not causing the Buyers to incur additional tax liabilities to those that the Buyers would have incurred had the sale been completed in international waters. Notice of
Readiness shall not be tendered before: (date) 78 Cancelling Date (see Clauses 5(c) , 6 (a)(i), 6 (a) (iii) and 14): 30 June 2018 (or such later date as may 79 be agreed by the Sellers and the Buyers in writing) (the “Cancelling Date”)
This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed
text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies
between the original approved document and this computer generated document. 2 

 

 
 (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall 80 provide the Buyers with twenty
(20), ten (10), five (5) and three (3) days’ notice of the date the 81 Sellers intend to tender Notice of Readiness and of the intended place of delivery. 82 When the Vessel is, on a day being a Business Day, at the place of delivery and
physically ready for 83 delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 84 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85
Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such
notification the Buyers shall have the option of 88 either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) 89 Banking Business Days of receipt of the notice or of accepting the new date as the new
Cancelling 90 Date. If the Buyers have not declared their option within three (3) Banking Business Days of receipt of the 91 Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ 92 notification
shall be deemed to be the new Cancelling Date and shall be substituted for the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the a new Cancelling Date all other terms and conditions 95 hereof including those
contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force and effect. 97 (d) Cancellation, failure to cancel or acceptance of the a new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers
may have under Clause 14 (Sellers’ 99 Default) for the Vessel not being ready by the original Cancelling Date. 100 (e) Should the Vessel become an actual, constructive or compromised t Total lLoss before delivery 101 the Deposit together with
interest earned, if any, shall be released immediately to the Buyers 102 whereafter this Agreement shall be null and voidterminate (provided that any provision hereof 103 expressed to survive such termination shall do so in accordance with its
terms). 6. Divers Inspection / Drydocking – intentionally omitted 104 (a)* 105 (i) The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to
the delivery of the 107 Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at
their cost and expense make the Vessel available for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the
Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s 113 inspection as observer(s) only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the
inspection and the conditions under 115 which it is performed shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and
expense make the Vessel available at a suitable alternative place near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The
Sellers may 120 not tender Notice of Readiness prior to completion of the underwater inspection. 121 (ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to
affect the Vessel’s class, then (1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the
Classification Society of the Vessel’s underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society’s rules (2) 127 such defects shall be made good by the Sellers at
their cost and expense to the 128 satisfaction of the Classification Society without condition/recommendation** and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society’s 130 attendance. 131 Notwithstanding
anything to the contrary in this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these
defects 134 against a deduction from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights
whatsoever in respect of the defects 137 and/or repairs. The estimated direct cost of the repairs shall be the average of quotes 138 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’
Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO
and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 3 

 

 
 for the repair work obtained from two reputable independent shipyards at or in the 139 vicinity of the port of delivery, one to be
obtained by each of the Parties within two (2) 140 Banking Days from the date of the imposition of the condition/recommendation, unless 141 the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within 142 the
stipulated time then the quote duly obtained by the other Party shall be the sole basis 143 for the estimate of the direct repair costs. The Sellers may not tender Notice of 144 Readiness prior to such estimate having been established. 145 (iii) If
the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether
within or outside the delivery 148 range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the
new port of delivery. In such event the Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of fourteen (14) days. 153 (b)* The Sellers shall place the Vessel in
drydock at the port of delivery for inspection by the 154 Classification Society of the Vessel’s underwater parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society’s rules. If
the rudder, 156 propeller, bottom or other underwater parts below the deepest load line are found broken, 157 damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the 158 Sellers’ cost and expense to
the satisfaction of the Classification Society without 159 condition/recommendation**. In such event the Sellers are also to pay for the costs and 160 expenses in connection with putting the Vessel in and taking her out of drydock, including the 161
drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs 162 and expenses if parts of the tailshaft system are condemned or found defective or broken so as 163 to affect the Vessel’s class. In all
other cases, the Buyers shall pay the aforesaid costs and 164 expenses, dues and fees. 165 (c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: 166 (i) The Classification Society may require survey of the tailshaft system, the
extent of the 167 survey being to the satisfaction of the Classification surveyor. If such survey is 168 not required by the Classification Society, the Buyers shall have the option to require the 169 tailshaft to be drawn and surveyed by the
Classification Society, the extent of the survey 170 being in accordance with the Classification Society’s rules for tailshaft survey and 171 consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare 172
whether they require the tailshaft to be drawn and surveyed not later than by the 173 completion of the inspection by the Classification Society. The drawing and refitting of 174 the tailshaft shall be arranged by the Sellers. Should any parts of
the tailshaft system be 175 condemned or found defective so as to affect the Vessel’s class, those parts shall be 176 renewed or made good at the Sellers’ cost and expense to the satisfaction of 177 Classification Society without
condition/recommendation**. 178 (ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by 179 the Buyers unless the Classification Society requires such survey to be carried out or if 180 parts of the system are
condemned or found defective or broken so as to affect the 181 Vessel’s class, in which case the Sellers shall pay these costs and expenses. 182 (iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as 183
observer(s) only without interfering with the work or decisions of the Classification 184 Society surveyor. 185 (iv) The Buyers shall have the right to have the underwater parts of the Vessel 186 cleaned and painted at their risk, cost and expense
without interfering with the Sellers’ or the 187 Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely 188 delivery. If, however, the Buyers’ work in drydock is still in progress when the 189
Sellers have completed the work which the Sellers are required to do, the additional 190 docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and 191 expense. In the event that the Buyers’ work requires
such additional time, the Sellers 192 may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst 193 the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be 194 obliged to take delivery
in accordance with Clause 3 (Payment), whether the Vessel is in 195 drydock or not. 196 *6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, 197 alternative 6 (a) shall apply. 198 This document is a
computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document
which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original
approved document and this computer generated document. 4 

