Document:

Exhibit 4.39

 

AMENDED
AND RESTATED ACCOUNTING AGREEMENT

 

This Amended and Restated
Accounting Agreement (the Agreement") is made as of the 19th May 2015 by and between Box Ships Inc.,
a Marshall Islands corporation (the "Company" or "Box”), and Allseas Marine S.A., a Liberian corporation
("Allseas").

 

WITNESSETH:

 

WHEREAS, the Company
and Allseas previously entered into an Accounting Agreement dated September 12,2012 as renewed or amended from time to time (the
“Original Accounting Agreement”), and each of the Company and Allseas acknowledges and agrees that the provisions of
the Accounting Agreement are hereby superseded and replaced by the provisions hereof; and

 

WHEREAS, the Company
is engaged directly and/or through its subsidiaries (collectively the “Box Group”) primarily in the ownership, operation,
management and chartering of container carriers (the “Box Group Business”); and

 

WHEREAS, the Company
has requested Allseas, and Allseas has agreed, to act as accountant for the Box Group; and

 

NOW, THEREFORE,
the parties hereby agree that the Company shall procure that Allseas shall remain the accountant of the Company at all times and
in consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:

 

1.         Duration. This Agreement shall
come into effect commencing as of the day hereof and shall remain in full force and effect unless terminated in accordance with
the provisions of this Agreement.

 

2.         Services.

 

Allseas shall provide to Box Group the
following services, which are enumerated herein below:

 

	 	-	Preparation of the Box Group’s quarterly financial statements;

 

	 	-	If and when required, to have the quarterly financial statements reviewed and to have the annual financial statements audited by Box’s appointed independent auditor;

 

	 	-	Provision of financial data as required for press releases, quarterly and ad-hoc;

 

	 	-	Monitoring of US GAAP developments and SEC rules and pronouncements to assess any impact on Box’s financial statements and accounting policies;

 

	 	-	Coordination and liaison with Box’s auditing and legal firms in connection with the preparation of quarterly management and annual audited financial statements;

 

	 	-	Auditing of various accounting policies on an ad-hoc basis;

 

     

     

    

 

		-	Assisting with the preparation and filing of the Box Group’s
annual report (Form 20F) with the SEC;

 

		-	General
assistance with Box’s financial reporting requirements as and when required;

 

3.          Fees.

 

In consideration of its services hereunder,
Allseas will be paid as follows:

 

 A)        In consideration of the financial accounting services provided hereunder, a Financial Accounting Service Fee of € 250.000 (Two Hundred and Fifty Thousand Euros) per annum, paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the June 30, 2015; and

 

 B)         In consideration of the financial reporting services provided hereunder, a Financial Reporting Fee of US$ 30,000 (Thirty Thousand US Dollars) per Vessel per annum, paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the June 30, 2015;

 

The Financial Accounting Service and Financial
Reporting Fee’s adjustment shall be always subject to approval of the Company’s Board of Directors and Compensation
Committee thereof;

 

4.          Termination.

 

		a)	Without Cause or Without Good Reason . This Agreement may be terminated by either party
at any time upon sixty (60) days’ prior written notice.

 

		b)	For Cause. The Company may terminate Allseas’ engagement under this Agreement for
“Cause” (as defined herein) by giving to Allseas a thirty (30) days prior written notice of termination. In such event,
Allseas shall not be entitled to any further payments of any kind. For purposes of this Agreement, “Cause” shall include
(i) a material breach of the terms of this Agreement; (ii) dishonesty, willful misconduct or fraud in connection with the performance
of its duties, or in any way related to the Company’s business; or (iii) a violation of applicable policies, practices and
standards of behavior of the Company.

 

		c)	For Good Reason. Allseas may terminate its engagement voluntarily for Good Reason (as defined
herein) by giving to the Company thirty (30) days’ prior written notice. For purposes of this Agreement, “Good Reason”
shall mean the following: (i) the Company fails to pay Allseas any fee due and payable hereunder within ten (10) days after Allseas
provides written notice to the Company of such failure to pay; or (ii) a breach by the Company of any material provision of this
Agreement, in any case without Allseas’ written consent.

 

		d)	Due to Change in Control. Each of the Company and Allseas will have the option to terminate
this Agreement within six (6) months following a change in control by giving thirty (30) days’ prior written notice of termination
to the other party. A change in control shall mean the occurrence of any of the following (the “Change in Control”):

 

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		i.	the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the Company’s assets, other than a disposition
to Paragon Shipping Inc. or any of its affiliates;

		ii.	the adoption by the Company’s board of directors of a plan of liquidation or dissolution
of the Company;

		iii.	the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as such term is used in Section 13(d)(3) of the U.S. Securities Exchange
Act of 1934), other than Paragon Shipping Inc. Inc. or any of its affiliates, becomes the beneficial owner, directly or indirectly,
of a majority of the Company’s voting shares, measured by voting power rather than number of shares;

		iv.	if, at any time, the Company becomes insolvent, admits in writing its inability to pay its debts
as they become due, is adjudged bankrupt or declares its bankruptcy or makes an assignment for the benefit of creditors, a proposal
or similar action under the bankruptcy, insolvency or other similar laws of any applicable jurisdiction or commences or consents
to proceedings relating to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute
of any jurisdiction;

		v.	the Company consolidates with, or merges with or into, any person (other than Paragon Shipping
Inc. Inc. or any of its affiliates), or any such person consolidates with, or merges with or into, the Company, in any such event
pursuant to a transaction in which outstanding shares of the Company’s common stock are converted into or exchanged for cash,
securities or other property, or receives a payment of cash, securities or other property, other than any such transaction where
any shares of the Company’s common stock outstanding immediately prior to such transaction is converted into or exchanged
for voting stock of the surviving or transferee person constituting a majority of the outstanding voting power of such surviving
or transferee person immediately after giving effect to such issuance; and

		vi.	the first day on which a majority of the members of the Company’s board of directors are
not continuing directors of the Company. The term “continuing directors” means, as of any date of determination, any
member of the Company’s board of directors who was:

 

		a)	a member of the board of directors of the Company on the date hereof; or

		b)	nominated for election or elected to the Company’s board of directors with the approval of
a majority of the directors then in office who were either directors on the date hereof or whose nomination or election was previously
so approved.

 

5.          Payment
Upon Termination.

 

In the event that this Agreement is terminated
a) by the Company without Cause pursuant to Section 4(a) hereof or b) for Good Reason by Allseas pursuant to Section 4(c) hereof
or c) by either party following the occurrence of a Change in Control pursuant to Section 4(d) hereof, Allseas shall be entitled
to receive its fee payable pursuant to Section 3 of this Agreement through the Termination Date, as defined below. In addition
to payment of its fee, Allseas will be entitled to receive, on the date of such termination a compensation equal to three (3) years
annual Financial Accounting Services Fee and Financial Reporting Fee then applicable.

 

Allseas’ right to receive the payments
provided in this Clause 5 is expressly conditioned on its compliance with all of its obligations to the Company under this Agreement.

 

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		6.	Termination Date. For purposes of this Agreement, “Termination Date” shall mean:

		i.	if this Agreement is terminated without cause and/or without good reason, the effective date of
the Termination Agreement;

		ii.	if this Agreement is terminated by the Company for Cause, thirty (30) days after termination notice
is given;

		iii.	if this Agreement is terminated by Allseas for Good Reason, thirty (30) days after termination
notice is given unless the Company has cured the grounds for such termination within the applicable cure period;

		iv.	if this Agreement is terminated due to a Change in Control, not later than six (6) months from
the date of the Change in Control;

  

7.          Representations
by Allseas. 

 

Allseas represents and warrants the following:

 

		a)	Capacity; Authority; Validity. Allseas has all necessary capacity, power and authority to
enter into this Agreement and to perform all the obligations to be performed by Allseas’ hereunder; this Agreement and the
consummation by Allseas of the transactions contemplated hereby has been duly and validly authorized by all necessary action of
Allseas; this Agreement has been duly executed and delivered by Allseas; and assuming the due execution and delivery of this Agreement
by the Company, this Agreement constitutes the legal, valid and binding obligation of the Company enforceable against Allseas in
accordance with its terms.

