Document:

EX-10.1

 Exhibit 10.1 

DEED OF MASTER AGREEMENT 
 This deed of
master agreement (the “Master”) is effective as of 27 September, 2013 
 BETWEEN: 

 

	(1)	SCORPIO BULKERS INC., a company incorporated under the laws of The Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
(“SALT”) on its own account and as guarantor and agent for and on behalf of each of its existing wholly owned subsidiaries as of the Effective Date (“SPVs”) as well as any future vessel owning subsidiaries wholly
owned by SALT (“Future SPVs”) (the SPVs and Future SPVs jointly referred to as the “SALT SPVs”); 

  

	(2)	SCORPIO COMMERCIAL MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Boulevard Charles III, Monaco 98000 (“SCM”); and 

 

	(3)	SCORPIO SHIP MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Boulevard Charles III, Monaco 98000 (“SSM”); 

(each a “Party” and together the “Parties”). 

WHEREAS: 
  

	(1)	The SALT SPVs: (i) will control a number of vessels to be delivered from various shipyards; and (ii) may in the future control vessels purchased or chartered in from third parties (the vessels in (i) and
(ii) above hereinafter together referred to as the “Vessels”). References to “control” or “controlled” herein means owned or chartered. 

 

	(2)	SSM and SCM provide technical and commercial management services (respectively). The Vessels require technical and/or commercial management services from SSM and/or SCM (respectively). 

 

	(3)	The Parties have agreed on a standard set of terms for technical and commercial management services, which shall be applicable to all Vessels. 

 

	(4)	The standard set of terms for the commercial management of the Vessels is hereby attached as Annex I (“Standard Commercial Management Terms”) and the standard set of terms for the technical
management of the Vessels is hereby attached as Annex II (“Standard Technical Management Terms”). Both the Standard Commercial Management Terms and the Standard Technical Management Terms (together the “Standard
Management Terms”) form an integral part of this Master. 

 NOW THEREFORE IT IS AGREED as follows: 

 

	 	1.	The Standard Management Terms contain the terms and conditions concerning the commercial and/or technical management provided by SCM and SSM respectively, to each Vessel controlled by the SALT SPVs. 

 

	 	2.	 All Vessels, existing and future, will be governed by the Standard Commercial Management Terms and/or Standard Technical Management Terms, in
each case as amended by the terms detailed in the Confirmation (as defined below). The entry by a 

  
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Vessel under management by SCM and/or SSM and any amendments to the Standard Management Terms (“Management Agreements”), will be evidenced by a written confirmation
(substantially in the form set out in Schedule 1) executed by and between SALT as agent for and on behalf of the relevant SALT SPV on the one hand and SCM and/or SSM on the other hand (the “Confirmation”). Provided always
that where any Vessels are time chartered from third parties (“Time Chartered Vessels”): (i) the Standard Technical Management Terms shall not apply, unless otherwise agreed, and (ii) the Time Chartered Vessels shall be governed
by the Standard Commercial Management Terms, in each case as amended by the terms of the Time Chartered Vessels Confirmation (as defined below). The entry by a Time Chartered Vessel under management by SCM and any amendments to the Standard
Commercial Management Terms, will be evidenced by a written confirmation (substantially in the form set out at Schedule 2) executed by and between SALT as agent for and on behalf of the relevant SALT SPV on the one hand and SCM on the other hand
(the “TC Confirmation”) 

  

	 	3.	The management by SCM and/or SSM pursuant to the Standard Management Terms (as applicable) as amended by the terms detailed in the Confirmation shall be effective as of the date prescribed in the Confirmation or TC
Confirmation, as applicable (the “Effective Date”). 

  

	 	4.	With effect from the date of the Confirmation (“Confirmation Date”) and prior to the Effective Date of each of the Management Agreements each of SCM and SSM undertake to ensure they have the necessary
resources to manage each of the Vessels following the Effective Date. 

  

	 	5.	It is hereby agreed that in each and any of the following circumstances: 

  

	 	i.	any termination or actual or purported withdrawal by SALT or applicable SALT SPVs of a Confirmation and/or Management Agreement prior to the relevant Effective Date, 

 

	 	ii.	a Vessel not being delivered into the respective Management Agreement within 100 days of the respective Effective Date for any reason whatsoever other than (a) the insolvency of the yard where the Vessel is being
built provided that the insolvency prevents and not merely delays construction and delivery of the Vessel and (b) the total loss (actual constructive or compromised) of the vessel whilst under construction at the yard (the aforementioned
5(ii)(a) and 5(ii)(b) being together “Extraordinary Events”); or 

  

	 	iii.	on or prior to the Effective Date (as applicable) the respective Confirmation and/or Management Agreement being declared void or ineffective for any other reason whatsoever, 

an early termination fee of United States Dollars Five Hundred Thousand (US$500,000) in respect of each Confirmation shall immediately become
due and payable by the relevant SALT SPV to SCM or SSM (as applicable) except that in respect of the Extraordinary Events set out above an early termination fee of United States Dollars Sixty Two Thousand Five Hundred (US$62,500) in respect of each
Confirmation shall immediately become due and payable by the relevant SALT SPV to SCM or SSM (as applicable). 

  
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	 	6.	SALT agrees to guarantee and indemnify each of SCM and SSM in respect of the performance by each of the SALT SPVs of its respective obligations under this Master and the Management Agreements and shall issue in favour
of each of SCM and SSM a guarantee in the form attached at Annex 3 on the same date as this Master. 

  

	 	7.	The Parties hereby acknowledge and agree that in the event of any inconsistency between the provisions of this Master and any of the Management Agreements: (i) prior to the applicable Effective Date, the provisions
of the Master shall prevail; and (ii) on and after the applicable Effective Date the provisions of the Management Agreement shall prevail. 

  

	 	8.	This Master may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

 

	 	9.	This Master shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Master 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 Terms
current at the time when the arbitration proceedings are commenced. 

  

	 	10.	No provision of this Master shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this Master or a Future SPV. 

IN WITNESS WHEREOF this Master has been duly executed as a deed and delivered with effect from the date written above. 

 

					
	Executed as a deed by	  	Luca Forgione	  	) /s/ Luca Forgione
	For and on behalf of	  	Scorpio Bulkers Inc.	  	)
	in the presence of	  		  	
	Signature of Witness	  		  	)
	Name, address and occupation of witness	  	)
			
	Executed as a deed by	  	Luca Forgione	  	) /s/ Luca Forgione
	For and on behalf of	  	Scorpio Bulkers Inc.	  	)
	As agent for and on behalf of each of the SALT SPVs:	  	)
	in the presence of:	  		  	
	Signature of Witness	  		  	)
	Name, address and occupation of witness	  	)
		
	Executed as a deed by Aldo Poma	  	) /s/ Aldo Poma
	For and on behalf of	  	)
	Scorpio Commercial Management S.A.M.:	  	)
	in the presence of:	  		  	
	Signature of Witness	  		  	)
	Name, address and occupation of witness	  	)

  
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	Executed as deed by	  	Francesco Bellusci	  	) /s/ Francesco Bellusci
	For and on behalf of	  	)
	Scorpio Ship Management S.A.M.:	  	)
	in the presence of:	  		  	
	Signature of Witness	  	)
	Name, address and occupation of witness	  	)

  
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 Schedule 1 – FORM OF CONFIRMATION TO THE MASTER AGREEMENT DATED [X]
             2013 
 DATE OF CONFIRMATION [X] of [Commercial/Technical]
Management Agreement (“Management Agreement”) 
  

											
	 VESSEL
NAME
	  	VESSEL
DETAILS	  	REGISTERED OWNER
OR DISPONENT
OWNER	  	DATE OF ENTRY
INTO SALT FLEET	  	
DATE OF ENTRY INTO MANAGEMENT BY

[SCM AND/OR SSM] ON [STANDARD

COMMERCIAL MANAGEMENT TERMS AND
STANDARD TECHNICAL MANAGEMENT

TERMS (RESPECTIVELY)] (the “Effective

Date”)
	  	NOTES / AMENDMENTS TO
STANDARD MANAGEMENT TERMS
		  		  		  		  	[Drafting note: If this is a newbuilding then delivery date as per SBC should be inserted here - actual date NOT on or around]	  	

 In respect of the Master Agreement effective as of September 27, 2013 and entered into amongst others, Scorpio Bulkers
Inc., Scorpio Bulkers Inc., for and on behalf of existing and future wholly owned subsidiaries, Scorpio Commercial Management S.A.M. and Scorpio Ship Management S.A.M. (the “Master”), [SALT SPV] hereby acknowledges, confirms and accepts
the terms of the Master. 
 Further, [Insert name of SALT SPV] acknowledges that in the event of any inconsistency between the provisions of this
Master and this Management Agreement: (i) prior to the Effective Date, the provisions of the Master shall prevail; and (ii) on and after the Effective Date the provisions of this Management Agreement shall prevail. 

Scorpio Bulkers Inc.as guarantor for and on behalf of [insert name of SALT SPV]: 

Name: 
 Position: 

Date: 
 [Insert name of SALT SPV] 

Name: 
 Position: 

Date: 

  
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 [Scorpio Commercial Management S.A.M.] [if applicable] 

Name: 
 Position: 

Date: 
 OR 

[Scorpio Ship Management S.A.M.] [if applicable] 

Name: 
 Position: 

Date: 

  
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 Schedule 2 – FORM OF CONFIRMATION TO THE MASTER AGREEMENT DATED [X]
             2013 
 DATE OF CONFIRMATION [X] of Commercial Management
Agreement (“Management Agreement”) 
  

											
	 VESSEL
NAME
	  	VESSEL
DETAILS	  	REGISTERED
OWNER OR
DISPONENT
OWNER	  	DATE OF ENTRY
INTO SALT
FLEET	 	
DATE OF ENTRY INTO
MANAGEMENT BY SCM ON
STANDARD COMMERCIAL
MANAGEMENT TERMS (the
“Effective
Date”)
	  	
NOTES / AMENDMENTS TO STANDARD MANAGEMENT
TERMS

		  		  		  		 	[Drafting note: If this is a newbuilding then delivery date as per SBC should be inserted here - actual date NOT on or around]	  	 The Standard Commercial Management Terms are amended as follows:

 
 Clause 1 “Time Charter”: definition of time charter to be
added.
  
 Clause 12: add “In the event that the Vessel becomes a pool
vessel pursuant to which the Managers are remunerated for services in respect of the Vessel under the terms of the applicable pool agreement, the Managers shall not for this time period be remunerated in accordance with the terms of this
Agreement.
  
 Clause 21(a): delete and replace with

 
 “This Agreement shall come into effect at the date stated in Box 2 and shall
continue until terminated by either party giving notice to the other; in which event this Agreement shall terminate on the date on which the Vessel is re-delivered under the Time Charter unless terminated earlier in accordance with Clause 22
(“Termination”)
  
 Clause 22 (all sub-para): delete all
references to ET1, ET2, ET3 and ET4.
  
 Clause 22(g) delete “an ET2
event or for” and “and an ET1, ET3 and ET4 event”
  
 Clause
22(h) shall be deleted

  
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 In respect of the Master Agreement effective as of September 27, 2013 and entered into amongst others,
Scorpio Bulkers Inc., Scorpio Bulkers Inc., for and on behalf of existing and future wholly owned subsidiaries, Scorpio Commercial Management S.A.M. and Scorpio Ship Management S.A.M. (the “Master”), [SALT SPV] hereby acknowledges,
confirms and accepts the terms of the Master. 
 Further, [Insert name of SALT SPV] acknowledges that in the event of any inconsistency between the
provisions of this Master and this Management Agreement: (i) prior to the Effective Date, the provisions of the Master shall prevail; and (ii) on and after the Effective Date the provisions of this Management Agreement shall prevail.

 Scorpio Bulkers Inc.as guarantor for and on behalf of [insert name of SALT SPV]: 

Name: 
 Position: 

Date: 
 [Insert name of SALT SPV] 

Name: 
 Position: 

Date: 
 Scorpio Commercial Management S.A.M. 

Name: 
 Position: 

Date: 

  
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 Annex I – STANDARD COMMERCIAL MANAGEMENT TERMS 

  
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 Annex II – STANDARD TECHNICAL MANAGEMENT TERMS 

  
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13 

 Annex III – SALT GUARANTEE 

DEED OF GUARANTEE (“Guarantee”) 

To: 
  

	 	(i)	[SCORPIO COMMERCIAL MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Boulevard Charles III, Monaco 98000 (“SCM”)]; and 

 

	 	(ii)	[SCORPIO SHIP MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Boulevard Charles III, Monaco 98000 (“SSM”)]; 

(the “Beneficiary”) 
  

	 	(A)	Background: 

  

	 	(1)	The SALT SPVs being each of the existing wholly owned SALT subsidiaries (as set out in Schedule 1) (“SPVs”) as well as any future vessel owning subsidiaries wholly owned by SALT (“Future
SPVs”) (the SPVs and Future SPVs jointly referred to as the “SALT SPVs”) (a) will control a number of vessels to be delivered from various shipyards; and (b) may in the future control vessels purchased or
chartered in from third parties (the vessels in (a) and (b) above hereinafter together referred to as the “Vessels”). References to “control” or “controlled” herein means owned or chartered.

  

	 	(2)	A Master Agreement effective as of 27 September, 2013 has been entered into amongst others, ourselves, Scorpio Bulkers Inc., Scorpio Bulkers Inc., for and on behalf of existing and future wholly owned subsidiaries,
Scorpio Ship Management S.A.M (“SSM”) and Scorpio Commercial Management S.A.M. (“SCM”), to govern the relationship the aforementioned parties prior to delivery of any of the Vessels and the Management Agreements, as
defined below, becoming effective (the “Master”). 

  

	 	(3)	The Vessels will following delivery be technically and commercially managed by SSM and SCM (respectively). 

  

	 	(B)	Payment Guarantee: 

 In consideration of the Beneficiary entering into
[technical/commercial] management agreements (“Management Agreements”) with any of the SALT SPVs in respect of the Vessels we, Scorpio Bulkers Inc., for ourselves and our successors from time to time (the “Grantor”)
hereby irrevocably and unconditionally guarantee as primary obligor and not merely as the surety, the due and punctual performance of any obligations and payment of any amounts due to the Beneficiary by any of the SALT SPVs under or in connection
with the Management Agreements and Master Agreement. 
  

	 	(C)	Liability Unconditional: 

 The Grantor’s liability under this Guarantee shall not be
discharged, reduced or otherwise affected in any way by any reason (without limitation and whether or not known to the Grantor or the Beneficiary) including (i) the Beneficiary giving the Grantor time or any other concession, (ii) any
composition, discharge, release or other variation of liability entered into with, or granted to, any SALT SPVs, (iii) the Beneficiary taking, holding, varying, realising or not enforcing any other security for the liabilities of any SALT SPVs
or the Grantor under the Master 

  
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and the Management Agreements (as amended, varied, supplemented, replaced or restated from time to time), (iv) any amendment, variation or waiver (however fundamental) of any provision of
any of the Master and the Management Agreements, (v) any legal limitation or incapacity relating to any SALT SPVs or the Grantor, (vi) any invalidity or unenforceability of the obligations of any party under any of the Master and the
Management Agreements or (vii) any other act or omission of the Beneficiary or any other circumstances which, but for this provision, might discharge the Grantor. 

Continuing guarantee 

This Guarantee and the obligations of the Grantor hereunder are a continuing guarantee and shall continue in effect until all obligations and
liabilities whatsoever which fall to be discharged by the Grantor under the Master and the Management Agreements, have been finally discharged in full, notwithstanding any intermediate payment, partial settlement or other matter 

The Grantor’s obligations hereunder shall be in addition to and shall not in any way be prejudiced by any other guarantees granted or
covenants assumed now or in the future by Grantor in favour of the Beneficiary with respect to any claim the Beneficiary has or may have against any SALT SPVs or the Grantor under either of the Master and/or the Management Agreements. 

 

	1	Other security 

 The Beneficiary may enforce this Guarantee without first making demand
on, or taking any proceeding against, any SALT SPVs or any other person first or resorting to any other security, guarantee or other means of payment. The Grantor waives any right it may have of first requiring the Beneficiary to proceed against or
claim payment from any SALT SPVs before claiming from the Grantor hereunder. No action (or inaction) by the Beneficiary in respect of any such security, guarantee or other means of payment shall prejudice or affect the liability of the Grantor
hereunder. 
  

	2	No set-off or counterclaim 

 All payments by the Grantor hereunder shall be made in full,
without set-off or counterclaim and free and clear of any deductions or withholdings or taxes or charges whatsoever in immediately available, freely transferable, cleared funds in United States Dollars for
value on the date specified in the Beneficiary’s demand to the account notified to the Grantor by the Beneficiary. 
  

	3	Assignment 

 The Grantor may not assign or transfer any of its rights or obligations
hereunder. The Beneficiary may assign any of its rights hereunder to a person in favour of whom an assignment has been made under the Master and the Management Agreements. 
  

	4	Notices and demands 

 Any notice or demand by the Beneficiary under this Guarantee shall
be in writing by letter or by fax and shall be deemed to have been served on the Grantor (in the case of a letter) when delivered at its address shown above and (in the case of a telefax) when received in complete and legible form. Any notice or
demand sent by telex shall be deemed to have been served at the time of despatch with confirmed answerback of the Grantor appearing on the transmission. 
  