 

 
 **Notes or memoranda, if any, in the surveyor’s report which are accepted by the Classification 199 Society without
condition/recommendation are not to be taken into account. 200 7. Spares, bunkers and other items 201 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board 202 and on shore. All spare parts and spare equipment
including spare tail-end shaft(s) and/or 203 spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspectiondelivery 204 used or unused, whether on board or not shall become the Buyers’ property, but spares on
205 order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of
spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 210 Library and
forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional
items: (include list) 213 Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: (include list) 215 Items on board at the time of inspection which are on hire or owned by
third parties, not listed 216 above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense. 217 The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage
tanks and unopened drums at no extra cost.and pay either 219 (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220 (b) *the current net market price (excluding barging expenses) at the port and date of
delivery 221 of the Vessel or, if unavailable, at the nearest bunkering port, 222 for the quantities taken over. 223 Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225
“inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant
date. 228 *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions 229 alternative (a) shall apply. 230 8. Documentation 231 The place of closing: To be mutually agreed between the Sellers and the Buyers 232 (a)
In exchange for pPayment of the Purchase Price by the Buyers to the Sellers shall be subject to 233 Clause 20 and conditional on the Buyers having on or prior to delivery of the Vessel on the Delivery Date received, or being satisfied as to, provide
the Buyers with the following delivery documentsitems: 234 (i) Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag State, 235 transferring title of the Vessel and stating that the Vessel is free from all mortgages, 236
encumbrances and maritime liens (whether maritime or otherwise) or any other debts 237 whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State; 238 (ii) Acceptance of Sale in a form
recordable in the Buyers’ Nominated Flag State, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State. (iiiii) Evidence that all necessary corporate, shareholder and other action has been
taken by 239 the Sellers to authorise the execution, delivery and performance of this Agreement; 240 (iiiiv) Power of Attorney of the Sellers appointing one or more representatives to act on behalf 241 of the Sellers in the performance of this
Agreement, duly notarially attested and legalised 242 or apostilled (as appropriate); 243 (ivv) Certificate or Transcript of Registry issued by the competent authorities of the flag state 244 on the date of delivery evidencing the Sellers’
ownership of the Vessel and that the 245 Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by 246 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’
Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO
and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 5 