 

		b)	No Violation of Law or Agreement. Neither the execution and delivery of this Agreement by
Allseas, nor the consummation of the transactions contemplated hereby by Allseas, will violate any judgment, order, writ, decree,
law, rule or regulation or agreement applicable to Allseas. Allseas is not in breach of any agreement requiring the preservation
of the confidentiality of any information, client lists, trade secrets or other confidential information or any agreement not to
compete or interfere with any prior employer, and that neither the execution of this Agreement nor the performance by Allseas of
its obligations hereunder will conflict with, result in a breach of, or constitute a default under, any agreement to which Allseas
is a party or to which Allseas may be subject.

 

8.          Confidentiality.

 

Except as directed in writing, Allseas
will not disclose or use at any time, either during the period of this Agreement or thereafter, any Confidential Information (as
defined below) of which it is or becomes aware, except to the extent required by applicable law. Allseas will take all appropriate
steps to safeguard any Confidential Information, as defined herein, and to protect it against disclosure, misuse, espionage, loss
and theft. As used in this Agreement, the term “Confidential Information” means information relating to the Company’s
vessels that is not generally known to the public or that is used or developed by the Company including, without limitation, all
products and services, fees, costs and pricing structures, financial and trading information, accounting and business methods,
analyses, reports, data bases, computer software (including operating systems, applications and program listings), manuals and
documentation, customers and clients and customer and client lists, account files, travel agents and travel agent lists, charter
contracts, salesmen and salesmen lists, technology and trade secrets and all similar and related information in whatever form relating
to the business of the Company, provided however, that Allseas may disclose or use Confidential Information at the direction of
the Company.

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9.          Injunctive
Relief.

 

Allseas agrees that if it breaches or attempts
to breach or violate any of the provisions of this Agreement, the Company will be irreparably harmed and monetary damages will
not provide an adequate remedy. Accordingly, it is agreed that the Company may apply for and shall be entitled to temporary, preliminary
and permanent injunctive relief (without the necessity of posting a bond or other security) in order to prevent breach of this
Agreement or to specifically enforce the provisions hereof, and Allseas hereby consents to the granting of such relief, without
having to prove the inadequacy of the available remedies at law or actual damages. It is understood that any such injunctive remedy
shall not be exclusive or waive any rights to seek other remedies at law or in equity. The parties further agree that the covenants
and undertakings covered by this Agreement are reasonable in light of the facts as they exist on the date of this Agreement. However,
if at any time, a court or panel of arbitrators having jurisdiction over this Agreement shall determine that any of the subject
matter or duration is unreasonable in any respect, it shall be reduced, and not terminated, as such court or panel of arbitrators
determines may be reasonable.

 

10.         Assignments.

 

This Agreement and Allseas rights and obligations
hereunder, may not be assigned by Allseas; any purported assignment in violation hereof shall be null and void. This Agreement,
and the Company’s rights and obligations hereunder, may not be assigned by the Company it being understood that the Company’s
rights extend to the Box group; provided, however, that in the event of any sale, transfer or other disposition of all or substantially
all of the Box group’s assets and business, whether by merger, consolidation or otherwise, the Box group shall assign this
Agreement and its rights hereunder to the successor to its assets and business.

 

11.         Entire
Agreement.

 

This Agreement constitutes the entire and
only agreement between the parties in relation to its subject matter and replaces and extinguishes all prior agreements, undertakings,
arrangements, understandings or statements of any nature made by the parties or any of them whether oral or written with respect
to such subject matter.

 

12.         Notices.

 

Every notice, request, demand or other
communication under this Agreement shall:

 

		a)	be in writing delivered personally, by courier or served through a process server;

		b)	be deemed to have been when delivered personally or through courier or served at the address below;
and

		c)	be sent:

		i.	If to the Company, to:

BOX SHIPS
INC.

15 Karamanli
Ave.,

Voula 16673,

Athens, Greece

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		ii.	If to Allseas, to:

ALLSEAS MARINE
S.A..

15 Karamanli
Ave.

Voula 16673,

Athens, Greece

 

or to such other person or address,
as is notified by the relevant party to the other parties to this Agreement and such notification shall not become effective until
notice of such change is actually received by the other parties. Until such change of person or address is notified, any notification
to the above addresses are agreed to be validly effected for the purposes of this Agreement.

 

13.         Amendments
to this Agreement.

 

No modification, alteration or waiver of
any of the provisions of this Agreement shall be effective unless in writing and signed on behalf of each of the parties. No delay
or omission by the Company in exercising any right or power vested in it under this Agreement shall impair such right or power
or be construed as a waiver of, or acquiescence in, any default or breach by Allseas of any of its obligations under this Agreement.

 

If any one or more provisions of these
presents is, or at any time becomes, for any reason invalid, illegal, void, voidable or otherwise unenforceable under the laws
of any jurisdiction or pursuant to a decision or declaration of any court, such invalidity, illegality, voidability or non-enforceability
shall not affect the validity, voidability, legality or enforceability of any other provision or provisions of this Agreement or
the validity, voidability, legality or enforceability of this Agreement as a whole or the validity, voidability, legality or enforceability
of same under the laws of any other jurisdiction.

 

The headings in this Agreement do not form
part thereof.

 

14.         Applicable
Law.

 

This Agreement shall be governed by and
construed in accordance with English Law.

 

15.         Arbitration.

 

		a)	All disputes arising out of this Agreement shall be arbitrated in London in the following manner:

One arbitrator is to be appointed
by each of the parties hereto and a third arbitrator by the two so chosen. Their decision or that of any two of them shall be final
and for the purpose of enforcing any award, this Agreement may be made a rule of the court. The arbitrators shall be commercial
persons, conversant with shipping matters. Such arbitration is to be conducted in accordance with the rules of the London Maritime
Arbitrators Association terms current at the time when the arbitration proceeding are commenced and in accordance with the Arbitration
Act 1996 or any statutory modification or reenactment thereof.

		b)	In the event that either party state a dispute and designates an Arbitrator in writing, the other
party shall have twenty (20) days, excluding Saturdays, Sundays and legal holidays to designate its arbitrator, failing which the
decision of the appointed arbitrator shall apply and the appointed arbitrator can render an award thereunder in accordance with
this Clause.

 

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		c)	Until such time as the arbitrators finally close the hearings, either party shall have the right
by written notice served on the arbitrators and on the other party to specify further disputes or differences under this Agreement
for hearing and determination.

		d)	The arbitrators may grant any relief, and render an award, which they or a majority of them deem
just and equitable and within the scope of the Agreement of the parties, including but not limited to the posting of security.
Awards pursuant to this Clause may include costs, including a reasonable allowance for attorney’s fees and judgments may
be entered upon any award made herein in any court having jurisdiction.

 

IN WITNESS WHEREOF the parties signed the
present document the day and year first above written.

 

For and on behalf of,

 

	BOX SHIPS INC. 	 	ALLSEAS MARINE S.A.
	 	 	 
	 	 	 
	By: AIKATERINI STOUPA	 	By : GEORGE SKRIMIZEAS
	Title: Corporate Secretary	 	Title: President/Director

 

    	 	7 | PageExhibit 4.40

 

Dated 25 June 2015

 

POLYARISTI NAVIGATION CO.

