Document:

Exhibit 10.9

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT is dated as of March       ,
2010 and is by and among ALMA MARITIME LIMITED, a Marshall Islands corporation
(the “Company”), and Gallery Services
Limited, a Marshall Islands company, Kingsway Navigation Ltd., a Marshall
Islands company, Maas Capital Investments B.V., a company organized under the
laws of The Netherlands, and MK Maritime LLC, a limited liability company
formed under the laws of Delaware (the “Stockholders”).

 

In
consideration of the mutual covenants and agreements herein contained and other
good and valid consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

1.                                      Certain
Definitions.

 

(a)           In addition to
the terms defined elsewhere in this Agreement, the following terms shall have
the following meanings:

 

(b)           “Affiliate” of any Person means any
other Person which directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such Person.

 

(c)           “Agreement” means this Registration
Rights Agreement, including all amendments, modifications and supplements and
any exhibits or schedules to any of the foregoing, and shall refer to this
Registration Rights Agreement as the same may be in effect at the time such
reference becomes operative.

 

(d)           “Common Stock” means shares of Common
Stock, par value $0.001 per share, of the Company and any other shares into
which such shares are converted pursuant to a recapitalization or
reorganization.

 

(e)           “Company” has the meaning set forth
in the introductory paragraph.

 

(f)            “Control,” including the terms “controlling,”
“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 shares, by
contract or otherwise. A person who is the owner of 20% or more of the
outstanding voting shares of any corporation, partnership, unincorporated
association or other entity shall be presumed to have control of such entity,
in the absence of proof by a preponderance of the evidence to the contrary.
Notwithstanding the foregoing, a presumption of control shall not apply where
such person holds voting shares, in good faith and not for the purpose of
circumventing this provision, as an agent, bank, broker, nominee, custodian or
trustee for one or more owners who do not individually or as a group have
control of such entity.

 

(g)           “Demand Registration” has the meaning
set forth in Section 2(a) hereof.

 

 

(h)           “Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended.

 

(i)            “Governmental Entity” means any
national, federal, state, municipal, local, territorial, foreign or other
government or any department, commission, board, bureau, agency, regulatory
authority or instrumentality thereof, or any court, judicial, administrative or
arbitral body or public or private tribunal.

 

(j)            “Holder” means any person that owns
Registrable Shares, including such successors and assigns as acquire
Registrable Shares, directly or indirectly, from such Person.  For purposes of this Agreement, the Company
may deem and treat the registered holder of Registrable Shares as the Holder
and absolute owner thereof, and the Company shall not be affected by any notice
to the contrary.

 

(k)           “Initiating Holders” has the meaning
set forth in Section 2(a) hereof.

 

(l)            “Person” means any individual, sole
proprietorship, partnership, limited liability company, joint venture, trust,
incorporated or unincorporated organization, association, corporation,
institution, public benefit corporation, Governmental Entity or any other
entity.

 

(m)          “Piggyback Registration” has the
meaning set forth in Section 4(a) hereof.

 

(n)           “Prospectus” means the prospectus or
prospectuses included in any Registration Statement, as amended or supplemented
by any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Shares covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including
post-effective amendments and all material incorporated by reference in such
prospectus or prospectuses.

 

(o)           “Qualifying IPO” means the sale in an
underwritten initial public offering registered under the Securities Act of
shares of Common Stock of the Company.

 

(p)           “Registrable Shares” means shares of
Common Stock held by the Stockholder or Affiliates of the Stockholders
(excluding natural persons) or any shares of any successor or acquiror of the
Company issued in exchange or substitution for any of the foregoing in
connection with any acquisition, merger, combination, or similar transaction
involving the Company; provided, however, Registrable Shares
shall not include any securities sold by a Person to the public either pursuant
to a Registration Statement or Rule 144.

 

(q)           “Registration Expenses” has the
meaning set forth in Section 7(a) hereof.

 

(r)            “Registration Statement” means any
registration statement of the Company which covers any of the Registrable
Shares pursuant to the provisions of this Agreement, including the Prospectus,
amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by
reference in such Registration Statement.

 

(s)           “SEC” means the Securities and
Exchange Commission.

 

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(t)            “Securities Act” means the Securities
Act of 1933, as amended.

 

(u)           “Senior Management” means the Chief
Executive Officer and/or Chief Financial Officer of the Company.

 

(v)           “Shelf Registration”  has the meaning set forth in Section 3(a) hereof.

 

(w)          “Stockholder” has the meaning set
forth in the introductory paragraph.

 

(x)            “Suspension Notice” has the meaning
set forth in Section 6(f) hereof.

 

(y)           “underwritten registration” or “underwritten offering” means a
registration in which securities of the Company are sold to underwriters for
reoffering to the public.

 

(z)            “Withdrawn Demand Registration” has
the meaning set forth in Section 2(f) hereof.

 

2.                                      Demand
Registrations.

 

(a)           Right to
Request Registration.  At any time
commencing 180 days following the closing of a Qualifying IPO, any Holder or
Holders of Registrable Shares having an aggregate market value of at least $10
million at the time of request may request registration under the Securities
Act (“Initiating Holders”) of all or part
of the Registrable Shares (“Demand Registration”);
provided, however, that each Demand Registration be for
Registrable Shares.

 

Within
ten (10) days after receipt of any such request for Demand Registration,
the Company shall give written notice of such request to all other Holders of
Registrable Shares and shall, subject to the provisions of Section 2(d) hereof,
include in such registration all such Registrable Shares with respect to which
the Company has received written requests for inclusion therein within fifteen
(15) days after the receipt of the Company’s notice.

 

(b)           Number of
Demand Registrations.  Subject to
the provisions of Section 2(a), the Initiating Holders of
Registrable Shares shall collectively be entitled to request an aggregate of
three (3) Demand Registrations.  A
registration shall not count as one of the permitted Demand Registrations (i) until
it has become effective, (ii) if the Initiating Holders requesting such
registration are not able to have registered and sold at least 50% of the
Registrable Shares requested by such Initiating Holders to be included in such
registration or (iii) in the case of a Demand Registration that would be
the last permitted Demand Registration requested hereunder, if the Initiating
Holders requesting such registration are not able to have registered and sold
all of the Registrable Shares requested to be included by such Initiating
Holders in such registration.

 

(c)           Priority on
Demand Registrations.  The Company
shall not include in any Demand Registration any securities which are not
Registrable Shares without the written consent of the Holders of a majority of
the Registrable Shares to be included in such registration, or, if such Demand
Registration is an underwritten offering, without the written consent of the

 

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managing
underwriters.  If the managing
underwriters of the requested Demand Registration advise the Company in writing
that in their opinion the number of shares of Registrable Shares proposed to be
included in any such registration exceeds the number of securities which can be
sold in such offering without having an adverse affect on such offering,
including the price at which such Registrable Shares can be sold, the Company
shall include in such registration only the number of shares of Registrable
Shares which in the opinion of such managing underwriters can be sold without
having the adverse effect referred to above. 
If the number of shares which can be sold without having the adverse
effect referred to above is less than the number of shares of Registrable
Shares proposed to be registered, the amount of Registrable Shares to be so
sold shall be allocated pro rata among the Holders of Registrable Shares
desiring to participate in such registration on the basis of the amount of such
Registrable Shares initially proposed to be registered by such Holders.  If the number of shares which can be sold
exceeds the number of shares of Registrable Shares proposed to be sold, such
excess shall be allocated pro rata among the other holders of securities, if any,
desiring to participate in such registration based on the amount of such
securities initially requested to be registered by such holders or as such
holders may otherwise agree.