	5	Law and Disputes 

 This Guarantee shall be governed by and construed in accordance with
English law and any dispute arising out of or in connection with this Guarantee shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or

  
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13 

 
reenactment 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 Terms
current at the time when the arbitration proceedings are commenced. 
 IN WITNESS WHEREOF this Guarantee has been duly executed as a deed and
delivered 
  

					
	Executed as a deed by	  	Luca Forgione	  	)
	For and on behalf of	  	Scorpio Bulkers Inc.	  	)
	in the presence of	  		  	
	Signature of Witness	  	)
	Name, address and occupation of witness	  	)

  
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13 

 Annex I 
  

 
 Printed by BIMCO’s idea SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT PART I Association 1. Place and date of Agreement 2. Date
of commencement of Agreement (Cls. 2, 12, 21 and 25) As per confirmation Managers‘ 3. Owners (name, place of registered office and law of registry) (Cl. 1) 4. Managers (name, place of registered office and law of registry) (Cl. 1) (i) Name: As
per Confirmation (i) Name: Scorpio Commercial Management sam Ship (ii) Place of registered office: Trust Company Complex, Ajeltake Road, Ajeltake Island, (ii) Place of registered office: 9 blvd Charles III, MC98000, Monaco, Principality of Monaco
International Majuro, Marshall Islands 96960 (iii) Law of registry: Principality of Monaco (iii) Law of registry: Marshall Islands the by Approved Guaranteed by Scorpio Bulkers Inc. Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands, 96960 (Guarantor) 2009 and 1998 5. The Company (with reference to the ISM/ISPS Codes) (state name and IMO Unique Company 6. Technical Management (state “yes” or “no” as agreed) (Cl. 4) Identification number. If
the Company is a third party then also state registered office and principal No Revised place of business) (Cls. 1 and 9(c)(i)) (i) Name: Scorpio Ship Management sam 7. Crew Management (state “yes” or “no” as agreed) (Cl. 5(a))
1988. published No (ii) IMO Unique Company Identification number: 0631141 8. Commercial Management (state “yes” or “no” as agreed) (Cl. 6) First (iii) Place of registered office: 9 blvd Charles III, MC98000, Monaco, Principality
of Monaco Yes (iv) Principal place of business: Principality of Monaco 9. Chartering Services period (only to be filled in if “yes” stated in Box 8) (Cl.6(a)) 10. Crew Insurance arrangements (state “yes” or “no” as
agreed) Up to twelve (12) months (i) Crew Insurances* (Cl. 5(b)): No www.bimco.org (ii) Insurance for persons proceeding to sea onboard (Cl. 5(b)(i)): No *only to apply if Crew Management (Cl. 5(a)) agreed (see Box 7) BIMCO at from 11. Insurance
arrangements (state “yes” or “no” as agreed) (Cl. 7) 12. Optional insurances (state optional insurance(s) as agreed, such as available No piracy, kidnap and ransom, loss of hire and FD &amp; D) (Cl. 10(a)(iv)) n/a are 2009
SHIPMAN 13. Interest (state rate of interest to apply after due date to outstanding sums) (Cl. 9(a)) 14. Annual management fee (state annual amount) (Cl. 12(a)) n/a As per Confirmation for Notes Explanatory 15. Manager’s nominated account
(Cl.12(a)) 16. Daily rate (state rate for days in excess of those agreed in budget) (Cl. 12(c)) Beneficiary name and address: Scorpio Commercial Management sam, 9 blvd. Charles III, n/a MC98000 Monaco Bank full name and address: ABN-Amro Bank, PO
Box 1053, 3000 BB Rotterdam, The Netherlands 17. Lay-up period / number of months (Cl.12(d)) A/C No: 0240730453; IBAN: NL13FTSB0240730453; Swift code: FTSBNL2RXXX n/a BIMCO 18. Minimum contract period (state number of months) (Cl. 21(a)) 19.
Management fee on termination (state number of months to apply) (Cl. 22(g)) by published See clause 21(a) Three (3) months of flat management fee plus any Commissions payable to Managers or accrued due or agreed shall remain payable under Clause
22(g) but see also Clause 22(h) Copyright, Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document. 

 

 
 Printed by BIMCO’s ideaSHIPMAN 2009 Standard ship management agreementPART 1 (Continued) 20. Severance Costs (state maximum
amount) (Cl. 22(h)(ii)) 21. Dispute Resolution (state alternative Cl. 23(a), 23(b) or 23(c); if Cl. 23(c) place of arbitration n/a must be stated) (Cl. 23) Clause 23(a) to apply Association 22. Notices (state full style contact details for serving
notice and communication to the Owners) 23. Notices (state full style contact details for serving notice and communication to the Managers) Managers’ (Cl. 24) Cl. 24) As per Confirmation Scorpio Commercial Management sam, 9 blvd Charles III,
MC98000 Monaco. Phone +377 97985850 Fax +377 97985858. E-mail: management@scorpiogroup.net Ship International It is mutually agreed between the party stated in Box 3 and the party stated in Box 4 that this Agreement consisting of PART l and PART ll
as well as Annexes “A” (Details of Vessel or Vessels), “B” (Details of Crew), “C” (Budget), “D” (Associated Vessels) and “E” (Fee Schedule) attached hereto, shall be performed subject to the
conditions contained herein. In the event of a conflict of conditions, the provisions of PART l and Annexes “A”, “B”, “C”, “D” and “E” shall prevail over those of PART ll to the extent of such
conflict but no further. the by Approved Signature(s) (Owners) Signature(s) (Managers) 2009 Signature(s) (Guarantor) and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by
published Copyright, 

 

 
 Printed by BIMCO’s idea ANNEX “A” (DETAILS OF VESSEL OR VESSELS) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE
NAME: SHIPMAN 2009 Date of Agreement: Association Name of Vessel(s): Particulars of Vessel(s): As per Confirmation Managers’ Ship International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from
available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the
event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “B” (DETAILS OF CREW) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME:
SHIPMAN 2009 Date of Agreement: Association Details of Crew: Numbers Rank Nationality Managers’ Ship International NOT APPLICABLE COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are
2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any
modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “C” (BUDGET) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: SHIPMAN 2009 Date
of Agreement: Managers’ initial budget with effect from the commencement date of this Agreement (see Box 2): Association Managers’ Ship NOT APPLICABLE International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First
www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be
clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or
expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “D” (ASSOCIATED VESSELS) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: SHIPMAN
2009 NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX ?D? THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 22(b)(i) OF THIS AGREEMENT. Association Date of Agreement: Managers’ Details of Associated Vessels: As per Confirmation
Ship International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document is a computer generated
SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “E” (FEE SCHEDULE) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: SHIPMAN 2009
Association NOT APPLICABLE Managers’ Ship International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright,
Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is
not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated
document. 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 1—Basis of the Agreement 1. Definitions and Interpretation 1 In
this Shipman 2009 form (together with the Confirmation, any additional clauses of even date herewith and 2 any Annexes hereto (the “Agreement” ) save where the context otherwise requires, the following words and expressions shall have the
meanings hereby assigned to them: 3 “Approved Broker” means any of Arrow, Clarksons, ICAP, Platou and SSY. “Company” (with reference to the ISM Code and the ISPS Code) means the organization identified in Box 5 4 or any
replacement organization appointed by the Owners from time to time (see Sub-clauses 9(b)(i) or 9(c) 5 (ii), whichever is applicable). 6 “Crew” means the personnel of the numbers, rank and nationality specified in Annex “B”
hereto. 7 “Crew Insurances” means insurance of liabilities in respect of crew risks which shall include but not be limited 8 to death, permanent disability, sickness, injury, repatriation, shipwreck unemployment indemnity and loss 9 of
personal effects (see Sub-clause 5(b) (Crew Insurances) and Clause 7 (Insurance Arrangements) and 10 Clause 10 (Insurance Policies) and Boxes 10 and 11). 11 “Crew Support Costs” means all expenses of a general nature which are not
particularly referable to any 12 individual vessel for the time being managed by the Managers and which are incurred by the Managers for the 13 purpose of providing an efficient and economic management service and, without prejudice to the
generality 14 of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet 15 training schemes, sick pay, study pay, recruitment and interviews. 16 “Guarantor” means Scorpio Bulkers Inc.
“Flag State” means the State whose flag the Vessel is flying. 17 “ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution 18 Prevention and any amendment thereto or substitution
therefor. 19 “ISPS Code” means the International Code for the Security of Ships and Port Facilities and the relevant 20 amendments to Chapter XI of SOLAS and any amendment thereto or substitution therefor. 21 “Managers” means the
party identified in Box 4. 22 “Management Services” means the services specified in SECTION 2—Services (Clauses 4 through 7) as 23 indicated affirmatively in Boxes 6 through 8, 10 and 11, and all other functions performed by the
Managers 24 under the terms of this Agreement. 25 “Master Agreement” means the deed of Master Agreement effective as of 27 September 2013 entered into by and between the Guarantor, the Guarantor on behalf of any existing and future wholly
owned subsidiaries, Scorpio Ship Management S.A.M and the Managers. “Owners” means the party identified in Box 3. 26 “Severance Costs” means the costs which are legally required to be paid to the Crew as a result of the early 27
termination of any contracts for service on the Vessel. 28 “SMS” means the Safety Management System (as defined by the ISM Code). 29 “STCW 95” means the International Convention on Standards of Training, Certification and
Watchkeeping 30 for Seafarers, 1978, as amended in 1995 and any amendment thereto or substitution therefor. 31 “Vessel” means the vessel or vessels details of which are set out in Annex “A” attached hereto. 32 Interpretation: the
Managers, Owners and Guarantor acknowledge and agree that in the event of any 1 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement inconsistency between the provisions of the Master Agreement and this Agreement:
(i) prior to and including the Effective Date the provisions of the Master Agreement shall prevail; and (ii) after the Effective Date the provisions of this Agreement shall prevail. 2. Commencement and Appointment 33 With effect from the date stated
in Box 2 for the commencement of the Management Services and continuing 34 unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers 35 hereby agree to act as the Managers of the Vessel in respect of the
Management Services. 36 3. Authority of the Managers 37 Subject to the terms and conditions herein provided, during the period of this Agreement the Managers shall 38 carry out the Management Services in respect of the Vessel as agents for and on
behalf of the Owners. The 39 Managers shall have authority to take such actions as they may from time to time in their absolute discretion 40 consider to be necessary to enable them to perform the Management Services in accordance with sound 41 ship
management practice, including but not limited to compliance with all relevant rules and regulations. 42 WORKING 2 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 2—Services 4. Technical Management 43 (only applicable if agreed
according to Box 6). 44 The Managers shall provide technical management which includes, but is not limited to, the following 45 services: 46 (a) ensuring that the Vessel complies with the requirements of the law of the Flag State; 47 (b) ensuring
compliance with the ISM Code; 48 (c)ensuring compliance with the ISPS Code; 49 (d)providing competent personnel to supervise the maintenance and general efficiency of the Vessel; 50 (e) arranging and supervising dry dockings, repairs, alterations
and the maintenance of the Vessel to the 51 standards agreed with the Owners provided that the Managers shall be entitled to incur the necessary 52 expenditure to ensure that the Vessel will comply with all requirements and recommendations of the 53
classification society, and with the law of the Flag State and of the places where the Vessel is required to 54 trade; 55 (f)arranging the supply of necessary stores, spares and lubricating oil; 56 (g) appointing surveyors and technical consultants
as the Managers may consider from time to time to be 57 necessary; 58 (h) in accordance with the Owners’ instructions, supervising the sale and physical delivery of the Vessel 59 under the sale agreement. However services under this Sub-clause
4(h) shall not include negotiation of the 60 sale agreement or transfer of ownership of the Vessel; 61 (i)arranging for the supply of provisions unless provided by the Owners; and 62 (j) arranging for the sampling and testing of bunkers. 63 5. Crew
Management and Crew Insurances 64 (a) Crew Management 65 (only applicable if agreed according to Box 7) 66 The Managers shall provide suitably qualified Crew who shall comply with the requirements of STCW 95. 67 The provision of such crew management
services includes, but is not limited to, the following services: 68 (i)selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll 69 arrangements, pension arrangements, tax, social security contributions
and other mandatory dues related 70 to their employment payable in each Crew member’s country of domicile; 71 (ii)ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification 72 and certification of
the Crew and employment regulations, such as Crew’s tax and social insurance, are 73 satisfied; 74 (iii)ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are 75 fit for the duties for which
they are engaged and are in possession of valid medical certificates issued in 76 accordance with appropriate Flag State requirements or such higher standard of medical examination 77 as may be agreed with the Owners. In the absence of applicable
Flag State requirements the medical 78 certificate shall be valid at the time when the respective Crew member arrives on board the Vessel and 79 shall be maintained for the duration of the service on board the Vessel; 80 (iv)ensuring that the Crew
shall have a common working language and a command of the English language 81 of a sufficient standard to enable them to perform their duties safely; 82 (v)arranging transportation of the Crew, including repatriation; 83 (vi)training of the Crew; 84
3 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement (vii)conducting union negotiations; and 85 (viii) if the Managers are the
Company, ensuring that the Crew, on joining the Vessel, are given proper 86 familiarisation with their duties in relation to the Vessel’s SMS and that instructions which are essential 87 to the SMS are identified, documented and given to the
Crew prior to sailing. 88 (ix)if the Managers are not the Company: 89 (1) ensuring that the Crew, before joining the Vessel, are given proper familiarisation with their duties 90 in relation to the ISM Code; and 91 (2) instructing the Crew to obey
all reasonable orders of the Company in connection with the operation 92 of the SMS. 93 (x)Where Managers are not providing technical management services in accordance with Clause 4 94 (Technical Management): 95 (1) ensuring that no person connected
to the provision and the performance of the crew management 96 services shall proceed to sea on board the Vessel without the prior consent of the Owners (such consent 97 not to be unreasonably withheld); and 98 (2)ensuring that in the event that the
Owners’ drug and alcohol policy requires measures to be taken 99 prior to the Crew joining the Vessel, implementing such measures; 100 (b) Crew Insurances 101 (only applicable if Sub-clause 5(a) applies and if agreed according to Box 10) 102
The Managers shall throughout the period of this Agreement provide the following services: 103 (i)arranging Crew Insurances in accordance with the best practice of prudent managers of vessels of a 104 similar type to the Vessel, with sound and
reputable insurance companies, underwriters or associations. 105 Insurances for any other persons proceeding to sea onboard the Vessel may be separately agreed by 106 the Owners and the Managers (see Box 10); 107 (ii)ensuring that the Owners are
aware of the terms, conditions, exceptions and limits of liability of the 108 insurances in Sub-clause 5(b)(i); 109 (iii)ensuring that all premiums or calls in respect of the insurances in Sub-clause 5(b)(i) are paid by their 110 due date; 111
(iv)if obtainable at no additional cost, ensuring that insurances in Sub-clause 5(b)(i) name the Owners as 112 a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under 113 no liability in respect of
premiums or calls arising in connection with such insurances. 114 (v)providing written evidence, to the reasonable satisfaction of the Owners, of the Managers’ compliance with 115 their obligations under Sub-clauses 5(b)(ii), and 5(b)(iii)
within a reasonable time of the commencement 116 of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the 117 insurances in Sub-clause 5(b)(i). 118 6. Commercial Management 119 (only applicable if
agreed according to Box 8). 120 The Managers shall provide the following services for the Vessel in accordance with the Owners’ instructions, 121 which shall include but not be limited to: 122 (a) seeking and negotiating employment for the
Vessel and the conclusion (including the execution thereof) 123 of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds the 124 period stated in Box 9, consent thereto in writing shall first be
obtained from the Owners; 125 (b) arranging, in the name and for the account of the Owners, for the provision of bunker fuels of the quality 126 specified by the Owners as required for the Vessel’s trade (see Annex A); 127 (c)voyage estimating
and accounting and calculation of hire, freights, demurrage and/or despatch monies 128 due from or due to the charterers of the Vessel; assisting in the collection of any sums due to the Owners 129 4 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement related to the commercial operation of the Vessel in accordance with Clause 11
(Income Collected and 130 Expenses Paid on Behalf of Owners); 131 If any of the services under Sub-clauses 6(a), 6(b) and 6(c) are to be excluded from the Management Fee, remuneration 132 for these services must be stated in Annex E (Fee Schedule).
See Sub-clause 12(e). 133 (d) issuing voyage instructions including, but not limited to, authorising the Master to release cargo against 134 relevant letter(s) of indemnity; (e) appointing agents; 135 (f) appointing stevedores; and 136 (g) arranging
surveys associated with the commercial operation of the Vessel. 137 7. Insurance Arrangements 138 (only applicable if agreed according to Box 11). 139 The Managers shall arrange insurances in accordance with Clause 10 (Insurance Policies), on such
terms as 140 the Owners shall have instructed or agreed, in particular regarding conditions, insured values, deductibles, 141 franchises and limits of liability. COPY 142 WORKING 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 3 – Obligations 8. Managers’ Obligations 143 (a) The Managers
undertake to use their best endeavours to provide the Management Services as agents 144 for and on behalf of the Owners in accordance with sound ship management practice and to protect and 145 promote the interests of the Owners in all matters
relating to the provision of services hereunder. 146 Provided however, that in the performance of their management responsibilities under this Agreement, the 147 Managers shall be entitled to have regard to their overall responsibility in relation
to all vessels as may from 148 time to time be entrusted to their management and in particular, but without prejudice to the generality of 149 the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in
such 150 manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and 151 reasonable. 152 (b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical 153
Management), they shall procure that the requirements of the Flag State are satisfied and they shall agree 154 to be appointed as the Company, assuming the responsibility for the operation of the Vessel and taking over 155 the duties and
