Document:

EX-10.31

 EXHIBIT 10.31 

Dated 21 July 2015 

HECTOR MARINE LLC 
 as
Borrower 
 and 
 DEUTSCHE
BANK AG FILIALE DEUTSCHLANDGESCHäFT 
 as Lender 

SUPPLEMENTAL AGREEMENT 

relating to a facility of (originally) up to US$45,000,000 

to finance part of the acquisition cost of 

m.v. “KRISTINA” 

 Index 
  

							
	Clause	  	Page	 
	 1
	 	 Interpretation
	  	 	2	  
	 2
	 	 Agreement of The Lender
	  	 	2	  
	 3
	 	 Conditions Precedent
	  	 	3	  
	 4
	 	 Representations and Warranties
	  	 	3	  
	 5
	 	 Amendments to Loan Agreement and other Finance Documents
	  	 	4	  
	 6
	 	 Further Assurances
	  	 	7	  
	 7
	 	 Expenses
	  	 	8	  
	 8
	 	 Communications
	  	 	8	  
	 9
	 	 Supplemental
	  	 	8	  
	 10
	 	 Law and Jurisdiction
	  	 	8	  
	 Execution Page
	  	 	9	  
	 Schedule 1 Form of Effective Date Notice
	  	 	10	  
	 Schedule 2 Form of Deed of Release
	  	 	11	  
	 Schedule 3 Part A List of Directly Owned IPO Entities
	  	 	17	  
	 Part B List of Indirectly Owned IPO Entities
	  	 	19	  

 THIS AGREEMENT is made on 21 July 2015 

BETWEEN 
  

	(1)	HECTOR MARINE LLC, a limited liability company formed in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
as borrower (the “Borrower”); and 

  

	(2)	DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHäFT, Frankfurt/Main, Germany, acting through its office at Adolphsplatz 7, D-20457 Hamburg, Germany (the “Lender”). 

BACKGROUND 
  

	(A)	By a loan agreement dated 28 February 2013 (as amended and supplemented by two supplemental letters dated 22 November 2013 and 4 February 2015, respectively, the “Loan Agreement”), and
made between (i) the Borrower and, (ii) the Lender it was agreed that the Lender would make available to the Borrower a secured term loan facility of (originally) up to US$45,000,000. 

 

	(B)	By a master agreement executed on the 2002 ISDA Master Agreement form together with the schedule attached thereto dated as of 28 February 2013 (including all Designated Transactions from time to time entered into
and Confirmations from time to time exchanged thereunder and any amending, supplementing or replacement agreement made from time to time, the “Master Agreement”) and made between (i) the Borrower and (ii) the Lender as
swap bank (in its capacity as swap bank the Lender acting under the name Deutsche Bank AG through its headquarters in Frankfurt/Main, Germany), the Lender agreed to enter into Transactions from time to time with the Borrower. 

 

	(C)	By a guarantee dated 28 February 2013 (the “Existing Guarantee”) and made between (i) Poseidon Containers Holdings LLC (the “Existing Guarantor”) and (ii) the Lender, the
Existing Guarantor has guaranteed the obligations of the Borrower under the Loan Agreement and the other Finance Documents. 

  

	(D)	The Borrower has requested that the Lender gives its consent to: 

  

	 	(a)	the substitution of the Existing Guarantor with the New Guarantor (as defined below); 

  

	 	(b)	the release of the Existing Guarantor from its obligations under the Existing Guarantee; 

  

	 	(c)	the change in the ultimate beneficial ownership of the Borrower from the Existing Guarantor to the New Guarantor; and 

  

	 	(d)	the conclusion of a Qualified IPO following which the share capital of the New Guarantor and subsequent listing of such share capital on the New York Stock Exchange. 

together, the “Request”. 
  

	(E)	This Agreement sets out the terms and conditions on which the Lender agrees to the requests of the Borrower set out in paragraphs (a) to (d) of Recital (D), and with effect on and from the Effective Date, to
the consequential and required amendments of the Loan Agreement and the other Finance Documents in connection with the Request. 

 IT IS
AGREED as follows: 

 INTERPRETATION 

Defined expressions 
 Words
and expressions defined in the Loan Agreement shall have the same meanings when used in this Agreement (including its Recitals) unless defined herein or the context hereof otherwise requires. 