 

 
 such authority to the closing meeting with the original to be sent to the Buyers as soon as 247 possible after delivery of the
Vessel; 248 (vvi) Declaration of Class or (depending on the Classification Society) a Class Maintenance 249 Certificate issued within three (3) Business Banking Days prior to delivery confirming that the 250 Vessel is in Class free of
condition/recommendation; 251 (vi) Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of 252 deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that 253 the
registry does not as a matter of practice issue such documentation immediately, a 254 written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith 255 and provide a certificate or other official evidence of
deletion to the Buyers promptly and 256 latest within four (4) weeks after the Purchase Price has been paid and the Vessel has 257 been delivered; 258 (vii) A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the 259
Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry 260 does not as a matter of practice issue such certificate immediately, a written undertaking 261 from the Sellers to provide the copy of this
certificate promptly upon it being issued 262 together with evidence of submission by the Sellers of a duly executed Form 2 stating 263 the date on which the Vessel shall cease to be registered with the Vessel’s registry; 264 (viiivii)
Commercial Invoice for the Vessel; 265 (ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; 266 (x) A copy of the Sellers’ letter to their satellite communication provider cancelling the 267 Vessel’s
communications contract which is to be sent immediately after delivery of the 268 Vessel; 269 (xiviii) Any additional documents as may reasonably be required by the competent authorities 270 of the Buyers’ Nominated Flag State for the purpose
of registering the Vessel, each in a form 271 acceptable to the Buyers’ Nominated Flag State, duly notarially attested and legalised or apostilled (if required) provided the Buyers notify the Sellers of any such documents as soon as possible
after the date of 272 this Agreement; and 273 (xiiix) The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275 (x) The items set out in Clause
20. The items set out in this Clause 8(a) (together the “Conditions Precedent”) are inserted for the sole benefit of the Buyers and may be waived in whole or in part with or without conditions by the Buyers. (b) At the time of delivery the
Buyers shall provide the Sellers with: 276 (i) Evidence that all necessary corporate, shareholder and other action has been taken by 277 the Buyers to authorise the execution, delivery and performance of this Agreement; and 278 (ii) Power of
Attorney of the Buyers (if any) appointing one or more representatives to act on 279 behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised 280 or apostilled (as appropriate). 281 (c) If any of the
documents listed in Sub-clauses (a) and (b) above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated
language. 284 (d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the 286 other party not later than ten (10) days (or such
later date as the Buyers may agree) prior to the 287 Vessel’s intended date of readiness for delivery as notified by the Sellers to the Buyers five (5) days prior to the delivery in accordance with Clause 5(b) of this Agreement. (state number
of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289 (e) On delivery, Concurrent with the exchange of documents in
Sub-clause (a) and Sub-clause (b) 290 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or
expense as a result of discrepancies between the original approved document and this computer generated document. 6 

 

 
 above, the Sellers shall also hand to the Buyers copies of the classification certificate(s) as well as all plans, 291 drawings
and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless 293 the Sellers are required to retain same, in which case the Buyers have
the right to take copies. 294 (f) Other technical documentation which may be in the Sellers’ possession shall promptly after 295 delivery be forwarded to the Buyers at their Sellers’ expense, if they so request. The Sellers may keep 296
the Vessel’s log books but the Buyers have the right to take copies of same. 297 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance (“the 298 Protocol of Delivery and Acceptance”) confirming the
date and time of delivery of the Vessel from the Sellers to the Buyers. 299 9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the 301 Bareboat Charter and any current subcharter
permitted by the terms of the Leasing Documents), encumbrances, mortgages and maritime liens (whether maritime or otherwise) or any other debts 302 whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby
undertake to indemnify the 303 Buyers against all consequences of claims made against the Vessel which have been incurred 304 prior to the time of delivery. 305 10. Taxes, fees and expenses 306 Any taxes, fees and expenses in connection with the
purchase of the Vessel and registration in the 307 Buyers’ Nominated Flag State shall be for the Buyers’ account, whereas similar charges and in connection 308 with the closing of the Sellers’ register shall be for the Sellers’
account. 309 11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is 311 delivered to the Buyers, but subject pursuant to the terms and conditions of this Agreement she
shall 312 be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. 313 However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without overdue
condition/recommendation*, free of average damage affecting the Vessel’s 315 class, and with her classification certificates and national certificates, as well as all other 316 certificates the Vessel had at the time of inspectiondelivery,
valid and unextended without 317 condition/recommendation* by the Classification Society or the relevant authorities at the time 318 of delivery. 319 “inspection” in this Clause 11, shall mean the Buyers’ inspection according to
Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322 *Notes and memoranda, if any, in the surveyor’s report which are accepted by
the Classification 323 Society without condition/recommendation are not to be taken into account. 324 12. Name/markings – intentionally omitted 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326
markings. 327 13. Buyers’ default 328 Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the 329 right to cancel this Agreement, and they shall be entitled to claim compensation for their losses 330 and for
all expenses incurred together with interest. 331 Should the Purchase Price not be paid in accordance with Clause 3 (Payment)this Agreement, the 332 Sellers have the right to cancel this Agreement, in which case it shall terminate whereupon all the
Buyers’ 333 liabilities hereunder shall be extinguished. the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further
compensation for their losses and for all expenses 335 incurred together with interest. 336 14. Sellers’ default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete
a legal transfer by the Cancelling Date the Buyers shall have the 339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 This document is a computer generated SALEFORM 2012 form printed by authority of
the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 7