 

(d)           Restrictions on
Demand Registrations.  The Company
shall not be obligated to effect any Demand Registration within three (3) months
after the termination of an offering under a previous Demand Registration.  The Company may postpone for up to ninety
(90) days the filing or the effectiveness of a Registration Statement for a
Demand Registration if, based on the good faith judgment of the Company’s board
of directors, such filing or effectiveness would be materially detrimental to
the Company and its stock holders, such postponement or withdrawal is necessary
in order to avoid premature disclosure of a matter the board has determined
would not be in the best interest of the Company to be disclosed at such time;
and provided, further, that in the event described above, the
Initiating Holders requesting such Demand Registration shall be entitled to
withdraw such request prior to its effective date and, if such request is
withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations.  The Company shall
provide written notice to the Initiating Holders requesting such Demand
Registration of (i) any postponement or withdrawal of the filing or
effectiveness of a Registration Statement pursuant to this Section 2(d),
(ii) the Company’s decision to file or seek effectiveness of such
Registration Statement following such withdrawal or postponement and (iii) the
effectiveness of such Registration Statement. 
The Company may defer the filing of a particular Registration Statement
pursuant to this Section 2(d) only once during any twelve (12)
month period.

 

(e)           Selection of
Underwriters.  If any of
the Registrable Shares covered by a Demand Registration are to be sold in an
underwritten offering, the Initiating Holders shall have the right to select
the managing underwriter(s) to administer the offering subject to the
approval of the Company, which will not be unreasonably withheld.

 

(f)            Effective
Period of Demand Registrations.  After any Demand Registration filed pursuant
to this Agreement has become effective, the Company shall use its reasonable
best efforts to keep such Demand Registration effective for a period equal to
180 days from the date on which the SEC declares such Demand Registration
effective (or if such Demand Registration is not effective during any period
within such 180 days, such 180-day period shall be extended

 

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by
the number of days during such period when such Demand Registration is not
effective), or such shorter period which shall terminate when all of the
Registrable Shares covered by such Demand Registration have been sold pursuant
to such Demand Registration.  If the
Company shall withdraw any Demand Registration pursuant to Section 2(d) (a
“Withdrawn Demand Registration”), the
Initiating Holders of the Registrable Shares remaining unsold and originally
covered by such Withdrawn Demand Registration shall be entitled to a
replacement Demand Registration which (subject to the provisions of this Section 2)
the Company shall use its reasonable best efforts to keep effective for a
period commencing on the effective date of such Demand Registration and ending
on the earlier to occur of the date (i) which is 180 days from the
effective date of such Demand Registration and (ii) on which all of the
Registrable Shares covered by such Demand Registration have been sold.  Such additional Demand Registration otherwise
shall be subject to all of the provisions of this Agreement.

 

3.                                      Shelf
Registration.

 

(a)           (i) At
such time as the Company is able to use Form F-3 under the Securities Act
(or any successor form) for sales of Registrable Shares by a Holder, at the
request of one or more Holders of Registrable Shares having an aggregate market
value of at least $5  million at the
time of request, the Company shall use its reasonable best efforts to effect,
as expeditiously as possible, the registration under the Securities Act of any
number of Registrable Shares for which it receives requests in accordance with Section 2(a) (the
“Shelf Registration”).  The Company shall use its reasonable best
efforts to cause such Registration Statement to become effective as promptly as
practicable and maintain the effectiveness of such Registration Statement
(subject to the terms and conditions herein) for a period ending on the earlier
of (i) two (2) years following the date on which such Registration
Statement first becomes effective (but one (1) year if the Company is not
able to use Form F-3 under the Securities Act (or any successor form)),
and (ii) the date on which all Registrable Shares covered by such
Registration Statement have been sold and the distribution contemplated thereby
has been completed or have become freely tradeable pursuant to Rule 144
without regard to volume.

 

(b)           The Shelf
Registration Statement pursuant to this Section 3 shall to the
extent possible under applicable law, be effected to permit sales on a
continuous basis pursuant to Rule 415 under the Securities Act.  Any takedown under the Shelf Registration
pursuant to this Section 3 may or may not be underwritten; provided,
however, that (i) Holders may request any underwritten takedown only
to be effected as a Demand Registration (in which event, unless such Demand
Registration would not require representatives of the Company to meet with
prospective purchasers of the Company’s securities, a Demand Registration must
be available thereunder and the number of Demand Registrations available shall
be reduced by one subject to Section 2(b)) or (ii) Holders may
request an unlimited number of underwritten takedowns to be effected in
accordance with the terms of Section 4.  The Company shall be entitled to effect the
Shelf Registration on any available form under the Securities Act.

 

(c)           In the event of
a request for a Shelf Registration pursuant to Section 3(a), the
Company shall give written notice of the proposed filing of the Registration
Statement in connection therewith to all Holders of Registrable Shares offering
to each such Holder the opportunity to have any or all of the Registrable
Shares held by such Holder included in such

 

5

 

registration
statement.  Each Holder of Registrable
Shares desiring to have its Registrable Shares registered under this Section 3(c) shall
so advise the Company in writing within fifteen (15) days after the date of
such notice from the Company (which request shall set forth the amount of
Registrable Shares for which registration is requested), and the Company shall
include in such Registration Statement all such Registrable Shares so requested
to be included therein.

 

(d)           The number,
percentage, fraction or kind of shares referred to in this Section 3
shall be appropriately adjusted for any stock dividend, stock split, reverse
stock split, combination, recapitalization, reclassification, merger or
consolidation, exchange or distribution in respect of the shares of Common
Stock.

 

(e)           The Company,
and any other holder of the Company’s securities who has registration rights,
may include its securities in any Shelf Registration effected pursuant to this Section 3.

 

4.                                      Piggyback
Registrations.

 

(a)           Right to
Piggyback.  If at any
time commencing 180 days following the closing of a Qualifying IPO the Company
proposes to register any of its common equity securities under the Securities
Act (other than a registration statement on Form S-8 or on Form S-4
or any similar successor forms thereto or a registration statement covering an
offering of convertible securities or options, warrants or common equity
purchase contracts), whether for its own account or for the account of one or
more stockholders of the Company, and the registration form to be used may be
used for any registration of Registrable Shares (a “Piggyback
Registration”), the Company shall give prompt written notice (in
any event within twenty (20) days after its receipt of notice of any exercise
of other demand registration rights) to each Holder of Registrable Shares
having a market value at such time of at least $1 million of its intention to
effect such a registration and, subject to Sections 4(b) and 4(c),
shall include in such registration all Registrable Shares with respect to which
the Company has received written requests for inclusion therein within fifteen
(15) days after the effectiveness of the Company’s notice.  The Company may postpone or withdraw the
filing or the effectiveness of a Piggyback Registration at any time in its sole
discretion.

 

(b)           Priority on
Primary Registrations.  If a
Piggyback Registration is an underwritten primary registration on behalf of the
Company, and the managing underwriters advise the Company in writing that in
their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering without
having an adverse effect on such offering, the Company shall include in such
registration (i) first, the securities the Company proposes to sell, (ii) second,
the Registrable Shares requested to be included therein by the Holders, pro
rata among the Holders of such Registrable Shares on the basis of the number of
shares requested to be registered by such Holders, and (iii) third, other
securities requested to be included in such registration pro rata among the
holders of such securities on the basis of the number of shares requested to be
registered by such holders or as such holders may otherwise agree.

 

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(c)           Priority on
Secondary Registrations.  If a
Piggyback Registration is an underwritten secondary registration on behalf of a
holder of the Company’s securities other than Registrable Shares, and the
managing underwriters advise the Company in writing that in their opinion the
number of securities requested to be included in such registration exceeds the
number which can be sold in such offering without having an adverse effect on
such offering, the Company shall include in such registration (i) first
the securities requested to be included therein by the holders requesting such
registration and the Registrable Shares requested to be included in such
registration, pro rata among the holders of such securities on the basis of the
number of shares requested to be registered by such holders, and (ii) second,
other securities requested to be included in such registration pro rata among
the holders of such securities on the basis of the number of shares requested
to be registered by such holders or as such holders may otherwise agree.