responsibilities imposed by the ISM Code and the ISPS COPY Code, if applicable. 156 9. Owners’ Obligations 157 (a) The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this 158 Agreement. In the event of
payment after the due date of any outstanding sums the Manager shall be entitled 159 to charge interest at the rate stated in Box 13. 160 (b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical 161
Management), the Owners shall: 162 (i) report (or where the Owners are not the registered owners of the Vessel procure that the registered 163 owners report) to the Flag State administration the details of the Managers as the Company as required 164
to comply with the ISM and ISPS Codes; 165 (ii) procure that any officers and ratings supplied by them or on their behalf comply with the requirements 166 of STCW 95; and 167 (iii) instruct such officers and ratings to obey all reasonable orders of
the Managers (in their capacity as the 168 Company) in connection with the operation of the Managers’ safety management system. 169 (c) Where the Managers are not providing technical management services in accordance with Clause 4 170
(Technical WORKING Management), the Owners shall: 171 (i) procure that the requirements of the Flag State are satisfied and notify the Managers upon execution of 172 this Agreement of the name and contact details of the organization that will be the
Company by completing 173 Box 5; 174 (ii) if the Company changes at any time during this Agreement, notify the Managers in a timely manner of 175 the name and contact details of the new organization; 176 (iii) procure that the details of the
Company, including any change thereof, are reported to the Flag State 177 administration as required to comply with the ISM and ISPS Codes. The Owners shall advise the Managers 178 in a timely manner when the Flag State administration has approved
the Company; and 179 (iv) unless otherwise agreed, arrange for the supply of provisions at their own expense. 180 (d) Where the Managers are providing crew management services in accordance with Sub-clause 5(a) the 181 Owners shall: 182 (i) inform
the Managers prior to ordering the Vessel to any excluded or additional premium area under 183 any of the Owners’ Insurances by reason of war risks and/or piracy or like perils and pay whatever 184 additional costs may properly be incurred by
the Managers as a consequence of such orders including, 185 if necessary, the costs of replacing any member of the Crew. Any delays resulting from negotiation 186 with or replacement of any member of the Crew as a result of the Vessel being ordered
to such an area 187 6 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement shall be for the Owners’ account. Should the Vessel be within an area which
becomes an excluded or 188 additional premium area the above provisions relating to cost and delay shall apply; 189 (ii) agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs 190 may properly be incurred
by the Managers as a consequence of such change. If agreement cannot be 191 reached then either party may terminate this Agreement in accordance with Sub-clause 22(e); and 192 (iii) provide, at no cost to the Managers, in accordance with the
requirements of the law of the Flag State, 193 or higher standard, as mutually agreed, adequate Crew accommodation and living standards. 194 (e) Where the Managers are not the Company, the Owners shall ensure that Crew are properly familiarised 195
with their duties in accordance with the Vessel’s SMS and that instructions which are essential to the SMS 196 are identified, documented and given to the Crew prior to sailing. 197 COPY WORKING 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 4 – Insurance, Budgets, Income, Expenses and Fees 10. Insurance
Policies 198 The Owners shall procure, whether by instructing the Managers under Clause 7 (Insurance Arrangements) 199 or otherwise, that throughout the period of this Agreement: 200 (a) at the Owners’ expense, the Vessel is insured for
not less than its sound market value or entered for its 201 full gross tonnage, as the case may be for: 202 (i) hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities; 203 (ii) protection and
indemnity risks (including but not limited to pollution risks, diversion expenses and, 204 except to the extent insured separately by the Managers in accordance with Sub-clause 5(b)(i), Crew 205 Insurances; 206 NOTE: If the Managers are not
providing crew management services under Sub-clause 5(a) (Crew 207 Management) or have agreed not to provide Crew Insurances separately in accordance with Sub-clause 208 5(b)(i), then such insurances must be included in the protection and indemnity
risks cover for the Vessel (see 209 Sub-clause 10(a)(ii) above). COPY 210 (iii) war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew 211 risks); and 212 (iv) such optional insurances
as may be agreed (such as piracy, kidnap and ransom, loss of hire and 213 FD & D) (see Box 12) 214 Sub-clauses 10(a)(i) through 10(a)(iv) all in accordance with the best practice of prudent owners of vessels 215 of a similar type to the
Vessel, with sound and reputable insurance companies, underwriters or associations 216 (“the Owners’ Insurances”); 217 (b) all premiums and calls on the Owners’ Insurances are paid by their due date; 218 (c) the
Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party 219 designated by the Managers as a joint assuredco-assured (mis-direct arrow), with full cover. It is understood that in 220 some cases, such as
protection and indemnity, the normal terms for such cover may impose on the Managers and any such third 221 party a liability in respect of premiums or calls arising in connection with the Owners’ Insurances. 222 If obtainable at no additional
cost, however, the Owners shall procure such insurances on terms such that 223 neither theWORKING Managers nor any such third party shall be under any liability in respect of premiums or calls arising 224 in connection with the Owners’
Insurances. In any event, on termination of this Agreement in accordance 225 with Clause 21 (Duration of the Agreement) and Clause 22 (Termination), the Owners shall procure that the 226 Managers and any third party designated by the Managers as
joint assuredco-assured shall cease to be joint 227 assuredco-assured and, if reasonably achievable, that they shall be released from any and all liability for premiums and calls 228 that may arise in relation to the period of this Agreement; and
229 (d) written evidence is provided, to the reasonable satisfaction of the Managers, of the Owners’ compliance 230 with their obligations under this Clause 10 within a reasonable time of the commencement of the Agreement, 231 and of each
renewal date and, if specifically requested, of each payment date of the Owners’ Insurances. 232 10.1 The Owners may, from time to time, require the Managers to arrange, in the name and for the account of the Owners, for operational insurance
as envisaged in clause 10(a)(iv). 11. Income Collected and Expenses Paid on Behalf of Owners 233 (a) Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of this 234 Agreement (other than monies payable by
the Owners to the Managers) (if any) and any interest thereon shall be 235 held to the credit of the Owners in a separate bank account. 236 (b) All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners 237
8 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement (including expenses as provided in Clause 12(c)) (if any) may be debited against
the Owners in the account referred 238 to under Sub-clause 11(a) but shall in any event remain payable by the Owners to the Managers on demand. 239 (c) All monies collected by the Managers under Clause 6 (Commercial Management) (if any) shall be
paid into a 240 bank account in the name of the Owners or as may be otherwise advised by the Owners in writing. 241 12. Management Fee and Expenses 242 (a) The Owners shall pay to the Managers an annual management fee as stated in Box 14 for their
services 243 as Managers under this Agreement, (i) a flat management fee as stated in the Confirmation and which shall be 244 payable monthly in advance against proper invoice in equal monthly instalments in advance, the first instalment (pro rata
if appropriate) being payable on the commencement of this Agreement (see Clause 2 245 (Commencement and Appointment) and Box 2) and subsequent instalments being payable at the beginning 246 of every calendar month; and 247 (ii) for providing
chartering services in accordance with clause 6(a) a commission of one and a quarter percent (1.25%) on all monies earned by the Owners on each Vessel fixture (“Commission”). The management fee and commissionsshall be payable to the
Managers’ nominated account stated in Box 15 and shall become due and payable from the Owners to the Managers as from the Effective Date. 248 As of the Effective Date any Commission shall be payable on the date when any freight, hire or other
monies are received (“Revenues”) in respect of which Commission COPY is due and Owners hereby authorise Managers to deduct the Commission part of the management fee from Revenues when received. (b) The management fee shall be subject to an
annual review and the proposed fee shall be presented in 249 the annual budget in accordance with Sub-clause 13(a). 250 (c) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, 251 facilities and
stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the 252 Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and 253 other out of pocket expenses properly
incurred by the Managers in pursuance of the Management Services. 254 Any days used by the Managers’ personnel travelling to or from or attending on the Vessel or otherwise used 255 in connection with the Management Services in excess of those
agreed in the budget shall be charged at 256 the daily rate stated in Box 16. 257 (d) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months 258 stated in Box 17, an appropriate reduction of the Management
Fee for the period exceeding such period 259 until one month before the Vessel is again put into service shall be mutually agreed between the parties. If 260 the Managers are providing crew management services in accordance with Sub-clause 5(a),
consequential 261 costs of reduction WORKING and reinstatement of the Crew shall be for the Owners’ account. If agreement cannot be 262 reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). 263 (e) Save as
otherwise provided in this Agreement, all discounts and commissions obtained by the Managers 264 in the course of the performance of the Management Services shall be credited to the Owners. 265 (d) Payment of the flat management fee set out above at
Clause 12(a)(i) and the Commission set out at Clause 12(a)(i) is fully guaranteed by the Guarantor and the Guarantor as the ultimate parent of the Owner acknowledges that the Management Services, the Managers will provide to the Owners, are due
consideration for the giving of this guarantee. 13. Budgets and Management of Funds 266 (a) The Managers’ initial budget is set out in Annex “C” hereto. Subsequent budgets shall be for twelve 267 month periods and shall be prepared by
the Managers and presented to the Owners not less than three 268 months before the end of the budget year. 269 (b) The Owners shall state to the Managers in a timely manner, but in any event within one month of 270 presentation, whether or not they
agree to each proposed annual budget. The parties shall negotiate in good 271 faith and if they fail to agree on the annual budget, including the management fee, either party may terminate 272 this Agreement in accordance with Sub-clause 22(e). 273
(c) Following the agreement of the budget, the Managers shall prepare and present to the Owners their 274 estimate of the working capital requirement for the Vessel and shall each month request the Owners in writing 275 9 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement to pay the funds required to run the Vessel for the ensuing month, including the
payment of any occasional or 276 extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers 277 or provisions. Such funds shall be received by the Managers within ten running days after the receipt by
the 278 Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank 279 account. 280 (d) The Managers shall at all times maintain and keep true and correct accounts in respect of the Management 281
Services in accordance with the relevant International Financial Reporting Standards or such other standard 282 as the parties may agree, including records of all costs and expenditure incurred, and produce a comparison 283 between budgeted and
actual income and expenditure of the Vessel in such form and at such intervals as 284 shall be mutually agreed. 285 The Managers shall make such accounts available for inspection and auditing by the Owners and/or their 286 representatives in the
Managers’ offices or by electronic means, provided reasonable notice is given by the 287 Owners. 288 (e) Notwithstanding anything contained herein, the Managers shall in no circumstances be required to use 289 or commit their own funds to
finance the provision of the Management Services. 290 COPY WORKING 10 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 5 – Legal, General and Duration of Agreement 14. Trading
Restrictions 291 If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew 292 Management), the Owners and the Managers will, prior to the commencement of this Agreement, agree on any 293 trading restrictions to
the Vessel that may result from the terms and conditions of the Crew’s employment. 294 15. Replacement 295 If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew 296 Management), the Owners may require
the replacement, at their own expense, at the next reasonable 297 opportunity, of any member of the Crew found on reasonable grounds to be unsuitable for service. If the 298 Managers have failed to fulfil their obligations in providing suitable
qualified Crew within the meaning of Sub- 299 clause 5(a) (Crew Management), then such replacement shall be at the Managers’ expense. 300 16. Managers’ Right to Sub-Contract 301 Save as provided herein, The Managers shall not subcontract
any of their obligations hereunder without the prior 302 written consent of the Owners which shall not be unreasonably withheld. The Owners consent to the subcontract of (a) the chartering 303 services to Scorpio UK Limited of 32 Dover Street,
London W1S 4NE and Scorpio USA LLC of 2711 Centerville Road, Suite 400, Wilmington Delaware, 19808 County of New Castle; COPY and (b) post-fixture operations to Scorpio Marine Management (India) Pvt Ltd, of A/301 Delphi, Hiranandany Business Park,
Powai, Mumbai, 400076, Maharashtra, India. In the event of such a sub-contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement. 304 17. Responsibilities 305 (a) Force Majeure 306 Neither party
shall be liable for any loss, damage or delay due to any of the following force majeure events 307 and/or conditions to the extent that the party invoking force majeure is prevented or hindered from 308 performing any or all of their obligations
under this Agreement, provided they have made all 309 reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions: 310 (i) acts of God; 311 (ii) any Government requisition, control, intervention, requirement or
interference; 312 (iii) any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, 313 sabotage or piracy, or the consequences thereof; 314 (iv) riots, civil commotion, blockades or embargoes; 315 (v)
epidemics; WORKING 316 (vi) earthquakes, landslides, floods or other extraordinary weather conditions; 317 (vii) strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the 318 Crew) of the party
seeking to invoke force majeure; 319 (viii) fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure; 320 and 321 (ix) any other similar cause beyond the reasonable control of either party. 322 (b)
Liability to Owners 323 (i) Without prejudice to Sub-clause 17(a), the Managers shall be under no liability whatsoever to the Owners 324 for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but 325 not
limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and 326 howsoever arising in the course of performance of the Management Services UNLESS same is proved 327 to have resulted solely from the
negligence, gross negligence or wilful default of the Managers or their 328 employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case 329 (save where loss, damage, delay or expense has resulted from the
Managers’ personal act or omission 330 committed with the intent to cause same or recklessly and with knowledge that such loss, damage, 331 delay or expense would probably result) the Managers’ liability for each incident or series of
incidents 332 11 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement giving rise to a claim or claims shall never exceed a total of ten (10) times
the annual management fee as per Clause 333 12(a)(i) payable hereunder. 334 (ii) Acts or omissions of the Crew—Notwithstanding anything that may appear to the contrary in this 335 Agreement, the Managers shall not be liable for any acts or
omissions of the Crew, even if such acts 336 or omissions are negligent, grossly negligent or wilful, except only to the extent that they are shown to 337 have resulted from a failure by the Managers to discharge their obligations under Clause 5(a)
(Crew 338 Management), in which case their liability shall be limited in accordance with the terms of this Clause 339 17 (Responsibilities). 340 (c) Indemnity 341 Except to the extent and solely for the amount therein set out that the Managers would
be liable under 342 Sub-clause 17(b), the Owners hereby undertake to keep the Managers and their employees, 343 agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, 344 demands or liabilities
whatsoever or howsoever arising which may be brought against them or incurred or 345 suffered by them arising out of or in connection with the performance of this Agreement, and against and in 346 respect of all costs, loss, damages and expenses
(including legal costs and expenses on a full indemnity 347 basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance 348 of this Agreement. COPY 349 (d) “Himalaya” 350 It is hereby
expressly agreed that no employee or agent of the Managers (including every 351 sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be 352 under any liability whatsoever to the Owners for any loss, damage
or delay of whatsoever kind arising or 353 resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in 354 connection with his employment and, without prejudice to the generality of the foregoing
provisions in this 355 Clause 17 (Responsibilities), every exemption, limitation, condition and liberty herein contained and every 356 right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to 357
which the Managers are entitled hereunder shall also be available and shall extend to protect every such 358 employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions 359 of this Clause 17
(Responsibilities) the Managers are or shall be deemed to be acting as agent or trustee 360 on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time 361 (including sub-contractors as aforesaid)
and all such persons shall to this extent be or be deemed to be 362 parties to this Agreement. 363 18. General Administration 364 (a) The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of 365 any incident
WORKING of which the Managers become aware which gives or may give rise to delay to the Vessel or 366 claims or disputes involving third parties and which individually are reasonably estimated to be in excess of 367 US$15,000. (b) The Managers shall
handle and settle all claims and disputes arising out of the Management Services 368 hereunder, unless the Owners instruct the Managers otherwise. The Managers shall keep the Owners 369 appropriately informed in a timely manner throughout the
handling of such claims and disputes. 370 (c) The Owners may request the Managers to bring or defend other actions, suits or proceedings related 371 to the Management Services, on terms to be agreed and subject to the provisions of clause 18(a) and
18(b). 372 (d) The Managers shall have power to obtain appropriate legal or technical or other outside expert advice in 373 relation to the handling and settlement of claims in relation to Sub-clauses 18(a) and 18(b) and disputes and 374 any other
matters affecting the interests of the Owners in respect of the Vessel, save Managers should obtain 375 Owners approval prior to taking any action if time permits and unless the Owners instruct the Managers otherwise. 376 (e) On giving reasonable
notice, the Owners may request, and the Managers shall in a timely manner make 377 available, all documentation, information and records in respect of the matters covered by this Agreement and in 378 respect of the Management Services. either
related to mandatory rules or regulations or other obligations applying to the Owners in respect of 379 the Vessel (including but not limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by 380 relevant legislation. 381 12