EFPLOIAS SHIPPING CO. and

AMORITA DEVELOPMENT INC.

as joint and several Borrowers

 

and

 

BOX SHIPS INC.

as Corporate Guarantor

 

and

 

ROSETTA NAVIGATION CORP. LIMITED

TRITON SHIPPING LIMITED

as Collateral Owners

 

and

 

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1

as Lenders

 

and

 

ABN AMRO BANK N.V.

as Agent, Underwriter and as Security Trustee

 

and

 

ABN AMRO BANK N.V. and

HSH NORDBANK AG

as Swap Banks

 

SUPPLEMENTAL AND RELEASE AGREEMENT

relating to a loan facility of

(originally) up to US$100,000,000

 

 

     

     

    

  

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	2
	2	Agreement of the Creditor Parties	5
	3	Conditions Precedent	5
	4	Representations and Warranties	7
	5	Amendments to Loan Agreement, Corporate Guarantee, Master Agreements and other Finance Documents	8
	6	Further Assurances	13
	7	Expenses	14
	8	Notices	14
	9	Supplemental	14
	10	Law and Jurisdiction	14
	Execution Pages	15
	Appendix A  Released Finance Documents	19
	Schedule 1  Lenders	20

 

     

     

    

 

THIS SUPPLEMENTAL AND RELEASE AGREEMENT
is made on 25 June 2015

 

BETWEEN:

 

		(1)	POLYARISTI NAVIGATION CO., EFPLOIAS
                                         SHIPPING CO. and AMORITA DEVELOPMENT INC., each a corporation incorporated
                                         in Liberia whose registered office is at 80 Broad Street, Monrovia, Liberia (each a "Borrower"
                                         and, together, the "Borrowers");

 

		(2)	BOX SHIPS INC., a corporation
                                         incorporated in the Republic of the Marshall Islands whose registered office is at Trust
                                         Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, as
                                         Corporate Guarantor;

 

		(3)	ROSETTA NAVIGATION CORP. LIMITED
                                         (“Rosetta”) and TRITON SHIPPING LIMITED (“Triton”),
                                         each a company incorporated in Hong Kong whose registered office is at Suite 801, Singga
                                         Commercial Centre, 144-151, Connaught Road West, Hong Kong as Collateral Owners;

 

		(4)	THE BANKS AND FINANCIAL INSTITUTIONS
                                         listed in Schedule 1, as Lenders;

 

		(5)	ABN AMRO BANK N.V. acting through
                                         its office at 93 Coolsingel, 3012 ae, Rotterdam, The Netherlands, as Agent, First
                                         Swap Bank, Underwriter and Security Trustee; and

 

		(6)	HSH NORDBANK AG acting through
                                         its office at Martensdamm 6, D-24103 Kiel, Federal Republic of Germany as Second Swap
                                         Bank.

 

BACKGROUND

 

		(A)	By a loan agreement dated 6 May 2011
                                         (as amended and restated by two amending and restating agreements dated 9 August 2012
                                         and 9 August 2013, respectively and as further amended and supplemented by a supplemental
                                         agreement dated 25 November2014, the “Loan Agreement”) and made between
                                         (i) the Borrowers as joint and several borrowers, (ii) the Lenders, (iii) ABN Amro Bank
                                         N.V. (as Agent, First Swap Bank, Underwriter and Security Trustee) and (iv) HSH Nordbank
                                         AG (as Second Swap Bank), the Lenders made available to the Borrowers a loan facility
                                         in an amount of (originally) up to US$100,000,000, of which an amount of US$69,200,000
                                         is outstanding by way of principal on the date hereof.

 

		(B)	By an agency and trust deed (the "Agency
                                         and Trust Deed") entered into pursuant to the Loan Agreement, it was agreed
                                         that the Security Trustee would hold the Trust Property on trust for the Lenders and
                                         the First Swap Bank.

 

		(C)	By a master agreement (the "First
                                         Master Agreement") (on the 2002 ISDA Master Agreement together with the schedule
                                         attached thereto (as amended)) dated 6 May 2011 and made between (i) the Borrowers and
                                         (ii) the First Swap Bank, it was agreed that the First Swap Bank would enter into Designated
                                         Transactions with the Borrowers from time to time.

 

		(D)	By a master agreement (the "Second
                                         Master Agreement") (on the 2002 ISDA Master Agreement together with the schedule
                                         attached thereto (as amended)) dated 9 August 2012 and made between (i) the Borrowers
                                         and (ii) the Second Swap Bank, it was agreed that the Second Swap Bank would enter into
                                         Designated Transactions with the Borrowers from time to time.

 

		(E)	By a corporate guarantee dated 6 May
                                         2011 (as amended and supplemented from time to time, the “Corporate Guarantee”)
                                         and made between (i) the Corporate Guarantor and (ii) the Security Trustee, the Corporate
                                         Guarantor has guaranteed the obligations of the Borrowers under the Loan Agreement and
                                         the Master Agreements.

 

		(F)	The Borrowers, the Collateral Owners
                                         and the Corporate Guarantor have requested that the Creditor Parties agree to:

 

     

     

    

  

		(i)	the discharge of the Original Collateral
                                         Mortgage and the release of the Original Collateral Deed of Covenant, the Original Collateral
                                         General Assignment and the Original Collateral Charterparty Assignment and the reassignment
                                         of all rights and interests in respect of all property assigned thereunder in respect
                                         of each Collateral Ship on the relevant Reflagging Date (the “Release and Reassignment”);

 

		(ii)	the deletion of the Collateral
                                         Ships from the Hong Kong flag and the registration of the Collateral Ships under the
                                         laws and flag of the Republic of Liberia on the relevant Reflagging Date (the “Reflagging”);

 

		(iii)	amend the application of the
                                         security cover requirements set out in clause 15.1 of the Loan Agreement (the “Security
                                         Cover Amendments”) during the Third Waiver Period (as defined below);

 

		(iv)	relax certain financial covenants
                                         set out in clause 12.3 (b) and (d) of the Corporate Guarantee (the “Corporate
                                         Guarantee Amendments”) during the Third Waiver Period (as defined below); and

 

		(v)	waive the application of the requirements
                                         under clause 11.20 of the Loan Agreement and clause 11.15 of the Corporate Guarantee
                                         (the “Employment Amendments”) during the Third Waiver Period (as defined
                                         below),

 

together, the
“Request”.

 

		(G)	The Creditor Parties’ consent
                                         to the Request is subject to, inter alia, the following conditions:

 

		(i)	the execution and (where relevant)
                                         registration of the New Collateral Mortgage and the New Collateral General Assignment
                                         in respect of each Collateral Ship on the relevant Reflagging Date; and

 

		(ii)	the increase of the Margin from
                                         3 per cent. per annum to 3.35 per cent. per annum during the Third Waiver Period.

 

		(H)	This Agreement sets out the terms and
                                         conditions on which the Creditor Parties agree, with effect on and from the applicable
                                         Effective Date, to:

 

		(i)	the Request; and

 

		(ii)	the consequential amendment of
                                         the Loan Agreement, the Corporate Guarantee, the other Finance Documents and each Master
                                         Agreement in connection with the Request.

 

IT
IS AGREED as follows:

 

		1	Interpretation

 

		1.1	Defined expressions

 

Words and expressions defined
in the Loan Agreement shall have the same meanings when used in this Agreement (including the recitals) unless the context otherwise
requires.