 

 
 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again
by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement, the Deposit together with interest earned, if any, shall be released to
them 344 immediately. 345 Without prejudice to any of the rights the Buyers may have under the Leasing Documents, at law 346 or otherwise, Sshould the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly
complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their direct and documented loss and for all documented expenses together with 348 interest accrued in accordance with the terms of the Leasing Documentsif
their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. 349 15. Buyers’ representatives – intentionally omitted 350 After this Agreement has been signed by the Parties and the Deposit has been lodged,
the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 expense. 353 These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they
shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of 356 indemnity prior to their embarkation. 357 16. Law and
Arbitration See Clause 25 358 (a) *This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance
with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362 The arbitration shall be conducted in accordance with the London Maritime
Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and
send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless
the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14)
days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a
sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375 In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in
accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378 (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the 379 United States Code and the
substantive law (not including the choice of law rules) of the State 380 of New York and any dispute arising out of or in connection with this Agreement shall be 381 referred to three (3) persons at New York, one to be appointed by each of the
parties hereto, 382 and the third by the two so chosen; their decision or that of any two of them shall be final, and 383 for the purposes of enforcing any award, judgment may be entered on an award by any court of 384 competent jurisdiction. The
proceedings shall be conducted in accordance with the rules of the 385 Society of Maritime Arbitrators, Inc. 386 In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the 387 arbitration shall be conducted in
accordance with the Shortened Arbitration Procedure of the 388 Society of Maritime Arbitrators, Inc. 389 (c) This Agreement shall be governed by and construed in accordance with the laws of 390 (state place) and any dispute arising out of or in
connection with this Agreement shall be 391 referred to arbitration at (state place), subject to the procedures applicable there. 392 *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions,
alternative 16(a) shall apply. 394 17. Notices See Clause 27 395 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no
responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 8 

 

 
 Contact details for recipient & ofnotiGe&are-a&follow&; 397 For the Buyers: 398 For the Sellers: 399 18. Entire
Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402
agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement,
representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statute or law are hereby excluded to 407 the extent that
such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 Name: Title: Title: This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’
Association. Any insertion or deletion to the form must be clearly visible In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply BIMCO and
the Norwegian Shipbrokers Association assume no responsibility For any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document 9 

 

 
 All notices to be provided under this Agreement shall be in writing. 396 Contact details for recipients of notices are as follows:
397 For the Buyers: 398 For the Sellers: 399 18. Entire Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the sale and
purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no
right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406 Any terms implied into this Agreement by any applicable statute or law
are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 For and on behalf of the Sellers For and on behalf of the Buyers Name: Name: Title: Title:
This document Is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shlpbrokers’ Association. Any Insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed
text of this document which Is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepencies
between the original approved document and this computer generated document. 9 

 Execution Version 

RIDER CLAUSES TO 
 MEMORANDUM OF AGREEMENT

 DATED 25 MAY 2018 
 Clause 19
– Payment of Purchase Price 
  

	 (a)
	 The Purchase Price of the Vessel shall be the lowest of: 

 

	 	 (i)
	 $6,500,000; and 

  

	 	 (ii)
	 the Market Value. 

Subject always to Clause 21 and the Conditions Precedent having been satisfied, the Purchase Price of the Vessel shall be paid by the
Buyers to the Sellers on delivery of the Vessel on the Delivery Date free of bank charges into the Sellers’ Account. 
  

