Document:

best_Ex4_23

		
			Exhibit 4.23
		

		
			 
		

		
			This is an English translation of the original Chinese text
		

		
			Wei Chen
		

		
			Lili He
		

		
			Best Inc.
		

		
			BEST Logistics Technologies (China) Co., Ltd.
		

		
			AND
		

		
			Hangzhou Baisheng Investment Management Co., Ltd.
		

		
			 
		

		
			 
		

		
			 
		

		
			EXCLUSIVE CALL OPTION AGREEMENT
		

		
			FOR
		

		
			HANGZHOU BAISHENG INVESTMENT
MANAGEMENT CO., LTD.
		

		
			 
		

		
			Oct  23, 2019
		

		
			 
		

		
			
		

		
			

		 

		

			1

		

		

		
			 
		

		
			EXCLUSIVE CALL OPTION AGREEMENT
		

		
			This Exclusive Call Option Agreement (the “Agreement”) is entered into as of Oct  23, 2019  in Hangzhou, Zhejiang Province, the People’s Republic of China (the “PRC”)  by and among the following Parties:
		

		
			 
		

		
			1. Wei Chen
		

		
			Address: 105 Wenhua Road, Changguo Sub-district, Dinghai District, Zhoushan, Zhejiang
		

		
			ID No.:
		

		
			 
		

		
			2. Lili He
		

		
			Address: 1 Weiye Road, Binjiang District, Hangzhou
		

		
			ID No.:
		

		
			 
		

		
			(Wei Chen and Lili He shall hereinafter be referred to individually as an “Existing Shareholder”, or collectively as the “Existing Shareholders”);
		

		
			 
		

		
			3. BEST Inc. (the “Cayman Company”)
		

		
			Registered address: the offices of Maples Corporate Services Limited, PO Box 309, Ugland
		

		
			House, Grand Cayman, KY1-1104, Cayman Islands
		

		
			 
		

		
			4. BEST Logistics Technologies (China) Co., Ltd. (the “WFOE”)
		

		
			Registered address: Room 2310, 23/F, 588 Jiangnan Avenue, Binjiang District, Hangzhou
		

		
			Legal representative: Shao-Ning Johnny Chou
		

		
			 
		

		
			(The Cayman Company and the WFOE shall hereinafter be referred to individually as an “Option Holder”, or collectively as the “Option Holders”.)
		

		
			 
		

		
			5.  Hangzhou Baisheng Investment Management Co., Ltd. (the “Company”)
		

		
			Registered address: Room 525, Building No. 6, 1197 Bin’an Road, Binjiang District, Hangzhou
		

		
			Legal representative: Wei Chen
		

		
			 
		

		
			(In this Agreement, each of aforesaid parties shall be referred to individually as a “Party” or collectively as the “Parties”.)
		

		
			 
		

		
			Whereas,
		

		
			 
		

		
			(1)    The Existing Shareholders are the registered shareholders of the Company and own all the equity of the Company in accordance with law; their respective capital contributions to and ownership interests in the Registered Capital of the Company as of the date hereof are set forth in Schedule I hereto;
		

		
			 
		

		
			(2)    Subject to compliance with PRC Laws, the Existing Shareholders intend to transfer to the Option Holders all the equity interests respectively held by them in the Company, and the Option Holders intend to accept such transfer;
		

		
			 
		

		
			(3)    Subject to compliance with PRC Laws, the Company intends to transfer to the Option Holders  all of its assets, and the Option Holders intend to accept such transfer;
		

		
			 
		

		
			(4)    In order to consummate the aforesaid equity or assets transfer, the Existing Shareholders and the Company have agreed to grant the Option Holders an irrevocable and exclusive option for equity transfer and an irrevocable and exclusive option for asset purchase, respectively.
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

		

		
			NOW, THEREFORE, upon mutual consultations,  the Parties hereby agree as follows:
		

		
			Section 1 Definition
		

		
			 
		

		
			1.1    Unless otherwise required in the context, the following terms in this Agreement shall have the following meanings:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						“PRC Laws”

					
					
						 

					
					
						means the then effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding normative documents of the PRC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Equity Call Option”

					
					
						 

					
					
						means the option to purchase, or designate other entities or individuals to purchase, the equity interests in the Company, as granted by the Existing Shareholders to the Option Holders pursuant to the terms and conditions of this Agreement.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Assets Call Option”

					
					
						 

					
					
						means the option to purchase, or designate other entities or individuals to purchase, any assets of the Company, as granted by the Company to the Option Holders pursuant to the terms and conditions of this Agreement.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Option Subject Equity Interest”

					
					
						 

					
					
						means, in respect of each Existing Shareholder, all the equity interest owned by such Existing Shareholder in the Registered Capital of the Company (as defined below), and in respect of all the Existing Shareholders, the 100% equity interest in the Registered Capital of the Company.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Registered Capital of the Company”

					
					
						 

					
					
						means the registered capital of Company as of the date hereof in the amount of RMB100,000, and includes any increase of such registered capital as a result of any capital increase during the term of this Agreement.

					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Transferrable Equity Interest”

					
					
						 

					
					
						means the equity interest which the Option Holders, upon the exercise of their Equity Call Option in accordance with Section 3 hereof, are entitled to request any Existing Shareholder to transfer to them or their designated entities or individuals, and the amount of which may equal all or part of the Option Subject Equity Interest and shall be determined by the Option Holders at their sole discretion in accordance with the then effective PRC Laws and their commercial considerations.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Transferrable Asset”

					
					
						 

					
					
						means the assets of the Company which the Option Holders, upon the exercise of their Assets Call Option in accordance with Section 3 hereof, are entitled to request the Company to transfer to them or their designated entities or individuals, and the amount of which may equal all or part of the assets of the Company and shall be determined by the Option Holders  at their sole discretion in accordance with the then effective PRC Laws and their commercial considerations.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Exercise”

					
					
						 

					
					
						means the exercise by the Option Holders of their Equity Call Option and/or Assets Call Option.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Transfer Price”

					
					
						 

					
					
						means the aggregate consideration payable to the Existing Shareholders or the Company by the Option Holders or their designated entities or individuals  for the Transferrable Equity Interest or the Transferrable Asset in connection with each Exercise.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Operating Licenses”

					
					
						 

					
					
						means any approvals, permits, filings, registrations and the like required to be possessed by the Company for its lawful and effective operation of all of its businesses, including, without limitation, the Business License, the Tax Registration Certificate, the Value-Added Telecommunication Service Operation Permit, the Road Transportation Operation Permit and the Courier Service Operation Permit possessed by the Company or its branches and other relevant licenses and permits prescribed by the then effective PRC Laws.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Company Assets”

					
					
						 

					
					
						means all the tangible and intangible assets which the Company owns or is entitled to dispose of within the term of this Agreement, including, without limitation, any fixed assets, moveable assets, goodwill, franchisees’ network, information of customers and suppliers, and trademarks, copyrights, patents, know-how, domain names, software use rights and other intellectual property.

				

		
			
		

		

		 

		

			3

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						“Material Agreement”

					
					
						 

					
					
						means any agreement to which the Company is a party and which has material impact on the businesses or the assets of the Company, including, without limitation, the Exclusive Services Agreement entered into by and between the Company and the WFOE as of even date herewith and other material agreements relating to the business of the Company.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Exercise Notice”

					
					
						 

					
					
						has the meaning as provided in Section 3.7.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Confidential Information”

					
					
						  

					
					
						has the meaning as provided in Section 9.1.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Defaulting Party”

					
					
						 

					
					
						has the meaning as provided in Section 12.1.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Default”

					
					
						 

					
					
						has the meaning as provided in Section 12.1.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Party Rights”

					
					
						 

					
					
						has the meaning as provided in Section 13.6.

				

		
			 
		

		
			1.2    A reference to any PRC Laws herein shall (1) include the amendments, changes, supplements and reenactments thereof, irrespective of whether they take effect before or after the execution of this Agreement; and (2) include a reference to other decisions, notices or regulations enacted in accordance therewith or which become effective as a result thereof.
		

		
			 
		

		
			1.3   Unless otherwise specified herein, all references to a section, clause, item or paragraph shall refer to the relevant section, clause, item or paragraph of this Agreement.
		

		
			 
		

		
			Section 2 Grant of Equity Call Option and Assets Call Option
		

		
			 
		

		
			2.1    The Existing Shareholders hereby severally and jointly agree to irrevocably and unconditionally grant an exclusive Equity Call Option to the Option Holders, pursuant to which the Option Holders  shall be entitled, to the extent permitted by the PRC Laws and subject to the terms and conditions of this Agreement, to request the Existing Shareholders to transfer the Option Subject Equity Interests to the Option Holders or their designated entities or individuals. The Option Holders  agree to accept such Equity Call Option.
		

		
			 
		

		
			2.2   The Company hereby agrees to the grant of the Equity Call Option to the Option Holders by the Existing Shareholders under the aforesaid Section 2.1 and other provisions of this Agreement.
		

		
			 
		

		
			2.3    The Company hereby agrees to irrevocably and unconditionally grant an exclusive Assets Call Option to the Option Holders, pursuant to which the Option Holders shall be entitled to, to the extent permitted under the PRC Laws and subject to the terms and conditions of this Agreement, request the Company to transfer any or all of the Company Assets to the Option Holders or their designated entities or individuals. The Option Holders agree to accept such Assets Call Option.
		

		
			 
		

		
			2.4   The Existing Shareholders hereby severally and jointly agree to the grant of the Assets Call Option to the Option Holders by the Company under the aforesaid Section 2.3 and other provisions of this Agreement.
		

		
			Section 3 Method of Exercise of Options
		

		
			 
		

		
			3.1    Subject to the terms and conditions of this Agreement and to the extent permitted under the PRC Laws, the Option Holders shall have the sole discretion in deciding the timing, method and number of its Exercises.
		

		
			 
		

		
			3.2   Subject to the terms and conditions of this Agreement and to the extent not inconsistent with the then effective PRC Laws, the Option Holders are entitled to request the Existing Shareholders to transfer all or part of the equity interests in the Company to the Option Holders themselves or their designated entities or individuals at any time.
		

		
			
		

		
			

		 

		

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			3.3    Subject to the terms and conditions of this Agreement and to the extent not inconsistent with the then effective PRC Laws, the Option Holders are entitled to request the Company to transfer all or part of its assets to the Option Holders themselves or their designated entities or individuals at any time.
		

		
			 
		

		
			3.4   In respect of the Equity Call Option, for each Exercise, the Option Holders shall have the discretion to determine the amount of the Transferrable Equity Interests to be transferred by the Existing Shareholders to the Option Holders and/or their designated entities or individuals, and the Existing Shareholders shall each transfer such Transferrable Equity Interests to the Option Holders and/or their designated entities or individuals according to the amounts requested by the Option Holders. The Option Holders and/or their designated entities or individuals shall pay the Transfer Price to the Existing Shareholders for the transfer of the Transferrable Equity Interests in connection with each Exercise.
		