 

(d)           Selection of
Underwriters.  If any
Piggyback Registration is an underwritten primary offering, the Company shall
have the right to select the managing underwriter or underwriters to administer
any such offering.

 

(e)           Other
Registrations.  If the
Company has previously filed a Registration Statement with respect to
Registrable Shares, and if such previous registration has not been withdrawn or
abandoned, the Company shall not be obligated to cause to become effective any
other registration of any of its securities under the Securities Act, whether
on its own behalf or at the request of any holder or holders of such
securities, until a period of at least ninety (90) days has elapsed from the
termination of the offering under the previous registration.

 

5.                                      Holdback
Agreements.

 

The Company agrees not to effect any sale or
distribution of any of its common equity securities during the ten (10) days
prior to and during the 90 days beginning on the pricing date of any
underwritten offering pursuant to any Demand Registration or any Piggyback
Registration (except as part of such underwritten registration or pursuant to
registrations on Form S-8 or S-4 or any successor forms thereto) unless
the underwriters managing the offering otherwise agree to a shorter period.

 

6.                                      Registration
Procedures.

 

(a)           Whenever the
Holders request that any Registrable Shares be registered pursuant to this
Agreement, the Company shall use its reasonable best efforts to effect the
registration and the sale of such Registrable Shares in accordance with the
intended methods of disposition thereof, and pursuant thereto the Company shall
as expeditiously as possible:

 

(i)            prepare and file with the SEC a Registration
Statement with respect to such Registrable Shares and use its reasonable best
efforts to cause such Registration Statement to become effective as soon as
practicable thereafter; and before filing a Registration Statement or
Prospectus or any amendments or supplements thereto, furnish to the Holders of
Registrable Shares covered by such Registration Statement and the underwriter
or underwriters, if any, copies of all such documents proposed to be filed, 

 

7

 

including documents incorporated by reference in the Prospectus and, if
requested by such Holders, the exhibits incorporated by reference, and such
Holders shall have the opportunity to object to any information pertaining to
such Holders that is contained therein and the Company will make the
corrections reasonably requested by such Holders with respect to such
information prior to filing any Registration Statement or amendment thereto or
any Prospectus or any supplement thereto;

 

(ii)           prepare and file with the SEC such amendments and supplements
to such Registration Statement and the Prospectus used in connection therewith
as may be necessary to keep such Registration Statement effective for a period
of not less than 180 days, in the case of a Demand Registration or such shorter
period as is necessary to complete the distribution of the securities covered
by such Registration Statement and comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such
Registration Statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such Registration
Statement;

 

(iii)          furnish to each seller of Registrable Shares such
number of copies of such Registration Statement, each amendment and supplement
thereto, the Prospectus included in such Registration Statement (including each
preliminary Prospectus) and such other documents as such seller may reasonably
request in order to facilitate the disposition of the Registrable Shares owned
by such seller;

 

(iv)          use its reasonable best efforts to register or
qualify such Registrable Shares under such other securities or blue sky laws of
such jurisdictions as any seller reasonably requests and do any and all other
acts and things which may be reasonably necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable
Shares owned by such seller (provided, however, that the Company
will not be required to (A) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
subparagraph 6(a)(iv)(B) subject itself to taxation in any such
jurisdiction, or (C) consent to general service of process in any such
jurisdiction);

 

(v)           notify each seller of such Registrable Shares, at
any time when a Prospectus relating thereto is required to be delivered under
the Securities Act, of the occurrence of any event as a result of which the
Prospectus included in such Registration Statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein
not misleading, and, at the request of any such seller, the Company shall
prepare a supplement or amendment to such Prospectus so that, as thereafter
delivered to the purchasers of such Registrable Shares, such Prospectus shall
not contain an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein not misleading;

 

(vi)          in the case of an underwritten offering, enter into
such customary agreements (including underwriting agreements in customary form
with customary indemnification provisions) and take all such other actions as
the Holders of a majority of 

 

8

 

the Registrable Shares being sold or the underwriters reasonably
request in order to expedite or facilitate the disposition of such Registrable
Shares (including, without limitation, making members of Senior Management of
the Company available to participate in, and cause them to cooperate with the
underwriters in connection with, “road-show” and other customary marketing
activities (including one-on-one meetings with prospective purchasers of the
Registrable Shares)) and cause to be delivered to the underwriters and the
sellers, if any, opinions of counsel to the Company in customary form, covering
such matters as are customarily covered by opinions for an underwritten public
offering as the underwriters may request and addressed to the underwriters and
the sellers;

 

(vii)         make available, for inspection by any seller of
Registrable Shares, any underwriter participating in any disposition pursuant
to such Registration Statement, and any attorney, accountant or other agent
retained by any such seller or underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, employees and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such Registration Statement, subject to
any confidentiality restrictions which the Company reasonably deems necessary;

 

(viii)        use its reasonable best efforts to cause all such
Registrable Shares to be listed on the principal securities exchange on which
securities of the same class issued by the Company are then listed;

 

(ix)           if requested, cause to be delivered, immediately
prior to the effectiveness of the Registration Statement (and, in the case of
an underwritten offering, at the time of delivery of any Registrable Shares
sold pursuant thereto), letters from the Company’s independent certified public
accountants addressed to each selling Holder (unless such selling Holder does
not provide to such accountants the appropriate representation letter required
by rules governing the accounting profession) and each underwriter, if
any, stating that such accountants are independent public accountants within
the meaning of the Securities Act and the applicable rules and regulations
adopted by the SEC thereunder, and otherwise in customary form and covering
such financial and accounting matters as are customarily covered by letters of
the independent certified public accountants delivered in connection with
primary or secondary underwritten public offerings, as the case may be;

 

(x)            make generally available to its stockholders a
consolidated earnings statement (which need not be audited) for the twelve (12)
months beginning after the effective date of a Registration Statement as soon as
reasonably practicable after the end of such period, which earnings statement
shall satisfy the requirements of an earning statement under Section 11(a) of
the Securities Act; and

 

(xi)           promptly notify each seller of Registrable Shares
and the underwriter or underwriters, if any:

 

9

 

(A)          when the Registration
Statement, any pre-effective amendment, the Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement has been
filed and, with respect to the Registration Statement or any post-effective
amendment, when the same has become effective;

 

(B)           of any comments of the SEC
or of any written request by the SEC for amendments or supplements to the
Registration Statement or Prospectus;

 

(C)           of the notification to the
Company by the SEC of its initiation of any proceeding with respect to the
issuance by the SEC of any stop order suspending the effectiveness of the
Registration Statement; and

 

(D)          of the receipt by the
Company of any notification with respect to the suspension of the qualification
of any Registrable Shares for sale under the applicable securities or blue sky
laws of any jurisdiction.

 

(b)           The Company
shall ensure that no Registration Statement (including any amendments or
supplements thereto and Prospectuses contained therein) shall contain any
untrue statement of a material fact or omit to state a material fact required
to be stated therein, or necessary to make the statements therein not
misleading (except, with respect to any Holder, for an untrue statement or
alleged untrue statement of a material fact or omission or alleged omission of
a material fact made in reliance on and in conformity with written information
furnished to the Company by or on behalf of such Holder specifically for use
therein).