 

		1.2	Definitions

 

In this Agreement, unless the
contrary intention appears:

 

"Collateral
Ship" means each of the Rosetta Collateral Ship and the Triton Collateral Ship and, in the plural, means both of them;

 

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“Corporate
Guarantee” means the guarantee (as amended and supplemented from time to time) as referred to in Recital (E);

 

“Effective
Date” means each of the First Effective Date and the Reflagging Effective Dates and, in the plural means all of them;

 

“First
Effective Date” means, in relation to each of the Security Cover Amendments, the Corporate Guarantee Amendments, the
Employment Amendments and the amendments to the Loan Agreement, the Corporate Guarantee, the other Finance Documents and the Master
Agreements set out in Clauses 5.1(a), 5.2 and 5.4(a), (b), (c), (f) and (g), the date on which the Agent confirms to the Borrowers
in writing substantially in the form set out in Schedule 2 that all the conditions precedent in Clause 3.2 have been satisfied;

 

“Intercreditor
Deed Supplemental Letter” means a letter made or to be made between the Collateral Owners, the Security Trustee and
Existing Security Trustee in the Agreed Form amending and supplementing the Intercreditor Deed;

 

“Loan
Agreement” means the loan agreement (as amended, supplemented and/or restated from time to time) as referred to in Recital
(A);

 

"Master Agreements"
means, together, the First Master Agreement and the Second Master Agreement as referred to in Recitals (C) and (D) and , in the
singular, means either of them;

 

“Mortgage
Addendum” means, in relation to each Ship, the third addendum to the Mortgage on that Ship in the Agreed Form and, in
the plural, means all of them;

 

“New
Collateral Finance Documents” means, the New Collateral General Assignments and the New Collateral Mortgages;

 

“New
Collateral General Assignment” means, in relation to a Collateral Ship, a second priority general assignment of the
Earnings, the Insurances and any Requisition Compensation in respect of that Collateral Ship in the Agreed Form and, in the plural,
means both of them;

 

“New
Collateral Mortgage” means, in relation to a Collateral Ship, the second preferred Liberian mortgage on that Ship in
the Agreed Form and in the plural, means both of them;

 

“New Prior Collateral
Finance Documents” means, together, in relation to each Collateral Ship:

 

		(a)	a first preferred Liberian mortgage
                                         over that Collateral Ship; and

 

		(b)	a first priority general assignment
                                         of the Earnings, the Insurances and any Requisition Compensation in respect of that Collateral
                                         Ship,

 

each executed or to be executed
by the Collateral Owner owning that Collateral Ship in favour of the Existing Security Trustee and, in the singular, means any
of them;

 

“Original
Collateral Charterparty Assignment” means, in the case of:

 

		(a)	the Rosetta Collateral Ship, a
                                         second priority assignment of the rights of Rosetta under the Collateral Charter in relation
                                         to the Rosetta Collateral Ship, dated 16 August 2013 and executed by Rosetta in favour
                                         of the Security Trustee; and

 

		(b)	the Triton Collateral Ship, a second
                                         priority assignment of the rights of Triton under the Collateral Charter in relation
                                         to the Triton Collateral Ship, dated 16 August 2013 and executed by Triton in favour
                                         of the Security Trustee,

 

    	 	3	 

     

    

  

and, in the
plural, means both of them;

 

“Original
Collateral Deed of Covenant” means, in relation to a Collateral Ship, a second priority deed of covenant collateral
to the Original Collateral Mortgage on that Collateral Ship dated 16 August 2013 and executed by the Collateral Owner owning that
Collateral Ship in favour of the Security Trustee and, in the plural means both of them;

 

“Original
Collateral General Assignment” means, in relation to a Collateral Ship, a second priority general assignment of the
Earnings, the Insurances and any Requisition Compensation in respect of that Ship dated 16 August 2013 and executed by the Collateral
Owner owning that Collateral Ship in favour of the Security Trustee and, in the plural, means both of them;

 

“Original
Collateral Mortgage” means, in relation to a Collateral Ship, the second priority Hong Kong mortgage on that Collateral
Ship dated 16 August 2013 and executed by the Collateral Owner owning that Collateral Ship in favour of the Security Trustee and,
in the plural, means both of them;

 

“Reflagging
Date” means, in respect of each Collateral Ship, the date on which that Collateral Ship is deleted from the Hong Kong
flag and is registered under the laws and flag of Liberia subject to the terms and conditions in this Agreement;

 

"Reflagging
Effective Date" means each of the Rosetta Effective Date and the Triton Effective Date and, in the plural, means both
of them;

 

“Released
Finance Documents” means the Original Collateral Mortgages, the Original Collateral Deeds of Covenants, the Original
Collateral General Assignments and the Original Collateral Charterparty Assignments;

 

“Rosetta
Collateral Ship” means the 1999-built container vessel of 5,500 TEU (previously named “OOCL CHINA”) currently
registered in the ownership of Rosetta under the Hong Kong flag with the name “BOX CHINA”, which will be registered
in the ownership of Rosetta under the Liberian flag with the same name pursuant to the terms of this Agreement;

 

“Rosetta
Effective Date” means, in relation to the Release and Reassignment and the Reflagging in respect of the Rosetta Collateral
Ship and the relevant amendments to the Loan Agreement, the other Finance Documents and each Master Agreement set out in Clauses
5.1(b), 5.3(a) and 5.4, the date on which the Agent confirms to the Borrowers in writing substantially in the form set out in
Schedule 2 that all the conditions precedent in Clause 3.3 relevant to the Rosetta Collateral Ship have been satisfied;

 

“Third
Waiver Period” means the period commencing 30 June 2015 (inclusive) and ending on 29 June 2016 (inclusive);

 

“Triton
Collateral Ship” means the 1995-built container vessel of 5,500 TEU (previously named “OOCL HONG KONG”)
currently registered in the ownership of Triton under the Hong Kong flag with the name “BOX HONG KONG”, which will
be registered in the ownership of Triton under the Liberian flag with the same name pursuant to the terms of this Agreement; and

 

“Triton
Effective Date” means, in relation to the Release and Reassignment and the Reflagging in respect of the Triton Collateral
Ship and the relevant amendments to the Loan Agreement, the other Finance Documents and each Master Agreement set out in Clauses
5.1(b), 5.3(b) and 5.4, the date on which the Agent confirms to the Borrowers in writing substantially in the form set out in
Schedule 2 that all the conditions precedent in Clause 3.3 relevant to the Triton Collateral Ship have been satisfied.

 

    	 	4	 

     

    

  

		1.3	Application of construction and interpretation
                                         provisions of Loan Agreement

 

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

 

		2	Agreement of the Creditor Parties

 

		2.1	Agreement of the Creditor Parties

 

The Creditor Parties agree,
subject to and upon the terms and conditions of this Agreement, to:

 

		(a)	the Request, including the release
                                         of each of the Released Finance Documents listed in Appendix A herein in respect of each
                                         Collateral Ship (including the Original Collateral Mortgage, the Original Collateral
                                         Deed of Covenant, the Original Collateral General Assignment and the Original Collateral
                                         Charterparty Assignment in relation to that Collateral Ship) on that Collateral Ship’s
                                         Reflagging Date and the reassignment of all rights and interests in respect of all property
                                         assigned thereunder in respect of that Collateral Ship; and

 

		(b)	the consequential amendment of the
                                         Loan Agreement, the Corporate Guarantee, the Collateral Guarantees, the other Finance
                                         Documents and the Master Agreements as set out in Clause 5.

 

		2.2	Effective Date

 

Subject to Clause 3.1, the agreement
of the Creditor Parties contained in Clause 2.1 shall have effect on and from the applicable Effective Date.

 

		3	Conditions Precedent

 

		3.1	General

 

The agreement
of the Creditor Parties contained in Clause 2.1 in connection with:

 

		(a)	The Security Cover Amendments, the
                                         Corporate Guarantee Amendments and the Employment Amendments, is subject to the fulfilment
                                         of the conditions precedent set out in Clause 3.2; and

 

		(b)	the Release and Reassignment and the
                                         Reflagging in respect of each Collateral Ship, is subject to the fulfilment of the conditions
                                         precedent in relation to that Collateral Ship set out in Clause 3.3.