		
			 
		

		
			3.5   In respect of the Assets Call Option, for each Exercise, the Option Holders shall have the discretion to determine the specific Transferrable Asset to be transferred by the Company to the Option Holders and/or their designated entities or individuals, and the Company shall transfer such Transferrable Asset to the Option Holders and/or their designated entities or individuals at the Option Holders’ request. The Option Holders and/or their designated entities or individuals shall pay the Transfer Price to the Company for the transfer of the Transferrable Asset in connection with each Exercise.
		

		
			 
		

		
			3.6   For each Exercise, the Option Holders may either accept themselves the transfer of the Transferrable Equity Interests or Transferrable Asset or may have a third party designated by them in their discretion accept the transfer of all or part of such Transferrable Equity Interests or Transferrable Asset.
		

		
			 
		

		
			3.7   Upon each of its Exercise decision, the Option Holders shall issue to the Existing Shareholders or the Company, as the case may be, an Equity Call Option exercise notice or Assets Call Option exercise notice (the “Exercise Notice”, the forms of which are attached hereto as Schedule II and Schedule III). The Existing Shareholders or the Company shall, upon receipt of the Exercise Notice, immediately transfer the Transferrable Equity Interests or the Transferrable Asset to the Option Holders and/or their designated entities or individuals according to the Exercise Notice in such manner as provided under Section 3.4 or Section 3.5 of this Agreement.
		

		
			 
		

		
			3.8    For the avoidance of doubt, the Cayman Company shall have the right to decide at its sole discretion whether the Equity Call Option and the Assets Call Option hereunder shall be exercised by the Cayman Company and/or the WFOE.
		

		
			 
		

		
			Section 4 Transfer Price
		

		
			 
		

		
			4.1    In respect of the Equity Call Option, for each Exercise, the aggregate Transfer Price payable by the Option Holders or their designated entities or individuals to the Existing Shareholders shall be a minimum price as permitted by the then effective PRC Laws.
		

		
			 
		

		
			4.2   In respect of the Assets Call Option, for each Exercise, the Transfer Price payable by the Option Holders or their designated entities or individuals to the Company shall be a minimum price as permitted by the then effective PRC Laws.
		

		
			 
		

		
			Section 5 Representations and Warranties
		

		
			 
		

		
			5.1    The Existing Shareholders hereby each represent and warrant as follows:
		

		
			 
		

		
			5.1.1    The Existing Shareholders are either a PRC citizen with full capacity or a  limited liability company duly registered and lawfully existing under PRC Laws with independent legal personality; enjoy full and independent legal standing and capacity to execute, deliver and perform this Agreement; and may sue or be sued as an independent party.
		

		
			 
		

		
			
		

		
			

		 

		

			5

		

		

		
			5.1.2    The Company is a limited liability company duly registered and validly existing under the PRC Laws with independent legal personality. The Company enjoys full and independent legal standing and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party.
		

		
			 
		

		
			5.1.3    The Existing Shareholders have full power and authority to execute, deliver and perform this Agreement and all other documents to be entered into by them in connection with the transaction contemplated herein as well as full power and authority to consummate the transaction contemplated herein.
		

		
			 
		

		
			5.1.4    This Agreement has been lawfully and properly executed and delivered by the Existing Shareholders and shall constitute their lawful and binding obligations, enforceable against them in accordance with the terms herein.
		

		
			 
		

		
			5.1.5    The Existing Shareholders are the registered legal owners of the Option Subject Equity Interests as of the effective date hereof, and the Option Subject Equity Interests are free and clear of any liens, pledges, claims, other encumbrances and third party interests, except for the pledge rights created by the Equity Pledge Agreement entered into by the Company, the WFOE and the Existing Shareholders as of even date herewith, and the proxy rights created by the Shareholders’ Voting Rights Proxy Agreement entered into by the Company, the Cayman Company, the WFOE and the Existing Shareholders as of even date herewith. Pursuant to this Agreement, upon the Exercise, the Option Holders and/or their designated entities or individuals may obtain good title to the Transferrable Equity Interests free and clear of any liens, pledges, claims, other encumbrances or third party rights.
		

		
			 
		

		
			5.1.6    To the knowledge of the Existing Shareholders, the Company Assets are free and clear of any liens, mortgages, claims, other encumbrances or third party rights. Pursuant to this Agreement, , upon the Exercise, the Option Holders and/or their designated entities or individuals may obtain good title to the Company Assets free and clear of any liens, mortgages, claims, other encumbrances or third party rights.
		

		
			 
		

		
			5.2    The Company hereby represents and warrants as follows:
		

		
			 
		

		
			5.2.1    The Company is a limited liability company duly registered and validly existing under the PRC Laws with independent legal personality. The Company enjoys full and independent legal standing and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party.
		

		
			 
		

		
			5.2.2    The Company has full internal corporate power and authority to execute, deliver and perform this Agreement and all other documents to be entered into by it in connection with the transaction contemplated herein as well as full power and authority to consummate the transaction contemplated herein.
		

		
			 
		

		
			5.2.3    This Agreement has been lawfully and properly executed and delivered by the Company and shall constitute its legal and binding obligations, enforceable against it in accordance with the terms herein. The execution and performance by the Company of this Agreement will neither violate any PRC Laws, regulations, court rulings or arbitration awards, or decisions, approvals or permits of any administrative authorities, or any other agreements to which it is a party and which are binding on its equity interest in the Company or other assets held by it, nor result in any government authority approval or permit applicable to it being suspended, revoked, forfeited or failed to be renewed upon expiry.
		

		
			 
		

		
			5.2.4    The Company Assets are free and clear of any liens, mortgages, claims, other encumbrances or third party rights. Pursuant to this Agreement, upon the Exercise, the Option Holders and/or any of their designated entities or individuals may obtain good title to the Company Assets free from any liens, mortgages, claims, any other encumbrances and third party rights.
		

		
			 
		

		
			
		

		
			

		 

		

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			5.3    The Cayman Company hereby represents and warrants as follows:
		

		
			 
		

		
			5.3.1    The Cayman Company is a company duly incorporated and validly existing under the laws of Cayman Islands with independent legal personality; enjoys full and independent legal standing and capacity to execute, deliver and perform this Agreement; and may sue or be sued as an independent party.
		

		
			 
		

		
			5.3.2    The Cayman Company has full internal corporate power and authority to execute, deliver and perform this Agreement and all other documents to be entered into by it in connection with the transaction contemplated herein as well as full power and authority to consummate the transaction contemplated herein.
		

		
			 
		

		
			5.3.3    This Agreement has been lawfully and properly executed and delivered by the Cayman Company and shall constitute its legal and binding obligations, enforceable against it in accordance with the terms herein.
		

		
			 
		

		
			5.4    The WFOE hereby represents and warrants as follows:
		

		
			 
		

		
			5.4.1    The WFOE is a wholly Hongkong-owned company duly incorporated and validly existing under the PRC Laws with independent legal personality; enjoys full and independent legal standing and capacity to execute, deliver and perform this Agreement; and may sue or be sued as an independent party.
		

		
			 
		

		
			5.4.2    The WFOE has full internal corporate power and authority to execute, deliver and perform this Agreement and all other documents to be entered into by it in connection with the transaction contemplated herein as well as full power and authority to consummate the transaction contemplated herein.
		

		
			5.4.3    This Agreement has been lawfully and properly executed and delivered by the WFOE and shall constitute its legal and binding obligations, enforceable against it in accordance with the terms herein.
		

		
			 
		

		
			Section 6 Undertakings by the Existing Shareholders
		

		
			 
		

		
			The Existing Shareholders hereby each undertakes as follows:
		

		
			 
		

		
			6.1    During the term of this Agreement, without the Option Holders’ prior written consent:
		

		
			 
		

		
			6.1.1    No Existing Shareholder shall transfer or otherwise dispose of any Option Subject Equity Interests or create any encumbrances or other third party interests upon any Option Subject Equity Interests;
		

		
			 
		

		
			6.1.2    The Existing Shareholders shall not increase or reduce the Registered Capital of the Company or effect a division of the Company or its merger with any other entity;
		

		
			 
		

		
			6.1.3    The Existing Shareholders shall not dispose of, or cause the management of the Company to dispose of, any Company Assets (other than those occurring during the ordinary course of business);
		

		
			 
		

		
			6.1.4    The Existing Shareholders shall not terminate, or cause the management of the Company to terminate, any Material Agreement executed by the Company, nor shall the Existing Shareholder enter into any other agreements which are in conflict with an existing Material Agreement;
		

		
			 
		

		
			6.1.5.   The Existing Shareholders shall not cause or approve the conclusion by the Company of any Material Agreement in the absence of reasonable business grounds;
		

		
			 
		

		
			6.1.6    The Existing Shareholders shall not conclude by themselves, or cause the Company to conclude a transaction likely to materially affect the assets, liabilities, business operation, shareholding structure or other legal rights of the Company (other than those arising during the ordinary or routine course of business or those that have been disclosed to the Option Holders and obtained written consent from the  Option Holders);
		

		
			 
		

		
			6.1.7    The Existing Shareholders shall not appoint or remove any director, member of the board of supervisors or any other management personnel of the Company to be appointed or removed by the Existing Shareholders;
		

		
			 
		

		
			
		

		
			

		 

		

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			6.1.8    The Existing Shareholders shall not cause or approve the declaration or actual distribution by the Company of any distributable profits, bonuses, dividends or distributions;
		

		
			 
		

		
			6.1.9    The Existing Shareholders shall ensure that the Company shall remain validly existing and shall not be terminated, dissolved or liquidated;
		

		
			 
		

		
			6.1.10   The Existing Shareholders shall not cause or approve the modification of the articles of association of the Company; and
		

		
			 
		

		
			6.1.11   The Existing Shareholders shall ensure that the Company will not provide or borrow any loans, or provide guarantee or other forms of security, or assume any material obligations outside of the ordinary course of business.
		

		
			 
		

		
			6.2   During the term of this Agreement, the Existing Shareholders shall use their best efforts to develop the business of the Company, shall ensure the compliance of the business operations of the Company with relevant laws and regulations, and will not commit any actions or omissions likely to prejudice the assets or the goodwill of the Company or affect the validity of its Operating Licenses.
		

		
			 
		

		
			6.3    During the term of this Agreement, the Existing Shareholders shall timely notify the Option Holders of any circumstance likely to have a material adverse effect upon the existence, business operation, financial condition, assets or goodwill of the Company, and shall timely take all such measures as have been approved by the Option Holders to eliminate such adverse circumstance or take effective remedial measures against such circumstance.
		