Definitions 
 In addition
to the terms defined in the recitals of this Agreement, unless the contrary intention appears: 
 “Directly Owned IPO
Entities” means the limited liability companies directly owned as at the date hereof by the Existing Guarantor specified in Part A of Schedule 3 and, in the singular, means any of them; 

“Effective Date” means the date on which the Lender notifies the Borrowers in writing in the form set out in Schedule 1 that
all conditions precedent in Clause 3.2 have been satisfied; 
 “Indirectly Owned IPO Entities” means the limited liability
companies indirectly owned as at the date hereof by the Existing Guarantor specified in Part B of Schedule 3 and, in the singular, means any of them; 

“IPO Entities” means, together, the Directly Owned IPO Entities and the Indirectly Owned IPO Entities and, in the singular,
means any of them; and 
 “New Guarantee” means the guarantee executed or, as the case may be, to be executed by the New
Guarantor in favour of the Lender, guaranteeing the obligations of the Borrower under the Loan Agreement and the other Finance Documents, in the Agreed Form; and 

“New Guarantor” means Poseidon Containers Holdings Corp., a corporation incorporated and existing under the laws of the
Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960; and 

“NYSE” means the New York Stock Exchange. 

Application of construction and interpretation provisions of Loan Agreement 

Clauses 1.2, 1.3, 1.5 and 1.6 of the Loan Agreement apply, with any necessary modifications, to this Agreement. 

AGREEMENT OF THE LENDER 

Agreement of the Lender 

The Lender agrees, subject to and upon the terms and conditions of this Agreement, to the Request. 

Release 
 With effect on
and from (and subject to the occurrence of) the Effective Date, the Lender hereby irrevocably releases the Existing Guarantor from its obligations under the Existing Guarantee. The Lender shall deliver to the Existing Guarantor within 1 Business Day
of the Effective Date a deed of release in the form set out in Schedule 2 duly executed by it. 

  
 2 

 CONDITIONS PRECEDENT 

General 
 The agreement of
the Lender contained in Clauses 2.1 and 2.2 of this Agreement is subject to the fulfilment of the conditions precedent in Clause 3.2. 

Conditions precedent 
 The
conditions referred to in Clause 3.1 are that the Lender shall have received the following documents and evidence in all respects in form and substance satisfactory to the Lender and its lawyers on or before the date of this Agreement (or such later
date as may be applicable) and upon receipt of the documents and evidence referred to above, the Lender shall promptly deliver to the Borrower a written confirmation in the form set out in Schedule 1: 

documents of the kind specified in Schedule 2, Part A, paragraphs 2, 3 and 4 of the Loan Agreement as amended and supplemented by this
Agreement and updated with appropriate modifications to refer to this Agreement; 
 documents of the kind specified in Schedule 2, Part A,
paragraphs 2, 3 and 4 of the Loan Agreement as amended and supplemented by this Agreement in relation to the New Guarantor and updated with appropriate modifications to refer to this Agreement and the New Guarantee; 

an original of this Agreement duly executed by the parties to it; 

an original of the New Guarantee duly executed by the parties to it; 

favourable legal opinions from lawyers appointed by the Lender regarding matters concerning the laws of the Republic of the Marshall Islands
and under other jurisdictions as the Lender may deem appropriate; 
 a certified true copy of the amended and restated limited liability
company agreement and the certificate of limited liability company interest of each Directly Owned IPO Entity specifying the Guarantor as the sole member/holder of the membership interests in such Directly Owned IPO Entity; 

such documents as the Lender may require for its “know your customer” and other customary money laundering checks in connection with
the Borrower and the New Guarantor; 
 documentary evidence that the agent for service of process named in clause 29.4 of the Loan Agreement
has accepted its appointment under this Agreement and the New Guarantee; and 
 any further opinions, consents, agreements and documents in
connection with this Agreement and the Finance Documents which the Lender may request by notice to the Borrower prior to the Effective Date. 

REPRESENTATIONS AND WARRANTIES 

Repetition of Loan Agreement representations and warranties 

The Borrower represents and warrants to the Lender that the representations and warranties in clause 9 of the Loan Agreement, as amended and
supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, remain true and not misleading if repeated on the date of this Agreement with reference to the circumstances now existing. 