 

(c)           The Company
shall make available to each Holder whose Registrable Shares are included in a
Registration Statement (i) promptly after the same is prepared and
publicly distributed, filed with the SEC, or received by the Company, one copy
of each Registration Statement and any amendment thereto, each preliminary
Prospectus and Prospectus and each amendment or supplement thereto, each letter
written by or on behalf of the Company to the SEC or the staff of the SEC (or
other governmental agency or self-regulatory body or other body having
jurisdiction, including any domestic or foreign securities exchange), and each
item of correspondence from the SEC or the staff of the SEC (or other
governmental agency or self-regulatory body or other body having jurisdiction,
including any domestic or foreign securities exchange), in each case relating
to such Registration Statement (other than any portion thereof which contains
information for which the Company has sought confidential treatment), and (ii) such
number of copies of a Prospectus, including a preliminary Prospectus, and all
amendments and supplements thereto and such other documents as such Holder may
reasonably request in order to facilitate the disposition of the Registrable
Shares owned by such Holder.  The Company
will promptly notify each Holder by facsimile of the effectiveness of each
Registration Statement or any post-effective amendment.  The Company will promptly respond to any and
all comments received from the SEC, with a view towards causing each
Registration Statement or any amendment thereto to be declared effective by the
SEC as soon as practicable and shall file an acceleration request as soon as
practicable following the resolution or clearance of all SEC comments or, if
applicable, following notification by the SEC that any such Registration
Statement or any amendment thereto will not be subject to review.

 

10

 

(d)           At all times after
the Company has filed a registration statement with the SEC pursuant to the
requirements of either the Securities Act or the Exchange Act, the Company
shall file all reports required to be filed by it under the Securities Act and
the Exchange Act and the rules and regulations adopted by the SEC
thereunder, and take such further action as any Holders may reasonably request,
all to the extent required to enable such Holders to be eligible to sell
Registrable Shares pursuant to Rule 144 (or any similar rule then in
effect).

 

(e)           The Company may
require each seller of Registrable Shares as to which any registration is being
effected to furnish to the Company any other information regarding such seller
and the distribution of such securities as the Company may from time to time
reasonably request in writing.

 

(f)            Each seller of
Registrable Shares agrees by having its shares treated as Registrable Shares
hereunder that, upon notice that the Prospectus included in such Registration
Statement (or any document incorporated therein) contains an untrue statement
of a material fact or omits any material fact necessary to make the statements
therein not misleading or that such Prospectus or Registration Statement  (or any document incorporated therein) must
be amended or supplemented for any other reason (a “Suspension
Notice”), such seller will forthwith discontinue disposition of
Registrable Shares for a reasonable length of time not to exceed sixty (60)
days until such seller is advised in writing by the Company that the use of the
Prospectus may be resumed and is furnished with a supplemented or amended
Prospectus as contemplated by Section 6(a)(v) hereof, and, if
so directed by the Company, such seller will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such
seller’s possession, of the Prospectus covering such Registrable Shares current
at the time of receipt of such notice; provided, however, that
such postponement of sales of Registrable Shares by the Holders shall not
exceed ninety (90) days in the aggregate in any one (1) year.  If the Company shall give any notice to
suspend the disposition of Registrable Shares pursuant to a Prospectus, the
Company shall extend the period of time during which the Company is required to
maintain the Registration Statement effective pursuant to this Agreement by the
number of days during the period from and including the date of the giving of
such notice to and including the date such seller either is advised by the
Company that the use of the Prospectus may be resumed or receives the copies of
the supplemented or amended Prospectus contemplated by Section 6(a)(v).  In any event, the Company shall not be
entitled to deliver more than three (3) Suspension Notices in any one (1) year.

 

7.                                      Registration
Expenses.

 

(a)           All expenses
incident to the Company’s performance of or compliance with this Agreement,
including, without limitation, all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws, listing application
fees, printing expenses, transfer agent’s and registrar’s fees, cost of
distributing Prospectuses in preliminary and final form as well as any
supplements thereto, and fees and disbursements of counsel for the Company and
all independent certified public accountants and other Persons retained by the
Company (all such expenses being herein called “Registration
Expenses”) (but not including any underwriting discounts or
commissions attributable to the sale of Registrable Shares or fees and expenses
of 

 

11

 

more
than one counsel representing the Holders of Registrable Shares), shall be
borne by the Company.  In addition, the
Company shall pay its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit or quarterly review, the
expense of any liability insurance which the Company may elect to obtain and
the expenses and fees for listing the securities to be registered on each
securities exchange on which they are to be listed.

 

(b)           In connection with
each registration initiated hereunder (whether a Demand Registration or a
Piggyback Registration), the Company shall reimburse the Holders covered by
such registration or sale for the reasonable fees and disbursements of one law
firm, plus local counsel as necessary, chosen by the Holders of a majority of
the Registrable Shares included in such registration or sale.

 

(c)           The obligation of
the Company to bear the expenses described in Section 7(a) and
to reimburse the Holders for the expenses described in Section 7(b) shall
apply irrespective of whether a registration, once properly demanded, if
applicable, becomes effective, is withdrawn or suspended, is converted to
another form of registration and irrespective of when any of the foregoing
shall occur; provided, however, that Registration Expenses for
any supplements or amendments to a Registration Statement or Prospectus
resulting from a misstatement furnished to the Company by a Holder shall be
borne by such Holder.  If any
Registration Statement for a Demand Registration is withdrawn solely at the
request of a Holder of Registrable Shares (unless withdrawn following
postponement of filing by the Company in accordance with Sections 2(d)(i) or
(ii)) and such request is the second or subsequent such withdrawal
request by any Holder complied with by the Company, then at the election of the
requesting Holder, either such Holder shall bear the Registration Expenses for
such Registration Statement, or the number of Demand Registrations available to
such Holder shall be reduced by one.

 

8.                                      Indemnification.

 

(a)           The Company shall
indemnify, to the fullest extent permitted by law, each Holder, each
underwriter for such Holder, their respective officers, directors and
Affiliates and each Person who controls such Holder or underwriter (within the
meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses arising out of or based upon any untrue or alleged untrue
statement of material fact contained in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading or any violation or
alleged violation by the Company of the Securities Act, the Exchange Act or
applicable “blue sky” laws, except insofar as the same are made in reliance and
in conformity with information relating to such Holder furnished in writing to
the Company by such Holder expressly for use therein or caused by such Holder’s
failure to deliver to such Holder’s immediate purchaser a copy of the
Registration Statement or Prospectus or any amendments or supplements thereto
(if the same was required by applicable law to be so delivered).

 

(b)           In connection with
any Registration Statement in which a Holder of Registrable Shares is
participating, each such Holder shall furnish to the Company in writing such 

 

12

 

information
and affidavits as the Company reasonably requests for use in connection with
any such Registration Statement or Prospectus and, shall indemnify, to the
fullest extent permitted by law, the Company, its officers, directors
Affiliates, and each Person who controls the Company (within the meaning of the
Securities Act) against all losses, claims, damages, liabilities and expenses
arising out of or based upon any untrue or alleged untrue statement of material
fact contained in the Registration Statement, Prospectus or preliminary
Prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that the
same are made in reliance and in conformity with information relating to such
Holder furnished in writing to the Company by such Holder expressly for use
therein or caused by such Holder’s failure to deliver to such Holder’s
immediate purchaser a copy of the Registration Statement or Prospectus or any
amendments or supplements thereto (if the same was required by applicable law
to be so delivered) after the Company has furnished such Holder with a
sufficient number of copies of the same; provided, however, that
the obligation to indemnify shall be several, not joint and several, among such
Holders and the liability of each such Holder shall be in proportion to and
limited to the net amount received by such Holder from the sale of Registrable
Shares pursuant to such Registration Statement.