		
			 
		

		
			6.4   Upon the giving of the Exercise Notice by the Option Holders:
		

		
			 
		

		
			6.4.1    The Existing Shareholders shall immediately convene the shareholders’ meeting to adopt a resolution and take any other necessary actions approving the transfer by any Existing Shareholder or the Company of all of the Transferrable Equity Interests or Transferrable Asset at the Transfer Price to the Option Holders and/or their designated entities or individuals, and shall waive any rights of first purchase;
		

		
			 
		

		
			6.4.2    The Existing Shareholders shall immediately enter into an equity transfer agreement with the Option Holders and/or their designated entities or individuals to transfer all of the Transferrable Equity Interests at the Transfer Price to the Option Holders and/or their designated entities or individuals, and shall, at the request of the Option Holders and as required by relevant laws and regulations, provide necessary support to the Option Holders (including furnishing and execution of all relevant legal documents, completion of all government approval and registration procedures and assumption of all relevant obligations) in order for the Option Holders and/or their designated entities or individuals to receive all the Transferrable Equity Interests, free and clear of any legal defects, any encumbrances, third party restrictions or any other equity interest restrictions.
		

		
			 
		

		
			6.5   If the aggregate Transfer Price received by any Existing Shareholder in connection with the transfer of its Transferrable Equity Interest exceeds its contribution to the Registered Capital of the Company, or any form of profit, bonus, dividend or other distributions is received by such Existing Shareholder from the Company, then subject to compliance with PRC Laws, such Existing Shareholder agrees to waive the excessive portion of such proceeds (relative to its contribution to the capital) and any such profits, bonuses, dividends or distributions (after deduction of tax and fees) ; and the Option Holders shall be entitled to receive such excessive portion and such distributions. The Existing Shareholders shall instruct relevant transferees or the Company to wire the same to a bank account then designated by the Option Holders.
		

		
			 
		

		
			Section 7 Undertakings by the Company
		

		
			 
		

		
			7.1    The Company undertakes as follows:
		

		
			 
		

		
			7.1.1    In the event the execution and performance of this Agreement and the grant of the Equity Call Option or the Assets Call Option hereunder requires any third party consents, permissions, waivers or authorizations or any approvals, permits, exemptions, registrations or filings from or with governmental authorities (if required by the laws), the Company shall use its best efforts to assist in satisfying such conditions.
		

		
			 
		

		
			
		

		
			

		 

		

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			7.1.2    Without the Option Holders’ prior written consent, the Company shall not assist or permit the Existing Shareholders to transfer or otherwise dispose of any Option Subject Equity Interests or create any encumbrances or other third party interests upon any Option Subject Equity Interests.
		

		
			 
		

		
			7.1.3    Without the Option Holders’ prior written consent, the Company shall not transfer or otherwise dispose of any Company Assets (except for those occurring during the ordinary course of business) or create any encumbrances or other third party interests upon any Company Assets.
		

		
			 
		

		
			7.1.4    The Company shall not do or permit to be done any acts or actions likely to have an adverse effect upon the interests of the Option Holders under this Agreement, including, without limitation, any acts or actions as restricted under Section 6.1 hereof.
		

		
			 
		

		
			7.2 Upon the giving of the Exercise Notice by the Option Holders,
		

		
			 
		

		
			7.2.1    It shall immediately cause the Existing Shareholders to convene the shareholders’ meeting to adopt a resolution and take any other necessary actions approving the transfer by the Company of all of the Transferrable Asset at the Transfer Price to the Option Holders and/or their designated entities or individuals;
		

		
			 
		

		
			7.2.2    It shall immediately enter into an assets transfer agreement with the Option Holders and/or their designated entities or individuals to transfer all of the Transferrable Asset at the Transfer Price to the Option Holders and/or their designated entities or individuals, and shall at the request of the Option Holders and as required by relevant laws and regulations, cause the Existing Shareholders to provide necessary support to the Option Holders (including furnishing and execution of all relevant legal documents, completion of all government approval and registration procedures and assumption of all relevant obligations) in order for the Option Holders and/or their designated entities or individuals to receive all the Transferrable Asset, free and clear of any legal defects, any encumbrances, third party restrictions, or any other restrictions pertaining to the Company Assets.
		

		
			 
		

		
			Section 8 Undertakings by the Option Holders
		

		
			 
		

		
			The Cayman Company confirms that it has historically provided unconditional financial support to the Company through the WFOE, and that the WFOE waives its right to claim repayment from the Company for all financial support provided by it to the Company since its own inception. Meanwhile, in order to ensure that the cash flow requirements of the Company’s  day-to-day operations are met and/or that any losses accrued during such day-to-day operations are covered, the Option Holders  undertake to provide, but only to the extent permissible under the PRC laws, financial support to the Company, irrespective of whether the Company has actually incurred any such operational losses. The Option Holders’ financial support to the Company or its Existing Shareholders may take the form of bank entrusted loans or borrowings. Contracts for any such entrusted loans or borrowings shall be executed separately. The Option Holders will not request repayment if the Company or its Existing Shareholders are unable to repay the financial support of the Option Holders.
		

		
			 
		

		
			Section 9 Confidentiality
		

		
			 
		

		
			9.1    Notwithstanding the termination of this Agreement, each Party shall keep strictly confidential all of the business secrets, proprietary information, customer information and any other information of a confidential nature pertaining to the other Parties acquired by it during the entry into and performance of this Agreement (hereinafter collectively referred to as the “Confidential Information”). Except with prior written consent of the disclosing Party of the Confidential Information or except to the extent required be to disclosed to a third party by relevant laws and regulations or the requirements of the listing venue of an affiliate, no receiving Party of the Confidential Information shall disclose any Confidential Information to any other third party; the receiving Party of the Confidential Information shall not directly or indirectly use any Confidential Information other than for the purpose of performing this Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

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			9.2   The following information shall not constitute the Confidential Information:
		

		
			 
		

			
	
			
				 (a)
			

			
	
			
			Any information which, as shown by written evidence, has previously been known to the receiving Party by lawful means;

		
			 
		

			
	
			
				 (b)
			

			
	
			
			Any information which enters the public domain other than as a result of the receiving Party’s fault; or

		
			 
		

			
	
			
				 (c)
			

			
	
			
			Any information lawfully acquired by the receiving Party from another source subsequent to its receipt thereof hereunder.

		
			 
		

		
			9.3   The receiving Party may disclose the Confidential Information to its relevant employees or agents to the professionals engaged by it, provided that such receiving Party shall ensure that the aforesaid persons shall comply with the terms and conditions of this Agreement and the receiving Party shall be liable for any liabilities arising from breach of the terms and conditions hereof by the aforesaid persons.
		

		
			 
		

		
			9.4   Notwithstanding any other provisions herein, the validity of this Section shall not be affected by the suspension or termination of this Agreement.
		

		
			 
		

		
			Section 10 Term of this Agreement
		

		
			 
		

		
			This Agreement shall become effective as from the date it is duly executed by the Parties, and shall remain valid until the first to occur of the following : (a) all of the Option Subject Equity Interests and the Company Assets have been lawfully transferred to the Option Holders and/or their designated entities or individuals in accordance with the provisions hereof; or (b) the Option Holders unilaterally terminate this Agreement at any time by a thirty (30) days prior written notice to the Company. Unless otherwise stipulated by law, the Existing Shareholders or the Company shall in no event have the right to terminate or rescind this Agreement unilaterally.
		

		
			 
		

		
			Section 11 Notice
		

		
			 
		

		
			11.1  Any notice, request, demand and other correspondences as required by or made in accordance with this Agreement shall be served on the relevant Party(ies) in writing.
		

		
			 
		

		
			11.2 The above notice or other correspondences shall be deemed given upon transmission, if sent by facsimile, or upon delivery, if delivered in person, or on the fifth (5) day after posting, if sent by mail.
		

		
			 
		

		
			Section 12 Liabilities for Default
		

		
			 
		

		
			12.1  The Parties agree and confirm that if, in a material manner, any Party (the “Defaulting Party”) breaches any of the provisions herein, or fails to perform or delays in the performance of any obligation under this Agreement, such breach, failure or delay shall constitute a default under this Agreement (the “Default”), and the non-defaulting Party is entitled to require the Defaulting Party to rectify such Default or take remedial measures within a reasonable period of time. If the Defaulting Party fails to rectify such Default or take any remedial measures within a  reasonable period of time or within ten (10) days upon receipt of the written notice of the non-defaulting Party, the non-defaulting Party shall be entitled to decide at its sole discretion as follows:
		

		
			
		

		
			

		 

		

			10

		

		

		
			 
		

		
			12.1.1   If the Defaulting Party is the Existing Shareholder or the Company, the Option Holders shall be entitled to terminate this Agreement and claim damages from the Defaulting Party, or demand specific performance by the Existing Shareholders or the Company of their obligations hereunder;
		

		
			 
		

		
			12.1.2    If the Defaulting Party is an Option Holder, the non-defaulting Party shall be entitled to claim damages from the Defaulting Party; provided, however, unless otherwise provided by law, the non-defaulting Party shall in no event have any right to terminate or rescind this Agreement.
		

		
			 
		

		
			12.2  Notwithstanding any other provisions herein, the validity of this Section shall not be affected by the termination of this Agreement.
		

		
			 
		

		
			Section 13 Miscellaneous
		

		
			 
		

		
			13.1   This Agreement is written in Chinese in five (5) originals with each Party retaining one (1) copy thereof.
		

		
			 
		

		
			13.2 The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be governed by the PRC Laws.
		

		
			 
		

		
			13.3  If, at any time during the term hereof, the purpose of this Agreement cannot be accomplished for any reason other than a Default by the Existing Shareholders or the Company, then the Parties shall immediately act in accordance with the Option Holders’ written instructions and reasonable requirements to take any action and/or enter, where necessary, into a  supplementary agreement amending or adjusting the provisions hereof so as to maintain the validity of this Agreement and continue to accomplish the purpose hereof in the manner stipulated hereunder or in an alternative manner.
		

		
			 
		

		
			13.4  Any dispute arising under or in connection with this Agreement shall be resolved by the Parties through consultations. If the Parties fail to reach an agreement within thirty (30) days after its occurrence, such dispute shall be brought before the competent people’s court of Hangzhou for adjudication.
		

		
			 
		

		
			13.5 No rights, powers and remedies granted to any Party by any provision herein shall preclude any other rights, powers and remedies such Party is entitled to in accordance with laws and other provisions of this Agreement; and no exercise by a Party of its rights, powers and remedies shall preclude its exercise of any other rights, powers and remedies it is entitled to.
		

		
			 
		

		
			13.6 No failure or delay by a Party to exercise any of its rights, powers and remedies under this Agreement or the laws (the “Party Rights”) shall operate as a waiver of such Party Rights, nor shall any single or partial exercise of any Party Rights preclude any further exercise of such Party Rights or any exercise of any other Party Rights.
		

		
			 
		

		
			13.7 The headings herein are for reference only and shall in no event be used in or affect the interpretation of the provisions hereof.
		