  
 3 

 Repetition of Finance Document representations and warranties 

The Borrower and each of the other Security Parties represent and warrant to the Lender that the representations and warranties in the Finance
Documents (other than the Loan Agreement) to which all or any of them is a party, as amended and supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, remain true and not misleading if repeated on the
date of this Agreement with reference to the circumstances now existing. 
 AMENDMENTS TO LOAN AGREEMENT AND OTHER FINANCE DOCUMENTS

 Specific amendments to Loan Agreement 

With effect on and from the Effective Date the Loan Agreement shall be, and shall be deemed by this Agreement to be, amended as follows: 

by deleting in its entirety the definition of “IFRS” in clause 1.1 thereof; 

by adding the following new definitions in clause 1.1 thereof: 

““Applicable Accounting Principles” means: 
  

	 	(a)	prior to the completion of a successful Qualified IPO, IFRS; and 

  

	 	(b)	at all times thereafter, GAAP; 

 “GAAP” means generally accepted accounting
principles as from time to time in effect in the United States of America; 
 “NYSE” means the New York Stock Exchange; and

 “Supplemental Agreement” means the supplemental agreement dated 21 July 2015 amending and supplementing this
Agreement subject to the terms and conditions contained therein;”; 
 by deleting the word “IFRS” in paragraph (a) of
clause 10.7 thereof and replacing it with the word “Applicable Accounting Principles”; 
 by deleting the definition of
“Guarantor” in clause 1.1 thereof and replacing them with the following new definition: 
 ““Guarantor” means
Poseidon Containers Holdings Corp., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960;”; 

by deleting the definitions of “Poseidon” and “Qualified IPO” in clause 1.1 thereto in their entirety and replacing them
with the following new definition: 
 ““Poseidon” means, Poseidon Containers Holdings LLC, a limited liability company formed
in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960; and 

“Qualified IPO” means a successful initial public offering of the part of the share capital of the Guarantor on the
NYSE;”; 

  
 4 

 by deleting paragraph (a) of clause 10.16 thereof in its entirety and replacing it with the
following new paragraph: 
  

	 	“10.16	Minimum Liquidity 

  

	 	(a)	Throughout the Security Period the Borrower shall maintain in the Minimum Liquidity Account a credit balance of not less than $3,500,000 (“Maximum Amount”). The Borrower may apply (in its sole
discretion) an amount of $1,000,000 towards prepayment of the Loan, with such prepayment being applied in accordance with Clause 7.5, and following such prepayment the Minimum Liquidity shall be reduced to $2,500,000 at all times thereafter.”;

 by deleting in its entirety clause 10.19 thereof and replacing it with the following new clause: 

 

	 	“10.19	Maintenance of ownership 

 The Borrower shall procure throughout the Security Period
that: 
  

	 	(a)	until the successful completion of the Qualified IPO, there is no change in the ultimate beneficial ownership of its shares or in the ultimate control of the voting rights attaching to those shares and the
Guarantor’s shares or in the ultimate control of the voting rights attaching to those shares from that disclosed to the Lender on or prior to the date of the Supplemental Agreement; and 

 

	 	(b)	at all times, it remains a direct or indirect wholly-owned subsidiary of the Guarantor.”; 

by deleting in its entirety paragraph (b) of clause 11.3 thereof and replacing it with the following: 

 

	 	“(b)	pay any dividend or make any form of distribution or effect any form of redemption, purchase or return of limited liability company interests Provided, however, that the Borrower may pay dividends when:

  

	 	(i)	once the Minimum Liquidity is at least $3,500,000 or, as the case may be, $2,500,000 if a prepayment of the Loan is made pursuant to Clause 10.16; and 

 

	 	(ii)	the Asset Cover Percentage maintained, pursuant to Clause 14.1 of this Agreement, is at least 165 per cent.;” 

by adding the words in paragraph (g) of clause 11.3 thereof “(other than as a result of the Qualified IPO)” after the words
“or reorganisation”; 
 by deleting paragraph (k) of clause 18.1 thereof in its entirety and replacing it with the following
new paragraph: 
  

	 	“(k)	     

  