	 (b)
	 The Buyers shall, one (1) Business Day prior to the scheduled delivery date, such scheduled delivery date being
the date of delivery of the Vessel set out in the notice to be sent to the Buyers from the Sellers five (5) days before delivery in accordance with Clause 5(b) (the “Preposition Date”) and provided that all
amounts due to the Buyers as owners under Clause 41.1 of the Bareboat Charter have been received in full in available funds by the Buyers as owners under the Bareboat Charter, deposit with the Sellers’ Account the Relevant Amount on an
unallocated basis in a suspense account with a SWIFT MT103 and a SWIFT MT199 irrevocable conditional release instruction in a form to be agreed (the “SWIFT Payment Instructions”). The amount so deposited
shall be transferable and payable to the Sellers or their designated nominee at the Sellers’ Account upon the fulfilment of the conditions set out in the SWIFT Payment Instructions, which shall include the presentation by the Sellers to the
Sellers’ Bank of a copy of the duly executed, timed and dated Protocol of Delivery and Acceptance of the Vessel. 

  

	 (c)
	 Interest at the rate of the Overnight USD LIBOR plus 350 basis points (the “Remittance
Interest”) shall: 

  

	 	 (i)
	 in the event that the Vessel is delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date until
the Delivery Date (both dates inclusive); and 

  

	 	 (ii)
	 in the event that the Vessel is not delivered to the Buyers on the Delivery Date, accrue as of the Preposition Date
until the Relevant Amount is returned by the Sellers’ Bank to the Buyers in accordance with the SWIFT Payment Instructions (both dates inclusive). 

The Sellers shall pay to the Buyers the applicable amount of Remittance Interest as notified by the Buyers to the Sellers within three
(3) Business Days of the Buyers’ demand. 
 Clause 20 – Further conditions precedent 

The items referred to in Clause 8(a)(x) are: 
  

	 (a)
	 the certificate of incorporation, articles of incorporation and by-laws or
other constitutional documents of the Sellers along with an up-to-date certificate of goodstanding; 

  
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	 (b)
	 such other documents as the Buyers may reasonably notify the Sellers as being necessary in relation to the Vessel
and/or its status (including without limitation, such confirmation of no liens and/or indemnity thereto which the Buyers may require the Sellers to provide or procure in respect of the Vessel); 

 

	 (c)
	 a certificate of an authorized signatory of the Sellers certifying that each copy document provided by Sellers to
Buyers pursuant to this Agreement is correct, complete and in full force and effect as at a date no earlier than the Delivery Date; and 

  

	 (d)
	 the Buyers being satisfied that the conditions precedent set out in the Bareboat Charter, have been, or will be
capable of being, satisfied on the Delivery Date. 

 Clause 21 – Obligation to sell / purchase the Vessel 

The Parties’ obligation to sell / purchase the Vessel under this Agreement is conditional upon the simultaneous delivery to and acceptance by the
Sellers as bareboat charterers of the Vessel under the Bareboat Charter and that no Potential Termination Event or Termination Event has occurred or will occur as a result of the performance by the Parties of their obligations under this Agreement.

 Clause 22 – Physical Presence 
 If
the Buyers’ Nominated Flag State requires the Buyers to have a physical presence or office in the Buyers’ Nominated Flag State, all fees, costs and expenses arising out of or in connection with the establishment and maintenance of such
physical presence or office by the Buyers shall be borne by the Sellers.  
 Clause 23 – Costs and Expense 

 

	 (a)
	 The Sellers shall pay such amounts to the Buyers in respect of all costs, claims, expenses, liabilities, losses and
fees (including but not limited to any legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this Agreement or in connection with the delivery, registration and purchase of the Vessel by the
Buyers whether prior to, during or after termination of this Agreement and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise. 

 

	 (b)
	 Notwithstanding anything to the contrary under the Leasing Documents and without prejudice to any right to damages or
other claim which the Buyers may have at any time against the Sellers under this Agreement, the indemnities provided by the Sellers in favour of the Buyers shall continue in full force and effect notwithstanding any breach of the terms of this
Agreement or such Leasing Document or termination or cancellation of this Agreement or such Leasing Document pursuant to the terms hereof or thereof or termination of this Agreement or such Leasing Document by the Buyers. 

Clause 24 – Sanctions 
 The Sellers
represent and warrant to the Buyers as of the date hereof and at the Delivery Date that: 
  

	 (a)
	 they: 

  

	 	 (i)
	 are not a Restricted Person; 

 

	 	 (ii)
	 are not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Restricted
Person; 

  

	 	 (iii)
	 do not own or control a Restricted Person; or 

  
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	 	 (iv)
	 do not have a Restricted Person serving as a director, officer or employee; and 

 

	 (b)
	 no proceeds of the Purchase Price shall be made available, directly or indirectly, to or for the benefit of a
Restricted Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

Clause 25 – Governing Law and Jurisdiction 

This Agreement and any non-contractual obligations arising under or in connection with it, shall be governed by
and construed in accordance with English law. 
 Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”)) shall be referred to and finally
resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause
25. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (“LMAA”) Terms current at the time when the arbitration proceedings are commenced. 