		
			 
		

		
			13.8 Each provision contained herein shall be severable and independent from any other provisions. If at any time any one or more provisions herein become invalid, illegal or unenforceable, the validity, legality or enforceability of all other provisions herein shall not be affected thereby.
		

		
			 
		

		
			13.9 Upon execution, this Agreement shall supersede any other legal documents previously executed by the Parties with respect to the same subject matter hereof, including, without limitation, the Amended and Restated Exclusive Call Option Agreement dated February 15, 2015 by and among the Existing Shareholders, the WFOE and the Company.
		

		
			 
		

		
			13.10 Any amendments or supplements to this Agreement shall be made in writing. Except where the Option Holders transfer their rights hereunder in accordance with Section 13.11 hereof, the amendments or supplements to this Agreement shall become effective only upon their being duly executed by the Parties hereto.
		

		
			
		

		
			

		 

		

			11

		

		

		
			 
		

		
			13.11 Without the Option Holders’ prior written consent, the Existing Shareholders or the Company shall not transfer any of their rights and/or obligations hereunder to any third party. The Option Holders may transfer any of their rights and/or obligations hereunder to a third party after the Existing Shareholders and the Company are duly notified.
		

		
			 
		

		
			13.12 This Agreement shall be binding on the lawful transferees or successors of each Party.
		

		
			 
		

		
			[The remainder of this page is intentionally left blank]
		

		
			 
		

		
			
		

		
			

		 

		

			12

		

		

		
			 
		

		
			[Signature Page]
		

		
			 
		

		
			IN WITNESS WHEREOF, the Parties have duly executed this Agreement on the date and at the place first above written.
		

		
			 
		

		
			Wei Chen
		

		
			 
		

		
			Signature: /s/ Wei Chen
		

		
			 
		

		
			Lili He
		

		
			Signature: /s/ Lili He
		

		
			 
		

		
			Best Inc.
		

		
			(Seal)
		

		
			 
		

		
			BEST Logistics Technologies (China) Co., Ltd.
		

		
			 
		

		
			(Seal)
		

		
			 
		

		
			Hangzhou Baisheng Investment Management Co., Ltd.
		

		
			 
		

		
			(Seal)
		

		
			 
		

		
			
		

		
			

		 

		

			13

		

		

		
			 
		

		
			Schedule I
		

		
			 
		

			
					
						Company Name:

					
					
						    

					
					
						Hangzhou Baisheng Investment Management Co., Ltd.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Registered Address:

					
					
						  

					
					
						Room 525, Building No. 6, 1197 Bin’an Road, Binjiang District, Hangzhou

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Registered Capital:

					
					
						  

					
					
						RMB100,000

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Legal Representative:

					
					
						  

					
					
						Wei Chen

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Shareholding Structure:

					
					
						  

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Shareholder’s Name

					
					
						    

					
					
						Contribution to the
Registered Capital

					
					
						    

					
					
						Percentage of
Contribution

					
					
						    

					
					
						Means of
Contribution

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Wei Chen

					
					
						 

					
					
						RMB50,000

					
					
						 

					
					
						50 

					
					
						%  

					
					
						Cash

					
					
						 

				
	
					
						Lili He

					
					
						 

					
					
						RMB50,000

					
					
						 

					
					
						50 

					
					
						%  

					
					
						Cash

					
					
						 

				
	
					
						Total

					
					
						 

					
					
						RMB100,000

					
					
						 

					
					
						100 

					
					
						%  

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		

		
			
		

		
			

		 

		

			14

		

		

		
			 
		

		
			Schedule II
		

		
			 
		

		
			Form of the Exercise Notice
		

		
			To: [name of the Existing Shareholder]
		

		
			Reference is made to that certain Exclusive Call Option Agreement dated _________, 2019  (the “Option Agreement”) entered into by and among this company, you, Hangzhou Baisheng Investment Management Co., Ltd. (the “Company”) , the other shareholder(s) of the Company and other party(ies) thereto, pursuant to which you shall, to the extent permitted by the PRC Laws and regulations, transfer upon our request the equity interest held by you in the Company to us or any third party designated by us.
		

		
			Therefore, we hereby issue the following notice to you:
		

		
			We hereby request to exercise the Equity Call Option under the Option Agreement such that the [    ]% equity interest held by you in the Company (the “Requested Transferable Equity”) shall be transferred to us/ our designee [name of company/individual]. You are kindly requested to transfer immediately upon receipt of this notice all the Requested Transferable Equity to us/[name of the designated company/individual] in accordance with the terms of the Option Agreement.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[BEST Inc.

				
	
					
						 

					
					
						/BEST Logistics Technologies (China) Co., Ltd.]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						(Seal)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Authorized Representative:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						 

				

		
			 
		

		

		
			
		

		
			

		 

		

			15

		

		

		
			 
		

		
			Schedule III
		

		
			 
		

		
			Form of the Exercise Notice
		

		
			 
		

		
			To: Hangzhou Baisheng Investment Management Co., Ltd.
		

		
			 
		

		
			Reference is made to that certain Exclusive Call Option Agreement dated __________, 2019 (the “Option Agreement”) entered into by and among this company, your company, Wei Chen, Lili He, and other party(ies) thereto, pursuant to which your company shall, to the extent permitted by the PRC Laws and regulations, transfer upon our request your assets to us or any third party designated by us.
		

		
			 
		

		
			Therefore, we hereby issue the following notice to your company:
		

		
			 
		

		
			We hereby request to exercise the Assets Call Option under the Option Agreement such that all of the assets owned by your company as listed in the schedule attached hereto (the “Requested Transferrable Asset”) shall be transferred to us/ our designee [name of company/individual]. Your  company is kindly requested to transfer immediately upon receipt of this notice all the Requested Transferrable Asset to us/[name of the designated company/individual] in accordance with the terms of the Option Agreement.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[BEST Inc.

				
	
					
						 

					
					
						/BEST Logistics Technologies (China) Co., Ltd.]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						(Seal)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Authorized Representative:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						 

				

		
			 
		

		 

		

			16endeavourmoaandtcpcombin

 MEMORANDUM OF AGREEMENT                          SALEFORM 2012                                                    Norwegian Shipbrokers' Association's                                                    Memorandum of Agreement for sale and purchase of ships    Dated: 25 April 2019   FLEX LNG ENDEAVOUR LIMITED, a     company incorporated in the Marshall Islands, having its registered office at Trust  Company   Complex, Ajeltake Road, Ajelake Island, Majuro MH 96960, Marshall Islands-~,Qen~^—1~'  `'~;-eF&), hereinafter  called the "Sellers", have agreed to sell, and   TRIPLE H NO. 3 LTD-, a company incorporated in Malta-N-eme of buyer--, having its registered office at 25/16 Vincenti  Buildings, Strait Street, Valletta, Malta, VLT1432, hereinafter called the "Buyers", have agreed to buy:   Name of vessel: Flex Endeavour   IMO Number: 9762261   Classification Society: American Bureau of Shipping   Class Notation: +A1 (E) Liquefied gas carrier, Ship type 2G, SH, SH-DLA, SHCM, SFA (40), CPS, + AMS, + ACCU#1, +  APS, NBLES, DFD, ENVIRO, IHM, BWT, TCM, UWILD, RW.   Year of Build: 2018   Builder/Yard: Daewoo (DSME), South Korea   Flag: Marshall Islands   Place of Registration: Majuro   GT/NT: 113,049MT/36,562MT   hereinafter called the "Vessel", on the following terms and conditions:   Definitions   "Sellers' Credit" means a non interest bearing non amortizing sellers' credit in an amount of USD 60,000,000, which is  deemed to be drawn down by the Buyer on delivery and used as part payment of the Purchase Price and which will be  deemed to be repaid either i) when the Vessel is delivered to the Sellers pursuant to any of the purchase options set  out in clause 19 hereof, ii) in the event of a total loss of the Vessel, or iii) at expiry of the BBCP without any of the  options in clause 19 hereof having been exercised.   "Banking Days" are days on which banks are open both in the country of the currency stipulated for the Purchase Price  in Clause 1(Purchase  Price) and in the place of closing stipulated in Clause 8 (Documentation) and Oslo, London, New  York, Singapore, Malta and South Korea (add additional jurisdictions as appropriate).   "BBCP"  means  the bareboat charter party dated 19 April 2019 and entered into between  the Buyer and the Time  Charter Owners.   "Buyers' Nominated Flag State" means Malta (state flag state).   "Call Option" means the call option over the Vessel granted by the Buyers to the Sellers pursuant to Clause 19 of this  Agreement.   "Class" means the class notation referred to above.   "Classification Society" means the Society referred to above.   Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be  copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes  are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

'Be~os+t"-~ -,",al;;tay-e  the rnc-ani-FT Oivc~;-+,=r-Glaa-si  2 (Deposit).     (slate name an-d location of-De~-e s+t -^~Øe  F)-er;i#-{-e=i-t-b-lia-n-k, =Øfl-efs'—BaØw-h+~l;  shall i'r c'Ø;,d--~'e a s c t-he  De-p-esf-t-I-rr accordance w+th this ^   .   "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,  email or telefax.    "Parties" means the Sellers and the Buyers.   "Purchase Price" means the price for the Vessel as stated in Clause 1(Purchase  Price).   "Restricted Party" means a person or entity that is (i) listed on, or owned or controlled by a person listed on, or acting  on behalf of a person listed on, any Sanctions List; (ii) a national of, located in, incorporated under the laws of, or  owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organised under (A) Iraq,  Iran or Venezuela or (B) the laws of a country or territory that is the target of country-wide or territory-wide  Sanctions; or (iii) otherwise a target of Sanctions ("target of Sanctions" signifying a person with whom a US person or  other national of Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or  other activities).    "Sanctions" means the economic sanction laws, regulations, embargoes or restrictive measures administered, enacted   or enforced by: (i) the United States government; (ii) the United Nations; (iii) the European Union; (iv) the United  Kingdom; (v) the People's Republic of China or (vi) the respective governmental institutions and agencies of any of the  foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury   ("OFAC"), the United States Department of State and Her Majesty's Treasury ("HMT"); (together, the "Sanctions   Authorities").    "Sanctions List" means the "Specially Designated Nationals and Blocked Persons" list maintained by the OFAC, the   Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by HMT, or any similar list   maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities.    "Sellers' Account" means an account to be nominated by the Sellers at the Sellers' Bank.    "Sellers' Bank" means ABN Ambro Bank N.V.    "Time Charter Owners" means Hyundai Glovis Co., Ltd. a company incorporated in the Republic of Korea, having its   registered office at 301, Teheran-ro, Gangnam-gu, Seoul, 06152, South Korea.    "Time Charter" means the time charter party dated 25 April 2019 and entered into between the Sellers (as charterers)   and the Time Charter Owners (as owners).   "Sellers' Account" means     (stote-detz+fs-caf-b-an-k Feet +r.t) - + t-he. ce    "Sellers' Bank" means     (state name of ba;,'tom -ranch-i ,   ) or, if left-blan -   f< notified by-t-1,1-e.  Sellers-te   the Buyers r receipt—e~aaØf-the Purchase Price.   1.    Purchase Price          The Purchase Price is USD 210,000,000 (United States Dollars Two Hundred and Ten Million). (state eu--cam         a"    ne--t-beth in word  a-nd-f+gores).    2.    Deposit          As sE.c,uri .y for the correct fulfilment of this Agreen-fc~, t-B-,.~crs-s-hal-1-1-effgc a-deposit c-•f- %-( -Per                              10-94,-(-ten-per--reh-t'T-6f=th-e-P-uFcha,s-e-P-H-c:c (the "Deposit") in an intere-st bcarir-rg-aeee-u-nt         fer the P ar t i es-vv-it-h~Efs+t H o l d e r=Af ith+r3-tk~~e-(13)---B-a-hk+n-f> C.`. ay-s-df te r t h e date that:_          44-this Agreement-has beer,-s*hed-by the Parties-a-nØ~-I?-an-;-e-d--ian--6t+gir  nuf-sr--by c na-a4-0+^   Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be   copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes   are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