	 	(i)	prior to the successful completion of the Qualified IPO, it appears to the Lender that, without its prior consent, a change has occurred after the date of this Agreement in the direct or ultimate beneficial ownership of
any of the shares in the Borrower or the Guarantor or in the ultimate control of the voting rights attaching to any of those shares from that disclosed on the date of this Agreement; and 

  
 5 

	 	(ii)	upon the successful completion of the Qualified IPO and at all times thereafter: 

  

	 	(A)	(other than Poseidon) a person or “group” of persons (as defined in Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended) is the beneficial owner of, or is the beneficiary of contracts or
agreements that it or they may become the beneficial owner of or offers to acquire, in the aggregate, more than 50 per cent of (i) the issued and outstanding share capital of the Guarantor or is the beneficial owner of the ultimate control
attaching to those shares, or (ii) the issued and outstanding shares of common stock of the Guarantor, or otherwise controls the Guarantor (either directly and/or indirectly); and/or 

 

	 	(B)	the Borrower ceases to be a direct or indirect wholly-owned subsidiary of the Guarantor;”; 

by deleting in its entirety paragraph (r) of clause 18.1 thereof and replacing it with the following new clause: 

 

	 	“(r)	after the successful completion of the Qualified IPO without the prior consent of the Lender, the shares of the Guarantor are delisted;”; 

 

	(k)	by adding a new paragraph (t) in clause 18.1 thereof as follows: 

  

	 	“(t)	Mr George Giouroukos ceases to be the Chief Executive Officer of the Guarantor.”; 

  

	(l)	the definition of, and references throughout the Loan Agreement to and each Finance Document shall be construed as if the same referred to that Finance Document as amended and supplemented by this Agreement; and

  

	(m)	by construing references throughout the Loan Agreement to “this Agreement”, “hereunder” and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this
Agreement. 

 Amendments to Finance Documents 

With effect on and from (and subject to the occurrence of) the Effective Date each of the Finance Documents (other than the Loan Agreement),
shall be, and shall be deemed by this Agreement to be, amended as follows: 
 the definition of, and references throughout each of the
Finance Documents to, the Loan Agreement and any of the other Finance Documents shall be construed as if the same referred to the Loan Agreement and those Finance Documents as amended and supplemented by this Agreement; and 

by construing references throughout each of the Finance Documents to “this Agreement”, “this Deed”, “hereunder”
and other like expressions as if the same referred to such Finance Documents as amended and supplemented by this Agreement. 
 Finance
Documents to remain in full force and effect 
 The Finance Documents shall remain in full force and effect as amended and supplemented
by: 

  
 6 

 the amendments to the Finance Documents contained or referred to in Clauses 5.1 and 5.2; and 

such further or consequential modifications as may be necessary to give full effect to the terms of this Agreement. 

FURTHER ASSURANCES 

Borrower’s and each Security Party’s obligation to execute further documents etc. 

The Borrower and each Security Party shall: 

execute and deliver to the Lender (or as it may direct) any assignment, mortgage, power of attorney, proxy or other document, governed by the
law of England or such other country as the Lender may, in any particular case, specify; 
 effect any registration or notarisation, give any
notice or take any other step, 
 which the Lender may, by notice to the Borrower or that Security Party, specify for any of the purposes
described in Clause 6.2 or for any similar or related purpose. 
 Purposes of further assurances 

Those purposes are: 
 validly and
effectively to create any Security Interest or right of any kind which the Security Trustee intended should be created by or pursuant to the Loan Agreement and any other Finance Document, each as amended and supplemented by this Agreement; and 

implementing the terms and provisions of this Agreement. 

Terms of further assurances 

The Lender may specify the terms of any document to be executed by the Borrower or any Security Party under Clause 6.1, and those terms may
include any covenants, powers and provisions which the Lender considers appropriate to protect its interests. 
 Obligation to comply
with notice 
 The Borrower or any Security Party shall comply with a notice under Clause 6.1 by the date specified in the notice. 