 

		3.2	Conditions
                                         precedent to First Effective Date

 

The conditions referred to in
Clause 3.1(a) are that the Agent shall have received the following documents and evidence in all respects in form and substance
satisfactory to the Agent and its lawyers on or before the date of this Agreement:

 

		(a)	documents of the kind specified in
                                         paragraphs 2, 3, 4 and 5 of Schedule 3, Part A to the Loan Agreement in respect of each
                                         Borrower, each Collateral Owner and the Corporate Guarantor with appropriate modifications
                                         to refer to this Agreement, the Mortgage Addenda, the Intercreditor Deed Supplemental
                                         Letter and the New Collateral Finance Documents (as applicable);

 

		(b)	an original of this Agreement duly
                                         executed by the parties to it and acknowledged by the Approved Manager;

 

    	 	5	 

     

    

  

		(c)	an original of the Intercreditor Deed
                                         Supplemental Letter duly executed by the parties thereto;

 

		(d)	an original of each Mortgage Addendum
                                         duly executed by the parties thereto and evidence satisfactory to the Agent and its lawyers
                                         that the same has been registered as a valid third addendum to the relevant Collateral
                                         Mortgage in accordance with the laws of the Republic of Liberia;

 

		(e)	favourable legal opinions from lawyers
                                         appointed by the Agent on such matters concerning the laws of Hong Kong, Liberia, the
                                         Marshall Islands and such other relevant jurisdictions as the Agent may require;

 

		(f)	documentary evidence that the process
                                         agent referred to in clause 31.4 of the Loan Agreement has accepted its appointment as
                                         agent for service of process in relation to any proceedings before the English courts
                                         in connection with this Agreement and the Intercreditor Deed Supplemental Letter;

 

		(g)	any further opinions, consents, agreements
                                         and documents in connection with this Agreement, the Mortgage Addenda, the Intercreditor
                                         Deed Supplemental Letter and the New Collateral Finance Documents which the Agent may
                                         request by notice to the Borrowers prior to the first Effective Date; and

 

		(h)	certified copies of all documents (with
                                         a certified translation if an original is not in English) evidencing any other necessary
                                         action, approvals or consents with respect to this Agreement, the Mortgage Addenda, the
                                         Intercreditor Deed Supplemental Letter and the New Collateral Finance Documents (including
                                         without limitation) all necessary governmental and other official approvals and consents
                                         in such pertinent jurisdictions as the Agent deems appropriate.

 

		3.3	Conditions precedent to Reflagging
                                         Effective Dates

 

The conditions referred to in
Clause 3.1(b) are that the Agent shall have received in respect of the relevant Collateral Ship to be reflagged (the “Relevant
Collateral Ship”) the following documents and evidence in all respects in form and substance satisfactory to the Agent
and its lawyers on or before the Reflagging Effective Date in respect of the Relevant Collateral Ship:

 

		(a)	evidence that the conditions precedent
                                         set out in Clause 3.2 have been satisfied;

 

		(b)	release and discharge of the Original
                                         Collateral Mortgage in respect of the Relevant Collateral Ship;

 

		(c)	an original of the New Collateral Mortgage
                                         and the New Collateral General Assignment in respect of the Relevant Collateral Ship
                                         duly executed by the relevant Collateral Owner in favour of the Security Trustee;

 

		(d)	evidence that:

 

		(i)	the Relevant Collateral Ship is
                                         registered in the ownership of the relevant Collateral Owner under the Liberian flag;

 

		(ii)	the Relevant Collateral Ship is
                                         in the absolute and unencumbered ownership of the relevant Collateral Owner save as contemplated
                                         by the New Prior Collateral Finance Documents and the New Collateral Finance Documents
                                         to which that Collateral Owner is a party;

 

    	 	6	 

     

    

  

		(iii)	the Relevant Collateral Ship
                                         maintains the highest class free of overdue recommendations and conditions, with a classification
                                         society which is a member of IACS and acceptable to the Agent;

 

		(iv)	the New Collateral Mortgage has
                                         been duly registered against the Relevant Collateral Ship as a valid second preferred
                                         Liberian mortgage in accordance with the laws of Liberia; and

 

		(v)	the Relevant Collateral Ship is
                                         insured in accordance with the provisions of the Existing Loan Agreement and the requirements
                                         therein in respect of insurances have been complied with;

 

		(e)	a favourable opinion from an independent
                                         insurance consultant acceptable to the Agent on such matters relating to the insurances
                                         for the Relevant Collateral Ship as the Agent may require;

 

		(f)	copies, certified as true, accurate
                                         and complete by a director or the secretary (or equivalent officer of the relevant Borrower),
                                         of the Approved Manager’s current Document of Compliance and of the Relevant Collateral
                                         Ship’s Safety Management Certificate (together with any other details of the applicable
                                         safety management system which the Agent requires) and ISSC;

 

		(g)	favourable opinions from lawyers appointed
                                         by the Agent on such matters concerning the laws of Hong Kong, the Marshall Islands and
                                         Liberia and such other relevant jurisdictions as the Agent may require; and

 

		(h)	documentary evidence that the agent
                                         for service of process named in clause 31.4 of the Loan Agreement has accepted its appointment
                                         as agent for service of process in relation to any proceedings before the English courts
                                         in connection with the New Collateral General Assignment in respect of the Relevant Collateral
                                         Ship.

 

		3.4	Waiver of conditions precedent
                                         

 

If the Majority
Lenders, at their discretion, permit (i) the Security Cover Amendments, the Corporate Guarantee Amendments and the Employment
Amendments to take place before certain of the conditions referred to in Clause 3.2 are satisfied or (ii) the Release and Reassignment
and the Reflagging in respect of a Collateral Ship to take place before certain of the relevant conditions referred to in Clause
3.3 are satisfied, the Borrowers shall, in each case, ensure that those conditions are satisfied within a maximum 5 Business Days
after the date of the relevant Effective Date.

 

		4	Representations and Warranties

 

		4.1	Repetition of Loan Agreement representations
                                         and warranties

 

Each Borrower represents and
warrants to the Agent that the representations and warranties in clause 10 of the Loan Agreement, as amended by this Agreement
and updated with appropriate modifications to refer to this Agreement and, where appropriate, the Mortgage Addenda and the New
Collateral Finance Documents, remain true and not misleading if repeated on the date of this Agreement with reference to the circumstances
now existing.

 

 

    	 	7	 

     

    

 

		4.2	Repetition of Corporate Guarantee
                                         and Collateral Guarantee representations and warranties

 

The Corporate Guarantor and
each Collateral Owner represents and warrants to the Agent that the representations and warranties in clause 10 of the Corporate
Guarantee and clause 10 of the relevant Collateral Guarantee respectively, as amended by this Agreement and updated with appropriate
modifications to refer to this Agreement and, where appropriate, the Mortgage Addenda and the New Collateral Finance Documents
which is being amended by this Agreement, remain true and not misleading if repeated on the date of this Agreement with reference
to the circumstances now existing.