                                                                                h^'r k~nh-efb_        ~ the Dep-erJlt'i-tC7t l-e-r-'1`^~r~~TRFrned-i'~          The Deposit shall be released in accordance wit inint wetri T inst r„   f the Par-ties. Int-res      4l            ed-ited-tØ—B;Tye M -fe         arged-fe     '                    Deposit shall         -gØ1~        Rar-tics. The Parties-s-h-all provide te-t-1~6sit {:te+,~„-r; ^'  ;                             r #-a+r tFae         account with-et -delay.   3.     Payment          On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has         been given in accordance with Clause 5 (Time and place of delivery and notices):_          (i) the Deposit-shall be          (ii) t-he--bafa-neØf tthe Purchase Price (less USD 60,000,000)  and all other sums payable on delivery by the         Buyers to the Sellers under this Agreement shall be maid-paid in  full free of bank charges to the Sellers' Account.         The remaining amount of USD   60,000,000 shall be paid by way of the Sellers' Credit, provided, however, the         Sellers agree and acknowledge that any claim the Sellers may have against the Buyers in respect of the Sellers'         Credit shall always be fully subordinated to the prior discharge in full of any and all outstanding indebtedness         owed  by the Buyers  to the Mortgagee  who  has provided  financing to the Buyers for its purchase of the         VesselJull of bank chorgeJ     _the-Sc-liers' Acct.   4.     Inspec-ti-on   {a}* —„e-T  Buyrs  hav nspected- a-n-d accepted-t  essel's classification records. The Buyers have also inspected the         Vessel at/in (state place) on                   au ',  tan   c~„~;~^~.(afeet  nnl~i a the~,,,~~u-~,a, eFm-s -inrl nnnrli+innr~,c.,  J~,~,,,~~.~~ of +"ic /lnrnnvvYnn+ _   (b)* (i) The Buyers  shall have the right to inspect the Vessel's clas.,ificatinn recorc r and declare ,•-"n'ther same arc         accepted-o -i e - its +r~ -(-st-ate-date/ exit d);_   (ii) The-5e1Iers sh-a4;-ph c thre--Vess-cl a`ail dl{ fi r spect inn ^,rein (state place/range) wait-ha   -S ate         flate/period).         The Buyers ~ ~ ~~ e ~nf~lnr•I•~lin~,-r-.~...-~ +l-.n inrnnn-0-in ►e~.~~.~~.^ernl         de-l-ay-they-s-hei•-I-~en-sate-th-e-Seffe-Fs-fe,~trtL-TQsses  thereby incurred._           Du ri n  g t h e-ih-spe~,.~ r+ i,,,n ,~,",c,-/e Ie ek-and ,  aN-13~-dc.:a-~bfe-#er--ex                 e         Buyers.          T},   ln r". II 13-ee m-e nufrinht a    i_ir subject only to the iery s and                                         -n-d-ete-f                                 eer.diiirvns of this Agreemen#        provided that the Sellers receive written noticei  of acceptance of the Vessel from the Buyersl  within severity two              r"^•rnr ~r n^.rl~           T41Tc_-YC.-TrSC.Z~TfI  er.           Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel's        classification records a-+å                                                   ,                                                          1-y t-e +"n [7 n r h-e naf+nr +"ir Arr    + I..-.II                       , If  any, shall Ø C_              Ty--iv--s- B        rdi~.urc~.~nr:~-~~,TiZ:.~~~Jntm-b-~         and void.         shall apply.                                                                                           7  5.     Time and place of delivery and notices   (a)    The Vessel shall be delivered and taken over safely afloat at the place she may be at the time of delivery-a--saf-e         ~.Nf4 eee C~.I-.ln "f•. r,-r•l or areher-age-atfi-n- -(state place/twit-04n the Selte-Fsl-e-Wen.          Notice of Readiness shall not be tendered before: 15 May 2019-{d-ate)   Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be  copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes  are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

 

       Cancelling Date (see Clauses 5(c); 6 (a)(i)r6{a-}(4 )-  and 14): 15 September 2019   (b)    The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with         twenty (20), ten (10), five (5) and three (3) days' notice of the date the Sellers intend to tender Notice of         Readiness and of the intended place of delivery.          When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement,         the Sellers shall give the Buyers a written Notice of Readiness for delivery.   (c)    If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be         ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they         anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such         notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14         (Sellers' Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new         Cancelling Date. If the Buyers have not declared their option within three (3) Banking 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 Clause         5(a).          If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including         those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect.   (d)    Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to         any claim for damages the Buyers may have under Clause 14 (Sellers' Default) for the Vessel not being ready by         the original Cancelling Date.   (e)    Should  the Vessel become  an  actual, constructive or compromised total loss before delivery the Deposit                  .e,i+h intnrn r+  earr,nnl if -i r,,. c ll bn rnlnarnrr 'rvz r,lnrli^+nl., to +hn rtrr ,..,h Fea te-         zvterF~-c_n+her                     Ø~c.-aa     :s P        az:            t           -~-this  Agreementg          shall be null and void.   6.     Divers In&peck'           -h g    (a)* (i) thn R u.,nrr rh-+II hairn tI^n r.ntior. at their ,-ert -inr•r ev'ie ,se to c.irrangn fnr -1n nrinrwatnr inrnnr•+jØ~~         dive-r-approved-b  h- rn,; -eat-+ee     ty--prior to thet-d-etivt.     . -e -S eh option s-hall-be- d         le n ne (0)daysp      for to e V essel's •r,+ended  to o•fØ r    ess for deli„ery as notified by the Sellers         want to    \Clause 5(b) of this Agreement. The Sellers-s-hell at their cost-and e* r ^r r^ ,1 -ak the s-sel avail-able         fer,-- - -eh-T;Ø~ien-,--T-h it ectin; shall be carried out withou= undue delay an-d-+n tai--  e-nee-e-f-a         N-as:sificatian Society- v-yor  arranged for  by the  Sellers and paid  for -by-t l-e- Beyers. The Buyers'                              Il         ri    to h„--e;i          ,  ~,             crr~nixii—ttie   +            T,+eT:-el+ve+'s-      ,ction as obscfy-cr(s) only-wh-eet         -interfering w                                       on Society surveyor. The extent of the inspection-and         the-    di  rTs under which-it is performed shall be to th Kati-s aetio  of the Cl-a •          :y. If the         conditions a- the place of delivery arc unsuitable for such inspection, the Set-le-Fs shall at their cost and expense                             bl  - +   i+ahln alt   t'  place ear to th ncdM r , pert ir. w hich event the r         Date s", -e' h-e-o n                     7e required for such positioning and the Jeq-went rc poi-t-ie-n-ing.         The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.    (ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are found-broken, damaged         er defective so as to affect the Vessel's eras,, then (1) unless reps rr r. be cried ^, + afro + to the sat+ssf-action                f I ss f'   n S       the Sellers r           f   +h,                    I cd at +        n  n         inspection by the el- srifi, +•nn                            pa# below the deepestA-     d     thc extent         =,f the-in eing in aceerda-n-ee-w-ith the `lassific tier cccicty's rules (2) such defects shall be made gocd           y the Sellers at their cost   and--e   rase to  the  satisfaction of the €ins-sif~en Society    -wit-hp-bit         eehel t-en  / r-e er-nme-nd-a t i o n * * a d-(-3;  the-S-e-1 ,r~;-a m' -p nat*rwetc -r n s +; n n n r, t h,, r  e<at on          Society's attendance.    Netwitkastan-«~44-Fit      :c> the c.on~n----t-ri-s A:g,=e-e-rnr~~  e-C-1-a-s--Jrfication Society do not rcquirc the        -afe re. me-n+t+er~d~efec~ t^~" ~~~ ifitØ~-r-e-t-hc nexT-cfas-s-dnydecking survey, the Sellers sh-aal-be---entitled te         4-0-iver the Vessel with +hnrn r•l^fnrtr -,R~i_j~,~  deduction from-the Purchase Price of the estimated-di-Feet-east         ~f'r'  ra-b-ot~  d materials) ofev  r r y i n g o ut-t-he-r-ep-a-i-Es to t h e-s~t-is-fdc~ ~-^,`-;:t; -c~r .,'-a<rl+f i  c u t i o n Seeit4Y, v.rk-e-reaftf-r          the-B-ErY ers shall have no fur-t-hh-et=4gl=i-ts whatsoever in re-speet of the d`fcets-a{;dd-or-  repairs. The estimated        direct ca s'a: e-f-t-h-e--ne-pei-rs.r-s-he-la be the--av-er Ør 1: c s repair w ofif, -ek+t-a i n c d from t w o r e I-; ut-Aae    Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be   copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes   are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