The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such
appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been
appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated
above. 
 The language of the arbitration shall be English. 

Clause 26 - Counterparts 
 This 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 Agreement. 

Clause 27 - Notices 
 All notices to be
provided under this Agreement shall be in writing. 
 Contact details for recipients of notices are as follows: 

For the Sellers:  
 c/o Navios
ShipManagement Inc.  
 85 Akti Miaouli 

Piraeus 185 38 
 Greece 

Attention: Vassiliki Papaefthymiou 
 Email:
vpapaefthymiou@navios.com 
 Tel: +30 210 41 72 050 

Fax: +30 210 41 72 070 
  

  
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 For the Buyers: 

Room 2310, 23/F, C C Wu Building, 
 302-308 Hennessy Road, Wanchai, Hong Kong 
 Attention: Rita Wang 

Email: wangyuping@msfl.com.cn 
 Tel: +86 010 68490066
- 9983 
 Fax: +86 010 68490066 - 9864 
 Clause
28 – Definitions 
 Unless otherwise specified herein, capitalised terms in this Agreement shall have the same meaning as in the Bareboat
Charter. Furthermore, in this Agreement: 
 “Approved Valuer” means Clarksons, Barry Rogliano Salles, Maersk Brokers
A/S, Fearnleys, Howe Robinson, Maritime Stategies International or any other shipbroker nominated by the Charterers and approved by the Owners.  

“Bareboat Charter” means the bareboat charter in respect of the Vessel dated on or about the date hereof and made between
the Buyers as owners and the Sellers as bareboat charterers. 
 “Business Day” means a day on which banks are open for
business in the principal business centres of Amsterdam, Hong Kong, Beijing and Athens and (a) in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day
on which commercial banks are open in New York City; and (b) in respect of a day on which Overnight USD LIBOR is to be determined under this Agreement, also a day on which commercial banks are open in London. 

“Delivery Date” means the date (being a Business Day) on which the Vessel is delivered to the Buyers pursuant to the
terms of this Agreement and thereafter immediately delivered to the Sellers as bareboat charterers pursuant to the terms of the Bareboat Charter. 

“Market Value” means, in relation to the Vessel, the valuation prepared by an Approved Valuer selected by the
Sellers: 
  

	 (a)
	 on a date no earlier than three (3) months prior to the Delivery Date;  

 

	 (b)
	 without physical inspection of the Vessel; and 

 

	 (c)
	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing
seller and a willing buyer, free of any existing charter or other contract of employment. 

 “Overnight USD
LIBOR” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars based on a one day maturity rate on the relevant
date displayed on page LIBOR 01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters, and if such page or service ceases to be available the Buyers may specify another page or service displaying the relevant rate on such day, or if such day is not a Business Day, the Business Day immediately preceding such day (if
the rate as determined above is less than zero, the Overnight USD LIBOR shall be deemed to be zero). 
 “Purchase Price” means
the purchase price of the Vessel payable by the Buyers to the Sellers pursuant to Clause 19 above. 
  

  
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 “Relevant Amount” means an amount equivalent to the Purchase Price. 

“Sellers’ Account” means the account in the name of the Seller with ABN AMRO Bank N.V. in USD with the account
number NL81ABNA0248310372. 
  

  
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 EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) OCEAN DAZZLE SHIPPING LIMITED ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED ) by ) for and on behalf of
) Anthimar Marine Inc. ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 

 

 
 EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) OCEAN DAZZLE SHIPPING LIMITED ) in the
presence of: ) Witness’ signature: ) Witness’ name: CAO Ying ) Witness’ address: ) Building 8, Beijing Friendship Hotel, 1 South Zhongguancun Street, Haidian District, Beijing, China, 100873 SELLERS SIGNED ) by for and on behalf of )
Anthimar Marine Inc. as in the presence of: Witness’ signature: ) Witness’ name: ) 7 Witness’ address: ) WATSON, FARLEY & WILLIAM 348 SYNGROU AVENUE KALUTHEA 176 74 - GP :

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