 

 
 PART II SHIPMAN 2009 Standard ship management agreement On giving reasonable notice, the Managers may request, and the Owners shall in a
timely manner make 382 available, all documentation, information and records reasonably required by the Managers to enable them 383 to perform the Management Services. 384 (f) The Owners shall arrange for the provision of any necessary guarantee
bond or other security. 385 (g) Any costs incurred by the Managers in carrying out their obligations according to this Clause 18 (General 386 Administration) shall be reimbursed by the Owners. 387 19. Inspection of Vessel 388 The Owners may at any
time after giving reasonable notice to the Managers inspect the Vessel for any reason 389 they consider necessary. 390 20. Compliance with Laws and Regulations 391 The parties will not do or permit to be done anything which might cause any breach or
infringement of the 392 laws and regulations of the Flag State, or of the places where the Vessel trades. 393 21. Duration of the Agreement 394 (a) This Agreement shall come into effect at the date stated in Box 2 and shall continue until terminated
by 395 either party by giving notice to the other; in which event this Agreement shall terminate upon the expiration 396 of the later of the number of months stated in Box 18 or a period ofCOPY two (2) twenty-four (24) months from the date on 397
which such notice is received, unless terminated earlier in accordance with Clause 22 (Termination). 398 (b) Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement 399 shall terminate on the
subsequent arrival of the Vessel at the next mutually convenient port or place. 400 22. Termination 401 (a) Owners’ or Managers’ default 402 If either party fails to meet their obligations under this Agreement, the other party may give
notice to the 403 party in default requiring them to remedy it. In the event that the party in default fails to remedy it within a 404 reasonable time to the reasonable satisfaction of the other party, that party shall be entitled to terminate this
405 Agreement with immediate effect by giving notice to the party in default. 406 If the Managers are convicted of, or admits guilt for, a crime, then the Owners shall be entitled to terminate the Agreement with immediate effect by notice in
writing. (b) Notwithstanding Sub-clause 22(a): 407 (i) The Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the 408 Owners if any monies payable by the Owners and/or the owners of any associated vessel,
details of 409 which are listed WORKING in Annex “D”, shall not have been received in the Managers’ nominated account within 410 ten days (10) of receipt by the Owners of the Managers’ written request, or if the Vessel is
repossessed by 411 the Mortgagee(s). 412 (ii) If the Owners proceed with the employment of or continue to employ the Vessel in the carriage of 413 contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion
414 of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the 415 Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to 416 remedy it within a reasonable
time to the satisfaction of the Managers, the Managers shall be entitled 417 to terminate the Agreement with immediate effect by notice. 418 (iii) If either party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and
419 Clause 10 (Insurance Policies), the other party may give notice to the party in default requiring them to 420 remedy it within ten (10) days, failing which the other party may terminate this Agreement with immediate 421 effect by giving notice
to the party in default. 422 (c) Extraordinary Termination 423 This Agreement shall be deemed to be terminated in the case of the sale of the Vessel (“ET1”) or, if the Vessel 424 becomes a total loss or is declared as a constructive or
compromised or arranged total loss or is requisitioned 425 or has been declared missing or is bareboat chartered for a period of less than three (3) years, when the 426 bareboat charter comes to an end (“ET2”) or, if bareboat chartered for
a period of three (3) years or more, unless otherwise agreed, when the bareboat charter 13 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement comes to an end (“ET3”) or she is not delivered to the Owners within
100 days of the Effective Date (“ET4”). 427 (d) For the purpose of Sub-clause 22(c) hereof: 428 (i) the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be 429 the date on which the
Vessel’s owners cease to be the registered owners of the Vessel; 430 (ii) the Vessel shall be deemed to be lost either when it has become an actual total loss or agreement has 431 been reached with the Vessel’s underwriters in respect of
its constructive total loss or if such agreement 432 with the Vessel’s underwriters is not reached it is adjudged by a competent tribunal that a constructive 433 loss of the Vessel has occurred; and 434 (iii) the date upon which the Vessel is
to be treated as declared missing shall be ten (10) days after the Vessel 435 was last reported or when the Vessel is recorded as missing by the Vessel’s underwriters, whichever 436 occurs first. A missing vessel shall be deemed lost in
accordance with the provisions of Sub-clause 22(d) 437 (ii). 438 (e) In the event the parties fail to agree the annual budget in accordance with Sub-clause 13(b), or to agree 439 a change of flag in accordance with Sub-clause 9(d)(ii), or to agree
to a reduction in the Mangement Fee in 440 accordance with Sub-clause 12(d), either party may terminate this Agreement by giving the other party not 441 less than one month’s notice, the result of which will be the expiry of COPY the Agreement
at the end of the current 442 budget period or on expiry of the notice period, whichever is the later. 443 (f) This Agreement shall terminate forthwith in the event of an order being made or resolution passed 444 for the winding up, dissolution,
liquidation or bankruptcy of either party (otherwise than for the purpose of 445 reconstruction or amalgamation) or if a receiver or administrator is appointed, or if it suspends payment, 446 ceases to carry on business or makes any special
arrangement or composition with its creditors.Either party shall 447 have the right to terminate this Agreement forthwith if the other party: has ceased to trade; suspend payment(s); has an order made or resolution passed for its winding up,
dissolution, liquidation or bankruptcy (otherwise than for the purpose of solvent reconstruction or amalgamation); has a receiver, administrative receiver, administrator or other similar official appointed over all or substantially all of its assets
or undertakings; has a secured party take possession of all or substantially all its assets; has become insolvent or gone into liquidation (unless such liquidation is for the purpose of a solvent reconstruction or amalgamation); makes a general
assignement, arrangement or composition with or for the benefit of its creditors; is unable to pay its debts as they become due; causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in the foregoing text; or, takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. (g) In the event of the termination of this
Agreement for an ET 2 event or for any reason other than default by the 448 Managers and an ET1, ET 3 and ET 4 event the management WORKING fee payable to the Managers according to the provisions of Clause 12 (Management Fee and 449 Expenses), shall
continue to be payable for a further period of the number of months stated in Box 19 as 450 from the effective date of termination. If Box 19 is left blank then ninety (90) days shall apply. 451 (h) In the event of this Agreement being terminated
for an ET1, ET 3 or ET 4 event the management fee payable to the Managers according to the provisions of Clause 12 (Management Fee and Expenses) shall continue to be payable for a further period of twenty-four (24) months. In respect of the above,
the amounts which make up the flat management fee as set out at Clause 12(a)(i) and 12(a) (ii) shall be accellerated and immediately payable in one lump sum on the effective date of termination. In respect of the amounts which make up the Commission
as set out at Clause 12(a)(ii) this shall be calculated so that Commission is deemed payable for a further twenty-four months (“Remaining Period”). Therefore any Commission amounts which have accrued due or been agreed shall remain
payable. For any part of the Remaining Period where no actual Commission has accrued or is due, the amount of the Commission due under this clause shall be calculated on the basis of the Scorpio pool result for this type of vessel or if this is not
available for any reason, the average of three (3) Approved Brokers assessment based on the previous quarter. Provided always that in relation to an ET4 event, no termination sum shall fall due hereunder where the Owner is required to pay an Early
Termination Fee as described in the Master Agreement. (h) In addition, where the Managers provide Crew for the Vessel in accordance with Clause 5(a) (Crew 452 14 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement Management): 453 (i) the Owners shall continue to pay Crew Support Costs during
the said further period of the number of 454 months stated in Box 19; and 455 (ii) the Owners shall pay an equitable proportion of any Severance Costs which may be incurred, not 456 exceeding the amount stated in Box 20. The Managers shall use their
reasonable endeavours to minimise 457 such Severance Costs. 458 (i) On the termination, for whatever reason, of this Agreement, the Managers shall release to the Owners, 459 if so requested, the originals where possible, or otherwise certified
copies, of all accounts and all documents 460 specifically relating to the Vessel and its operation. 461 (j) The termination of this Agreement shall be without prejudice to all rights accrued due between the parties 462 prior to the date of
termination. 463 23. BIMCO Dispute Resolution Clause 464 (a) This Agreement shall be governed by and construed in accordance with English law and any dispute 465 arising out of or in connection with this Agreement shall be referred to arbitration in
London in accordance with 466 the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary 467 to give effect to the provisions of this Clause. COPY 468 The arbitration shall be conducted in accordance
with the London Maritime Arbitrators Association (LMAA) 469 Terms current at the time when the arbitration proceedings are commenced. 470 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint
its 471 arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint 472 its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole 473
arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 474 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so 475 within the 14 days
specified, the party referring a dispute to arbitration may, without the requirement of any 476 further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party 477 accordingly. The award of a sole
arbitrator shall be binding on both parties as if he had been appointed by 478 agreement. 479 Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the 480 appointment of a sole arbitrator. 481 In cases
where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum 482 as the parties WORKING may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims 483 Procedure current at the time when the
arbitration proceedings are commenced. 484 (b) This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code 485 and the Maritime Law of the United States and any dispute arising out of or in connection with
this Agreement 486 shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the 487 third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of 488
enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The 489 proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. 490 In cases where neither the claim
nor any counterclaim exceeds the sum of USD50,000 (or such other sum 491 as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration 492 Procedure of the Society of Maritime Arbitrators, Inc. current at
the time when the arbitration proceedings 493 are commenced. 494 (c) This Agreement shall be governed by and construed in accordance with the laws of the place mutually 495 agreed by the parties and any dispute arising out of or in connection with
this Agreement shall be referred 496 to arbitration at a mutually agreed place, subject to the procedures applicable there. 497 (d) Notwithstanding Sub-clauses 23(a), 23(b) or 23(c) above, the parties may agree at any time to refer to 498 mediation
any difference and/or dispute arising out of or in connection with this Agreement. 499 (i) In the case of a dispute in respect of which arbitration has been commenced under Sub-clauses 23(a), 500 15 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement 23(b) or 23(c) above, the following shall apply: 501 (ii) Either party may at
any time and from time to time elect to refer the dispute or part of the dispute to 502 mediation by service on the other party of a written notice (the “Mediation Notice”) calling on the other 503 party to agree to mediation. 504 (iii)
The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that 505 they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 506 calendar days, failing which on
the application of either party a mediator will be appointed promptly by 507 the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that purpose. 508 The mediation shall be conducted in such place and in
accordance with such procedure and on such 509 terms as the parties may agree or, in the event of disagreement, as may be set by the mediator. 510 (iv) If the other party does not agree to mediate, that fact may be brought to the attention of the
Tribunal 511 and may be taken into account by the Tribunal when allocating the costs of the arbitration as between 512 the parties. 513 (v) The mediation shall not affect the right of either party to seek such relief or take such steps as it
considers 514 necessary to protect its interest. 515 (vi) Either party may advise the Tribunal that they have agreed toCOPY mediation. The arbitration procedure shall 516 continue during the conduct of the mediation but the Tribunal may take the
mediation timetable into 517 account when setting the timetable for steps in the arbitration. 518 (vii) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred 519 in the mediation and the parties
shall share equally the mediator’s costs and expenses. 520 (viii) The mediation process shall be without prejudice and confidential and no information or documents 521 disclosed during it shall be revealed to the Tribunal except to the extent
that they are disclosable under 522 the law and procedure governing the arbitration. 523 (Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.) 524 (e) If Box 21 in Part I is not appropriately
filled in, Sub-clause 23(a) of this Clause shall apply. 525 Note: Sub-clauses 23(a), 23(b) and 23(c) are alternatives; indicate alternative agreed in Box 21. Sub-clause 526 23(d) shall apply in all cases. 527 24. Notices 528 (a) All notices given by
either party or their agents to the other party or their agents in accordance with the 529 provisions WORKING of this Agreement shall be in writing and shall, unless specifically provided in this Agreement to 530 the contrary, be sent to the address
for that other party as set out in Boxes 22 and 23 or as appropriate or 531 to such other address as the other party may designate in writing. 532 A notice may be sent by registered or recorded mail, facsimile, electronically or delivered by hand in
accordance 533 with this Sub-clause 24(a). 534 (b) Any notice given under this Agreement shall take effect on receipt by the other party and shall be deemed 535 to have been received: 536 (i) if posted, on the seventh (7th) day after posting; 537
(ii) if sent by facsimile or electronically, on the day of transmission; and 538 (iii) if delivered by hand, on the day of delivery. 539 And in each case proof of posting, handing in or transmission shall be proof that notice has been given, 540
unless proven to the contrary. 541 25. Entire Agreement 542 This Agreement constitutes the entire agreement between the parties and no promise, undertaking, 543 representation, warranty or statement by either party prior to the date stated in Box 2
shall affect this 544 Agreement. Any modification of this Agreement shall not be of any effect unless in writing signed by or on 545 16 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement behalf of the parties. 546 26. Third Party Rights 547 Except to the extent
provided in Sub-clauses 17(c) (Indemnity) and 17(d) (Himalaya), no third parties may 548 enforce any term of this Agreement. 549 27. Partial Validity 550 If any provision of this Agreement is or becomes or is held by any arbitrator or other
competent body to be 551 illegal, invalid or unenforceable in any respect under any law or jurisdiction, the provision shall be deemed 552 to be amended to the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such
553 amendment is not possible, the provision shall be deemed to be deleted from this Agreement to the extent 554 of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and 555 effect and shall
not in any way be affected or impaired thereby. 556 28. Interpretation 557 In this Agreement: 558 (a) Singular/Plural 559 The singular includes the plural and vice versa as the context admits or requires. 560 (b) Headings COPY 561 The
index and headings to the clauses and appendices to this Agreement are for convenience only and shall not affect 562 its construction or interpretation. 563 (c) Day 564 “Day” means a calendar day unless expressly stated to the
contrary. 565 Any additional clauses attached hereto together with the Confirmation, any subsequent addenda, schedules, appendicies or otherwise, shall be construed as an integral part of this Agreement and shall be interpreted accordingly. WORKING
17 

 Annex II 
  

 
 Printed by BIMCO’s idea SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT PART I Association 1. Place and date of Agreement 2. Date
of commencement of Agreement (Cls. 2, 12, 21 and 25) As per confirmation Managers’ 3. Owners (name, place of registered office and law of registry) (Cl. 1) 4. Managers (name, place of registered office and law of registry) (Cl. 1) (i) Name: (i)
Name: Scorpio Ship Management sam Ship (ii) Place of registered office: Ajeltake Road,Ajeltake Island,Majuro, MH96960, Marshall (ii) Place of registered office: 9 Boulevard Charles III, 98000 Monaco— MC International Islands (iii) Law of
registry: Monaco (iii) Law of registry: Marshall Islands the by Guaranteed by Scorpio Bulkers Inc. Trust Company Complex, Ajeltake Road, Ajeltake Approved Islands, Majuro, Marshall Islands, 96960 (Guarantor) 5. The Company (with reference to the
ISM/ISPS Codes) (state name and IMO Unique Company 6. Technical Management (state “yes” or “no” as agreed) (Cl. 4) Identification number. If the Company is a third party then also state registered office and principal yes place
of business) (Cls. 1 and 9(c)(i)) 2009 (i) Name: Scorpio Ship Management sam 7. Crew Management (state “yes” or “no” as agreed) (Cl. 5(a)) and yes 1998 (ii) IMO Unique Company Identification number: 0631141 8. Commercial
Management (state “yes” or “no” as agreed) (Cl. 6) Revised (iii) Place of registered office: 9 Boulevard Charles III, 98000 Monaco— MC no 1988. published (iv) Principal place of business: Monaco 9. Chartering Services period
(only to be filled in if “yes” stated in Box 8) (Cl.6(a)) 10. Crew Insurance arrangements (state “yes” or “no” as agreed) First no (i) Crew Insurances* (Cl. 5(b)): within owner cover as per 10(a)(ii) (ii) Insurance for
persons proceeding to sea onboard (Cl. 5(b)(i)): within owner cover as per 10(a)(ii) *only to apply if Crew Management (Cl. 5(a)) agreed (see Box 7) www.bimco.org 11. Insurance arrangements (state “yes” or “no” as agreed) (Cl. 7)
12. Optional insurances (state optional insurance(s) as agreed, such as yes piracy, kidnap and ransom, loss of hire and FD &amp; D) (Cl. 10(a)(iv)) BIMCO at FD&amp;D, Kidnap and Ransom while transiting extended GOA from available 13.
Interest (state rate of interest to apply after due date to outstanding sums) (Cl. 9(a)) 14. Annual management fee (state annual amount) (Cl. 12(a)) 1% per month 200,000 USD are 2009 SHIPMAN 15. Manager’s nominated account (Cl.12(a)) 16. Daily
rate (state rate for days in excess of those agreed in budget) (Cl. 12(c)) Beneficiary: SCORPIO SHIP MANAGEMENT 400 USD in excess of 20 days per year travel included for I.B.A.N. : NL55ABNA0242251153 NotesA/C no. : 24 22 51 153 Explanatory 17.
Lay-up period / number of months (Cl.12(d)) Bank: ABN AMBRO 2 months Rotterdam _ The Netherlands Bank’s Swift Code: ABNANL2A THROUGH: The Wells Fargo Bank N.A. (IF NEEDED) NEW YORK BANK SWIFT CODE PNBPUS3NNYC BIMCO 18. Minimum contract period
(state number of months) (Cl. 21(a)) 19. Management fee on termination (state number of months to apply) (Cl. 22(g)) by See Clause 21(a) 3 (three) months but see also Clause 22(g) published None Copyright, Continued This document is a computer
generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s ideaSHIPMAN 2009 Standard ship management agreementPART 1 (Continued) 20. Severance Costs (state maximum amount)
(Cl. 22(h)(ii)) 21. Dispute Resolution (state alternative Cl. 23(a), 23(b) or 23(c); if Cl. 23(c) place of arbitration 80,000 USD must be stated) (Cl. 23) 23(a) Association 22. Notices (state full style contact details for serving notice and
communication to the Owners) 23. Notices (state full style contact details for serving notice and communication to the Managers) Managers’ (Cl. 24) Cl. 24) As per confirmation Scorpio Ship Management sam 9 Boulevard Charles III, 98000-Monaco-MC
Ship tel +377 97985700email fbellusci@scorpio.mc International It is mutually agreed between the party stated in Box 3 and the party stated in Box 4 that this Agreement consisting of PART l and PART ll as well as Annexes “A” (Details of
Vessel or Vessels), “B” (Details of Crew), “C” (Budget), “D” (Associated Vessels) and “E” (Fee Schedule) attached hereto, shall be performed subject to the conditions contained herein. In the event of a
conflict of conditions, the provisions of PART l and Annexes “A”, “B”, “C”, “D” and “E” shall prevail over those of PART ll to the extent of such conflict but no further. the by Approved Signature(s)
(Owners) Signature(s) (Managers) Francesco Bellusci Administrateur Delegue 2009 Signature(s) (Guarantor) and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by published
Copyright, 

 

 
 Printed by BIMCO’s idea ANNEX “A” (DETAILS OF VESSEL OR VESSELS) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE
NAME: SHIPMAN 2009 Date of Agreement: Association Name of Vessel(s): Particulars of Vessel(s): Managers’ As per confirmation Ship International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from
available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the
event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of
discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “B” (DETAILS OF CREW) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: SHIPMAN
2009 Date of Agreement: Association Details of Crew: Numbers Rank Nationality Managers’ Ship International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes
Explanatory BIMCO by published Copyright, Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “C” (BUDGET) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: SHIPMAN 2009 Date
of Agreement: Managers’ initial budget with effect from the commencement date of this Agreement (see Box 2): Association Managers’ Ship International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org
BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a
result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “D” (ASSOCIATED VESSELS) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: SHIPMAN
2009 NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 22(b)(i) OF THIS AGREEMENT. Association Date of Agreement: Managers’ Details of Associated Vessels: Ship
International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document is a computer generated SHIPMAN
2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO
approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 Printed by BIMCO’s idea ANNEX “E” (FEE SCHEDULE) TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: SHIPMAN 2009
Association Managers’ Ship International COPY the by Approved 2009 and 1998 Revised WORKING 1988. published First www.bimco.org BIMCO at from available are 2009 SHIPMAN for Notes Explanatory BIMCO by published Copyright, Continued This document
is a computer generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the
text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 1—Basis of the Agreement 1. Definitions and Interpretation 1 In
this Agreement Shipman 2009 form (together with the Confirmation, any additional clauses of even date 2 herewith and any Annexes hereto (the “Agreement”) save where the context otherwise requires, the following words and expressions shall
have the meanings hereby assigned to them: 3 “Company” (with reference to the ISM Code and the ISPS Code) means the organization identified in Box 5 4 or any replacement organization appointed by the Owners from time to time (see
Sub-clauses 9(b)(i) or 9(c) 5 (ii), whichever is applicable). 6 “Crew” means the personnel of the numbers, rank and nationality specified in Annex “B” hereto. 7 “Crew Insurances” means insurance of liabilities in
respect of crew risks which shall include but not be limited 8 to death, permanent disability, sickness, injury, repatriation, shipwreck unemployment indemnity and loss 9 of personal effects (see Sub-clause 5(b) (Crew Insurances) and Clause 7
(Insurance Arrangements) and 10 Clause 10 (Insurance Policies) and Boxes 10 and 11). 11 “Crew Support Costs” means all expenses of a general nature which are not particularly referable to any 12 individual vessel for the time being managed
by the Managers and which are incurred by the Managers for the 13 purpose of providing an efficient and economic management service and, without prejudice to the generality 14 of the foregoing, shall include the cost of crew standby pay, training
schemes for officers and ratings, cadet 15 training schemes, sick pay, study pay, recruitment and interviews as pertain only to the Vessel and her 16 requirements. “Flag State” means the State whose flag the Vessel is flying. 17
“Guarantor” means Scorpio Bulkers Inc. “ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution 18 Prevention and any amendment thereto or substitution therefor. 19 “ISPS
Code” means the International Code for the Security of Ships and Port Facilities and the relevant 20 amendments to Chapter XI of SOLAS and any amendment thereto or substitution therefor. 21 “Managers” means the party identified in Box
4. 22 “Management Services” means the services specified in SECTION 2—Services (Clauses 4 through 7) as 23 indicated affirmatively in Boxes 6 through 8, 10 and 11, and all other functions performed by the Managers 24 under the terms
of this Agreement. 25 “Master Agreement” means the deed of Master Agreement effective as of 27 September 2013 entered into by and between the Guarantor, the Guarantor on behalf of any existing and future wholly owned subsidiaries, Scorpio
Commercial Management S.A.M and the Managers. “Owners” means the party identified in Box 3. 26 “Severance Costs” means the costs which are legally required to be paid to the Crew as a result of the early 27 termination of any
contracts for service on the Vessel. 28 “SMS” means the Safety Management System (as defined by the ISM Code). 29 “STCW 95” means the International Convention on Standards of Training, Certification and Watchkeeping 30 for
Seafarers, 1978, as amended in 1995 and any amendment thereto or substitution therefor. 31 “Vessel” means the vessel or vessels details of which are set out in Annex “A” attached hereto. 32 Interpretation: the Managers, Owners
and Guarantor acknowledge and agree that in the event of any inconsistency between the provisions of the Master Agreement and this Agreement: (i) prior to and including 1 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement the Effective Date the provisions of the Master Agreement shall prevail; and
(ii) after the Effective Date the provisions of this Agreement shall prevail. 2. Commencement and Appointment 33 With effect from the date stated in Box 2 for the commencement of the Management Services and continuing 34 unless and until terminated
as provided herein, the Owners hereby appoint the Managers and the Managers 35 hereby agree to act as the Managers of the Vessel in respect of the Management Services. 36 3. Authority of the Managers 37 Subject to the terms and conditions herein
provided, during the period of this Agreement the Managers shall 38 carry out the Management Services in respect of the Vessel as agents for and on behalf of the Owners. The 39 Managers shall have authority to take such actions as they may from time
to time in their absolute discretion 40 consider to be necessary to enable them to perform the Management Services in accordance with sound 41 ship management practice, including but not limited to compliance with all relevant rules and regulations.
42 WORKING 2 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 2—Services 4. Technical Management 43 (only applicable if agreed
according to Box 6). 44 The Managers shall provide technical management which includes, but is not limited to, the following 45 services: 46 (a) ensuring that the Vessel complies with the requirements of the law of the Flag State; 47 (b) ensuring
compliance with the ISM Code; 48 (c)ensuring compliance with the ISPS Code; 49 (d)providing competent personnel to supervise the maintenance and general efficiency of the Vessel; 50 (e) arranging and supervising dry dockings, repairs, alterations
and the maintenance of the Vessel to the 51 standards agreed with the Owners provided that the Managers shall be entitled to incur the necessary 52 expenditure to ensure that the Vessel will comply with all requirements and recommendations of the 53
classification society, and with the law of the Flag State and of the places where the Vessel is required to 54 Trade; 55 (f)arranging the supply of necessary stores, spares and lubricating oil; 56 (g) appointing surveyors and technical consultants
as the Managers may consider from time to time to be 57 necessary; 58 (h) in accordance with the Owners’ instructions, supervising the sale and physical delivery of the Vessel 59 under the sale agreement. However services under this Sub-clause
4(h) shall not include negotiation of the 60 sale agreement or transfer of ownership of the Vessel; 61 (i)arranging for the supply of provisions unless provided by the Owners; and 62 (j) arranging for the sampling and testing of bunkers. 63 5. Crew
Management and Crew Insurances 64 (a) Crew Management 65 (only applicable if agreed according to Box 7) 66 The Managers shall provide suitably qualified Crew who shall comply with the requirements of STCW 95. 67 The provision of such crew management
services includes, but is not limited to, the following services: 68 (i)selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll 69 arrangements, pension arrangements, tax, social security contributions
and other mandatory dues related 70 to their employment payable in each Crew member’s country of domicile; 71 (ii)ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification 72 and certification of
the Crew and employment regulations, such as Crew’s tax and social insurance, are 73 satisfied; 74 (iii)ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are 75 fit for the duties for which
they are engaged and are in possession of valid medical certificates issued in 76 accordance with appropriate Flag State requirements or such higher standard of medical examination 77 as may be agreed with the Owners. In the absence of applicable
Flag State requirements the medical 78 certificate shall be valid at the time when the respective Crew member arrives on board the Vessel and 79 shall be maintained for the duration of the service on board the Vessel; 80 (iv)ensuring that the Crew
shall have a common working language and a command of the English language 81 of a sufficient standard to enable them to perform their duties safely; 82 (v)arranging transportation of the Crew, including repatriation; 83 (vi)training of the Crew; 84
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 PART II SHIPMAN 2009 Standard ship management agreement (vii)conducting union negotiations; and 85 (viii) if the Managers are the
Company, ensuring that the Crew, on joining the Vessel, are given proper 86 familiarisation with their duties in relation to the Vessel’s SMS and that instructions which are essential 87 to the SMS are identified, documented and given to the
Crew prior to sailing. 88 (ix)if the Managers are not the Company: 89 (1) ensuring that the Crew, before joining the Vessel, are given proper familiarisation with their duties 90 in relation to the ISM Code; and 91 (2) instructing the Crew to obey
all reasonable orders of the Company in connection with the operation 92 of the SMS. 93 (x)Where Managers are not providing technical management services in accordance with Clause 4 94 (Technical Management): 95 (1) ensuring that no person connected
to the provision and the performance of the crew management 96 services shall proceed to sea on board the Vessel without the prior consent of the Owners (such consent 97 not to be unreasonably withheld); and 98 (2)ensuring that in the event that the
Owners’ drug and alcohol policy requires measures to be taken 99 prior to the Crew joining the Vessel, implementing such measures; 100 (b) Crew Insurances 101 (only applicable if Sub-clause 5(a) applies and if agreed according to Box 10) 102
The Managers shall throughout the period of this Agreement provide the following services: 103 (i)arranging Crew Insurances in accordance with the best practice of prudent managers of vessels of a 104 similar type to the Vessel, with sound and
reputable insurance companies, underwriters or associations. 105 Insurances for any other persons proceeding to sea onboard the Vessel may be separately agreed by 106 the Owners and the Managers (see Box 10); 107 (ii)ensuring that the Owners are
aware of the terms, conditions, exceptions and limits of liability of the 108 insurances in Sub-clause 5(b)(i); 109 (iii)ensuring that all premiums or calls in respect of the insurances in Sub-clause 5(b)(i) are paid by their 110 due date; 111
(iv)if obtainable at no additional cost, ensuring that insurances in Sub-clause 5(b)(i) name the Owners as 112 a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under 113 no liability in respect of
premiums or calls arising in connection with such insurances. 114 (v)providing written evidence, to the reasonable satisfaction of the Owners, of the Managers’ compliance with 115 their obligations under Sub-clauses 5(b)(ii), and 5(b)(iii)
within a reasonable time of the commencement 116 of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the 117 insurances in Sub-clause 5(b)(i). 118 6. Commercial Management 119 (only applicable if
agreed according to Box 8). 120 The Managers shall provide the following services for the Vessel in accordance with the Owners’ instructions, 121 which shall include but not be limited to: 122 (a) seeking and negotiating employment for the
Vessel and the conclusion (including the execution thereof) 123 of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds the 124 period stated in Box 9, consent thereto in writing shall first be
obtained from the Owners; 125 (b) arranging for the provision of bunker fuels of the quality specified by the Owners as required for the 126 Vessel’s trade; 127 (c)voyage estimating and accounting and calculation of hire, freights, demurrage
and/or despatch monies 128 due from or due to the charterers of the Vessel; assisting in the collection of any sums due to the Owners 129 related to the commercial operation of the Vessel in accordance with Clause 11 (Income Collected and 130 4

