Document:

Letter Agreement, dated as of February 28, 2005

 EXHIBIT 10.15 
  
 INTERNATIONAL SHIPPING ENTERPRISES, INC. 
 1225 Franklin Avenue, Suite 325 
 Garden City, New York 11530 
  
 February 28, 2005

  
 Angeliki Frangou 
 c/o International Shipping Enterprises, Inc. 
 1225 Franklin Avenue, Suite 325 
 Garden City, New York 11530 
  
 Dear Angeliki: 
  
 This letter
will set forth our agreement to reimburse you for advances to, and payments made on behalf of, International Shipping Enterprises, Inc. (the “Company”) in connection with the Company’s proposed acquisition of Navios Maritime
Holdings Inc. (the “Proposed Acquisition”). 
  
 The Company hereby agrees to pay to you on the Payment Date (as hereinafter defined) by wire transfer of immediately available U.S. funds to such account designated by you an amount equal to the sum of all amounts advanced by you to, and
paid by you to third parties on behalf of, the Company in connection with or related to the Proposed Acquisition including, without limitation, deposits or advance payments, commitment fees, professional or advisory fees, out-of-pocket costs and
expenses and other amounts advanced to the Company as working capital to fund the pursuit of the Proposed Acquisition (each such advance or payment, an “Advance”). For purposes hereof, the “Payment Date” shall be
the Closing Date, as such term is defined in that certain Stock Purchase Agreement among Navios Maritime Holdings Inc., the shareholders of Navios Maritime Holdings Inc. and the Company dated as of February 28, 2005, or upon demand any time
thereafter. 
  
 The Company agrees to pay all reasonable costs and
expenses, including, without limitation, reasonable attorneys’ fees and expenses incurred, or which may be incurred, by you in connection with the enforcement and collection of any amounts payable under this letter agreement. 
  
 All notices required or permitted hereunder shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (c) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the parties at the addresses set forth above or at such other address as the Company or you may designate by

 five (5) days advance written notice to the other party hereto. This letter agreement sets forth the entire agreement of
the Company and you with respect to the subject matter hereof and may not be amended or waived except by written instrument executed by the Company and you. The Company may not assign this letter agreement, in whole or in part, without your consent.
In the event any one or more of the provisions of this letter agreement shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this
letter agreement operate or would prospectively operate to invalidate this letter agreement, then and in any such event, such provision(s) only shall be deemed null and void and shall not affect any other provision of this letter agreement and the
remaining provisions of this letter agreement shall remain operative and in full force and effect and in no way shall be affected, prejudiced or disturbed thereby. This letter agreement shall be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without regard to its conflicts of laws provisions. 
  
 [Remainder of Page Intentionally Left Blank] 
  
  

 2 

 Please acknowledge your acceptance of the terms of this letter agreement by signing where indicated
below. 
  

			
	Sincerely,
	
	INTERNATIONAL SHIPPING
	ENTERPRISES, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

	
	Acknowledged and agreed to:
	
	
 Angeliki Frangou

  
  
  

 3Form of Promissory Note with Angeliki Frangou

 Exhibit 10.16 
  
  
 PROMISSORY NOTE 
  
  
  

							
	 $            
	 	 	 	 	 	As of                      , 2005
	 	 	 	 	 	 	New York, New York

  
 International Shipping
Enterprises, Inc. (the “Maker”) promises to pay to the order of Angeliki Frangou (the “Payee”) the principal sum of
                                        
                                 Dollars and No Cents
($            ) in lawful money of the United States of America, on the terms and conditions described below. 
  
 1.     Principal. The principal balance of this Note shall be repayable on the Closing Date (as
such term is defined in that certain Stock Purchase Agreement, among Navios Maritime Holding, Inc. the shareholders of Navios Maritime Holding, Inc. and the Maker, dated as of February 28, 2005) or upon demand any time thereafter. 
  
 2.     Interest. No interest shall accrue on the
unpaid principal balance of this Note. 
  
 3.     Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable
attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 
  
 4.     Events of Default. The following shall constitute Events of Default: 
  
 (a)     Failure to Make Required Payments. Failure
by Maker to pay the principal of or accrued interest on this Note within five (5) business days following the date when due. 
  
 (b)     Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now
constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as
such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing. 
  
 (c)     Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of maker in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a
period of 60 consecutive days. 

 5.     Remedies. 
  
 (a) Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare
this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 
  
 (b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with
regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 
  
 6.     Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any
present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil
process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in
any order desired by Payee. 
  
 7.    
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to
the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or
modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their
liability hereunder. 
  
 8.    
Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery
service providing receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section: 
  
 If to Maker: 
  
 International Shipping Enterprises, Inc. 
 1225 Franklin Avenue, Suite 325 
 Garden City, New York 11530 
 Attn.: Angeliki Frangou, Chairman of the Board 
  
 2 
  
  

 If to Payee: 
  
 Angeliki Frangou 
 1225 Franklin Avenue, Suite
325 
 Garden City, New York 11530 
  
 Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date
on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the date reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail or
delivery service. 
  
 9.    
Construction. This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State of New York. 
  
 10.     Severability. Any provision contained in this Note which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  
 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by its Secretary the day and year first above written. 
  
  

			
	 INTERNATIONAL SHIPPING
 ENTERPRISES, INC.

		
	 By
	 	 
	 	 	

	 	 	Vasiliki Papaefthymiou, Secretary

  
  
  
 3

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