Additional limited liability company action 

At the same time as the Borrower or any Security Party delivers to the Lender any document executed under Clause 6.1(a), the Borrower or that
Security Party shall also deliver to the Lender a certificate signed by an officer of the Borrower or that Security which shall: 
 set out
the text of a resolution of the Borrower’s or that Security Party’s applicable governing body specifically authorising the execution of the document specified by the Lender; and 

state that either the resolution was duly passed at a meeting of the directors validly convened and held throughout at which a quorum of
directors entitled to vote on the resolution was present or that the resolution has been signed by all the directors and is valid under the Borrower’s or that Security Party’s articles of incorporation or other constitutional documents.

  
 7 

 EXPENSES 

Expenses 
 The provisions
of clause 19 (fees and expenses) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 

COMMUNICATIONS 

General 
 The provisions of
clause 27 (notices) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 

SUPPLEMENTAL 

Counterparts 
 This
Agreement may be executed in any number of counterparts. 
 Third party rights 

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
benefit of any term of this Agreement. 
 LAW AND JURISDICTION 

Governing law 
 This
Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. 

Incorporation of the Loan Agreement provisions 

The provisions of clause 29 (law and jurisdiction) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this
Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 
 THIS AGREEMENT has been duly executed as a
Deed on the date stated at the beginning of this Agreement. 

  
 8 

 EXECUTION PAGE 

BORROWER 
  

							
	EXECUTED as a DEED	  	)	  		  	
	by HECTOR MARINE LLC	  	)	  		  	
	acting by Aikaterini Emmanouil	  	)	  		  	
	its duly authorised	  	)	  		  	
	attorney-in-fact in the presence of:	  	)	  	 /s/ Aikaterini Emmanouil
	  	
				
	 /s/ Nadine Akleh
	  		  		  	
	Nadine Akleh	  		  		  	
	Solicitor	  		  		  	
	Watson Farley & Williams	  		  		  	
	348 Syngrou Avenue	  		  		  	
	176 74 Kallithea	  		  		  	
	Athens – Greece	  		  		  	
				
	LENDER	  		  		  	
				
	EXECUTED as a DEED	  	)	  		  	
	by DEUTSCHE BANK AG FILIALE	  	)	  		  	
	DEUTSCHLANDGESCHäFT	  	)	  		  	
	acting by Vassiliki Georgopoulos	  	)	  		  	
	its duly authorised	  	)	  		  	
	attorney-in-fact in the presence of:	  	)	  	 /s/ Vassiliki Georgopoulos
	  	
				
	 /s/ Nadine Akleh
	  		  		  	
	Nadine Akleh	  		  		  	
	Solicitor	  		  		  	
	Watson Farley & Williams	  		  		  	
	348 Syngrou Avenue	  		  		  	
	176 74 Kallithea	  		  		  	
	Athens – Greece	  		  		  	

  
 9 

 FORM OF EFFECTIVE DATE NOTICE 

 

	To:	HECTOR MARINE LLC 

 c/o 3-5 Menandrou Street 

145 61 Kifisia 
 Athens, Greece

 Fax: +30 210 8084224 
 Attn:
Legal Department 
 [●]2015 
 Dear Sirs 

We refer to the supplemental agreement (the “Supplemental Agreement”) dated [●] 2015 made between (i) yourselves as the Borrower
and (ii) ourselves as the Lender. 
 Words and expressions defined in the Supplemental Agreement shall have the same meaning when used in this letter.

 We write to confirm that the conditions precedent in Clause 3.2 of the Supplemental Agreement have been fulfilled and that accordingly the Effective Date
is [●] 2015. 
 Yours faithfully 

	
	  

	for and on behalf of
	DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT

  
 10 

 FORM OF DEED OF RELEASE 

Dated [●]2015 

DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT 

as Lender 
 and 

HECTOR MARINE LLC 
 as
Borrower 
 and 
 POSEIDON
CONTAINERS HOLDINGS LLC 
 as Corporate Guarantor 