 

		5	Amendments to Loan Agreement, Corporate
                                         Guarantee, Master Agreements and other Finance Documents

 

		5.1	Specific amendments to Loan Agreement

 

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

 

		(i)	the following definition shall
                                         be included in clause 1.1 thereof:

 

““Third Waiver
Period” means the period commencing on 30 June 2015 (inclusive) and ending on 29 June 2016 (inclusive);”;

 

		(ii)	by adding the words “, the
                                         Hong Kong flag” after the words “Liberian flag” in the definition of
                                         “Approved Flag” in clause 1.1 thereof;

 

		(iii)	by adding the words “,
                                         Hong Kong” after the words “the Republic of Liberia” in the definition
                                         of “Approved Flag State” in clause 1.1 thereof;

 

		(iv)	by deleting the definition of
                                         “Collateral Charter” in clause 1.1 thereof in its entirety and replacing
                                         it with the following new definition:

 

““Collateral
Charter” means, in relation to a Collateral Ship, any time charterparty in respect of that Collateral Ship having a
duration of at least 12 consecutive months or any bareboat charterparty in respect of that Collateral Ship (such charters to be
entered into with the prior consent of the Agent (acting with the authorisation of the Majority Lenders));”;

 

		(v)	by deleting the definition of “Collateral
                                         Charterer” in clause 1.1 thereof in its entirety;

 

		(vi)	by deleting the definition of
                                         “Collateral Mortgage” in clause 1.1 thereof in its entirety and replacing
                                         it with the following new definition:

 

““Collateral
Mortgage” means, in respect of each Collateral Ship, a second priority or, as the case may be, preferred ship mortgage
on that Collateral Ship and, if required by the laws of the relevant Approved Flag State, a deed of covenant collateral thereto,
made in favour of the Security Trustee in the Agreed Form and, in the plural means all of them;”;

 

		(vii)	by deleting the definition of
                                         “Margin” in clause 1.1 thereof in its entirety and replacing it with the
                                         following new definition:

 

““Margin”
means:

 

		(a)	during the Waiver Period, the
                                         Second Waiver Period and the Third Waiver Period, 3.35 per cent. per annum; and

 

		(b)	at all other times, 3 per cent.
                                         per annum;”;

 

		(viii)	by deleting the definitions
                                         of “OOCL CHINA” and “OOCL HONG KONG” in clause 1.1 thereof in
                                         their entirety and replacing them with the following new definitions respectively:

 

    	 	8	 

     

    

 

 

““Rosetta
Collateral Ship” means the 1996-built container vessel of 5,500 TEU registered in the ownership of Rosetta under an
Approved Flag with the name “BOX CHINA”;”; and

 

““Triton
Collateral Ship” means the 1995-built container vessel of 5,500 TEU registered in the ownership of Triton under an Approved
Flag with the name “BOX HONG KONG”;”;

 

		(ix)	by deleting paragraph (a) in the
                                         definition of “Prior Finance Documents” in clause 1.1 thereof and replacing
                                         it with the following new paragraph (a):

  

		“(a)	a first priority or,
                                         as the case may be, preferred ship mortgage on each Collateral Ship and, if required
                                         by the laws of the relevant Approved Flag State, a deed of covenant collateral thereto;”;

 

		(x)	by including the words “and
                                         the Third Waiver Period” after the words “other than during the Second Waiver
                                         Period” in clause 11.20 thereof;

 

		(xi)	by including the words “and
                                         the Third Waiver Period” after the words “during the Waiver Period”
                                         in paragraph (a) of the definition of “Relevant Percentage” in clause 15.1
                                         thereof;

 

		(xii)	by construing references throughout
                                         to “OOCL CHINA” and “OOCL HONG KONG” as if the same referred
                                         to “the Rosetta Collateral Ship” and “the Triton Collateral Ship”
                                         respectively;

 

		(xiii)	by construing references throughout
                                         to “OOCL CHINA” and “OOCL HONG KONG” as the name of the Rosetta
                                         Collateral Ship and the Triton Collateral Ship respectively as if the same referred to
                                         “BOX CHINA” and “BOX HONG KONG” respectively;

 

		(xiv)	the definition of, and references
                                         throughout to, the Mortgage on each of the Ships shall be construed as if the same referred
                                         to that Mortgage as amended and supplemented by the relevant Mortgage Addendum;

 

		(xv)	the definition of, and references
                                         throughout to, the Intercreditor Deed shall be construed as if the same referred to the
                                         Intercreditor Deed as amended and supplemented by the Intercreditor Deed Supplemental
                                         Letter;

 

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

 

		(xvii)	by construing references throughout
                                         to "this Agreement", "hereunder" and other like expressions as if
                                         the same referred to the Loan Agreement as amended and supplemented by this Agreement;
                                         and

 

		(b)	With effect on and from the relevant
                                         Reflagging Effective Date in respect of a Collateral Ship, the Loan Agreement shall be,
                                         and shall be deemed by this Agreement to be, further amended as follows:

 

		(i)	in respect of the Rosetta Effective
                                         Date only, all references throughout to:

 

		(A)	the flag of the Rosetta Collateral
                                         Ship as being references to the Liberian flag;

 

		(B)	the Collateral Mortgage in respect
                                         of the Rosetta Collateral Ship as being references to a second preferred Liberian mortgage;

 

    	 	9	 

     

    

  

		(C)	the mortgage on the Rosetta Collateral
                                         Ship referred to in paragraph (a) of the definition of “Prior Finance Documents”
                                         in clause 1.1 thereof as being references to a first preferred Liberian mortgage;

 

		(ii)	in respect of the Triton Effective
                                         Date only, all references throughout to:

 

		(A)	the flag of the Triton Collateral
                                         Ship as being references to the Liberian flag;

 

		(B)	the Collateral Mortgage in respect
                                         of the Triton Collateral Ship as being references to a second preferred Liberian mortgage;
                                         and

 

		(C)	the mortgage on the Triton Collateral
                                         Ship referred to in paragraph (a) of the definition of “Prior Finance Documents”
                                         in clause 1.1 thereof as being references to a first preferred Liberian mortgage;

 

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

 

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

 

		5.2	Specific amendments to Corporate Guarantee

 

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

 

		(a)	the following definition shall be included
                                         in clause 1.2 of the Corporate Guarantee in the requisite alphabetical order:

 

““Third Waiver
Period” means the period commencing on 30 June 2015 (inclusive) and ending on 29 June 2016 (inclusive);”;

 

		(b)	by including the words “(other
                                         than during the Second Waiver Period and the Third Waiver Period)” after the words
                                         “The Guarantor shall ensure that throughout the Security Period” in clause
                                         11.15 thereof;

 

		(c)	clause 12.2(a) of the Corporate Guarantee
                                         shall be deleted and replaced as follows:

 

		“(a)	pay any dividend or make
                                         any other form of distribution or effect any form of redemption, purchase or return of
                                         share capital (each a “Distribution”) if an Event of Default has occurred
                                         and has not been remedied or an Event of Default will result from the payment of a dividend
                                         or the making of any other form of Distribution Provided that the Guarantor may
                                         only pay dividends or make any other form of Distribution in each financial quarter in
                                         an amount of up to, during the Waiver Period, $0.15 and, during the Second Waiver Period
                                         and the Third Waiver Period, $0.05 per common share outstanding; or”;

 

		(d)	clause 12.3(b) of the Corporate Guarantee
                                         shall be deleted and replaced as follows:

 

		“(b)	the Market Value Adjusted
                                         Net Worth of the Group shall not be less than:

 

		(i)	$50,000,000 during the Second
                                         Waiver Period;

 

		(ii)	$60,000,000 during the Third
                                         Waiver Period; and

 

    	 	10	 

     

    

  

		(iii)	$100,000,000 at all other
                                         times;”;

 

		(e)	clause 12.3(d) of the Corporate Guarantee
                                         shall be deleted and replaced as follows:

 

		“(d)	the Leverage Ratio shall
                                         not exceed:

 

		(i)	during the Waiver Period and
                                         the Second Wavier Period, 0.85:1;

 

		(ii)	during the Third Waiver Period,
                                         0.80:1; and

 

		(ii)	at all other times, 0.65:1.”;
                                         and

 

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

 

		5.3	Specific amendments to Collateral Guarantees

 

		(a)	With effect on and from the Rosetta
                                         Effective Date, the Collateral Guarantee executed by Rosetta shall be, and shall be deemed
                                         by this Agreement to be, amended as follows:

 

		(i)	by deleting the words “second
                                         priority Hong Kong mortgage and second priority deed of covenant collateral thereto”
                                         in paragraph (ii) of Recital (E) thereof and replacing them with the words “second
                                         preferred Liberian mortgage”;

 

		(ii)	by deleting the words “Hong
                                         Kong flag with the name “OOCL CHINA”” in the definition of “Collateral
                                         Ship” in clause 1.2 thereof and replacing them with the words “Liberian flag
                                         with the name “BOX CHINA””;

 

		(iii)	by deleting the words “first
                                         priority Hong Kong mortgage and deed of covenant collateral thereto on the Collateral
                                         Ship dated 5 July 2012 and” in paragraph (c) of the definition of “Prior
                                         Finance Documents” in clause 1.2 thereof and replacing them with the words “first
                                         preferred Liberian mortgage on the Collateral Ship executed or to be”;

 

		(iv)	by deleting the words “dated
                                         5 July 2015 and” in each of paragraphs (d) and (e) of the definition of “Prior
                                         Finance Documents” in clause 1.2 thereof and replacing them with the words “executed
                                         or to be”; and

 

		(v)	by deleting the words “Hong
                                         Kong” in paragraph (a) of clause 10.4 thereof and replacing them with the word
                                         “Liberian”.