 

 
 PART II SHIPMAN 2009 Standard ship management agreement Expenses Paid on Behalf of Owners); 131 If any of the services under Sub-clauses
6(a), 6(b) and 6(c) are to be excluded from the Management Fee, remuneration 132 for these services must be stated in Annex E (Fee Schedule). See Sub-clause 12(e). 133 (d)issuing voyage instructions; 134 (e)appointing agents; 135 (f)appointing
stevedores; and 136 (g)arranging surveys associated with the commercial operation of the Vessel. 137 7. Insurance Arrangements 138 (only applicable if agreed according to Box 11). 139 The Managers shall arrange insurances in accordance with Clause
10 (Insurance Policies), on such terms as 140 the Owners shall have instructed or agreed, in particular regarding conditions, insured values, deductibles, 141 franchises and limits of liability. 142 WORKING 5 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 3—Obligations 8. Managers’ Obligations 143 (a)The Managers
undertake to use their best endeavours to provide the Management Services as agents 144 for and on behalf of the Owners in accordance with sound ship management practice and to protect and 145 promote the interests of the Owners in all matters
relating to the provision of services hereunder. 146 Provided however, that in the performance of their management responsibilities under this Agreement, the 147 Managers shall be entitled to have regard to their overall responsibility in relation
to all vessels as may from 148 time to time be entrusted to their management and in particular, but without prejudice to the generality of 149 the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in
such 150 manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and 151 reasonable. 152 (b)Where the Managers are providing technical management services in accordance with Clause 4 (Technical 153
Management), they shall procure that the requirements of the Flag State are satisfied and they shall agree 154 to be appointed as the Company, assuming the responsibility for the operation of the Vessel and taking over 155 the duties and
responsibilities imposed by the ISM Code and the ISPS Code, if applicable. 156 9. Owners’ Obligations 157 (a)The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this 158 Agreement. In the event of
payment after the due date of any outstanding sums the Manager shall be entitled 159 to charge interest at the rate stated in Box 13. 160 (b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical 161
Management), the Owners shall: 162 (i)report (or where the Owners are not the registered owners of the Vessel procure that the registered 163 owners report) to the Flag State administration the details of the Managers as the Company as required 164
to comply with the ISM and ISPS Codes; 165 (ii)procure that any officers and ratings supplied by them or on their behalf comply with the requirements 166 of STCW 95; and 167 (iii)instruct such officers and ratings to obey all reasonable orders of
the Managers (in their capacity as the 168 Company) in connection with the operation of the Managers’ safety management system. 169 (c) Where the Managers are not providing technical management services in accordance with Clause 4 170
(Technical Management), the Owners shall: 171 (i)procure that the requirements of the Flag State are satisfied and notify the Managers upon execution of 172 this Agreement of the name and contact details of the organization that will be the Company
by completing 173 Box 5; 174 (ii)if the Company changes at any time during this Agreement, notify the Managers in a timely manner of 175 the name and contact details of the new organization; 176 (iii)procure that the details of the Company,
including any change thereof, are reported to the Flag State 177 administration as required to comply with the ISM and ISPS Codes. The Owners shall advise the Managers 178 in a timely manner when the Flag State administration has approved the
Company; and 179 (iv)unless otherwise agreed, arrange for the supply of provisions at their own expense. 180 (d)Where the Managers are providing crew management services in accordance with Sub-clause 5(a) the 181 Owners shall: 182 (i)inform the
Managers prior to ordering the Vessel to any excluded or additional premium area under 183 any of the Owners’ Insurances by reason of war risks and/or piracy or like perils and pay whatever 184 additional costs may properly be incurred by the
Managers as a consequence of such orders including, 185 if necessary, the costs of replacing any member of the Crew. Any delays resulting from negotiation 186 with or replacement of any member of the Crew as a result of the Vessel being ordered to
such an area 187 6 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement shall be for the Owners’ account. Should the Vessel be within an area which
becomes an excluded or 188 additional premium area the above provisions relating to cost and delay shall apply; 189 (ii)agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs 190 may properly be incurred
by the Managers as a consequence of such change. If agreement cannot be 191 reached then either party may terminate this Agreement in accordance with Sub-clause 22(e); and 192 (iii)provide, at no cost to the Managers, in accordance with the
requirements of the law of the Flag State, 193 or higher standard, as mutually agreed, adequate Crew accommodation and living standards. 194 (e) Where the Managers are not the Company, the Owners shall ensure that Crew are properly familiarised 195
with their duties in accordance with the Vessel’s SMS and that instructions which are essential to the SMS 196 are identified, documented and given to the Crew prior to sailing. 197 WORKING 7 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement SECTION 4—Insurance, Budgets, Income, Expenses and Fees 10. Insurance
Policies 198 The Owners shall procure, whether by instructing the Managers under Clause 7 (Insurance Arrangements) 199 or otherwise, that throughout the period of this Agreement: 200 (a)at the Owners’ expense, the Vessel is insured for not less
than its sound market value or entered for its 201 full gross tonnage, as the case may be for: 202 (i)hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities; 203 (ii)protection and indemnity risks
(including but not limited to pollution risks, diversion expenses and, 204 except to the extent insured separately by the Managers in accordance with Sub-clause 5(b)(i), Crew 205 Insurances; 206 NOTE: If the Managers are not providing crew
management services under Sub-clause 5(a) (Crew 207 Management) or have agreed not to provide Crew Insurances separately in accordance with Sub-clause 208 5(b)(i), then such insurances must be included in the protection and indemnity risks cover for
the Vessel (see 209 Sub-clause 10(a)(ii) above). 210 (iii)war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew 211 risks); and 212 (iv)such optional insurances as may be agreed (such as piracy,
kidnap and ransom, loss of hire and FD &amp; 213 D) (see Box 12) 214 Sub-clauses 10(a)(i) through 10(a)(iv) all in accordance with the best practice of prudent owners of vessels 215 of a similar type to the Vessel, with sound and reputable
insurance companies, underwriters or associations 216 (“the Owners’ Insurances”); 217 (b)all premiums and calls on the Owners’ Insurances are paid by their due date; 218 (c)the Owners’ Insurances name the Managers and,
subject to underwriters’ agreement, any third party 219 designated by the Managers as a joint assured (or co-assured, as the case may be), with full cover. It is understood 220 that in some cases, such as protection and indemnity, the normal
terms for such cover may impose on the Managers and any such third 221 party a liability in respect of premiums or calls arising in connection with the Owners’ Insurances. 222 If obtainable at no additional cost, however, the Owners shall
procure such insurances on terms such that 223 neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising 224 in connection with the Owners’ Insurances. In any event, on termination of
this Agreement in accordance 225 with Clause 21 (Duration of the Agreement) and Clause 22 (Termination), the Owners shall procure that the 226 Managers and any third party designated by the Managers as joint assured shall cease to be joint assured
227 and, if reasonably achievable, that they shall be released from any and all liability for premiums and calls 228 that may arise in relation to the period of this Agreement; and 229 (d)written evidence is provided, to the reasonable satisfaction
of the Managers, of the Owners’ compliance 230 with their obligations under this Clause 10 within a reasonable time of the commencement of the Agreement, 231 and of each renewal date and, if specifically requested, of each payment date of the
Owners’ Insurances. 232 11. Income Collected and Expenses Paid on Behalf of Owners 233 (a)Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of this 234 Agreement (other than monies payable by the Owners
to the Managers) and any interest thereon shall be 235 held to the credit of the Owners in a separate bank account. 236 (b)All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners 237 (including expenses as
provided in Clause 12(c)) may be debited against the Owners in the account referred to 238 under Sub-clause 11(a) but shall in any event remain payable by the Owners to the Managers on demand. 239 (c)All monies collected by the Managers under Clause
6 (Commercial Management) shall be paid into a 240 8 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement bank account in the name of the Owners or as may be otherwise advised by the
Owners in writing. 241 12. Management Fee and Expenses 242 (a)The Owners shall pay to the Managers an annual management fee as stated in Box 14 for their services 243 as Managers under this Agreement, which shall be payable in equal monthly
instalments in advance, the first 244 instalment (pro rata if appropriate) being payable on the commencement of this Agreement (see Clause 2 245 (Commencement and Appointment) and Box 2) and subsequent instalments being payable at the beginning 246
of every calendar month. The management fee shall be payable to the Managers’ nominated account stated 247 in Box 15. 248 (b)The management fee shall be subject to an annual review and the proposed fee shall be presented in 249 the annual
budget in accordance with Sub-clause 13(a). 250 (c)The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, 251 facilities and stationery. Without limiting the generality of this Clause 12 (Management
Fee and Expenses) the 252 Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and 253 other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. 254 Any days
used by the Managers’ personnel travelling to or from or attending on the Vessel or otherwise used 255 in connection with the Management Services in excess of those agreed in the budget shall be charged at 256 the daily rate stated in Box 16.
257 (d)If the Owners decide to layup the Vessel and such layup lasts for more than the number of months 258 stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period 259 until one month before the Vessel
is again put into service shall be mutually agreed between the parties. If 260 the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential 261 costs of reduction and reinstatement of the Crew shall be for
the Owners’ account. If agreement cannot be 262 reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). 263 (e)Save as otherwise provided in this Agreement, all discounts and commissions obtained by the
Managers 264 in the course of the performance of the Management Services shall be credited to the Owners. 265 (f) Payment of the Management Fee and Expenses set out under this Clause 12(a) is fully guaranteed by the Guarantor and the Guarantor as
the ultimate parent of the Owner acknowledges that the Management Services, the Managers will provide to the Owners, are due consideration for the giving of this guarantee. 13. Budgets and Management of Funds 266 (a)The Managers’ initial budget
is set out in Annex “C” hereto. Subsequent budgets shall be for twelve 267 month periods and shall be prepared by the Managers and presented to the Owners not less than one three 268 months before the end of the budget year. 269 (b)The
Owners shall state to the Managers in a timely manner, but in any event within one month of 270 presentation, whether or not they agree to each proposed annual budget. If the Owners do not respond within one 271 month of presentation, the proposed
annual budget shall be deemed to be accepted. The parties shall negotiate in good faith and if they fail to agree on the annual budget, including the management fee, either party may terminate 272 this Agreement in accordance with Sub-clause 22(e).
273 (c)Following the agreement of the budget, the Managers shall prepare and present to the Owners their 274 estimate of the working capital requirement for the Vessel and and shall each month request the Owners in writing 275 to pay the funds
required to run the Vessel for the ensuing month, including the payment of any unbudgeted, 276 contingency and occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers 277 or provisions.
Such funds shall be received by the Managers within ten running days after the receipt by the 278 Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank 279 account. 280 (d)The Managers shall at
all times maintain and keep true and correct accounts in respect of the Management 281 Services in accordance with the relevant International Financial Reporting Standards or such other standard 282 as the parties may agree, including records of all
costs and expenditure incurred, and produce a comparison 283 9 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement between budgeted and actual income and expenditure of the Vessel in such form
and at such intervals as 284 shall be mutually agreed. 285 The Managers shall make such accounts available for inspection and auditing by the Owners and/or their 286 representatives in the Managers’ offices or by electronic means, provided
reasonable notice is given by the 287 Owners. 288 (e)Notwithstanding anything contained herein, the Managers shall in no circumstances be required to use 289 or commit their own funds to finance the provision of the Management Services. 290 COPY
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 PART II SHIPMAN 2009 Standard ship management agreement SECTION 5—Legal, General and Duration of Agreement 14. Trading Restrictions
291 If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew 292 Management), the Owners will use reasonable efforts to honour any requirement and trading restriction as per 293 contract of employment of the
crew provided same do not violate any laws applicable to the Owner.and the Managers will, prior to the commencement of this Agreement, agree on any trading restrictions to the Vessel that may result from the terms and conditions of the Crew’s
employment. 294 15. Replacement 295 If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew 296 Management), the Owners may require the replacement, at their own expense, at the next reasonable 297
opportunity, of any member of the Crew found on reasonable grounds to be unsuitable for service. If the 298 Managers have failed to fulfil their obligations in providing suitable qualified Crew within the meaning of Sub- 299 clause 5(a) (Crew
Management), then such replacement shall be at the Managers’ expense. 300 16. Managers’ Right to Sub-Contract 301 The Managers shall not subcontract any of their obligations hereunder without the prior written consent of 302 the Owners
which shall not be unreasonably withheld. In the event of such a sub-contract the Managers 303 shall remain fully liable for the due performance of their obligations under this Agreement. It is understood by and 304 between the Parties, and Owners
hereby expressly consent to it, that the Managers may subcontract certain of the services listed in clause 5 to its affiliates Scorpio Crewing Services Pte (“SCS”), Scorpio Marine Management (India) Pvt Ltd (“SMM”) and Zenith
Gemi Isletmeciligi Anonim Sirketi (“Zenith”). The Owner hereby expressly authorizes SCS, SMM and Zenith to execute, as agents only for and on behalf of Owners, the employment agreement with each and every seafarer to be embarked on board
the Vessel. 17. Responsibilities 305 (a)Force Majeure—Neither party shall be liable for any loss, damage or delay due to any of the following 306 force majeure events and/or conditions to the extent that the party invoking force majeure is
prevented or 307 hindered from performing any or all of their obligations under this Agreement, provided they have made all 308 reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions: 309 (i)acts of God; 310
(ii)any Government requisition, control, intervention, requirement or interference; 311 (iii)any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, 312 sabotage or piracy, or the consequences thereof;
313 (iv) riots, civil commotion, blockades or embargoes; 314 (v)epidemics; 315 (vi)earthquakes, landslides, floods or other extraordinary weather conditions; 316 (vii)strikes, lockouts or other industrial action, unless limited to the employees
(which shall not include the 317 Crew) of the party seeking to invoke force majeure; 318 (viii) fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure; 319 and 320 (ix)any other similar cause beyond
the reasonable control of either party. 321 (b)Liability to Owners 322 (i)Without prejudice to Sub-clause 17(a), the Managers shall be under no liability whatsoever to the Owners 323 for any loss, damage, delay or expense of whatsoever nature,
whether direct or indirect, (including but 324 not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and 325 howsoever arising in the course of performance of the Management Services UNLESS same is
proved 326 to have resulted solely from the negligence, gross negligence or wilful default of the Managers or their 327 employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case 328 (save where loss,
damage, delay or expense has resulted from the Managers’ personal act or omission 329 11 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement committed with the intent to cause same or recklessly and with knowledge that
such loss, damage, 330 delay or expense would probably result) the Managers’ liability for each incident or series of incidents 331 giving rise to a claim or claims shall never exceed a total of ten (10) times the annual management fee 332
payable hereunder. 333 (ii)Acts or omissions of the Crew—Notwithstanding anything that may appear to the contrary in this 334 Agreement, the Managers shall not be liable for any acts or omissions of the Crew, even if such acts 335 or omissions
are negligent, grossly negligent or wilful, except only to the extent that they are shown to 336 have resulted from a failure by the Managers to discharge their obligations under Clause 5(a) (Crew 337 Management), in which case their liability shall
be limited in accordance with the terms of this Clause 338 17 (Responsibilities). 339 (c)Indemnity—Except to the extent and solely for the amount therein set out that the Managers would be 340 liable under Sub-clause 17(b), the Owners hereby
undertake to keep the Managers and their employees, 341 agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, 342 demands or liabilities whatsoever or howsoever arising which may be brought
against them or incurred or 343 suffered by them arising out of or in connection with the performance of this Agreement, and against and in 344 respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity
345 basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance 346 of this Agreement. 347 (d)“Himalaya” —It is hereby expressly agreed that no employee or agent of the Managers
(including every 348 sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be 349 under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or 350 resulting
directly or indirectly from any act, neglect or default on his part while acting in the course of or in 351 connection with his employment and, without prejudice to the generality of the foregoing provisions in this 352 Clause 17 (Responsibilities),
every exemption, limitation, condition and liberty herein contained and every 353 right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to 354 which the Managers are entitled hereunder shall also be
available and shall extend to protect every such 355 employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions 356 of this Clause 17 (Responsibilities) the Managers are or shall be deemed to be acting
as agent or trustee 357 on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time 358 (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be 359
parties to this Agreement. 360 18. General Administration 361 (a)The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of 362 any incident of which the Managers become aware which gives or may give rise to