DEED OF RELEASE 
 relating
to a facility of (originally) 
 US$45,000,000 

  
 11 

 Index 
  

							
	Clause	 	 	  	Page	 
	 1
	 	Interpretation	  	 	2	  
	 2
	 	Agreement of The Lender	  	 	2	  
	 3
	 	Conditions Precedent	  	 	3	  
	 4
	 	Representations and Warranties	  	 	3	  
	 5
	 	Amendments to Loan Agreement and other Finance Documents	  	 	4	  
	 6
	 	Further Assurances	  	 	7	  
	 7
	 	Expenses	  	 	8	  
	 8
	 	Communications	  	 	8	  
	 9
	 	Supplemental	  	 	8	  
	 10
	 	Law and Jurisdiction	  	 	8	  
	 Execution Page
	  	 	9	  
	 Schedule 1 Form of Effective Date Notice
	  	 	10	  
	 Schedule 2 Form of Deed of Release
	  	 	11	  
	 Schedule 3 Part A List of Directly Owned IPO Entities
	  	 	17	  
	 Part B List of Indirectly Owned IPO Entities
	  	 	19	  

  
 12 

 THIS DEED is made on [●]2015 

BETWEEN 
  

	(1)	DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHäFT, Frankfurt/Main, Germany, acting through its office at Adolphsplatz 7, D-20457 Hamburg, Germany (the “Lender”); 

 

	(2)	HECTOR MARINE LLC, a limited liability company formed in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
as borrower (the “Borrower”); and 

  

	(3)	POSEIDON CONTAINERS HOLDINGS LLC, a limited liability company formed in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH96960 (the “Corporate Guarantor”). 

 BACKGROUND 

 

	(A)	By a loan agreement dated 28 February 2013 (as amended and supplemented by two supplemental letters dated 22 November 2013 and 4 February 2015, respectively, the “Loan Agreement”), and
made between (i) the Borrower and, (ii) the Lender it was agreed that the Lender would make available to the Borrower a secured term loan facility of (originally) up to US$45,000,000. 

 

	(B)	By a master agreement executed on the 2002 ISDA Master Agreement form together with the schedule attached thereto dated as of 28 February 2013 (including all Designated Transactions from time to time entered into
and Confirmations from time to time exchanged thereunder and any amending, supplementing or replacement agreement made from time to time, the “Master Agreement”) and made between (i) the Borrower and (ii) the Lender as
swap bank (in its capacity as swap bank the Lender acting under the name Deutsche Bank AG through its headquarters in Frankfurt/Main, Germany), the Lender agreed to enter into Transactions from time to time with the Borrower. 

 

	(C)	By a corporate guarantee dated 28 February 2013 and made between (i) the Corporate Guarantor and (ii) the Lender, the Corporate Guarantor has guaranteed the obligations of the Borrower under the Loan
Agreement and the Master Agreement. 

  

	(D)	This Deed sets out the terms and conditions on which the Lender agrees, at the request of the Borrower and the Security Parties, to the release of the Corporate Guarantor from its obligations under the Corporate
Guarantee. 

 IT IS AGREED as follows: 
  

	1	Interpretation 

  

	1.1	Defined expressions 

 Words and expressions defined in the Loan Agreement shall have the
same meanings when used in this Deed unless the context otherwise requires. 
 Definitions 

In this Deed, unless the contrary intention appears: 

“Continuing Finance Documents” means the Finance Documents other than the Corporate Guarantee; and 

  
 13 

 “Corporate Guarantee” means the guarantee dated 28 February 2013 referred
to in Recital (C). 
  

	1.3	Application of construction and interpretation provisions of Loan Agreement 

 Clauses
1.2, 1.5, and 1.6 of the Loan Agreement apply, with any necessary modifications, to this Deed. 
  

	2	RELEASE OF OBLIGATIONS 

  

	2.1	Release of obligations 

 The Lender, with immediate effect irrevocably releases and
discharges the Corporate Guarantor from its obligations under any covenants and undertakings relating to the Corporate Guarantee. 
  

	3	CONTINUING EFFECT 

  

	3.1	Finance Documents to remain in full force and effect 

 The Borrower and the Security
Parties (other than the Corporate Guarantor) confirm and agree with the Lender that the Continuing Finance Documents shall remain in full force and effect. 
  

	4	SUPPLEMENTAL 

  

	4.1	Counterparts 

 This Deed may be executed in any number of counterparts. 

Third party rights 
 A
person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed. 
  

	5	LAW AND JURISDICTION 

  

	5.1	Governing law 

 This Deed shall be governed by and construed in accordance with English
law. 
  

	5.2	Incorporation of Loan Agreement provisions 

 The provisions of clause 29 (law and
jurisdiction) of the Loan Agreement shall apply to this Deed as if they were expressly incorporated in this Deed with any necessary modifications. 