                 ;n~^^ 1~~~ ~r•   t sh-i-pyafels-,a-t-er--+~-the-v-i-c~-c4 of t h e port of-def-i ^ r, ^ r, A +_,,  h n A h+-., • r.a ~,Ø rI T;,_~,  of t h e P a rt+e-s.=                    wit-lii~~ (2) Banking  D~\~ FsT;G, ~;e---d-ate-e#  +hA imnr.ri i To-f--t-h-e~r -n_d_ition/reee,;;,`; ,-,-r~,åi~n, ~'~  unless the                                                              Paft-i-e-s  fail to obtain such a q-u-ete--w-ith+n th  e st-i-p-ufat-F^_ dTi~mT-ti-hen                     the-quote-du-1y obtainer-h-~e' cr +hn n+h 1-a~ II-~-~,~.--~,~..-~-e~ hn +hA cnln h  for the estimate of  the direct repair costs,~                                  y not tender Notice cf Readiness prior to rlvJ, e-;-;: +im-,+^ h-,,,ir,g hAAr nr+-,hlirhArl                    ^~       -i-s to be drydocked                                            7--fa-eili+inr                           ~Ipyl~~      Cnlliarr rh-sll '-a  (rc nl +n ^ nr.rt enrl-~nrn cl li+-,hlA rir\,rinrl/'nrs ~-arili+inr -.rn -~\r-'. i I 1~IP,Y                   '~    -`J.'l           ..       _ ,~tTR'~-'G e~       T~G'Y'TfLT                   whether within or outside-the-d-~ range as per Clause-S{-a~.-4nccØrydockinØ has   taken place the Sellers                    s~lrå~i~eirven~"  +'cnc~—~vesas il uiZt pof=t- w4thlrt the-daliv~"`-~ f,-"--a~z~- P"`T- r--i-a-rS-e ~{-a-) which shall, fer the pur-pe-s-e-of-t4i3-                                   ihn          Ad~ r~el'\ In                     å:~en _,  hnrmm~                  _     .. rl-, ",-,n~.~,-c-c~r-rtcc.~n,Øå-cs:.-n,tren+' +hn f'-ar.P~nll•n fi +n ri-.-~I 1 1-\n nv+nr.rinrl.  I-ee :he additional                    ti-Øc required for the drydocking and extra-ste-imir.rt hu+ lirrai~~ +r; ~iml Irr nf fiAl Ir+-nen (4-q,) days.               k% T    E,a SAII •h ~   ., _ .  i§(iI-iii-~'r-y~ØL~~rl/ a-I~znt~~z~~~c..~~4..-t+  +i-.n nAr+ nfi~P~•  nr~r  finr inennr+iAn. ~~-c~-rc;_-c.,-ri~s h\e +h ('I crifiir^.+inn  SA ^~'~r+ fi                                      futer-~a~+c.~~h`~n~c~ fTr +h~~e~nnr+' IA-xvl Ii1-.e,          x.in     n -.rrnrrl-nrA                                                                             t~e~~ct'ei~t~-+mt^~. ITs~~`~~n--Iha-e-IiTr~j                   wit~,~,~ ~` +h  Crass;Øtien-Seciet:y's rules. If the rudder, propeller, bottom or other underwater parts below the                   r1v~P±F<~~~+~I,g                   v. e.-Z.. .rfexu-f~ linnITc-ciiz~ev-r~oØ  - rn finllnr~l 1^IrnL^n, Pazm~r~nr~  n" <~Ir~~fnr_ ~.t  Il t E_~ S O i;13 to i)ff  C~ Ct theC U e S SE. al~r~~~-r_  rllrh P~Infinrts shall                    be made good   i.ai-tii-CiSeii~~ars' cost-and-e*pensu~+ e-4-hi'--rråti.afaction~~i~ii~ic;r."it iic^,~j-v1^~ro-S-v~~-cii                                                                                                          r   n                    eon-44-  Føii~{' C 07Tmmmreke t c ~!rk 1~  ~4eh       -s-a re--ås!-Sv 4e-puy-rc^i---tfl"`~ e^~^ ~c i P! n~f n~- S e S i n                                                                                                       I                    tifAnnnr+lnn~rrr-r~.~.. crr~r~~m~--prJ-s-t'~-i-¢~~~-eS'~  5„1#'h nl +  c i n and-'1  t~-k~iig-lie•I" o u t G` f dr~~!$C~Ytf 1'~i ncl{~ E.i-irn~t~~c.rr-y-ar~-v !YY\l~nP e,-I~c-c!~~C~'' .s-a~-nr^cr-tric -' ~                    ~~I rriT ~~~~gA11ye-ei~Ø_e-Sellr-rS    rl•Y- 11 - Ir~~n~r +'hP.cA rer+.r nPJ  nses-i-f~i^        +'- ilshaft                    SyS~e+ m~~ rr.r.rlPamnP n Ar found defective or brok                   ~1ye+ s-s-hØEl~ay~+e-afø~e~ai-d cost~aii~~j=rs;d               {c)    If the Vessel is drydocked pursuant to Clause-6-(a)(ii)                     {i) The Classification-Se~           e-sufVey-ef-th-e-ta-i-lshaft system, the extent of the survey being to the                    saticfaction of the Clasr.~ca-t-i-e-n-s-u-r~eyef,l-f-su-e-kt-s-u-rv^°~-,Tet-Fequi"^„z-åØt-li-e El-aSsifica-ion Society, the Buyers                    s?i{1'1-1-hr'3vE.'-tht' option to rØ-u-tr-E-+,h-re~i,-k-haft-te-bc -yerl~-the  rl-,rrifiir-,+ nn cP<rie+ th-ez.~ nt                    of t I c :~ u r•~dejf  • L•~ii~~,-+"• •iiØc.~  U'ia c~G;-~,--~,~.- +l, i'H-te-C~Ø~ifF@at-i-Ø~i-~C3i.~e-ty'~;ule`  ,~fvi~ixi!sll~:;'s-C1~n1~'~y~,i£i~c~r~sisten#-  with• r y                    the_r1~~~r~en-t1r ~st~n.e-Gf-t-hØVes~,r~l`~~~,~.,~~Øy~~ . e~c rh-tll P~iArl -~rn iA,hA+hAr +hA \, rnPr  l l r #-I1                    deawii  and sur~eyed-'b  not la-~eeT +„~;3~~e  compl~tcompletion-fio~  of the • • I 1;,~ the Classification Soet -T-hfl                    d-rawing and ref-~sfi +hA  +-,ilrh-.f+ rh< ll 4 A -~-b4,  r'F~~hA ;~ ~A I ,lPI -,n„ nrts-~  of the tailshaft syatem                                                              /                    I-tA rnv:rimm~A<I nr fir.r lrlrl rinfinr#iI,A cn -ac i'n "'S'1'R"Ar#- #'hA F(Arr~Al'r                    T.ZI.-å-T..lT7ZiL- "1    7L~.Tr•9L-7CTf7TC®TSTT-C.Z..~Tf'rL~Z_,:JLT_7  class, those pa~~---~.Thzall be renewed or made good                     -r+ +hrn  S   nrce  r wr            nr;cn  +     h    c-a+ir r+inn   f  i'l ccif• -a+•  nrin+     f • ei i+                    ~~,,,Teee-rifriei'ir<wnrli+~•nn (r  d-a-t+~                     iiif The costs antd~.evnAncA . .  AI ~+' 1ii-~t®-~hi?s.~+ -~cy,  of the tail~-e~em rh~ll hn hnrnn. I-,.r +hA C!1 erc nIA ~ c+~                    r'IR cifiir-a+•r SP.riA+e, r   h               +         rtr i~f n-ar+r n~f +hPa r\rc+A Pl                      /. . .   ~~t,-R..-ez_ .  S ,Sui„~å,~`c~-~Zv~.~c~cå -r~"~-ed 0 u     ,t.~~a-cc.,;-e-an~-ccm-~-c.~;,,;-c. d O r-fe-u-n4                     11                           /                   lYnYnP'~'1lCn PYY" hrnLnn fn 'lr +'n -lY'T'llri' i'hArc- -`(Ar~-~.~ S Cl  1(`., CI  a~-~~ f~ is-r-`v°c~i=ti~l • n  -~~aSE.'~I=FE—..~.--rrE.'rs3-s-lieii-~.~t,~y-th-e1""si--s-c.P-`.-s=cS~nll  a n d                    expenses.                     (iii) The Buyer-sl   -Pii#ati                rirvht to be present-i-n the drydock, as observer(s) only-wit-1~                    iiittirftt'ii-i ri g V'd i t                                                               -uind-e-r-wat-ef-parts    c l c a n e d-a-nd-pai-nted-ert: their risk,                    east and expense without interfering              '                    without-affecting the Vessel's timely delivery. If, h-owever- t-ie-Buynrr~I~Øa;-k in rlr:,P,,,rl, ir r+ill in nrnY,ress a^v!~vffi                                                                            rn,.11irArl +A rl^ +hn                                 vc completed the work which the Se!' =  a;~                   ~U161V1 1a! ~V~!:in~ Zi,i,6^~nTCe~~~^                                                                                                       +                   ~~ve„~r,~.~-~„tPa rmm~ln+n # hø c.zr~z..-i-- C2i i\rnrc'  ~ ' r i.m~s~c,.el/ r i~  C~~C e. !n  theh -eventeefn  that   the-cØ~~-.3--hn ril l\rnre~ °av AfP tiork.~ r k                   i=ed-u-i," es-5-ue-~',zrdd I t Io n a l tim  er the-Se-!fe-r-:rrncay-u-p,d-n~-e'tm-pl et i8ii-E}f-the'-Seii2ns' LSf L1r;k-cc^ -r~~dei-Nz=at+cC-~^-. "`  -ef~$ff ri e~.`'i                    f~~r--i~efi~.~ery va~h+k-~~he~Gr-eJsel-+~sst-iii-iØ~d~-c!~aiid, r.ri,.,i+l c+-+nP:in, ( I 1 1Sr"~1, +hr Q1 1\r^rr rh-aII I A r.hi~~~..e~ ~~                    take delivery in aaCOrdanr~~Yit~i                   hn+hnr_ T1T6"7-CTTi—C~~TTSI~ +hn \/P~ccAI is in  nrc,a-inrl/ A Pa+.                                                   d e l cate~,h„e„-ev-ef-i-s-i-et-a-p ,,,  p R i ca b l e. In th c---a-b-seT;;; _ ~-^ el eti o n s, a lte rn-at+ve-6                    {-a-) shall apply.                                           , if any, in t-h-e-surv-eyor's report--which ere accepted byde---G1-as-s-i4,=eatTeT,—Secicty                    w+thout-e-end-it-ien/rc:commendt~n an~net te-zh^ta;:cn  into ace unt.               Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be             copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes             are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.  z-- 

 