delay to the Vessel or 363 claims or disputes involving third parties. 364 (b)The Managers shall handle and settle all claims and disputes arising out of the Management Services 365 hereunder, unless the Owners instruct the Managers otherwise. The
Managers shall keep the Owners 366 appropriately informed in a timely manner throughout the handling of such claims and disputes. 367 (c)The Owners may request the Managers to bring or defend other actions, suits or proceedings related 368 to the
Management Services, on terms to be agreed. 369 (d)The Managers shall have power to obtain appropriate legal or technical or other outside expert advice in 370 relation to the handling and settlement of claims in relation to Sub-clauses 18(a) and
18(b) and disputes and 371 any other matters affecting the interests of the Owners in respect of the Vessel, unless the Owners instruct 372 the Managers otherwise. 373 (e)On giving reasonable notice, the Owners may request, and the Managers shall in
a timely manner make 374 available, all documentation, information and records in respect of the matters covered by this Agreement 375 either related to mandatory rules or regulations or other obligations applying to the Owners in respect of 376 the
Vessel (including but not limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by 377 relevant legislation. 378 On giving reasonable notice, the Owners may request, and the Managers shall in a timely manner make 379 available, all
documentation, information and records reasonably required by the Managers to enable them 380 12 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement to perform the Management Services. 381 (f)The Owners shall arrange for the
provision of any necessary guarantee bond or other security. 382 (g)Any costs incurred by the Managers in carrying out their obligations according to this Clause 18 (General 383 Administration) shall be reimbursed by the Owners. 384 19. Inspection
of Vessel 385 The Owners may at any time after giving reasonable notice to the Managers inspect the Vessel for any reason 386 they consider necessary. 387 20. Compliance with Laws and Regulations 388 The parties will not do or permit to be done
anything which might cause any breach or infringement of the 389 laws and regulations of the Flag State, or of the places where the Vessel trades. 390 21. Duration of the Agreement 391 (a)This Agreement shall come into effect at the date stated in
Box 2 and shall continue until terminated by 392 either party by giving notice to the other; in which event this Agreement shall terminate upon the expiration of a period of twenty-four (24) months from the date on which such notice is received,
unless terminated earlier in accordance with Clause 22 (Termination). This Agreement shall come into effect at the date stated in Box 2 and shall continue until terminated by either party by giving notice to the other; in which event this Agreement
shall terminate upon the expiration 393 of the later of the number of months stated in Box 18 or a period of two (2) months from the date on which 394 such notice is received, unless terminated earlier in accordance with Clause 22 (Termination). 395
(b)Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement 396 shall terminate on the subsequent arrival of the Vessel at the next mutually convenient port or place. 397 22. Termination 398
(a)Owners’ or Managers’ default 399 If either party fails to meet their obligations under this Agreement, the other party may give notice to the 400 party in default requiring them to remedy it. In the event that the party in default fails
to remedy it within a 401 reasonable time to the reasonable satisfaction of the other party, that party shall be entitled to terminate this 402 Agreement with immediate effect by giving notice to the party in default. 403 (b)Notwithstanding
Sub-clause 22(a): 404 (i)The Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the 405 Owners if any monies payable by the Owners and/or the owners of any associated vessel, details of 406 which are
listed in Annex “D”, shall not have been received in the Managers’ nominated account within 407 ten days of receipt by the Owners of the Managers’ written request, or if the Vessel is repossessed by 408 the Mortgagee(s). 409
(ii)If the Owners proceed with the employment of or continue to employ the Vessel in the carriage of 410 contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion 411 of the Managers is unduly hazardous or
improper, the Managers may give notice of the default to the 412 Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to 413 remedy it within a reasonable time to the satisfaction of the Managers,
the Managers shall be entitled 414 to terminate the Agreement with immediate effect by notice. 415 (iii)If either party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and 416 Clause 10 (Insurance Policies), the
other party may give notice to the party in default requiring them to 417 remedy it within ten (10) days, failing which the other party may terminate this Agreement with immediate 418 effect by giving notice to the party in default. 419
(c)Extraordinary Termination 420 This Agreement shall be deemed to be terminated in the case of the sale of the Vessel (“ET1”) or, if the Vessel 421 becomes a total loss or is declared as a constructive or compromised or arranged total
loss or is requisitioned 422 or has been declared missing or is bareboat chartered for a period of less than three (3) years, when the bareboat 423 charter comes to an end (“ET2”) or, if bareboat chartered, unless otherwise agreed, when
the bareboat charter comes to an end (“ET3”) or she is not delivered to the Owners within 100 days of the Effective Date (“ET4”). 424 13 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement (d)For the purpose of Sub-clause 22(c) hereof: 425 (i)the date upon which the
Vessel is to be treated as having been sold or otherwise disposed of shall be 426 the date on which the Vessel’s owners cease to be the registered owners of the Vessel; 427 (ii)the Vessel shall be deemed to be lost either when it has become an
actual total loss or agreement has 428 been reached with the Vessel’s underwriters in respect of its constructive total loss or if such agreement 429 with the Vessel’s underwriters is not reached it is adjudged by a competent tribunal that
a constructive 430 loss of the Vessel has occurred; and 431 (iii)the date upon which the Vessel is to be treated as declared missing shall be ten (10) days after the Vessel 432 was last reported or when the Vessel is recorded as missing by the
Vessel’s underwriters, whichever 433 occurs first. A missing vessel shall be deemed lost in accordance with the provisions of Sub-clause 22(d) 434 (ii). 435 (e)In the event the parties fail to agree the annual budget in accordance with
Sub-clause 13(b), or to agree 436 a change of flag in accordance with Sub-clause 9(d)(ii), or to agree to a reduction in the Mangement Fee in 437 accordance with Sub-clause 12(d), either party may terminate this Agreement by giving the other party
not 438 less than one month’s notice, the result of which will be the expiry of the Agreement at the end of the current 439 budget period or on expiry of the notice period, whichever is the later. 440 (f)This Agreement shall terminate forthwith
in the event of an order being made or resolution passed 441 for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of 442 reconstruction or amalgamation) or if a receiver or administrator is
appointed, or if it suspends payment, 443 ceases to carry on business or makes any special arrangement or composition with its creditors. Either party shall 444 have the right to terminate this Agreement forthwith if the other party: has ceased to
trade; suspend payment(s); has an order made or resolution passed for its winding up, dissolutiion, liquidation or bankruptcy (otherwise than for the purpose of solvent reconstruction or amalgamation); has a receiver, administrative receiver,
administrator or other similar official appointed over all or substantially all of its assets or undertakings; has a secured party take possession of all or substantialy all its assets; has become insolvent or gone into liquidation (unless such
liquidation is for the purpose of a solvent reconstruction or amalgamation); makes a general assignement, arrangement or composition with or for the benefit of its creditors; is unable to pay its debts as they become due; causes or is subject to any
event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in the foregoing text; or, takes any action in furtherance of, or indicating its consent to, aproval of, or
acquiescence in, any of the foregoing acts. (g)In the event of the termination of this Agreement for an ET 2 event or for any reason other than default by the 445 Managers and an ET1, ET3 and ET4 event the management fee payable to the Managers
according to the provisions of Clause 12 (Management Fee and 446 Expenses), shall continue to be payable for a further period of the number of months stated in Box 19 as 447 from the effective date of termination. If Box 19 is left blank then ninety
(90) days shall apply. 448 In the event of this Agreement being terminated for an ET1, ET3 or ET4 event the management fee payable to the Managers according to the provisions of Clause 12 (Management Fee and Expenses) shall continue to be payable
for a further period of twenty-four (24) months. The amounts payble under this Clause 22(g) shall be accellerated and immediately payable in one lump sum on the effective date of termination. Provided always that in relation to an ET4 event, no
termination sum shall fall due hereunder where the Owner is required to pay any Early Termination Fee as the same is described in the Master Agreement. (h)In addition, where the Managers provide Crew for the Vessel in accordance with Clause 5(a)
(Crew 449 Management): 450 (i)the Owners shall continue to pay Crew Support Costs during the said further period of the number of 451 months stated in Box 19; and 452 (ii)the Owners shall pay an equitable proportion of any Severance Costs which may
be incurred, not 453 exceeding the amount stated in Box 20. The Managers shall use their reasonable endeavours to minimise 454 14 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement such Severance Costs. 455 (i)On the termination, for whatever reason, of this
Agreement, the Managers shall release to the Owners, 456 if so requested, the originals where possible, or otherwise certified copies, of all accounts and all documents 457 specifically relating to the Vessel and its operation. 458 (j)The
termination of this Agreement shall be without prejudice to all rights accrued due between the parties 459 prior to the date of termination. 460 23. BIMCO Dispute Resolution Clause 461 (a)This Agreement shall be governed by and construed in
accordance with English law and any dispute 462 arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with 463 the Arbitration Act 1996 or any statutory modification or re-enactment thereof save
to the extent necessary 464 to give effect to the provisions of this Clause. 465 The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) 466 Terms current at the time when the arbitration proceedings
are commenced. 467 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its 468 arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint
469 its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole 470 arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 471 14 days
specified. If the other party does not appoint its own arbitrator and give notice that it has done so 472 within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any 473 further prior notice to the
other party, appoint its arbitrator as sole arbitrator and shall advise the other party 474 accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by 475 agreement. 476 Nothing herein shall prevent
the parties agreeing in writing to vary these provisions to provide for the 477 appointment of a sole arbitrator. 478 In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum 479 as the parties may agree)
the arbitration shall be conducted in accordance with the LMAA Small Claims 480 Procedure current at the time when the arbitration proceedings are commenced. 481 (b)This Agreement shall be governed by and construed in accordance with Title 9 of the
United States Code 482 and the Maritime Law of the United States and any dispute arising out of or in connection with this Agreement 483 shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the 484
third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of 485 enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The 486 proceedings shall be conducted
in accordance with the rules of the Society of Maritime Arbitrators, Inc. 487 In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum 488 as the parties may agree) the arbitration shall be conducted in
accordance with the Shortened Arbitration 489 Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings 490 are commenced. 491 (c)This Agreement shall be governed by and construed in accordance with
the laws of the place mutually 492 agreed by the parties and any dispute arising out of or in connection with this Agreement shall be referred 493 to arbitration at a mutually agreed place, subject to the procedures applicable there. 494
(d)Notwithstanding Sub-clauses 23(a), 23(b) or 23(c) above, the parties may agree at any time to refer to 495 mediation any difference and/or dispute arising out of or in connection with this Agreement. 496 (i)In the case of a dispute in respect of
which arbitration has been commenced under Sub-clauses 23(a), 497 23(b) or 23(c) above, the following shall apply: 498 (ii)Either party may at any time and from time to time elect to refer the dispute or part of the dispute to 499 mediation by
service on the other party of a written notice (the “Mediation Notice”) calling on the other 500 party to agree to mediation. 501 (iii)The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that
502 15 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement they agree to mediation, in which case the parties shall thereafter agree a
mediator within a further 14 503 calendar days, failing which on the application of either party a mediator will be appointed promptly by 504 the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that
purpose. 505 The mediation shall be conducted in such place and in accordance with such procedure and on such 506 terms as the parties may agree or, in the event of disagreement, as may be set by the mediator. 507 (iv)If the other party does not
agree to mediate, that fact may be brought to the attention of the Tribunal 508 and may be taken into account by the Tribunal when allocating the costs of the arbitration as between 509 the parties. 510 (v)The mediation shall not affect the right of
either party to seek such relief or take such steps as it considers 511 necessary to protect its interest. 512 (vi)Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall 513 continue during the
conduct of the mediation but the Tribunal may take the mediation timetable into 514 account when setting the timetable for steps in the arbitration. 515 (vii)Unless otherwise agreed or specified in the mediation terms, each party shall bear its own
costs incurred 516 in the mediation and the parties shall share equally the mediator’s costs and expenses. 517 (viii) The mediation process shall be without prejudice and confidential and no information or documents 518 disclosed during it
shall be revealed to the Tribunal except to the extent that they are disclosable under 519 the law and procedure governing the arbitration. 520 (Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)
521 (e)If Box 21 in Part I is not appropriately filled in, Sub-clause 23(a) of this Clause shall apply. 522 Note: Sub-clauses 23(a), 23(b) and 23(c) are alternatives; indicate alternative agreed in Box 21. Sub-clause 523 23(d) shall apply in all
cases. 524 24. Notices 525 (a)All notices given by either party or their agents to the other party or their agents in accordance with the 526 provisions of this Agreement shall be in writing and shall, unless specifically provided in this Agreement
to 527 the contrary, be sent to the address for that other party as set out in Boxes 22 and 23 or as appropriate or 528 to such other address as the other party may designate in writing. 529 A notice may be sent by registered or recorded mail,
facsimile, electronically or delivered by hand in accordance 530 with this Sub-clause 24(a). 531 (b)Any notice given under this Agreement shall take effect on receipt by the other party and shall be deemed 532 to have been received: 533 (i)if
posted, on the seventh (7th) day after posting; 534 (ii)if sent by facsimile or electronically, on the day of transmission; and 535 (iii)if delivered by hand, on the day of delivery. 536 And in each case proof of posting, handing in or transmission
shall be proof that notice has been given, 537 unless proven to the contrary. 538 25. Entire Agreement See Additional Clause 48. 539 Any additional clauses attached hereto together with the Confirmation, any subsequent addenda, schedules, appendices
or otherwise, shall be construed as an integral part of this Agreement and shall be interpreted accordingly. This Agreement constitutes the entire agreement between the parties and no promise, undertaking, 540 representation, warranty or statement
by either party prior to the date stated in Box 2 shall affect this 541 Agreement. Any modification of this Agreement shall not be of any effect unless in writing signed by or on 542 behalf of the parties. 543 26. Third Party Rights 544 Except to
the extent provided in Sub-clauses 17(c) (Indemnity) and 17(d) (Himalaya) and additional clause 43, no 545 16 

 

 
 PART II SHIPMAN 2009 Standard ship management agreement third parties may enforce any term of this Agreement. 546 27. Partial Validity
547 If any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be 548 illegal, invalid or unenforceable in any respect under any law or jurisdiction, the provision shall be deemed 549 to be amended to
the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such 550 amendment is not possible, the provision shall be deemed to be deleted from this Agreement to the extent 551 of such illegality, invalidity or
unenforceability, and the remaining provisions shall continue in full force and 552 effect and shall not in any way be affected or impaired thereby. 553 28. Interpretation 554 In this Agreement: 555 (a)Singular/Plural 556 The singular includes the
plural and vice versa as the context admits or requires. 557 (b)Headings 558 The index and headings to the clauses and appendices to this Agreement are for convenience only and shall not affect 559 its construction or interpretation. 560 (c)Day 561
“Day” means a calendar day unless expressly stated to the contrary. 562 17EX-10.2

 Exhibit 10.2 

ADMINISTRATIVE SERVICES AGREEMENT 

THIS ADMINISTRATIVE SERVICES AGREEMENT (as the same may be amended or modified from time to time, this “Agreement”),
effective as of September 27, 2013, is by and between Scorpio Bulkers Inc., a Marshall Islands corporation (the “Company”), and Scorpio Services Holding Company Ltd., a Marshall Islands corporation (“SSH” or
the “Administrator”). 
 RECITALS 

A. The Company was recently formed in anticipation of one or more equity raises by way of private placement and a subsequent public offering
(the “Public Offering”) of shares of its common stock, par value $0.01 per share (“Common Shares”). 
 B.
In order to provide administrative services to the Company with respect to Vessels it may acquire or charter and its business, the Company desires to engage the Administrator to provide, directly or indirectly, such services to the Company as are
set out herein, and the Administrator desires to provide such services to the Company, on the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and premises of the Parties herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 1. DEFINITIONS AND INTERPRETATION 

1.1 Certain Definitions. In this Agreement, including the recitals hereto, unless the context requires otherwise, the following
terms shall have the respective meanings set forth below: 
 “Accounting Referee” has the meaning ascribed to such term in
Section 6.3. 
 “Administrator Breach” has the meaning ascribed to such term in Section 8.3(a). 

“Administrator Indemnified Persons” has the meaning ascribed to such term in Section 7.3. 

“Administrator Misconduct” has the meaning ascribed to such term in Section7.1(a). 

“Administrator’s Personnel” means all individuals who are employed by or have entered into consulting arrangements with
the Administrator or any subcontractor under Section 2.3. 
 “Affiliates” means, with respect to any Person as at any
particular date, any other Persons that directly or indirectly, through one or more intermediaries, are Controlled by, Control or are under common Control with the Person in question, and “Affiliate” means any one of them. 