THIS DEED has been executed by or on behalf of the parties and has, on the date stated at the beginning of this Deed, been delivered as a Deed. 

  
 14 

 EXECUTION PAGE 
  

					
	LENDER	  		  	
			
	EXECUTED as a DEED	  	)	  	
	by DEUTSCHE SCHIFFSBANK AG	  	)	  	
	FILIALE AKTIENGESELLSCHÄFT	  	)	  	
	acting by	  	)	  	
	its duly authorised	  	)	  	
	attorney-in-fact in the presence of:	  	)	  	
			
	BORROWER	  		  	
			
	EXECUTED as a DEED	  	)	  	
	by HECTOR MARINE LLC	  	)	  	
	acting by	  	)	  	
	its duly authorised	  	)	  	
	attorney-in-fact in the presence of:	  	)	  	
			
	CORPORATE GUARANTOR	  		  	
			
	EXECUTED as a DEED	  	)	  	
	by POSEIDON CONTAINERS	  	)	  	
	HOLDINGS LLC	  	)	  	
	acting by	  	)	  	
	its duly authorised	  	)	  	
	attorney-in-fact in the presence of:	  	)	  	

  
 15 

 COUNTERSIGNED this [●] day of [●] 2015 for and on behalf of the below companies each of which,
by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Deed of Release, that it agrees in all respects to the same and that the Finance Documents to which it is a party shall remain in
full force and effect and shall continue to stand as security for the obligations of the Borrower under the Loan Agreement and the other Finance Documents. 
  

	
	SHAREHOLDER
	
	  

	
	for and on behalf of
	ODYSSEUS MARINE LLC
	
	MANAGERS
	
	  

	
	for and on behalf of
	TECHNOMAR SHIPPING INC.
	
	  

	
	for and on behalf of
	CONCHART COMMERCIAL INC.

  
 16 

 SCHEDULE 3 

PART A 
 LIST OF
DIRECTLY OWNED IPO ENTITIES 
  

	6	Pisti Shipping LLC; 

  

	7	Aris Marine LLC; 

  

	8	Aphrodite Marine LLC; 

  

	9	Athena Marine LLC; 

  

	10	Pericles Marine LLC; 

  

	11	Hephasteus Marine LLC; 

  

	12	Zeus One Marine LLC; 

  

	13	Leonidas Marine LLC; 

  

	14	Platon Marine LLC; 

  

	15	Socrates Marine LLC; 

  

	16	Kronos Marine LLC; 

  

	17	Rea Marine LLC; 

  

	18	Tasman Marine LLC; 

  

	19	Mercator Maine LLC; 

  

	20	Hudson Marine LLC 

  

	21	Odysseus Marine LLC; 

  

	22	Poseidon Fleet Holdings LLC; 

  

	23	Achilleas Marine LLC; 

  

	24	Hercules Marine LLC; 

  

	25	Marine Treasurer LLC; 

  

	26	Dimitra Marine LLC; 

  

	27	Artemis Marine LLC; 

  

	28	Hermes Marine LLC; 

  

	29	Apollon Marine LLC; 

  

	30	Hera Marine LLC; 

  
 17 

	31	Drake Marine LLC; and 

  

	32	Barentz Marine LLC. 

  
 18 

 PART B 

LIST OF INDIRECTLY OWNED IPO ENTITIES 
  

	1	Alexander Marine LLC; 

  

	2	Hector Marine LLC; and 

  

	3	Ikaros Marine LLC. 

  
 19 

 COUNTERSIGNED this 21st day of July 2015 for and on
behalf of the below companies each of which, by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Supplemental Agreement, that it agrees in all respects to the same and that the Finance
Documents to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrowers under the Loan Agreement and the other Finance Documents (each as amended and supplemented by this
Supplemental Agreement). 
  

	
	 /s/ George Giouroukos

	George Giouroukos
	 Chief Executive Officer
 for and on
behalf of

	POSEIDON CONTAINERS HOLDINGS LLC
	
	 /s/ Maria Danezi

	Maria Danezi
	 President
 for and on behalf
of

	ODYSSEUS MARINE LLC
	
	MANAGERS
	
	 /s/ Theodoros Baltatzis

	Theodoros Baltatzis
	 Vice-President/Treasurer
 for and on
behalf of

	TECHNOMAR SHIPPING INC.
	