 

(c)           Any Person entitled
to indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification;
provided, however, that the failure to notify the indemnifying
party shall not relieve the indemnifying party from any liability that it may
have under this Section 8 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided, further, that the
failure to notify the indemnifying party shall not relieve the indemnifying
party from any liability that it may have to an indemnified party otherwise
than under this Section 8 and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. 
If such defense is assumed, the indemnifying party shall not be subject
to any liability for any settlement made by the indemnified party without its
consent (but such consent will not be unreasonably withheld).  An indemnifying party who is not entitled to,
or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party there may be one or more legal or equitable
defenses available to such indemnified party which are in addition to or may
conflict with those available to another indemnified party with respect to such
claim.  Failure to give prompt written
notice shall not release the indemnifying party from its obligations hereunder.

 

(d)           The indemnification
provided for under this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party
or any officer, director or controlling Person of such indemnified party and
shall survive the transfer of securities.

 

(e)           If the
indemnification provided for in or pursuant to this Section 8 is
due in accordance with the terms hereof, but is held by a court to be
unavailable or unenforceable in 

 

13

 

respect
of any losses, claims, damages, liabilities or expenses referred to herein,
then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified Person as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the
other in connection with the statements or omissions which result in such losses,
claims, damages, liabilities or expenses as well as any other relevant
equitable considerations.  The relative
fault of the indemnifying party on the one hand and of the indemnified Person
on the other shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party, and by such party’s
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.  In
no event shall the liability of any selling Holder be greater in amount than
the amount of net proceeds received by such Holder upon such sale or the amount
for which such indemnifying party would have been obligated to pay by way of
indemnification if the indemnification provided for under Section 8(a) or
8(b) hereof had been available under the circumstances.

 

9.                                      Participation
in Underwritten Registrations.

 

No
Person may participate in any registration hereunder which is underwritten
unless such Person (a) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements and (b) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

 

10.                               Rule 144.

 

The
Company covenants that it will file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder, and it will take such further action
as any Holder may reasonably request to make available adequate current public
information with respect to the Company meeting the current public information
requirements of Rule 144(c) under the Securities Act, to the extent
required to enable such Holder to sell Registrable Shares without registration
under the Securities Act within the limitation of the exemptions provided by (i) Rule 144
under the Securities Act, as such Rule may be amended from time to time,
or (ii) any similar rule or regulation hereafter adopted by the
SEC.  Upon the request of any Holder, the
Company will deliver to such Holder a written statement as to whether it has
complied with such information and requirements.

 

11.                               Miscellaneous.

 

(a)           Notices.  All notices, requests, consents and other
communications required or permitted hereunder shall be in writing and shall be
hand delivered or mailed postage prepaid by registered or certified mail or by
facsimile transmission (with immediate telephone confirmation thereafter),

 

14

 

If
to the Company:

 

Pandoras
13

Glyfada
16672

Athen,
Greece

Fax:
011 30 210 894 4640

 

If
to the Holder, to the addresses set forth on the counterpart signature pages of
this Agreement signed by such Holders.

 

If
to a transferee Holder, to the address of such Holder set forth in the transfer
documentation provided to the Company or at such other address as such party
each may specify by written notice to the others, and each such notice,
request, consent and other communication shall for all purposes of the
Agreement be treated as being effective or having been given when delivered
personally or upon receipt of facsimile confirmation if transmitted by
facsimile, or, if sent by mail, at the earlier of its receipt or 72 hours after
the same has been deposited in a regularly maintained receptacle for the
deposit of United States mail, addressed and postage prepaid as aforesaid.

 

(b)           No Waivers.  No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege.  The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

 

(c)           Successors and
Assigns.  The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

 

(d)           Subscription
Agreement.  The Stockholders and the
Company are party to certain Subscription Agreements pursuant to which the
Stockholders are severally making certain contributions to the Company in
exchange for Common Stock, par value $0.001 per share, of the Company.

 

(e)           Governing Law.  The laws of the State of New York shall
govern the enforceability and validity of this Agreement, the construction of
its terms and the interpretation of the rights and duties of the parties,
without regard to the principles of conflicts of laws thereof.

 

(f)            Jurisdiction.  Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby may be
brought in any federal or state court located in the County and State of New York,
and each of the parties hereby consents to the jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such suit, action or
proceeding and irrevocably waives, to the fullest extent permitted by law, any
objection which it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding in any such court or that any such suit, action
or proceeding which is brought in any such court has been brought in an 

 

15

 

inconvenient
forum.  Process in any such suit, action
or proceeding may be served on any party anywhere in the world, whether within
or without the jurisdiction of any such court. 
Without limiting the foregoing, each party agrees that service of
process on such party as provided in this Section 11(e) shall
be deemed effective service of process on such party.

 

(g)           Waiver of Jury
Trial.  EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

(h)           Counterparts;
Effectiveness.  This Agreement may be
executed in any number of counterparts (including by facsimile) and by
different parties hereto in separate counterparts, with the same effect as if
all parties had signed the same document. 
All such counterparts shall be deemed an original, shall be construed
together and shall constitute one and the same instrument.  This Agreement shall become effective when
each party hereto shall have received counterparts hereof signed by all of the
other parties hereto.

 

(i)            Entire Agreement.  This Agreement contains the entire agreement
among the parties hereto with respect to the subject matter hereof and
supersedes and replaces all other prior agreements, written or oral, among the
parties hereto with respect to the subject matter hereof.

 

(j)            Captions.  The headings and other captions in this
Agreement are for convenience and reference only and shall not be used in
interpreting, construing or enforcing any provision of this Agreement.

 

(k)           Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any party.  Upon such a determination, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

(l)            Amendments.  The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given without the prior written consent of the holders of a majority of the
Registrable Shares (as constituted on the date hereof); provided, however,
that without a Holder’s written consent no such amendment, modification,
supplement or waiver shall affect adversely such Holder’s rights hereunder in a
discriminatory manner inconsistent with its adverse effects on rights of other
Holders hereunder (other than as reflected by the different number of shares
held by such Holder); provided, further, that the consent or
agreement of the Company shall be required with regard to any termination,
amendment, modification or supplement of, or waivers or consents to departures
from, the terms hereof, which affect the 

 

16

 

Company’s
obligations hereunder.  This Agreement
cannot be changed, modified, discharged or terminated by oral agreement.

 

(m)          Aggregation of
Shares.  All Registrable Shares held
by or acquired by any Affiliated Persons will be aggregated together for the
purpose of determining the availability of any rights under this Agreement.

 

(n)           Equitable Relief.  Without limiting the remedies available, the
parties hereto acknowledge that any failure by the Company to comply with its
obligations under this Agreement will result in material irreparable injury to
the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, any Holder shall have the right to obtain such relief as
may be required to specifically enforce the Company’s obligations under this
Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

17

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by each of the parties
hereto as of the date first written above.

 

 

	
   

  	
  ALMA
  MARITIME LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Stamatis
  Molaris

  
	
   

  	
  Title:

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [·]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 10.10

 

	
  MEMORANDUM
  OF AGREEMENT

  	
  Norwegian
  Shipbrokers’ Association’s Memorandum of Agreement for  sale and
  purchase of ships. Adopted by the Baltic and International Maritime Council
  (BIMCO) in 1956.

  Code-name

  SALEFORM 1993

  
	
  Dated: 28th January, 2010

  	
  Revised 1966,
  1983 and 1986/87.