“Applicable Laws” means, in respect of any Person, property, transaction or event, all laws, statutes, ordinances,
regulations, municipal by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event, all applicable official directives, rules, consents, approvals, authorizations, guidelines, orders, codes of practice and
policies of any Governmental Authority having authority over that Person, property, transaction or event and having the force of law, and all general principles of common law and equity. 

“Board of Directors” means the board of directors of the Company, as the same may be constituted from time to time. 

“Books and Records” means all books of accounts and records, including tax records, sales and purchase records, Vessel
records, computer software, formulae, business reports, plans and projections and all other documents, files, correspondence and other information of the Company with respect to the Vessels or the Business (whether or not in written, printed,
electronic or computer printout form). 

 “Business” means the Company’s business of owning, operating and/or
chartering or re-chartering Vessels to other Persons and any other lawful act or activity customarily conducted in conjunction therewith. 

“Business Day” means a day other than a Saturday, Sunday or statutory holiday on which the banks
in New York, New York and Monaco are required to close. 
 “Change of Control” has the meaning ascribed to such term in
Section 8.4. 
 “Chief Financial Officer” means the chief financial officer of the Company. 

“Common Shares” has the meaning ascribed to such term in the recitals to this Agreement. 

“Company” has the meaning ascribed to such term in the preamble, and to the extent applicable, references to the Company
shall include the Company’s wholly owned Subsidiaries. 
 “Company Breach” has the meaning ascribed to such term in
Section 8.4(b). 
 “Company Indemnified Persons” has the meaning ascribed to such term in Section 7.3. 

“Confidential Information” means all nonpublic or proprietary information or data (including all oral and visual information
or data recorded in writing or in any other medium or by any other method) relating to a Disclosing Party that is obtained from the Disclosing Party or any third party on the Disclosing Party’s behalf, at any time before, simultaneously with,
or after the execution of this Agreement; and, without prejudice to the general nature of the foregoing definition, the term Confidential Information shall include, but not by way of limitation, (i) information regarding the Disclosing
Party’s existing or proposed operations, business plans, market opportunities, and business affairs and (ii) any information ascertainable by inspection of Confidential Information disclosed to the Receiving Party or by the analysis of any
materials supplied to the Receiving. Notwithstanding the foregoing, Confidential Information shall not include any information which (x) is public knowledge at the time of disclosure or which subsequently becomes public knowledge other than as
a result of a breach of this Agreement; (y) the Receiving Party can show was made available to it by some other Person who had a right to do so and who was not subject to any obligation of confidentiality or restricted use regarding such
information; or (z) was developed by the Receiving Party independently without use of any confidential information provided hereunder or by a third party in breach of its confidentiality obligations. 

“Control” or “Controlled” means, with respect to any Person, the right to elect or appoint, directly or
indirectly, a majority of the directors of such Person or a majority of the Persons who have the right, including any contractual right, to manage and direct the business, affairs and operations of such Person, or the possession of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of Voting Securities, by contract, or otherwise. 

“Costs and Expenses” has the meaning ascribed to such term in Section 6.1. 

“Credit Facility” means any credit facility agreement to which any Company may be a party from time to time. 

“Designated Representative” and “Designated Representatives” each have the meaning ascribed to such terms in
Section 9.1. 
 “Disclosing Party” means a Party who has disclosed Confidential Information hereunder to the other
Party or on whose behalf Confidential Information has been disclosed to the other Party. 
 “Dispute” has the meaning
ascribed to such term in Section 9.1. 

  
 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 “Existing Ownership Group” means SSH and all Affiliates thereof.  

“Fiscal Quarter” means a fiscal quarter for the Company or, in the case of the fiscal quarter ending June 30,
2013, the portion of such fiscal quarter between the date of this Agreement and the commencement of the next fiscal quarter.  

“Fiscal Year” means the fiscal year of the Company, being the twelve-month period ending December 31. 

 “GAAP” means the generally accepted accounting principles 

“Governmental Authority” means any domestic or foreign government, including any federal, provincial, state,
territorial or municipal government, any multinational or supranational organization, any government agency (including the SEC), any tribunal, labor relations board, commission or stock exchange (including the New York Stock Exchange), and any other
authority or organization exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government.  

“Initial Term” has the meaning ascribed to such term in Section 8.1.  

“Legal Action” means any action, claim, complaint, demand, suit, judgment, investigation or proceeding, pending or
threatened, by any Person or before any Governmental Authority.  
 “Losses” means losses, expenses, costs,
liabilities and damages, excluding lost profits and consequential damages, but including interest charges, penalties, fines and monetary sanctions.  

“Mediator’s Report” has the meaning ascribed to such term in Section 9.2(c).  

“Parties” means the Company and the Administrator.  

“Person” means an individual, corporation, limited liability company, partnership, joint venture, trust or trustee,
unincorporated organization, association, Governmental Authority or other entity.  
 “President” means the
president of the Company.  
 “Public Offering” has the meaning ascribed to such term in the recitals to this
Agreement. 
 “Questioned Items” has the meaning ascribed to such term in Section 3.4(b).  

“Receiving Party” means a Party to whom Confidential Information of a Disclosing Party has been disclosed hereunder.
 
 “Renewal Term” has the meaning ascribed to such term in Section 8.2.  

“Purchase Fee” has the meaning ascribed to such term in Section 6.1. 

“SEC” means the United States Securities and Exchange Commission.  

“Services” has the meaning set out in Section 3.1. 

“Subsidiary(ies)” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power
of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, 

  
 3 

 
by such Person, by one or more Persons Controlled by such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Person Controlled by such
Person is, at the date of determination, a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class)
is owned, directly or indirectly, at the date of determination, by such Person, one or more Persons Controlled by such Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person,
one or more Persons Controlled by such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority
of the directors or other governing body of such Person. 
 “Term” means the Initial Term and any Renewal Term, in
each case subject to any early termination of this Agreement as permitted herein.  
 “Vessels” means the
vessels controlled (ie owned and/or chartered in) by the Company or any of its Subsidiaries.  
 “Volume Weighted Average
Price” or “VWAP” means the ratio of the value traded to total volume traded over a particular time horizon as described in Schedule 1 

“Voting Securities” means securities of all classes of a Person entitling the holders thereof to vote on a regular
basis in the election of members of the board of directors or other governing body of such Person.  
 1.2 Construction. In
this Agreement, unless the context requires otherwise:  
 (a) references to laws and regulations refer to such laws and regulations
as they may be amended from time to time, and references to particular provisions of a law or regulation include any corresponding provisions of any succeeding law or regulation; 

(b) references to money refer to legal currency of the United States; 

(c) “including” means “including, without limitation,” whether or not so expressed; 

(d) words importing the singular include the plural and vice versa, and words importing gender include all genders; and 

(e) a reference to an “approval,” “authorization,” “consent,” “notice” or “agreement” means
an approval, authorization, consent, notice or agreement, as the case may be, in writing. 
 1.3 Headings. All article or section
headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof.  

2. ENGAGEMENT OF ADMINISTRATOR 

2.1 Engagement. The Company hereby engages the Administrator to provide, upon the Company’s request, the Services specified herein,
and the Administrator hereby accepts such engagement, all in accordance with the terms of this Agreement. The Company and the Administrator each acknowledge that to the extent set out in this Agreement, the Administrator is acting solely on behalf
of, as agent of and for the account of, the Company. The Administrator shall advise Persons with whom it deals on behalf of the Company that it is conducting such business for and on behalf of the Company.  

2.2 Powers and Duties of the Administrator. The Administrator shall take such actions on its own behalf or on behalf of the Company as
it from time to time considers necessary or appropriate to enable it to perform its obligations under this Agreement, subject to customary oversight and supervision of the Company, its Board of Directors and its executive officers. The Administrator
shall use its reasonable best efforts to provide the Services hereunder in a commercially reasonable manner and with the care, diligence and skill that a prudent manager would  

  
 4 

 
possess and exercise, except that the Administrator may allocate available supplies, manpower and services in such manner as in the prevailing circumstances the Administrator, acting reasonably,
considers to be fair and reasonable. 
 2.3 Ability to Subcontract. The Administrator may subcontract any of its duties and
obligations hereunder to provide the Services to any of its Affiliates without the consent of the Company and may subcontract its duties and obligations hereunder to provide the Services to Persons that are not Affiliates with the prior written
consent of the Company. In the event of any subcontract by the Administrator, the Administrator shall promptly notify the Company thereof and shall remain fully liable for the due performance of its obligations under this Agreement. To the extent
the Administrator subcontracts any of the Services hereunder, the Company may directly pay the relevant subcontractor all reasonable direct and indirect fees, costs, reimbursements, and other expenses payable to such subcontractor as the
Administrator may direct.  
 2.4 Outside Activities; Competition. The Company acknowledges that the Administrator and its
Affiliates may have business interests and engage in business activities in addition to those relating to the Company and its Affiliates, for their own respective accounts and for the accounts of other Persons. The Administrator and its Affiliates
may undertake activities that compete with the activities of the Company. The Administrator agrees that it will provide the same level of service to the Company or any subsidiary thereof as it would to any other Affiliate.  

2.5 Limitation on Administrator’s Acquisition of Certain Vessels. Recognizing the Company’s intentions to acquire Vessels
meeting certain specific characteristics, the Administrator, on its own behalf and for that of its Subsidiaries, hereby agrees that, for the duration of this Agreement, neither it nor its Subsidiaries shall directly own dry bulk carriers of greater
than 30,000 deadweight tons.  
 2.6 Authority of the Parties. Each Party represents to the other that it is duly authorized
with full power and authority to execute, deliver and perform its obligations under this Agreement. The Company represents that the engagement of the Administrator has been duly authorized by the Company and is in accordance with all governing
documents of the Company.  
 2.7 Inspection of Books and Records. At all reasonable times and on reasonable notice, any
Person authorized by the Company may inspect, examine, copy and audit the Books and Records of the Company kept by the Administrator pursuant to this Agreement.  

3. ADMINISTRATIVE SERVICES 

The Administrator shall provide to the Company the services described in this Section 3 (collectively, the “Services”).

 3.1 Accounting and Records. The Administrator shall, on behalf of the Company, establish an accounting system, including the
development, implementation, maintenance and monitoring of internal control over financial reporting and disclosure controls and procedures, and maintain Books and Records, with such modifications as may be necessary to comply with Applicable Laws.
The Books and Records shall contain particulars of receipts and disbursements relating to the Company’s assets and liabilities and shall be kept pursuant to normal commercial practices that will permit financial statements to be prepared for
the Company in accordance with US GAAP. The Books and Records shall be the property of the Company but shall be kept at the Administrator’s primary office or such other place as the Company and the Administrator may mutually agree. Upon
expiration or termination of this Agreement, all of the Books and Records shall be provided to the Company or as the Company shall direct.  

3.2 Reporting Requirements. The Administrator shall prepare and deliver to the President and the Chief Financial Officer the following
reports, which the Administrator shall use its reasonable best efforts to prepare and deliver within the time periods specified below or, if not so specified, within the time period requested by the relevant party:  

(a) a quarterly report to be delivered within 45 days of the end of each Fiscal Quarter setting out the interim financial results of the
Company for such quarter and for the applicable Fiscal Year through the end of such Fiscal Quarter; 

  
 5 

 (b) as and when requested by the Board of Directors, the President or the Chief Financial
Officer, draft reports regarding financial and other information required in connection with Applicable Laws (including annual and other reports that may be required to be filed under the Exchange Act and all other Applicable Laws); and 

(c) as and when reasonably requested by the Company from time to time, such other reports with respect to financial and other information of
the Company. 
 3.3 Financial Statements and Tax Returns. At the instruction of the Chief Financial Officer, the Administrator shall
prepare and deliver for review by the Chief Financial Officer and the Audit Committee of the Board of Directors the following, which the Administrator shall use its reasonable best efforts to prepare and deliver within the time periods specified
below or, if not so specified, within the time period requested by the relevant party:  
 (a) within 45 days of the end of each
Fiscal Quarter, unaudited financial statements of the Company for such Fiscal Quarter, to be reviewed by the external auditors of the Company, prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated basis
with all Subsidiaries of the Company; 
 (b) within 60 days of the end of each Fiscal Year, financial statements of the Company for such
Fiscal Year, to be audited by the external auditors of the Company, prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries of the Company; and 

(c) tax returns for the Company and all of its Subsidiaries required to be filed by Applicable Laws. 

Notwithstanding the foregoing, in the event that the Company’s reporting obligations are accelerated under the Exchange Act beyond what
such obligations are at the time of the Public Offering, the Administrator shall use its reasonable best efforts to provide to the Company the financial statements referred to in clauses (a) and (b) above within such periods as shall be
required for the Company to comply with any reporting requirements under the Exchange Act or other similar applicable laws and regulations. 

In addition, the Administrator shall attend to the time calculation and payment of all taxes payable by the Company. At the instruction of the
Chief Financial Officer, the Administrator shall cause the Company’s external accountants to review the Company’s unaudited financial statements, audit the Company’s annual financial statements and finalize tax returns. The
Administrator shall make available to the Company’s accountants the relevant Books and Records for the Company and shall assist the accountants in their duties. 

3.4 Legal and Securities Compliance Services. 

(a) Responsibilities of the Administrator. 

The Administrator shall assist the Company with the following items, whether or not related to any of the Vessels: 

(i) compliance with all Applicable Laws, including all relevant securities laws and the rules and regulations of the SEC, the New York Stock
Exchange or any other securities exchange upon which the Company’s securities are listed; 
 (ii) arranging for the provision of
advisory services to the Company with respect to the Company’s obligations under applicable securities laws in the United States and disclosure and reporting obligations under applicable securities laws, including the preparation for review,
approval and filing by the Company of reports and other documents with the SEC and all other applicable regulatory authorities; 
 (iii)
maintaining the Company’s corporate existence and good standing in all necessary jurisdictions and assisting in all other corporate and regulatory compliance matters; 

(iv) conducting investor relations functions on behalf of the Company; and 

  
 6 

 (v) adjusting and negotiating settlements, with or on behalf of claimants or underwriters, of any
claim, damages for which are recoverable under insurance policies (subject to any applicable deductible). 
 (b) Administration and
Settlement of Legal Actions. 
 If any Legal Action is commenced against or is required to be commenced in favor of the Company or any of
the Vessels, the Administrator shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the Company, including retaining and instructing legal counsel, investigating
the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Administrator shall assist the Company in administering and supervising any such Legal Actions and shall keep the Company advised of the status thereof.
The Administrator may settle any Legal Action on behalf of a Company where the amount of settlement is less than $500,000 with the approval of the President or the Chief Financial Officer and, in excess of such amount, with the approval of the Board
of Directors. 
 (c) Interaction with Regulatory Authorities. 

Notwithstanding anything in this Section 3 or otherwise, the Administrator shall not act for or on behalf of the Company in its
relationships with any regulatory authorities except to the extent specifically authorized by the Company from time to time. 
 3.5 Bank
Accounts. 
 The Administrator shall oversee banking services for the Company and shall establish in the name of the Company an operating
account, a retention account and such other accounts with such financial institutions as the Company may request. The Administrator shall administer and manage all of the Company’s cash and accounts, including making any deposits and
withdrawals reasonably necessary for the management of its business and day-to-day operations. The Administrator shall promptly deposit all moneys payable to the Company and received by the Administrator into a bank account held in the name of the
Company. 
 3.6 Other Services. 

The Administrator shall assist the Company to: 

(a) identify, negotiate and secure opportunities for the Company to acquire Vessels or companies which own Vessels, or to construct Vessels,
and to negotiate and carry out the purchase of existing Vessels, newbuilding Vessels or companies which are the registered owners of Vessels. 

(b) obtain, on behalf of the Company, general insurance, director and officer liability insurance and other insurance of the Company not
related to the Vessels that would normally be obtained for a company in a similar business to that of the Company; 
 (c) if so required by
the Company administer payroll services, benefits and directors fees, for the Chief Executive Officer, the General Counsel and any other non-United States resident employee, officer or director of the Company and its Subsidiaries; 

(d) provide the Company with information technology support; 

(e) provide office space and office equipment for personnel of the Company at the location of the Administrator or any subsidiary thereof or
as otherwise reasonably designated by the Company, and clerical, secretarial, accounting and administrative assistance as may be reasonably necessary; 

(f) at the request and under the direction of the Company, handle all administrative and clerical matters in respect of (i) the call and
arrangement of all annual and special meetings of shareholders, (ii) the preparation of all materials (including notices of meetings and proxy or similar materials) in respect thereof and (iii) the submission of all such materials to the
Company in sufficient time prior to the dates upon which they must be mailed, filed or otherwise relied upon so that the Company has full opportunity to review, approve, execute and return them to the Administrator for filing or mailing or other
disposition as the Company may require or direct; 

  
 7 

 (g) provide, at the request and under the direction of the Company, such communications to the
transfer agent for the Company as may be necessary or desirable; 
 (h) make recommendations to the Company for the appointment of
auditors, accountants, legal counsel and other accounting, financial or legal advisers, and technical, commercial, marketing or other independent experts; provided, however, that nothing herein shall permit the Administrator to engage any
such adviser or expert for the Company without the Company’s specific approval; and 
 (i) attend to all other administrative
matters necessary to ensure the professional management of the Company’s business or as reasonably requested by the Company from time to time. 

4. EMPLOYEES AND ADMINISTRATOR’S PERSONNEL 

4.1 Administrator’s Personnel. The Administrator shall provide the Services hereunder through the Administrator’s Personnel.
The Administrator shall be responsible for all aspects of the employment or other relationship of the Administrator’s Personnel as required in order for the Administrator to perform its obligations hereunder, including recruitment, training,
staffing levels, compensation and benefits, supervision, discipline and discharge, and other terms and conditions of employment or contract. However, the Administrator shall remain directly responsible and liable to the Company to carry out all of
its obligations under this Agreement, whether performed directly or subcontracted to another Person.  
 5. COVENANTS OF THE
ADMINISTRATOR 
 The Administrator hereby agrees and covenants with the Company that, during the Term, the Administrator shall: 

(a) obtain and maintain for its benefit professional indemnity insurance and other insurance as is reasonable having regard to the nature and
extent of the Administrator’s obligations under this Agreement; 
 (b) exercise all due care, skill and diligence in carrying out its
duties under this Agreement as required by Applicable Laws; 
 (c) provide the chairman, President, the Chief Financial Officer, and the
Board of Directors with all information in relation to the performance of the Administrator’s obligations under this Agreement as the President, the Chief Financial Officer, or the Board of Directors may reasonably request; 

(d) use its reasonable best efforts to have all material property of the Company clearly identified as such, held separately from property of
the Administrator and, where applicable, in safe custody; 
 (e) use its reasonable best efforts to have all property of the Company (other
than money to be deposited to any bank account of the Company) transferred to or otherwise held in the name of the Company or any nominee or custodian appointed by the Company; 

(f) use its reasonable best efforts to retain at all times a qualified staff so as to maintain a level of expertise sufficient to provide the
Services; and 
 (g) use its reasonable best efforts to keep full and proper books, records and accounts showing clearly all transactions
relating to its provision of the Services in accordance with established general commercial practices and in accordance with GAAP, and allow the Company and its representatives to audit and examine such books, records and accounts at any time during
customary business hours. 