 

		(b)	With effect on and from the Triton
                                         Effective Date, the Collateral Guarantee executed by Triton shall be, and shall be deemed
                                         by this Agreement to be, amended as follows:

 

		(i)	by deleting the words “second
                                         priority Hong Kong mortgage and second priority deed of covenant collateral thereto”
                                         in paragraph (ii) of Recital (E) thereof and replacing them with the words “second
                                         preferred Liberian mortgage”;

 

		(ii)	by deleting the words “Hong
                                         Kong flag with the name “OOCL HONG KONG”” in the definition of “Collateral
                                         Ship” in clause 1.2 thereof and replacing them with the words “Liberian flag
                                         with the name “BOX HONG KONG””;

 

		(iii)	by deleting the words “first
                                         priority Hong Kong mortgage and deed of covenant collateral thereto on the Collateral
                                         Ship dated 5 July 2012 and” in paragraph (c) of the definition of “Prior
                                         Finance Documents” in clause 1.2 thereof and replacing them with the words “first
                                         preferred Liberian mortgage on the Collateral Ship executed or to be”;

 

    	 	11	 

     

    

  

		(iv)	by deleting the words “dated
                                         5 July 2015 and” in each of paragraphs (d) and (e) of the definition of “Prior
                                         Finance Documents” in clause 1.2 thereof and replacing them with the words “executed
                                         or to be”; and

 

		(v)	by deleting the words “Hong
                                         Kong” in paragraph (a) of clause 10.4 thereof and replacing them with the word
                                         “Liberian”;

 

		5.4	Amendments to Finance Documents and
                                         Master Agreements

 

With effect
on and from the First Effective Date and the relevant Reflagging Date, the Master Agreements and the Finance Documents (other
than the Loan Agreement) shall be, and shall be deemed by this Agreement to be, amended as follows:

 

		(a)	by construing references throughout
                                         each of the Finance Documents and the Master Agreements to “OOCL CHINA” and
                                         “OOCL HONG KONG” as the name of the Rosetta Collateral Ship and the Triton
                                         Collateral Ship respectively as if the same referred to “BOX CHINA” and “BOX
                                         HONG KONG” respectively;

 

		(b)	the definition of, and references throughout
                                         to, the Mortgage on each of the Ships shall be construed as if the same referred to that
                                         Mortgage as amended and supplemented by the relevant Mortgage Addendum;

 

		(c)	the definition of, and references throughout
                                         each of the Finance Documents and the Master Agreements to, the Intercreditor Deed shall
                                         be construed as if the same referred to the Intercreditor Deed as amended and supplemented
                                         by the Intercreditor Deed Supplemental Letter;

 

		(d)	on the Rosetta Effective Date only,
                                         all references throughout each of the Finance Documents and the Master Agreements to:

 

		(i)	the flag of the Rosetta Collateral
                                         Ship shall be construed as being references to the Liberian flag; and

 

		(ii)	the Collateral Mortgage in respect
                                         of the Rosetta Collateral Ship shall be construed as being references to a second preferred
                                         Liberian mortgage;

 

		(e)	on the Triton Effective Date only,
                                         all references throughout each of the Finance Documents and the Master Agreements to:

 

		(i)	the flag of the Triton Collateral
                                         Ship shall be construed as being references to the Liberian flag; and

 

		(ii)	the Collateral Mortgage in respect
                                         of the Triton Collateral Ship shall be construed as being references to a second preferred
                                         Liberian mortgage;

 

		(f)	the definition of, and references throughout
                                         each of the Finance Documents and the Master Agreements to, the Loan Agreement, the Corporate
                                         Guarantee, the Collateral Guarantees, any of the other Finance Documents and the Master
                                         Agreements shall be construed as if the same referred to the Loan Agreement, the Corporate
                                         Guarantee, the Collateral Guarantees, those other Finance Documents and the Master Agreements
                                         as amended and supplemented by this Agreement; and

 

		(g)	by construing references throughout
                                         each of the Finance Documents and the Master Agreements to "this Agreement",
                                         "this Deed", “hereunder” and other like expressions as if the same
                                         referred to such Finance Documents or Master Agreement as amended and supplemented by
                                         this Agreement.

 

    	 	12	 

     

    

  

		5.5	Finance Documents and Master Agreements
                                         to remain in full force and effect

 

The Loan Agreement, all other
Finance Documents and the Master Agreements shall remain in full force and effect as amended and supplemented by:

 

		(a)	the amendments to the Loan Agreement,
                                         the other Finance Documents and the Master Agreements contained or referred to in Clauses
                                         5.1, 5.2, 5.3 and 5.4, the Intercreditor Deed Supplemental Letter and the Mortgage Addenda;
                                         and

 

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

 

		5.6	On the relevant Reflagging Effective
                                         Date in respect of each Collateral Ship, the Security Trustee shall deliver to the Borrowers
                                         (i) evidence that the relevant Original Collateral Mortgage in respect of that Collateral
                                         Ship has been discharged and (ii) executed notices of reassignment of any Insurances
                                         and (if applicable) Earnings in relation to that Collateral Ship.

 

		6	Further Assurances

 

		6.1	Borrowers’ and Corporate Guarantor’s
                                         obligations to execute further documents etc.

 

Each Borrower and the Corporate
Guarantor shall:

 

		(a)	execute and deliver to the Agent (or
                                         as it may direct) any assignment, mortgage, power of attorney, proxy or other document,
                                         governed by the law of England or such other country as the Agent may, in any particular
                                         case, specify; and

 

		(b)	effect any registration or notarisation,
                                         give any notice or take any other step;

 

which the Agent may, by notice
to the Borrowers or the Corporate Guarantor, specify for any of the purposes described in Clause 6.2  or for any similar
or related purpose.

 

		6.2	Purposes of further assurances

 

Those purposes are:

 

		(a)	validly and effectively to create any
                                         Security Interest or right of any kind which the Agent intended should be created by
                                         or pursuant to the Loan Agreement or any other Finance Document, each as amended and
                                         supplemented by this Agreement; and

 

		(b)	implementing the terms and provisions
                                         of this Agreement.

 

		6.3	Terms of further assurances

 

The Agent may specify the terms
of any document to be executed by the Borrowers or, as the case may be, the Corporate Guarantor under Clause 6.1, and those terms
may include any covenants, powers and provisions which the Agent considers appropriate to protect its interests.

 

		6.4	Obligation to comply with notice

 

The Borrowers and the Corporate
Guarantor shall comply with a notice under Clause 6.1 by the date specified in the notice.