  

 

FRISIA SCHIFFAHRT
MT “TANGO” GMBH & CO. KG

Körugstraße
23,26789 Leer/Germany

hereinafter called
the Sellers, have agreed to sell, and

ALMA MARITIME
LIMITED

Pandoras 13, 16672
Glyfada/Greece or nominees. However ALMA MARITIME LIMITED to remain fully
responsible for the correct fulfillment of this Memorandum of Agreement hereinafter
called the Buyers, have agreed to buy

 

Name: MT “TANGO”
about 149,993 tdw

 

Classification
Society/Class: Lloyds Register / L.R. +100A1 double hull Tanker

 

	
  Built: 2008

  	
  By: Universal
  Shipbuilding Corporation — TSU Shipyard/Japan

  
	
  Flag: Liberia

  	
  Place of
  Registration: Monrovia

  
	
  Call Sign: A8PR4

  	
  Grt/Nrt
  78.809/47.271

  
	
  Register IMO Number; 9337016

  

 

hereinafter called
the Vessel, on the following terms and conditions:

 

Definitions

 

“Banking days” are
days on which banks are open both in the country of the currency stipulated for
the Purchase Price in Clause 1 and in the place of dosing stipulated in Clause
8.

 

“In writing” or “written”
means a  letter handed over from the Sellers to the Buyers or
vice versa, a registered letter, telex, telefax or other modern form of written
communication.

 

“Classification
Society” or “Class” means the Society referred to in line 4.

 

1.                         Purchase
Price US$ 67,800,000. — (in words; United States Dollars Sixty-Seven
Million Eight Hundred Thousand) cash on delivery.

 

2.                         Deposit

 

As security for
the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10%
(ten per cent) of the Purchase Price within 3 (three) banking days from the
date of this Agreement after both parties have signed a faxed copy of this
Memorandum of Agreement - which to be fax-signed within 24 hours after
presentation by the Sellers- however latest simultaneously with lodging the
deposit for MT “WALTZ” under the Memorandum of Agreement of same date and
subject to Clause 20. of this Agreement. This deposit shall be placed with
Sellers’ nominated first class German Bank and held by them in an interest
bearing joint account for the Sellers and the Buyers, to be released in
accordance with joint written instructions of the Sellers and the Buyers.
Interest, if any, to be credited to the Buyers. Any banking fee charged
for establishing/holding the said deposit shall be borne equally by the
Sellers and by the

 

 

Buyers.

 

However the Buyers
shall not be responsible for the administrative/documentary requirements of
Sellers(1) bank and in the event the requirements of Sellers(1) bank
cannot be met to allow timely lodging of the deposit, then funds representing
the 10pct deposit may be lodged with a mutually acceptable third party, until
such arrangements can be settled with the bank, or else,  time for
lodging deposit to be extended to allow formalities to be completed.

 

3.                         Payment

 

The deposit
together with 90 percent balance said of the Purchase Price plus any
additional payments due under this Memorandum of Agreement (such as payment for
bunkers/lubricating oils, etc.) shall to be released/paid in full free
of any bank charges to Sellers’ nominated first class German Bank on delivery
of the vessel against Protocol of Delivery signed by both the Sellers and the
Buyers, Bill of Sale and all other normal delivery documents required for the
Buyers’ registration of the Vessel under new flag, but not later than 3 banking
days after the vessel is in. every respect physically ready for delivery in
accordance with the terms and conditions of this Agreement and Notice of
Readiness has been given in accordance with Clause 5.

 

4.        Inspections

 

a)*                  The Buyers have
inspected and accepted the Vessel’s classification records. The Buyers have
also inspected the vessel at/in on 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. 

The
Buyers have accepted the Vessel without inspection.

 

b)*                 The
Buyers-shall have the right to inspect the Vessel’s classification records and
declare whether same are accepted or not within.

 

The-Sellers
shall provide for inspection of the Vessel at/in

 

The
Buyers shall undertake the inspection without undue delay to the Vessel. Should
the Buyer 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. If the
Vessel-accepted after such inspection, the sale shall become outright and
definite, subject only to the terms and conditions of this Agreement, provided
the Sellers receive written notice of acceptance from the Buyers within 72
hours after completion of such inspection.

Should
notice of acceptance of the Vessel’s classification records and of the Vessel
not be received by the Sellers as aforesaid, the deposit together with interest
earned 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 4a) to apply.

 

5.        Notices, time and place of delivery

 

a)                         The
Sellers shall keep the Buyers well informed of the Vessel’s itinerary/movements
and shall provide the Buyers with 15, 7,
and 3 days approximate and 1 day definite notice of the estimated time of
arrival at the anticipated place and date of delivery. Intended place of-drydocking/underwater
inspection/delivery. When the Vessel is at the place of delivery and in
every respect physically ready for delivery in accordance with this Agreement,
the Sellers shall give the Buyers a written Notice of Readiness for delivery.

 

 

b)                        The Vessel
shall be delivered and taken over by the Buyers after diver’s inspection,
charter free, free of cargo excluding slops, safely afloat at a safe and accessible
port/berth or anchorage at/in the Atlantic Basin range (including but
not limited to USEC/USG/Caribs/Central America/EC South America / UK,
Continent, Mediterranean Sea) or Arabian Gulf / Japan range, in the Sellers’
option.

 

Expected
time of delivery; in Sellers’ option between 15th March, 2010 and 30th May, 2010, provided Buyers’ representatives
have boarded at least 10 days prior to the initial delivery notice sent by the
Sellers to the Buyers. In case this is not feasible the Sellers will procure
that the necessary number of officers will remain on board to assist the Buyers’
crew for familiarization. The Buyers to cover the Sellers’ crew related costs
during that period.

 

Sellers
are to narrow the delivery dates.

 

Date
of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 30th May, 2010 in Buyers’ option. The cancelling
date refers to the last date that the readiness can be presented and not to the
last date on which the Vessel may be delivered.

 

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 propose 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 within 7 3
running 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 7 3
running 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 61.

 

If
this Agreement is maintained with the new cancelling date all other terms and
conditions hereof including those contained in Clauses 5 a) and 5 c) shall
remain unaltered and in full force and effect. Cancellation or failure to
cancel shall be entirely without prejudice to any claim for damages the Buyers
may have under Clause 14 for the Vessel not being ready by the original
cancelling date.

 

d)                        Should the
Vessel become an actual, constructive or compromised total loss before delivery
the deposit together with interest earned shall be released immediately to the
Buyers whereafter this Agreement shall be null and void.

 

6.                         Drydocking/Divers Inspection

 

a)**           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’ expense to the satisfaction of the Classification Society
without condition/recommendation*.

 

b)**          (i)        The Vessel is to be
delivered without drydocking. However, the Buyers shall have the right at their
expense to arrange for an underwater inspection by a diver approved by the
Classification Society prior to the delivery of the Vessel. The Sellers shall
at their cost make the Vessel available for such inspection. 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 port of delivery are unsuitable for such inspection,
the Sellers shall make the Vessel available at a suitable alternative place
near to the delivery port.

 

(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 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. 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
by the Seelers at their expense to the satisfaction of the Classification
Society without condition/recommendation*. In such event the Sellers are to pay
also for the cost of the underwater inspection and the Classification Society’s
attendance.

 

(iii)      If the Vessel is to be drydocked pursuant
to Clause 6 b) (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 b). Once drydocking has taken place the Sellers
shall deliver the Vessel at a port within the delivery range as per Clause 5 b)
which shall, for the purpose of this Clause, become the new port of delivery.
In such event the cancelling date provided for in Clause 5 b) shall be extended
by the additional time required for the drydocking and extra steaming, but
limited to a maximum of 14 running days.

 

c)                         If the Vessel is drydocked pursuant to Clause 6 a) 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
right 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’ expense to the
satisfaction of the Classification Society without condition/recommendation*.

 

(ii)       the
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, in which case the Sellers shall pay these expenses. The Sellers shall also
pay the expenses if the Buyers require the survey and parts of the system are
condemned or found defective or broken so as to affect the Vessel’s class*.

 

(iii)      the
expenses in connection with putting the Vessel in and taking her out of
drydock, including the drydock dues and the Classification Society’s fees shall
be paid by the Sellers if the Classification Society issues any
condition/recommendation* as a result of the survey or if it requires survey of
the tailshaft system. In all other cases the Buyers shall pay the aforesaid
expenses, dues and fees.