7.     Spares, bunkers and other items          The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All         spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s),         if any, belonging to the Vessel at the time of i sps-ction delivery  used or unused, whether on board or not shall         become  the Buyers' property, but spares on order are excluded. Forwarding charges, if any, shall be for the         Buyers' account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare         propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the         replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale         and be taken over by the Buyers without extra payment.          Library r               ;   y     us-e-i     Sellers' vessel(s) c -ea-ptain's, affiEee & a-nd crcw's- pe-rsonal         belongings-~n-g the slop chest arc cx€    ded from the-sale without cornpen,u+i^r    well as the #el~~wi-ng         ad-el     i          (include list)         Items on board  which-ae  -e--hire or owned by-th+rd-p  ties, listed-allows, arc  excluded from the  oel-e         without compensation:      (-~4e-I+s-}_          Items on board at the time of inspect+e-r, w;~,~~ ;,c o,—hi-Fe-e-r--ev~  ned by third-ra-rties, not lis ae ~b  e-- f l         rampa-aced or procured-by-The--Sellers prior to deliver-y        and expense. The Gud          m-ai7n;-i]_-b-ur  krrn-ms-ar d  u n u- -d-l-v' b-Fieatting-a d h y d r s in  d greases -s t f?-dais and unopened drums          (a}*  the actual net price (excØ+    g-19  -g-e*e  ^s         eleRc-ems-key-invoices or vouchers; or_          (13)*_    the curr^n+  n+ r,-,rLn+ nv'en4^,,,.~, ,ain„~,,,.;giT,g~xpenses) 4,,  a+ +hn r^r~.~-,+^ ^{ delivery of the         Vessel or, iTui~aa✓ail~t~E~, ++r,n r n- rnch r. nLnring port,          fer the quantities taken over-         Payment u ndnr + hir Cla _            c^+-,--~„ +:  ^ a-n~,-e;,i, Te . a„d~~ ~  d  in t h e same c u, r~ re;;~s t h e Purchase         Price.          -"i ,sp ccivo "  , Clause 7, sha-1-1-m-e-an-th„e-Rvu~`z^-r-r✓'-inspection ace-ord-i-ng40 Clause 4(a) or 4(-}_ (Inspection), if         a-ppfi-c-rack. If the Vessel is ta!                  , the-el-ate-of this Agreement shall be-th--r-e-ktvant  date,_          *(a) and (b) are alternate-, r  -^ieTet ,", evnr is Ae-t ar.r<1-i-c4ble. In the absence o deletions alternate e (-` rh    8.    Documentation          Tfie-p-1-a-c-e--ef-el-es-ifit:-The place of closing: To be agreed.    (a)    In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the following delivery          documents:           (i) Legal Bill(s) of Sale in a form recordable in the Buyers' Nominated Flag State, transferring title of the Vessel          and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts          whatsoever, duly notarially attested and legalised or apostilled, e-sif required by the Buyers' Nominated Flag          State;           (ii) Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to          authorise the execution, delivery and performance of this Agreement;           (iii) Copy of the Ppower of Attorney of the Sellers appointing one or more representatives to act on behalf of          the Sellers in the performance of this Agreements duly  notarially attested and apostilled, duly note+          vested-ari44egalizredtt  or apos-t-ifl-ed(as-appr-ep-r+atc);           (iv) Copy of the  Certificate or Ownership and Encumbrance T   scot of Reg s-t-ry issued by the competent          authorities of the flag state on the date of delivery evidencing the Sellers' ownership of the Vessel and that the          Vessel is free from registered encumbrances and mortgages (except for the existing mortgage over the Vessel    Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be   copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes   are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

       in favour of ABN Ambro Bank N.V. which will be discharged by use of the Purchase Price, such discharged to be         confirmed by a letter of undertaking or similar from ABN Ambro Bank N.V.), to be faxed or e-mailed by such         authority to the closing meeting with the original to be sent to the Buyers as soon as possible after delivery of         the Vessel;          (v) A copy of the Declaration  of Class or (depending on the  Classification Society) a Class Maintenance         Certificate issued within three (3) Banking Days  within three (3) Banking Days prior to delivery confirming that         the Vessel is in Class free of condition/recommendation;          _(vi) Certificate of Deletion of the Vessel from the Vessel's registry or other official evidence of deletion         appropriate to the Vessel's registry at the time of delivery, or, in the event that the registry does not as a         matter of practice issue such documentation  immediately, a  written undertaking by the Sellers to effect         deletion from the Vessel's registry forthwith and provide a certificate or other official evidence of deletion to         the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid and the Vessel has         been delivered;          {-vii) A copy of the Vessel's Continuous Synopsis Record certifying the date on-vt,                to be         registered with, e Ves el' re i ,ry ~   _the n+ +h ,+   the regisir„ does not ,s a matter of practic-e-ise             ~Ttificate immed+ately, a 1fd               7 hie-Sellle-rrs-to  provide the copy of this certificate        prompt  -  en-i1--bung iss e-tegether with„-egi „    submission by#h-e    iI-e e   ^' Iy-executed Form 2         stating th                                                    it             egi-stri          (viii) A copy of the  Commercial Invoice for the Vessel;                                  f.-.r 4,          Ø`+     t        {4"~-,j-C~:.r~-rFIlz.'~-1-w$i-c-e`(ss+ Efn cC-~REi} i~z~''i`~'v~ui-iC-£?iiVØ         (x) A  copy  of the  Sellers' letter to their---3tellite communication provider  cancelling the Ve,scl's                                                                    ~~        communications-contr       c --is-1.0 he t immediart:ely--vf-et ~ tt ~` of the Ve«e          (i)0 Any additional documents as may  reasonably be required by the competent  authorities of the Buyers'         Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any         such documents as soon as possible after the date of this Agreement; ,=r          (x) Protocols of delivery and acceptance pursuant to the BBCP and the Time Charter, evidencing simultaneous         delivery thereunder as per clause 21 below; and          (xi) Quiet enjoyment letters as per clause 20 below.          {xii) The Sellers' letter of      , +h     n;c best of their,   r-ledge heVessel   not black listed by any          (b)       At the time of delivery the Buyers shall provide the Sellers with:          (i) Evidence that all necessary corporate, shareholder and other action has been taken by  the Buyers to         authorise the execution, delivery and performance of this Agreement; and          (ii) A copy of the() -F/power of Attorney of the Buyers appointing one or more representatives to act on behalf of         the Buyers in the performance  of this Agreement,  duly notarially attested and legalised or apostilled (as         appropriate).   (c)    If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be         accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice         in the country of the translated language.   (d)    The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-        clause (a) and Sub-clause (b) above prior to delivery  for review and comment by the other party-n-qt-I er than        (state number ^f days), er if lef- blank, nine (9) days prior-to the Vessel's intended-date of readiness for deliver         as noti# ed-key-tkre Selo- s purs         (b)-of-4.his  Agreement.  (e)    Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also         hand  to the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding   Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be  copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes  are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

       ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also         be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the         right to take copies.   (f)    Other technical documentation  which  may  be in the Sellers' possession shall promptly after delivery be         forwarded to the Buyers at their expense, if they so request. Th c     e'w'e—c5&,                  s         th-e-Buyers have the right to take copies of same-.-  (g)    The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and         time of delivery of the Vessel from the Sellers to the Buyers.   9.     Encumbrances          The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the Time         Charter), encumbrances, mortgages  and maritime liens or any other debts whatsoever, and is not subject to         Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all         consequences of claims made against the Vessel which have been incurred prior to the time of delivery.   10.    Taxes, fees and expenses          Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' Nominated Flag         State shall be for the Buyers' account, whereas similar charges in rnnn ction it„ the clog;;  of the Sellers'         register shall be for-the-Se-Hers' 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 is         where is"  she was at the time of deliveryinspecti^n              .                                                                                                  aintained without         cnndi. ion/               *                                                -ss, and with her classification        certi;Tc     ,d   do al ce tificares -well as afl other certificates the Vessel had at t he +iph-e ^f inspecicn,        ~saiid and unextended-w-it                       enelatØ"bt.eClassification       ociety or the  rcleva t         atrthcrities   e-ti—nceØ;+vcry.          "Inspection" in this Clause 11, shaltcro wn the Buyers' inspectio ccording to :,la- _r-e-4-a) or 4(b) (Inspections), if                                              't-h-out-ii"-1s p C ct i a n, t i',-e-d - zvt c^ ~f-tri^ r;~-~~-,-g  r^zcT^  m-e,=,;.- aet: date.                                      any, in the surveyor's report which are accepted by the  Classification-~        without condition Øn ar               not to e taker__into account.          12.       Name/4M~     Ip^r, deliver„ the B iyers undertake te change the name of the Vessel and altet funnel mark .    13.   Buyers' default                                             rccordanc- , ,i     si -( eposit), tic-Sc-I4 s-hT~vt~h=e ri       t is        Agreement,--a-nd they                          compensation for  their losses and for all expenses „euff d         together with interest.          Should  the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to          cancel this Agreement, in vAieh-ize--  D';es;t-4tege   w-ith interest e-at-ned, if any--sh-all be rely          Sellers. If the Deposit does not comet to ~    Q—Sede="~  a1    ~nti, ~ed +r. el ins ~„r+~. ,rnpen5-atie-n for           eir oss r    for  ll ^     s incur-rØr— th interest.   14.    Sellers' default           Should the Sellers f-a-il to g-i -Net-ie-e-ef--Puad+ness it, eee d-a-nce-v+"t r,r 1-a-use -(-0 or fail to be ready to validly          complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement.    Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be   copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes   are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

       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 by the Cancelling Date and new Notice of         Readiness given, the Buyers shall retain their option to cancel. to-t-h vent-th,eat-tb e lect to ca~°,-419;-s                nr,+ +-I^n Depe ii. °-non+l-.ør n~i+-{s 'r. s-+ -ne ,-,II be eleased           i"' c ~mti~,-e~-r~~d~v rr~.=ea~ti~-ewe..~-`vv-r~-r-`,i~i.~L-~i=C1.~-e~.-u e-&:-r-rc~a s•~~~~Ø-y~, i( -,n~   ~< I' ~tm~c_-r~.-rc~-._re~rZ~~~~.-~-r-r-}~~-rr~ r +n +-Ihnr~, 'rr,rr.nr-~i^.t^~._-~~-~a-c_   ^(v.         Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete         a legal transfer as aforesaid they shall make due compensation to the Buyers for their 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.    8-u.rz~~'rr ,repfesenta#+aes    After this Agreement has been signed-by-    P-.r+ e-s-and the Deposit has been Indged;-+hR yr-s-kwe-t„  4gh-t tc          la€e +ae,i iii rentesne+- +i„nc nve bee-F -t       ir sole risk and expense.  Tbe-c         ntet-i-ves-a-Fe-e; ,-~-a-rel-fert h ^  h c purpose of f arn+-i-a-ri-~.ra~: i o n a n c' inn -t ;t-ea-p-a-c+t-y-ef-e-b-.fe~r v;  r< en , t4ey         &hall not interfere in U„-y-nespLet-w+,i~~n -t;L  operat+sn of the Vesrsea,-Th-e-o-uyer t-<;~Ø° R~ e-p-res-entativcs         shall sign the Sellers' Pg.l Club's standard letter ef4ndnrrani~,nior to their embarkation.   16.    Law and Arbitration   (a)*   This Agreement shall be governed by and construed in accordance with English law and any dispute arising out         of or in connection with this Agreement shall be referred to arbitration in London in accordance with the         Arbitration Act 1996 or any statutory modification or re- enactment thereof save to the extent necessary to         give effect to the provisions of this Clause.          The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)         Terms current at the time when the arbitration proceedings are commenced.          The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its         arbitrator and send notice of such appointment  in writing to the other party requiring the other party to         appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its         arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done         so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice         that it has done so within the fourteen (14) days specified, the party referring a dispute to arbitration may,         without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator         and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if         the sole arbitrator had been appointed by agreement.          In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be         conducted  in accordance with the LMAA  Small Claims  Procedure current at the time when  the arbitration         proceedings are commenced.   {b)*   This Agreement shall be gover                                                                        lad          of or in Conner„-wi-t—~, Agreement shall be referred to three (3) persons at New York, one to be appointed                                                                  chosen; +  recision nr +h-,+ of    +R  r,f thm         s1,-a-1-1-13e i'n-al -arrri grar the_~- r,u c} < ni nn-fnrr'nrv~~~y I        of-c  rp  ent-j-u-risrikt-ion.T-he-proceed-ings  shall be conducted ingeP  er -an- ~ith the rules of the Society of                          s, In                                                                                                 arbitratien shall be         eenducted in ace-e+-da;ce-~~~th~~e~,,g;Ten: ch ~~~; ~'  7;i;~~tion Procedure of~ Vceei-e+„  rf M-ari+irnn ~rhi~~„`_r~ rs, Inc.           Thir Anrnnrt nn+ eh ell Ean nn, nvnnel htA ~nri rnnci r inat 'v rrnrrl gr ri i                                                                         $/ E. yt~~tl~) e laws  of }-(-st.-~. NØ-►ad-~~~}          ~i<n~ i+n 'ari<inn ral I+ n•f LVnnnr+L~l~~F~i+h +hi<           ~-a~-R.~Inr~j f rn       ~~~~}          ~~                      7       or in                     A<sreement Shr.,~1iT. LT73:å         tiiØ'ntFi'    -{"s{-~{tC         place), subject to the procedures applicable there.  *1.6(a), 16(b) and 16{x:;--gane-a         ete--w-h;-e-; cver--s-rr ot applicable. In t~l e Ø ~ser~e ef d eiet i~ri~; z~  l t~a~vc                 il amply.   Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be  copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes  are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