 

    	 	13	 

     

    

 

		6.5	Additional corporate action

 

At the same time as the Borrowers
or the Corporate Guarantor deliver to the Agent any document executed under Clause 6.1(a), the Borrowers and the Corporate Guarantor
shall also deliver to the Agent a certificate signed by 2 of the directors or, if applicable, the sole director of each Borrower
or, in the case of the Corporate Guarantor, an officer of the Corporate Guarantor, which shall:

 

		(a)	set out the text of a resolution of
                                         that Borrower's or the Corporate Guarantor’s director specifically authorising
                                         the execution of the document specified by the Agent unless the execution of the relevant
                                         document is authorised by the existing resolutions and general power of attorney of that
                                         Borrower or, as the case maybe, the Corporate Guarantor; and

 

		(b)	state that either the resolution was
                                         duly passed by the sole director validly convened and held throughout and is valid under
                                         that Borrower's or the Corporate Guarantor’s, as the case may be, articles of association
                                         or other constitutional documents.

 

		7	Expenses

 

		7.1	Expenses

 

The provisions of clause 20
(Fees and Expenses) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if
they were expressly incorporated in this Agreement with any necessary modifications.

 

		8	Notices

 

The provisions of clause 28
(Notices) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were
expressly incorporated in this Agreement with any necessary modifications.

 

		9	Supplemental

 

		9.1	Counterparts

 

This Agreement may be executed
in any number of counterparts.

 

		9.2	Third party rights

 

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

 

		10	Law and Jurisdiction

 

		10.1	Governing law

 

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

 

		10.2	Incorporation of the Loan Agreement
                                         provisions

 

The provisions of clause 31
(Law and Jurisdiction) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as
if they were expressly incorporated in this Agreement with any necessary modifications.

 

THIS SUPPLEMENTAL AND RELEASE AGREEMENT
has been duly executed and delivered as a Deed on the date stated at the beginning of this Agreement.

 

    	 	14	 

     

    

 

Execution
Pages

 

	BORROWERS	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by POLYARISTI NAVIGATION CO.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	EXECUTED as a DEED	)	 
	by EFPLOIAS SHIPPING CO.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	EXECUTED as a DEED	)	 
	by AMORITA DEVELOPMENT INC.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	CORPORATE GUARANTOR	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by BOX SHIPS INC.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 

 

    	 	15	 

     

    

  

	COLLATERAL OWNERS	 	
	 	 
	EXECUTED AND DELIVERED as a DEED	)
	by ROSETTA NAVIGATION CORP. LIMITED	)
	acting by its attorney-in-fact	)	 
	 	)	 
	expressly authorised in accordance	)	 
	with the laws of Hong Kong	)	 
	by virtue of a power of attorney granted by	)	 
	ROSETTA NAVIGATION CORP. LIMITED	)	 
	on 12 June 2015	)	 
	such execution being witnessed by:	)	 
	 	)	 
	 	)	 
	Signature of witness:	)	 
	 	 	 
	EXECUTED AND DELIVERED as a DEED	)	
	by TRITON SHIPPING LIMITED	)
	acting by its attorney-in-fact	)
	 	)	 
	expressly authorised in accordance	)	 
	with the laws of Hong Kong	)	 
	by virtue of a power of attorney granted by	)	 
	TRITON SHIPPING LIMITED	)	 
	on 12 June 2015	)	 
	such execution being witnessed by:	)	 
	 	)	 
	 	)	 
	Signature of witness:	)	 
	 	 	 
	LENDERS	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by ABN AMRO BANK N.V.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	EXECUTED as a DEED	)	 
	by HSH NORDBANK AG	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 

 

    	 	16	 

     

    

  

	EXECUTED as a DEED	)	 
	by ITF INTERNATIONAL TRANSPORT	)	 
	FINANCE SUISSE AG	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	AGENT	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by ABN AMRO BANK N.V.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	SECURITY TRUSTEE	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by ABN AMRO BANK N.V.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	UNDERWRITER	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by ABN AMRO BANK N.V.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	SWAP BANKS	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by ABN AMRO BANK N.V.	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 

 

    	 	17	 

     

    

  

	EXECUTED as a DEED	)	 
	by HSH NORDBANK AG	)	 
	acting by	)	 
	its duly authorised attorney-in-fact	)	 
	in the presence of:	)	 

 

    	 	18	 

     

    

  

Appendix
A

 

Released
Finance Documents

 

		1.	Hong Kong Ship Mortgage dated 16 August
                                         2013 executed by Rosetta Navigation Corp. Limited in favour of ABN AMRO BANK N.V. (Charge
                                         Registration No.2013022478).

 

		2.	Deed of Covenant dated 16 August 2013
                                         executed by Rosetta Navigation Corp. Limited in favour of ABN AMRO BANK N.V. (Charge
                                         Registration No. 2013021762).

 

		3.	General Assignment dated 16 August 2013
                                         executed by Rosetta Navigation Corp. Limited in favour of ABN AMRO BANK N.V. (Charge
                                         Registration No. 2013022018).

 

		4.	Charterparty Assignment dated 16 August
                                         2013 executed by Rosetta Navigation Corp. Limited in favour of ABN AMRO BANK N.V. (Charge
                                         Registration No. 2013021760).

 

		5.	Hong Kong Ship Mortgage dated 16 August
                                         2013 executed by Triton Shipping Limited in favour of ABN AMRO BANK N.V. (Charge Registration
                                         No. 2013022015).

 

		6.	Deed of Covenant dated 16 August 2013
                                         executed by Triton Shipping Limited in favour of ABN AMRO BANK N.V. (Charge Registration
                                         No. 2013021763).

 

		7.	General Assignment dated 16 August 2013
                                         executed by Triton Shipping Limited in favour of ABN AMRO BANK N.V. (Charge Registration
                                         No. 2013022479).

 

		8.	Charterparty Assignment dated 16 August
                                         2013 executed by Triton Shipping Limited in favour of ABN AMRO BANK N.V. (Charge Registration
                                         No. 2013021759).

 

    	 	19	 

     

    

  

 

Schedule
1

 

Lenders

 

	Lender	 	Lending Office
	ABN AMRO Bank N.V.	 	93 Coolsingel

        3012 AE

        Rotterdam

        The Netherlands

	 	 	 
	HSH Nordbank AG	 	Gerhart-Hauptmann-Platz 50

        D-20095 Hamburg

        Germany

	 	 	 
	ITF International Transport Finance Suisse AG	 	Wasserwerkstrasse 12

        CH-8006

        Zurich

        Switzerland

 

    	 	20	 

     

    

  

SCHEDULE
2

 

form
of [first] [ROSETTA] [TRITON] EFFECTIVE DATE NOTICE

 

	To :	POLYARISTI NAVIGATION CO.
	 	EFPLOIAS SHIPPING CO. and
	 	AMORITA DEVELOPMENT INC.
	 	c/o Allseas Marine S.A.
	 	15 Karamanli Street
	 	166 73 Voula
	 	Greece
	 	Fax: +30 210 89 95 085
	 	 
	 	Attn:  Legal Department

 

[l]
2015

 

Dear Sirs

 

We refer to the supplemental and release
agreement (the “Supplemental Agreement”) dated [l] June 2015 made
between (i) yourselves as Borrowers, (ii) Rosetta Navigation Corp. Limited and Triton Shipping Limited as collateral owners, (iii)
Box Ships Inc. as Corporate Guarantor, (iv) the banks and financial institutions listed in Schedule 1 therein as Lenders and (v)
ourselves, as Agent, Underwriter, Swap Bank and Security Trustee.

 

Words and expressions defined in the Supplemental
Agreement shall have the same meaning when used in this letter.

 

We write to confirm that the conditions
precedent in Clause [3.1][3.2] of the Supplemental Agreement have been fulfilled [in respect of the [l]
Collateral Ship] and that [accordingly] the [First][Rosetta][Triton] Effective Date is [l]
2015.

 

Yours faithfully

 

for and on behalf of

ABN AMRO BANK N.V.

 

    	 	21	 

     

    

 

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

 

	 	 
	 	 
	 	 
	for and on behalf of	 
	ALLSEAS MARINE S.A.	 

 

    	 	22

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