 

(iv)      the
Buyers’ representative shall have the right to be present in the drydock, but
without interfering with the work or decisions of the Classification surveyor.

 

(v)       the
Buyers shall have the right to have the underwater parts of the Vessel cleaned
and painted at their risk and expense without interfering with the Sellers’ or
the

 

 

Classification surveyor’s work, if any, and without
affecting, the Vessel’s timely delivery. If, however, the Buyers’ work in dry
dock is still in progress when the Seller’s 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-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 the Buyers shall be  obliged
to take delivery in accordance with Clause 3, whether the Vessel is in drydock
or not and irrespective of Clause 5 b).

 

*                            Notes,
if any, in the surveyors’ report which are accepted by the Classification
Society without condition/recommendation are not to be taken into account.

 

**                     6 a) and 6 b) are alternatives, delete whichever is
not applicable. In the absence of deletions, alternative 6 a) to apply.

 

No drydocking. However immediately upon availability
of the Vessel the Buyers have the right to carry out an inspection of the
Vessel’s underwater parts with divers prior to the delivery of the Vessel. When
the Buyers choose to exercise this right, then the Buyers shall arrange at
their expense inspection of the underwater parts by a class approved diver in
the presence of a representative of both the Buyers and the Sellers, together
with class surveyor, who is to be arranged by the Sellers.

 

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, then the Sellers shall make the Vessel available at a suitable
alternative place nearby, at their own expense. Should such movement delay the
Vessel beyond the cancelling date, then same shall be extended to allow this
inspection.

 

If any damage is found to the Vessel’s underwater
parts which in the opinion of the class surveyor affects the Vessel’s clean Class then

 

a)        if Class requires
immediate drydocking of the Vessel, then the drydocking clause as stated above
to be fully re-instated in this Memorandum of Agreement and the Vessel is to be
dry docked accordingly at the Sellers’ expense. The Buyers shall then have the
right to carry out their own works at their risk and expense and without
causing delays to the Seller’s work and not to interfere with same. The Buyers
have the right to attend the dry docking without interfering with the Sellers
or Class surveyors work. Should Buyers’ work delay the un-docking beyond
the time that Sellers works are completed, then, provided that the Vessel is in
all other respects in accordance with this Memorandum of Agreement, the Sellers
have the right to present Notice of Readiness whilst the Vessel is drydocking.
In any event the Sellers remain responsible for the un- docking costs, even if
should this result in the Vessel being delivered to the Buyers in drydock.

 

b)        in
the case of a class condition calling for repair of such defects at a later
stage or at the next class schedule drydocking, then the Sellers shall pay the
Buyers a mutually agreed lump sum compensation figure covering the cost of such
works. If a figure cannot be mutually agreed then the Buyers and the Sellers
both obtain a quotation for the repairs from a first class shipyard near to the
delivery port and the compensation is to be the average of these two quotations

 

7.        Spares/bunkers,
etc.

 

The Sellers shall deliver the Vessel to the Buyers with everything
belonging to her on board, and on shore and on order without any
additional charge to the Buyers. All spare parts and spare equipment including
spare tail end shaft(s) and/or spare propeller(5)/propeller-blade(s),
if any, belonging to the Vessel at the date time of this Agreement inspection
used or unused, whether on board or not shall become the Buyers’ property, spares-on-order
are to-be

 

 

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. The radio installation and
wireless navigational equipment shall be included in the sale without extra
payment if they are the property of the Sellers. Unused
Broached/unbroached stores and provisions shall be included in the sale and be
taken over by the Buyers without extra payment.

 

Following spare parts are available covering this Vessel and MT “WALTZ”
(not each vessel): 4 spare cylinder liners in Houston and I spare electric
engine for inertgas plant in Leer.

 

The Sellers have the right to take ashore crockery, plates, cutlery,
linen and other articles bearing the Sellers’ flag or name, provided they
replace same with similar unmarked items. Library, forms, etc., exclusively for
use in the Sellers’ vessel(s), shall be excluded without compensation. Captain’s,
Officers’ and Crew’s personal effects/belongings including the slop chest are
to be excluded from the sale, as well as the following additional items
(including items on hire):

 

· log books
according to Clause 8. hereof.

· certificates
which the Sellers have to return to issuing authorities according to law, but
the Buyers to have the right to take photocopies,

· L.S.M.
manuals/ISPS manuals.

· 2
portable gas detectors, chartco system including laptop plus 1 set UTI
(sampling device for cargo).

· Blue
Ocean satphone/email installation, which is property of Blue Ocean Wireless
Limited, Unit 8, Fulcum 4, Solent Way, Whiteley, Hampshire, PO15 7FT, UK.

 

The Buyers shall take over and pay extra only for the remaining bunkers
and unused/unbroached lubricating oils in storage tanks and sealed drums and
pay the current net-market Sellers’ last invoiced prices less all
Sellers’ discounts (and excluding barging lighterage expenses) at the
port and date of delivery of the Vessel. Prices are to be supported by
invoices/vouchers.

 

Payment under this Clause shall be made at the same time and place and
in the same currency as the Purchase Price.

 

8.                         Documentation

 

The place of dosing/payment formalities: to take place in Sellers’
office or Sellers’ Bank.

 

In exchange for payment of the Purchase Price the Sellers shall furnish
the Buyers with delivery documents, namely: such documents to be
mutually agreed and listed in an Addendum to this Memorandum of Agreement,
however such agreement is not to prejudice/delay the signing of this Memorandum
of Agreement and lodging of the deposit

 

a)                         Legal
Bill of Sale in a form recordable in (the country in which-the-Buyers are to
register the Vessel), warranting that the Vessel is free from all encumbrances,
mortgages and maritime liens or any other debts or claims whatsoever, duly
notarially attested and legalized by the consul of such country or other
competent authority.

 

b)        Current Certificate
of-Ownership issued by the competent authorities of the flag state of
the Vessel.

 

c)        Confirmation of Class -issued
within 72 hours prior to  delivery.

 

d)        Current Certificate issued by the
competent authorities stating that the Vessel is free from registered
encumbrances.

 

 

e)                         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 furnish a Certificate or
other official-evidence-of deletion-to-the Buyers promptly and-latest-within 4
(four) weeks after the Purchase-Price-has been paid and the Vessel has been
delivered.

 

f)                           Any
such additional documents-as-may reasonably be required by the-competent
authorities for the purpose of registering the Vessel, provided the
Buyers-notify-the Sellers of any such documents as soon as possible-after the
date of this Agreement.

 

At the time of
delivery the Buyers and Sellers shall sign and deliver to each other a Protocol
of Delivery and Acceptance confirming the date and time of delivery of the
Vessel from the Sellers to the Buyers.

 

At the time of
delivery the Sellers shall hand to the Buyers the classification certificate(s) as
well as all plans, drawings, instruction booklets, nautical publications,
charts, copies of all manuals and code-books, as well as oil record books of
the last three months etc., 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 to have the right
to take copies. Other technical documentation which may be in the Sellers’
possession shall be promptly forwarded to the Buyers at their expense, if they
so request. The Sellers may keep the Vessel’s log books but the Buyers to have
the right to take copies of same.

 

9.        Encumbrances

 

The Sellers
warrant that the Vessel, at the time of delivery, is free from all charters,
encumbrances, taxes, mortgages
and maritime liens or any other debts or claims whatsoever. 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, etc.

 

Any taxes, fees
and expenses in connection with the purchase and registration under the Buyers’
flag shall be for the Buyers’ account, whereas similar charges 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 to the terms and conditions of this
Agreement she shall be delivered and taken over as she was at the date time
of this Agreement inspection, fair wear and tear excepted.