17.    Notices          All notices to be provided under this Agreement shall be in writing.          Contact details for recipients of notices are as follows:   For the Buyers: Triple H No. 3 Ltd 25/16 Vincenti Buildings, Strait Street, Valletta, Malta, VLT1432   Copy to:         HI Asset Management Co., Ltd.  Attention: Mr Colin Park, MrJingu Kang  E-mails: chpark@hi-am.com, jk.kang@hi-am.com          For the Sellers: Flex LNG Management AS; Attention: Mr. Thorolf Aurstad; Bryggegata 3, 0250 Oslo, Norway;         e-mail: finance@flexing.com    18.    €ntirc Agreement          The writ-te- tern ef- th_„ b   ment comprise  the entire agr               I the-12,-uye~.T-a-1rd-thc  Sellers in                              J-p r   se of the Ves -    --      :Ø                   e-n-i.-s--w-l+etk~er oral or writ en         between the Parties in relation thereto.         Each of the Parties acknowle4ges                            _emTn-t-i-ha  n-et relied on and shall have no         f-ig it or remedy in r _            -tement., r +e-s _                es r,„ r, V hethcr    o        e4e         n-eg-l-i-gen-t-l-y)-e-t4e-r-th-a-n-as is expressly set out in this Agreement.          Any terms implied into this Agreement by any applicable stat„te o.r law arc hereby excluded to the extent tha         such exclusion can legally be made. Nothing in this Clause shall limit or excl        for fraud.          19.       Call and put options          a) Sellers' call options          The Sellers have the option to purchase the Vessel annually (plus up to 90 days in Sellers' option) starting from         the end of year 3 of the Time Charter at the following prices:          End Y3             USD 137,000,000          End Y4             USD 129,000,000          End Y5             USD 121,500,000          End Y6             USD 113,500,000          End Y7             USD 104,500,000          End Y8             USD 95,500,000          End Y9             USD 85,500,000          End Y10            USD 75,000,000    The Sellers must give a minimum of 60 (sixty) days' advance notice of their intention to buy the Vessel. The Vessel   shall be delivered as soon as possible after expiry of the 60 (sixty) days' notice and the Buyers undertake to render the   necessary assistance in order to achieve this. The Sellers' notice shall be irrevocable and Sellers shall indemnify and   hold harmless the Buyers in case the Sellers fail to purchase the Vessel in accordance with the aforesaid notice.     Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be   copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes   are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

       b) Options in the event of Time Charter termination          In the event that the Sellers terminate the Time Charter pursuant to clause 55  (Termination for default)         subclause ii) or iii) thereof, the Sellers shall have the right to purchase the Vessel at the time of termination at         the following prices:                                                Amount in  Year       From mth      To mth              USD  1          1             12                  145,000,000  2          13            24                  138,500,000  3          25            36                  132,500,000  4          37            48                  125,500,000  5          49            60                  118,500,000  6          61            72                  111,000,000  7          73            84                  102,500,000  8          85            96                  94,000,000  9          97            108                 84,500,000  10         109           120                 75,000,000    In the event that the Time Charter is terminated due to Time Charter Owners' default pursuant to clause 55  (Termination for default) subclause i) thereof, then Sellers shall be entitled to request the Buyers to enter into a new  or substituted bareboat charter (the "New BBCP") (in replacement of the BBCP) at the rate of 39,800 USD per day  with effect from termination for the remaining charter period under the Time Charter, and to novate the contract with  managers from Time Charter Owners to Sellers, but subject to the following conditions:   (i)     the performance of the Sellers under the New BBCP shall be guaranteed by FLEX LNG Ltd;  (ii)    there shall not be any time period or gap between the date on which the BBCP is terminated and the date on  which the New BBCP is entered into so that the Sellers ensure that the charter hire is continuously paid to the Buyers  without any interruption; and  (iii)   the Sellers shall be obligated to purchase the Vessel from the Buyers by no later than three (3) months  following the date of the New BBCP on the following prices:   Quarter           Price in USD   0                  152,000,000  1                  150,557,705  2                  149,094,893  3                  147,611,272  4                  146,106, 548  5                   144,580,418  6                   143,032,579  7                   141,462,722  8                   139,870,534  9                   138,255,697  10                  136,617,889  11                  134,956,784  12                  133,272,049  13                  131,563,348  14                  129,830,342   Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be  copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes  are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.                                                                                                                     62% 

 

15                 128,072,683  16                  126,290,022  17                  124,482,002  18                  122,648,263  19                  120,788,439 20                  118,902,160 21                  116,989,048 22                  115,048,722 23                  113,080,794 24                  111,084,873 25                  109,060,560 26                  107,007,452 27                  104,925,137 28                  102,813,202 29                  100,671,225 30                  98,498,778  31                  96,295,428  32                  94,060,735  33                  91,794,253  34                  89,495,531  35                  87,164,110  36                  84,799,524  37                  82,401,302  38                  79,968,966  39                  77,502,029  40                  75,000,000           c) Buyers' put option          The Buyers have  the option to require Sellers to purchase the Vessel at the tenth anniversary of the Time         Charter period (plus up to 90 days in Sellers option) at a price of 75MUSD.          d) Provisions applicable in respect of all options          In the event that any of the above options have been exercised, the following shall apply:          The Sellers shall accept the Vessel on an AS IS, WHERE IS basis and the Buyers shall take such steps to obtain         and furnish such documents  and  take such other actions as the Sellers may reasonably request in order to         facilitate the sale and re-registration of the Vessel under such flag as the Sellers may designate.          With respect to such sale, the Buyers warrant that the Vessel at such sale shall be free of any mortgages or         encumbrances whatsoever and that the   Buyers have not committed any act or omission which would impair         title to the Vessel and Buyers hereby agree to indemnify and hold harmless Sellers in respect of any and all         damages, costs and expenses whatsoever resulting from any breach of such warranty.          Upon completion of such purchase of the Vessel as set out in this Clause 19, the Time Charter and all further         rights and obligations of the parties thereunder (except for indemnities and other obligations that by their         nature should survive the termination of the Time Charter) shall terminate forthwith.          20.       Quiet Enjoyment Letters          The Buyers shall provide a quiet enjoyment letter to the Sellers on delivery of the Vessel in form and substance         satisfactory to the Sellers.     Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be   copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes   are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 

 

      The Buyers shall in addition procure the issuance of a quiet enjoyment letter from the Mortgagee as financier        of the Buyers in form and substance satisfactory to the Sellers.          21.       Charter Structures         The Buyers (as owners) and the Time Charter Owners (as charterers) have entered into the BBCP on 19 April        2019 whereunder the Vessel is chartered to the Time Charter Owners on delivery for such period and on such        terms and conditions as more particularly described in the BBCP.         The Time  Charter Owners (as disponent owners)  and the Sellers (as charterers) have entered into the Time        Charter on 25 April 2019 whereunder the Vessel is chartered to the Sellers on delivery for such period and on        such terms and conditions as more particularly described in the Time Charter.         The Sellers', the Buyers' and the Time Charter Owner's obligations hereunder are subject to simultaneous        delivery and acceptance under the MOA, the BBCP and the Time Charter.         Upon the delivery of the Vessel under this Agreement, the Vessel shall simultaneously be delivered to the Time        Charter Owners pursuant to the BBCP and to the Sellers (as charterers) pursuant to the Time Charter.         If the Time Charter is cancelled or the delivery of the Vessel does not take place under the Time Charter for        whatsoever reason, this Agreement shall be null and void and each of the Buyer and Seller shall renounce any        and all claims they may have against each other.   22.     Sellers' representation          The Sellers represent and warrant as of the Delivery Date that:          (a)     they are the sole registered legal and beneficial owner of the Vessel;          (b)     they are not a Restricted Party; and          (c)     neither themselves nor any of their directors, officers or employees or any person acting on their        behalf has received notice or are aware of any claim, action, suit, proceeding or investigation against any of        them or the Vessel with respect to Sanctions by a Sanctions Authority.         23.       This Agrement  may  be entered  into in any number  of counterparts, each of which shall be an        original and which together shall constitute one and the same instrument.   24.     As a condition precedent for the effectiveness of this Agreement, the subcharterers of the Vessel need to  provide their consent in respect of change of flag and registered ownership. Sellers undertake to use reasonable  efforts to obtain such consent, and will notify Buyers as soon as such consent has been obtained. In the event that  such consent is rejected or not provided before the Cancelling Date, this Agreement shall be null and void and neither  party shall incur any liability hereunder.   As a condition precedent for the effectiveness of this Agreement, both this Agreement, the Time Charter and the  novation agreement in respect of the technical management agreement must be duly executed by all parties thereto.          For and on behalf of the Sellers                    For and on behalf of the Buyers                        .       Name:     (..2.(~2 ~ 5 1-e_1  h                     Name:   PRk      cgiw - HooA/                                          ^        Title:           {(,\e   - ~~, - ~~ 61,    Title:          AldirMy    Copyright © 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be  copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes  are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

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