  
 8 

 6. ADMINISTRATOR’S COMPENSATION AND REIMBURSEMENT 

6.1 Fees for the Services; Reimbursement. In consideration for the provision of the Services by the Administrator to the Company, the
Company shall pay the Administrator the amounts set forth on Schedule A hereto in accordance with Section 6.2 (“Purchase Fee”). In addition, the Company shall reimburse the Administrator for (a) all of the reasonable
direct and indirect costs and expenses incurred by the Administrator and its Affiliates in providing the Services and (b) the pro rata portion of the salary and other costs incurred by the Administrator in employing and compensating an internal
auditor who will be made available to the Company on a part time basis (the “Costs and Expenses”).  
 6.2
Invoicing. The Administrator shall, in good faith, determine the expenses related to the Services that are allocable to the Company and its Affiliates in any reasonable manner determined by the Administrator and shall provide to the Company on a
quarterly basis an invoice for the Costs and Expenses to be paid under Section 6.1, which invoice shall contain a description in reasonable detail of the Costs and Expenses that comprise the aggregate amount of the payment being invoiced. The
Administrator shall maintain the records of all Costs and Expenses incurred, including any invoices, receipts and supplementary materials as are necessary or proper for the settlement of accounts between the Parties. The Company shall pay such
invoices within thirty (30) days of receipt, unless the invoice is being disputed in accordance with this Agreement.  
 6.3
Dispute of Invoice. If the Company, in good faith, disputes the amount of an invoice, the Company shall give written notice of such dispute (including the particulars of such dispute) to the Administrator on or before the due date with respect
to all or any portion of such invoice. Upon receipt of such notice, the Administrator shall furnish the Company with additional supporting documentation to reasonably substantiate the amount of the invoice or the Purchase Fee calculation, as
applicable. Upon delivery of such additional documentation, the Company and the Administrator shall cooperate in good faith and use commercially reasonable efforts to resolve such dispute. If they are unable to resolve the dispute within
(i) ten (10) Business Days of the delivery of such additional supporting information (in the case of an invoice) or (ii) five (5) days of such delivery (in the case of the Purchase Fee calculation), the dispute shall be referred
for resolution to a firm of independent accountants of nationally recognized standing in the United States reasonably satisfactory to each of the Administrator and the Company (the “Accounting Referee”), which shall determine the
disputed amounts within thirty (30) days of the referral of such invoice dispute to such Accounting Referee, or within ten (10) days of the referral of such Purchase Fee calculation dispute. The determination of the Accounting Referee
shall not require the Company to pay more than the amount in dispute nor require the Administrator to return any amount previously paid by the Company. The fees and expenses of the Accounting Referee shall be borne equally by the Company and the
Administrator. If any invoice dispute is resolved in favor of the Administrator, the Company shall make payment to the Administrator within ten (10) days of resolution of the dispute. Notwithstanding the foregoing, in no event shall the Company
be entitled to withhold any amounts other than those portions of the applicable payment that are in dispute.  
 6.4 Direction to
Pay. By written notice to the Company, the Administrator may direct the Company to pay any amounts owing under this Agreement directly to an Affiliate of the Administrator pursuant to a subcontracting arrangement relating to this Agreement. 

 7. LIABILITY OF THE ADMINISTRATOR; INDEMNIFICATION 

7.1 Liability of the Administrator. The Administrator shall not be liable to the Company for any Losses arising from the Services unless
and to the extent that such Loss resulted from:  
 (a) the fraud, gross negligence, recklessness or willful misconduct of the
Administrator or any of its Affiliates or any of their respective employees, agents or subcontractors (“Administrator Misconduct”); or  

(b) any breach of this Agreement by the Administrator of any of its Affiliates. 

7.2 Administrator Indemnification. The Company shall indemnify and save harmless the Administrator and its directors, officers,
employees, subcontractors and Affiliates (the “Administrator Indemnified Persons”) from and against any and all Losses incurred or suffered by the Administrator Indemnified Persons by reason of or arising from or in connection with
their performance of this Agreement or any third-party Legal Action brought or threatened against such Administrator Indemnified Persons in connection with their performance of this Agreement, other than for any Losses to the extent related to or
that resulted from:  
 (a) any liabilities or obligations that the Administrator has agreed to pay or for which the Administrator is
otherwise expressly responsible under this Agreement; 

  
 9 

 (b) Administrator Misconduct; or 

(c) any breach of this Agreement by the Administrator or any of its Affiliates (other than the Company or its Affiliates). 

7.3 Company Indemnification. The Administrator shall indemnify and save harmless each Company and such Company’s directors,
officers, employees, subcontractors and Affiliates (the “Company Indemnified Persons”) from and against any and all Losses incurred or suffered by the Company Indemnified Persons, to the extent related to or that resulted from: 

(a) any liabilities or obligations that the Administrator has agreed to pay or for which the Administrator is otherwise expressly responsible
under this Agreement; 
 (b) Administrator Misconduct; or 

(c) any breach of this Agreement by the Administrator or any of its Affiliates (other than the Company or its Affiliates). 

8. TERM AND TERMINATION 

8.1 Term. This Agreement shall commence on September 27, 2013 and remain valid and in force, unless terminated earlier
pursuant to its terms (the “Term”). 
 8.2 Termination by the Company. This Agreement may be terminated by
the Company: 
 (a) with a two years prior written notice to the Administrator; 

(b) if, at any time, the Administrator materially breaches this Agreement and the matter is unresolved after ninety (90) days pursuant to
the dispute resolution procedures set forth in Section 9 (“Administrator Breach”); 
 (c) if, at any time; 

(i) the Administrator has been convicted of, has entered a plea of guilty or nolo contendere with respect to, or has entered into a
plea bargain or settlement admitting guilt for, a crime, which conviction, plea bargain or settlement is demonstrably and materially injurious to the Company; and 

(ii) the holders of a majority of the outstanding Common Shares elect to terminate this Agreement; 

(d) if the Administrator commits fraud or is grossly negligent in the performance of its obligations hereunder, or commits an act of willful
misconduct, and the Company is materially injured thereby in any such case; 
 (e) if, at any time, the Administrator becomes insolvent,
admits in writing its inability to pay its debts as they become due, is adjudged bankrupt or declares 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; or 

(f) if any Person or group of Persons acquires Control or economic control of the Administrator in contravention of Section 10.2. 

8.4 Termination by the Administrator. This Agreement may be terminated by the Administrator: 

(a) after the third anniversary of the Public Offering, with twelve (12) months’ prior notice by the Administrator to the Company;

  
 10 

 (b) if, at any time, the Company materially breaches the Agreement and the matter is
unresolved after ninety (90) days pursuant to the dispute resolution procedures set forth in Section 9 (“Company Breach”); or  

(c) at any time upon the earlier of (i) the occurrence of a Change of Control of the Company or (ii) the Administrator’s
receipt of written notice from the Company that such a Change of Control will occur within 120 days. If the Company has knowledge that a Change of Control of the Company will occur, the Company shall give prompt written notice thereof to the
Administrator. A “Change of Control” means the occurrence of any of the following:  
 (A) 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, except such a disposition to the Existing Ownership
Group; 
 (B) an order made for, or the adoption by the Board of Directors of a plan of, liquidation or dissolution of the Company; 

(C) the consummation of any transaction (including any merger or consolidation) the result of which is that any “person” (as such
term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of a majority of the Company’s Voting Securities (unless such “person” is a member of the Existing Ownership Group),
measured by voting power rather than number of shares; 
 (D) 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 bankruptcy or makes an assignment for the benefit of creditors, or makes 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; 

(E) the consolidation of the Company with, or the merger of the Company with or into, any “person” (other than a member of the
Existing Ownership Group), or the consolidation of any “person” (other than a member of the Existing Ownership Group) with, or the merger of any “person” (other than a member of the Existing Ownership Group) with or into, the
Company, in any such event pursuant to a transaction in which any of the common stock outstanding immediately prior to such transaction are converted into or exchanged for cash, securities or other property or receive a payment of cash, securities
or other property, other than any such transaction where the Company’s Voting Securities outstanding immediately prior to such transaction are converted into or exchanged for Voting Securities of the surviving or transferee “person”
constituting a majority (measured by voting power rather than number of shares) of the outstanding Voting Securities of such surviving or transferee “person” immediately after giving effect to such issuance; or 

(F) a change in directors after which a majority of the members of the Board of Directors are not directors who were either nominated by,
appointed by or otherwise elected with the approval of current board members at the time of such election. 
 9. DISPUTE RESOLUTION

 9.1 Notice of Dispute. If (a) a dispute or disagreement arises between the Parties with respect to any provision of this
Agreement (other than Section 6.3), including its interpretation or the performance of a Party under this Agreement or (b) (i) the Company in good faith believes that an Administrator Breach has occurred or is reasonably likely to
occur or (ii) the Administrator in good faith believes that a Company Breach has occurred or is reasonably likely to occur (each of the foregoing being a “Dispute”), either Party may, or the Party alleging such breach or
potential breach shall, deliver written notice to the other Party. Such notice shall contain in detail the specific facts and circumstances relating to the Dispute. With respect to any Dispute described in clause (a) or (b) above, each
Party shall designate an individual to negotiate and resolve the Dispute (each a “Designated 

  
 11 

 
Representative” and, together, the “Designated Representatives”). The Designated Representatives shall in good faith attempt to resolve the matter within a thirty
(30) day period from the date of delivery of the notice referred to above. If either Designated Representative intends to be accompanied by counsel at any meeting, such Designated Representative shall give the other Designated Representative at
least three (3) Business Days’ notice. All discussions and negotiations pursuant to this Section 9 shall be confidential and without prejudice to settlement negotiations.  

9.2 Mediation. If a Dispute described in clause (a) or (b) of Section 9.1 is not resolved by the Designated
Representatives during after the thirty (30) days provided in Section 9.1, either of the Parties may refer the matter to mediation. With respect to the mediation of any Dispute, the mediator shall be mutually agreed upon by the Parties,
and such mediator will be instructed to:  
 (a) review the terms of the Dispute and the position of the Parties; 

(b) consider the terms of and context of this Agreement; and 

(c) render a non-binding report within sixty (60) days of the appointment of the mediator (the “Mediator’s
Report”) or such later date as to which the Parties may agree.  
 The Parties shall consider the Mediator’s Report and
may mutually decide to make it a binding report. If the mediator is not able to facilitate a binding agreement between the Parties, the Dispute is not resolved to the satisfaction of the Parties as a result of the Mediator’s Report or a
mediator cannot be chosen mutually by the Parties, the Dispute shall be submitted to binding arbitration pursuant to Section 9.3. 

9.3 Arbitration. Any Dispute not resolved by the Parties pursuant to Section 9.1 or 9.2 shall be fully and finally resolved by
binding arbitration pursuant to this Section 9.3. Either Party may refer the Dispute to arbitration, which shall take place in London, England in accordance with the London Maritime Arbitrators Association rules before a single arbitrator. The
prevailing Party in any such arbitration shall be entitled to costs, expenses and reasonable attorneys’ fees, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.  

10. GENERAL 
 10.1
Assignment; Binding Effect. The Parties may not assign any of their respective rights under this Agreement in whole or in part without the prior written consent of the other Party, which consent may be withheld in the sole discretion of such
other Party. This Agreement is binding upon and inures to the benefit of the Parties and their successors and permitted assigns.  

10.2 Change of Control of the Administrator. If any Person or group of Persons acting in concert (other than Affiliates of Liberty)
proposes to acquire Control of the Administrator, directly or indirectly, the Administrator shall provide at least thirty (30) days’ written notice of the change of Control to the Company, which notice shall identify the Person that will
acquire, directly or indirectly, Control of the Administrator.  
 10.3 Confidentiality. (a) Each Receiving Party agrees:
 
 (i) to use any Confidential Information solely to carry out its obligations or exercise its rights under this Agreement
(the “Purpose”) and for no other purpose;  
 (ii) to copy and make other works based on Confidential Information
only as strictly necessary for the Purpose; 
 (iii) to maintain the confidentiality of the Confidential Information using at least the same
degree of care that the Receiving Party uses for its own confidential or proprietary information of a similar nature, but no less than reasonable care; 

  
 12 

 (iv) to reveal any Confidential Information to any third party without the prior written consent
of the Disclosing Party, except that if the Receiving Party is required by law, court or administrative order or regulation to reveal any Confidential Information, the Receiving Party is permitted to do so provided that the Receiving Party
gives the Disclosing Party reasonable prior written notice (if permitted) of the required disclosure and cooperate with the Disclosing Party at its expense in seeking a protective order or other relief; 

(v) to limit disclosure of the Confidential Information to such of your officers and employees as is necessary for the Purpose; 

(vi) to inform each officer and employee who receives any Confidential Information of the restrictions as to use and disclosure of
Confidential Information contained herein and to be responsible for any breach of such restrictions by any such persons; 
 (vii) Forthwith
upon the Disclosing Party’s request, to procure the return of all Confidential Information together with any copies, abstracts, or other works which contain or are based on any of the Confidential Information; provided that, notwithstanding the
foregoing, the Receiving Party shall be permitted to retain Confidential Information to the extent it is required to retain such Confidential Information pursuant to law, court or administrative order or regulation; 

(b) Each Receiving Party further acknowledges that any breach of the provisions of this Agreement would result in serious damage being
sustained by the Disclosing Party, and as a result hereby unconditionally agrees: 
 (i) To be responsible for losses, damages or expenses
(including without limitation attorneys’ fees and expenses) that have been determined to have been caused by any such breach; and 

(ii) That the Disclosing Party shall be entitled to equitable relief (including without limitation injunctive relief) in relation to any
threatened or actual breach of the provisions of this Agreement without any requirement of posting a bond and without limiting any other remedy that may be available to the Disclosing Party. 

10.4 Notices. Each notice, consent or request required to be given to a Party pursuant to this Agreement must be given in writing. A
notice may be given by delivery to an individual or by fax, and shall be validly given if delivered on a Business Day to an individual at the following address, or, if transmitted on a Business Day, by fax or email addressed to the following Party:
 
  

							
	(a)	  	if to the Company:	  	(b)	  	if to the Administrator:
				
		  	 Address:
  

Le Millenium 9, Boulevard Charles III
 MC 98000 Monaco
	  		  	 Address:
  

c/o Scorpio Ship Management SAM
 Le Millenium 9, Boulevard Charles
III
 MC 98000 Monaco

				
		  	 Attention:
  

Emanuele A. Lauro
	  		  	 Attention:
  

Filippo Lauro

		  	 Chairman and CEO
 Fax No.:+37797778346

Email: lauro@scorpio.mc
	  		  	 Director
 Fax No.: +37797778346

Email: FAL@scorpio.mc

  

  
 13 

			
	 Copied to:
	 	 Copied to:

		
	 Luca Forgione
	 	 Luca Forgione

	 General Counsel
	 	 General Counsel

	 Fax No.: +37797778346
	 	 Fax No.: +37797778346

	 Email: lforgione@scorpiogroup.net
	 	 Email: lforgione@scorpiogroup.net

 or to any other address or fax number that the Party so designates by notice given in accordance with this
Section. Any notice 
 (a) if validly delivered on a Business Day, shall be deemed to have been given when delivered; and 

(b) if validly transmitted by fax on a Business Day, shall be deemed to have been given on that Business Day. 

10.5 Third Party Rights. The provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no
shareholder, employee, agent of any Party or any other Person shall have the right to enforce any provision of this Agreement or to compel any Party to this Agreement to comply with the terms of this Agreement. 

10.6 No Partnership. Nothing in this Agreement is intended to create or shall be construed as creating a partnership or joint
venture between the Parties, and this Agreement shall not be deemed for any purpose to constitute any Party a partner of any other Party to this Agreement in the conduct of any business or otherwise or as a member of a joint venture or joint
enterprise with any other Party to this Agreement. 
 10.7 Severability. Each provision of this Agreement is several. If any
provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect: 

(a) the legality, validity or enforceability of the remaining provisions of this Agreement; or 

(b) the legality, validity or enforceability of that provision in any other jurisdiction; 

except that if: 
 (x) on the
reasonable construction of this Agreement as a whole, the applicability of the other provision presumes the validity and enforceability of the particular provision, the other provision will be deemed also to be invalid or unenforceable; and 

(y) as a result of the determination by a court of competent jurisdiction that any part of this Agreement is unenforceable or invalid and, as
a result of this Section 10.8, the basic intentions of the Parties in this Agreement are entirely frustrated, the Parties shall use commercially reasonable efforts to amend, supplement or otherwise vary this Agreement to confirm their mutual
intention in entering into this Agreement. 
 10.8 Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and
construed in accordance with the laws of England. 
 10.9 Amendments. No amendment, supplement, modification or restatement of
any provision of this Agreement shall be binding unless it is in writing and signed by each Person that is a Party to this Agreement at the time of the amendment, supplement, modification or restatement. 

10.10 Entire Agreement. This Agreement constitutes the entire agreement among the Parties pertaining to the subject matter
hereof and supersedes all prior agreements and understandings pertaining thereto. 

  
 14 

 10.11 Waiver. No failure by any Party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or of any other covenant, duty, agreement or condition. Any waiver must be
specifically stated as such in writing.  
 10.12 Counterparts. This Agreement may be executed in any number of counterparts,
all of which together shall constitute one agreement binding on the Parties.  
 [Remainder of This Page Intentionally Left Blank]

  
 15 

									
	SCORPIO BULKERS INC.	 		 	SCORPIO SERVICES HOLDING COMPANY LTD.
					
	By:	 	 /s/ Luca Forgione
	 		 	By:	 	 /s/ Filippo Lauro

	Name:	 	Luca Forgione	 		 	Name:	 	Filippo Lauro
	Title:	 	General Counsel	 		 	Title:	 	Director

  
 16 

 SCHEDULE A 

PURCHASE FEE 
 For the provision of
Services directly involving the purchase of Vessels or companies which own Vessels, or the ordering or acquisition of Vessels to be constructed and/ or delivered from shipyards, as specified in Section 3.6(a), the Company shall pay the
Administrator a fee equal to (i) 31,250 common shares for each of the first 17 Vessels acquired, and (ii) for all subsequent Vessels acquired, purchased or ordered the nearest whole number of common shares of the Company derived by
dividing 250,000 by the Volume Weighted Average Price of the Company’s common shares in the 30-day immediately preceding the contract date of a definitive agreement to purchase or order. The Purchase Fee shall be payable upon delivery of the
Vessel(s) provided that if the Vessel is not delivered to the Company for any reason whatsoever other than (a) the insolvency of the yard where the Vessel is being built (provided that the insolvency prevents and not merely delays the
construction and delivery of the Vessel); and (b) the total loss of the Vessel (actual , constructive or compromised) whilst under construction at the yard, the Purchase Fee shall remain due and be payable to the Administrator as if the Vessel
had been delivered to the Company. 

  
 17

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