	 /s/ Dimitrios Tsiaklaganos

	Dimitrios Tsiaklaganos
	 President/Secretary/Treasurer
 for and on
behalf of

	CONCHART COMMERCIAL INC.

  
 20Exhibit 4.1

 

	NUMBER

        U-__________
	 	
	 	UNITS             
	 	 	 	 	 
	SEE
    REVERSE FOR

CERTAIN DEFINITIONS	 	E-COMPASS ACQUISITION CORP.	 	

 

CUSIP            

 

UNITS CONSISTING OF ONE
ORDINARY SHARE AND

ONE RIGHT TO
RECEIVE ONE-TENTH OF ONE ORDINARY SHARE

 

THIS CERTIFIES THAT ___________________________________________________________________

 

is the owner of _____________________________________________________________________________
Units.

 

Each
Unit (“Unit”) consists of one (1) ordinary share, par value $.0001 per share, of E-compass Acquisition Corp., a
Cayman Islands exempted company (the “Company”), and one (1) right (“Right”) to receive
one-tenth of one ordinary share upon the Company’s completion of an initial business combination as defined in and
within the time period as required by its Memorandum and Articles of Association, as the same may be amended from time to
time. (a “Business Combination”). The ordinary shares and Right(s) comprising the Unit(s) represented by this
certificate are not transferable separately until ten business days following the earlier to occur of: (a) the expiration of
the underwriters’ overallotment option, (b) its exercise in full or (c) the announcement by the underwriters of their
intention not to exercise all or any remaining portion of the over-allotment option, except that in no event will the
ordinary shares and Rights be separately tradeable until the Company files a Current Report on Form 8-K which includes an
audited balance sheet reflecting the receipt by the Company of the gross proceeds of the initial public offering including
the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option is
exercised on the date thereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing
when such separate trading shall begin. The terms of the Rights are governed by a Rights Agreement, dated as of _______,
2015, between the Company and Continental Stock Transfer & Trust Company, as Rights Agent, and are subject to the terms
and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance
hereof. Copies of the Rights Agreement are on file at the office of the Right Agent at 17 Battery Place, New York, New York
10004, and are available to any Right holder on written request and without cost.

 

This certificate is not valid
unless countersigned by the Transfer Agent and Registrar of the Company.

 

Witness the facsimile seal
of the Company and the facsimile signatures of its duly authorized officers.

 

This Unit Certificate shall
be governed and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	By	 	 	 
	 	Chairman	Secretary

 

    	 

    	 

    

 

E-compass Acquisition Corp.

 

The Company will furnish without
charge to each shareholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	 	TEN COM –	as tenants in common	     UNIF GIFT MIN ACT - _______ Custodian ________
	 	TEN ENT –	as tenants by the entireties	                                                  (Cust)                         (Minor)
	 	JT TEN –	as joint tenants with right of survivorship

and not as tenants in common	                            under
Uniform Gifts to Minors 

                            Act _______________
	 	 	 	                                             (State)

 

Additional Abbreviations may
also be used though not in the above list.

 

For value received,
___________________________ hereby sell, assign and transfer unto 

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE	 
	 	 
	 

                                                                         
	 

 

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

 

 

Units represented
by the within Certificate, and do hereby irrevocably constitute and appoint

 

 

Attorney
to transfer the said Units on the books of the within named Company will full power of substitution in the premises.

 

Dated _______________

 

	 	 	 
	 	Notice:	The signature to this assignment must correspond
    with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change
    whatever.

 

Signature(s) Guaranteed:

 

	 	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY
        AN ELIGIBLE GUARANTOR INSTITUTION

        (BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

        PURSUANT TO S.E.C. RULE 17Ad-15).
	 

 

The holder of this certificate
shall be entitled to receive funds from the trust fund only in the event of the Company’s liquidation upon failure to consummate
a business combination or if the holder seeks to convert his respective ordinary shares underlying the unit upon consummation
of such business combination. In no other circumstances shall the holder have any right or interest of any kind in or to the trust
fund.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]