 

However, the
Vessel shall be delivered with her present class fully maintained without
condition of Class /recommendation*,
and free of average damage affecting the Vessel’s class, and with her
classification certificates and national/international trading certificates, as
well as all other certificates the Vessel had at the date time of this
Agreement inspection, clean, valid and unextended without condition of
Class/recommendation* by Class or the relevant
authorities at for a minimum of 3 (three) months from the time of
delivery with all survey machinery items completely up-to-date without
extensions at time of delivery.

 

 

The Vessel to be delivered free of cargo excluding slops.

 

The Sellers guarantee to de-commission the Inmarsat at the time of
delivery to the Buyers.

 

“Inspection” in-this
Clause 11, shall mean the Buyers’ inspection-according to
Clause 4a) and 4b), if applicable,-or the -Buyers’
inflection prior to the signing of this Agreement. If the Vessel is taken
over without inspection, the date of this Agreement shall be the relevant date.

 

*                            Notes,
if any, in the surveyor’s report which are accepted by the Classification
Society without condition of Class/recommendation are not to be taken
into account.

 

12.      Name/markings

 

Upon delivery the Buyers undertake to change the name of the Vessel and
alter funnel markings.

 

13.      Buyers’
default

 

Should the deposit not be paid in accordance with Clause 2, 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, the
Sellers have the right to cancel the Agreement, in which case the deposit
together with interest earned shall be released to the Sellers. If the deposit
does not cover their loss, the Sellers shall be entitled to claim runner
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 a) or fail to be ready to validly complete a legal transfer by the
date stipulated in line 61 the Buyers shall have the option of cancelling this
Agreement provided always that the Sellers shall be granted a maximum of 3
banking days after Notice of Readiness has been given to make arrangements for
the documentation set out in Clause 8. If after Notice of Readiness has been
given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every
respect by the date stipulated in line 61 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 shall be
released to them immediately.

 

Should the Sellers fail to give Notice of Readiness by the date
stipulated in line 61 or fail to be ready to validly complete a legal transfer
as aforesaid they shall make due compensation to the Buyers for their loss and
for all expenses together with interest if their failure is due to proven
negligence and whether or not the Buyers cancel this Agreement.

 

15.      Buyers’ representatives

 

After this Agreement has been signed by both parties and the deposit
has been lodged, the Buyers have the right to place max. two representatives on
board the Vessel at the first opportunity at their sole risk and expense and
remaining onboard until the time of delivery. upon  arrival at  on
or about These representatives are on board for the purpose of
familiarization, with the Vessel and her operations and in the capacity of
observers only, and they shall not interfere in any respect with the crew or
the operation of the Vessel.

 

The Buyers’ representatives shall sign the Sellers’ normal P &
I letter of indemnity prior to their embarkation.

 

 

16.      Arbitration

 

a)*                  This Agreement
shall be governed by and construed in accordance with English law and any
dispute arising out of this Agreement shall be referred to arbitration in
London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. On the receipt by one party of the
nomination in writing of the other party’s arbitrator, that party shall appoint
their arbitrator within fourteen days, failing which the decision of the single
arbitrator appointed shall apply. If two arbitrators properly appointed shall
not agree they shall appoint an umpire whose decision shall be final.

 

b)*                 This Agreement
shall be governed by and construed in accordance with Title 9 of the United
States Code and the Law of the State of New York and should any dispute arise
out of this Agreement, the matter in dispute shall be referred to three 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 purpose of enforcing any award, this Agreement may be made a rule of
the Court. The proceedings shall be conducted in accordance with the rules of
the Society of Maritime Arbitrators, Inc. New York.

 

c)*                  Any dispute
arising out of this Agreement shall be referred to arbitration at, subject to
the procedures applicable there. The laws of shall govern this Agreement.

 

*                            16 a), 16 b) 
and 16 c) are alternatives, delete whichever is not applicable. In the
absence of deletions, alternative 16 a) to apply.

 

17.      Enbloc
Sale

 

Separate Contracts/Memoranda to apply, but on the
clear understanding that this sale is to be an en-bloc deal with MT “WALTZ”.
However, a total loss or a constructive total loss of one Vessel prior to
delivery, or one Vessel missing her cancelling date, shall not affect the
delivery and takeover of the remaining Vessel.

 

18.      Blacklisting

 

On delivery the Sellers shall band to the Buyers a
letter of undertaking stating that to the best of Sellers’ knowledge the Vessel
under present Ownership is not blacklisted by any nation including the Arab
Boycott League in Damascus and the Vessel is in all respects compliant with the
U.S. Coastguard regulations.

 

19.      Private
and Confidential Clause

 

The terms and conditions of this sale to be kept
strictly private and confidential by all parties. However should the sale be
reported, neither the Buyers or the Sellers have any right to withdraw from the
contract and its obligations. The Buyers have the right to incorporate in their
F-l prospectus under confidentially filing with the SEC the terms of this
Memorandum of Agreement.

 

20.      Buyers’
Subject Initial Public Offering (IPO)

 

The sale is subject to Initial Public Offering of
Alma Maritime Ltd., to be lifted not later than 30 days from date of this
Memorandum of Agreement. In the event that the Sellers receive a firm offer
from other buyers unrelated to the Sellers which they feel worth to consider
/take up for negotiations, subsequent to signing this Memorandum of Agreement
but prior to the

 

 

Buyers IPO subjects being lifted, then the Buyers
shall be given 2 (two) working days to lift their subject.

 

This Memorandum of Agreement has been drawn up and executed in 2 (two)
Originals, 1 (one) of which is to be retained by the Sellers and 1 (one) of
which is to be retained by the Buyers.

 

 

	
   

  	
  The SELLERS:

  	
   

  	
  The BUYERS:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
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Copyright
Norwegian Shipbrokers’ Association, Oslo, Norway.

Printed and sold by S.Gruppen A/S, Halvorsen & Larsen, Oslo,

Norway.

Fax: 47-22-25 28 69. Phone: 47-22-25 81 90.

 

 

ADDENDUM NO. 1

dated 1st March, 2010
 to the

MEMORANDUM OF AGREEMENT

dated 27th January, 2010

(the “MOA”)

 

made between

 

FRISIA SCHIFFAHRT MT “TANGO” GMBH &
CO. KG

(the “Sellers”)

 

and

 

ALMA MARITIME LIMITED or nominees

(the “Buyers”)

 

relative to the Vessel MT “TANGO” (the “Vessel”).

 

The Sellers and
the Buyers have today agreed on the following amendments with respect to the
following Clauses of the MOA:

 

Clause
1. Purchase Price:

US $ 68,300,000 -
(in words: United States Dollars Sixty-Eight Million Three Hundred Thousand)
cash on delivery.

 

Clause
20. Buyers’ Subject Initial Public Offering (IPO):

The sale is
subject to the Initial Public Offering of Alma Maritime Limited., to be lifted
not later than 26th March, 2010. Should the Buyers successfully place the IPO
then the Buyers are obligated to purchase the Vessel.

 

In the event that
the Sellers receive a firm offer up to and including March 10, 2010 from
other Buyers unrelated to the Sellers, which they feel worth to consider/take
up for negotiations, then the Buyers shall be given 2 (two) working days to
lift their subject. This provision shall automatically cease on 17.00 h New
York time on March 10, 2010.

 

All other terms
and conditions of the MOA shall remain unchanged and in full force and effect.

 

This Addendum No. 1
has been drawn up and executed in 2 (two) Originals, 1 (one) of which is to be
retained by the Sellers and 1 (one) of which to be retained by the Buyers.

 

 

	
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  The SELLERS:

  	
   

  	
  The BUYERS:

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