Document:

Form of Amended Management Agreement, dated September 28, 2004

 Exhibit 4.4 
 DATED 28th September 2004 
  
  
  
 TSAKOS ENERGY NAVIGATION LIMITED 
  
 AND: 
  
 TSAKOS ENERGY MANAGEMENT LIMITED 
  

  
 MANAGEMENT AGREEMENT 
 (amending and restating the Management Agreement 
 dated 30 May 1996 as amended on 5 June 1998) 
  

  
 HOLMAN FENWICK & WILLAN 
 Minlow House Lloyds Avenue London EC3N3A1. 

 MANAGEMENT AGREEMENT 
  
 THIS MANAGEMENT AGREEMENT is made 28 September 2004 
  
 BETWEEN: 
  

	(1)	TSAKOS ENERGY NAVIGATION LIMITED (formerly MIF LIMITED) (the “Company”) a company incorporated in Bermuda with limited liability with incorporation Number EC 18508
whose registered office is at Richmond House 12 Par-la-Ville Road, Hamilton, MII08 Bermuda; 

  

	(2)	TSAKOS ENERGY MANAGEMENT LIMITED (formerly ABSOLUTE NAVIGATION LIMITED) (the “Manager”) a company incorporated in Liberia whose registered office is at 80 Broad
Street, Monruvia, Liberia. 

  
 WHEREAS: 
  

	(A)	The Company appointed the Manager on 30 May 1996 (the “Appointment Date”) to manage the business of the Company and its various ship-owning subsidiaries (“the
Subsidiaries”) from time to time and their respective operations and external affairs and the Manager accepted such appointment on that date. 

  

	(B)	The Parties wish to amend and restate the terms and conditions of the appointment of the Manager as herein set forth. 

  
 NOW THEREFORE IT IS HEREBY AGREED: 
  

	1.	DEFINITIONS 

  

	1.1	In this agreement the following terms shall have the following meanings: 

  
 “Board” means the Board of Directors of the Company or of a Subsidiary (as the context may require) and references in this Agreement to the
Board or any board of directors of the Company or any or all of the Subsidiaries shall be deemed to include in the alternative a reference to any duly constituted committee thereof or to any person or persons duly authorised to exercise the power in
question by either the Board or such board of directors or such a committee (as appropriate): 
  
 “Bonus” has the meaning given to it in Clause 7; 
  
 “Effective Date” means 1 July 2004; 
  
 “Euribor” means the rate per annum determined by the Reference Bank from time to time to be the arithmetic mean (manded upwards to the nearest one sixteenth of one per cent. (1/16%)) of the rates per annum
at which deposits in Euros are offered to the Reference Bank by leading banks in the Euro-Zone Interbank Market in amounts which the Reference Bank considers equivalent to, or comparable with, the total Management Fees paid under this Agreement
(excluding by Bonus) in the twelve (12) months prior to that time, fixed for twelve (12) months; 
  
 “Euro” means the single currency of participating member states of the European Union: 
  
 “Euro-Zone Interbank Market” means the interbank market for Euros
operating in participating member states; 

 “GAAP” means generally accepted accounting principles and “US GAAP” means those
principles as determined in the United States of America; 
  
 “Management Fees” has the meaning given to it in Clause 6.1; 
  
 “Management Services” has the meaning given to it in Clause 2.1; 
  
 “Operated Ships” means those ships: 
  

	 	(a)	chartered to, and operated by, the Company or its Subsidiaries during the Term; or 

  

	 	(b)	which are not Specialised Newbuildings and which are under construction and owned by the Company or its Subsidiaries, but not yet delivered under the relevant shipbuilding contract;

  
 “Owned Ships” means those ships owned
by the Company or its Subsidiaries which the Company or its Subsidiaries may operate during the Term and will include those newbuilding ships so owned and operated, in the case of Specialised Newbuildings, upon and from the date of signing of the
relevant shipbuilding contract and, in the case of newbuilding ships other the Specialised Newbuildings, upon and from their delivery under the relevant shipbuilding contract; 
  
 “Reference Bank” means [JP Morgan Chase & CO]; 
  
 “Specialised Newbuildings” means those newbuilding ships which are outside the general business of the Company at
the date of this Agreement being of a new design and construction, including, without limitation, LPG and LNG ships, FPSO ships and specialised projects; 
  
 “Sub-Managers” means any persons, being individuals or corporate entities, to which the Manager may sub contract from time to time part of or
the whole of the Management Services in accordance with the provisions of Clause 4; 
  
 “Ships” means the Owned Ships and the Operated Ships; 
  
 “Target” has the meaning given to it in Clause 7; and 
  

“Term” has the meaning given to it in Clause 2.2. 
  

	1.2	References to “the Company” shall, where appropriate, be deemed to include in addition any Subsidiary that may become a party to this Agreement by accession in accordance
with the provisions of Clause 13. 

  

	1.3	References to “Clauses”, “Sub-Clauses” and the “Annex” shall be references to Clauses and Sub-Clauses of, and the Annex to, this Agreement.

  

	2.	APPOINTMENT AND TERM 

  

	2.1	The Company hereby appoints the Manager to perform the services act forth in Clause 3 (the “Management Services”) and the Manager agrees to perform the Management
Services, subject to the terms and conditions set our in this Agreement. 

  

	2.2	The appointment of the Manager to perform the Management Services shall continue for an initial term of ten (10) years (the “Term”) commencing from the Effective Date,
which Term shall be deemed to be renewed on each anniversary of the Effective Date, unless such appointment is earlier terminated in accordance with Clause 9. 

  

					
	 	 	2	 	TENITEM Management Agreement

	3.	MANAGEMENT SERVICES 

  

	3.1	In Consideration of the payment of the Management Fees, the Manager shall, on its own or through a Sub-Manager (appointed pursuant to Clause 4), for and on behalf of the Company and
each Subsidiary: 

  

	 	3.1.1	provide planning, managerial and advisory services in respect of the whole operations of the Company and the Subsidiaries: 

  

	 	3.1.2	provide or contract for all general administrative, office and support services necessary for the operation of the Company and of each Subsidiary and each Ship including the
employment of technical and clerical personnel, accountants and managerial staff, the provision of telecommunications, accounting and data processing services and the provision of office space at the Manager’s offices in Athens;

  

	 	(a)	seek suitable Ships for purchase and/or determine Ships suitable for safe by the Subsidiaries and negotiate the terms of any such purchase or sale and arrange and complete the
acquisition, sale or other disposition of the Ships: provided that the Manager shall only enter into a binding commitment on the part of the Company or the relevant Subsidiary with any third party in respect of the sale or purchase of the Ships
after receiving express authority from the Board of the Company and of the relevant Subsidiary to do so; 

  

	 	(b)	supervise and perform the delivery of the Ships to and by the Company and the Subsidiaries; 

  

	 	(c)	in the case of the Company and the relevant Subsidiary, seek employment for the Ships and negotiate, arrange. complete and supervise the chartering or other employment of the Ships
(and keep regular basis of the employment and location of the Ship); provided that the Manager shall not enter into any binding charterparty or other contract of employment for a Ship for a period of longer than twelve months (or such shorter period
as may be determined by the Company and notified to the Manager) without receiving the express authority of the Company and the relevant Subsidiary; 

  

	 	3.1.3	provide bunkers and lubricants necessary for the operation of the fleet; 

  

	 	3.1.4	upon prior instructions from the Board of the Company, negotiate all borrowing and deposit or lending arrangements of the Company and the Subsidiaries and supervise the
implementation of such arrangements and advise the Board and the relevant Subsidiary from time to time of the arrangements for financing the acquisition and the operation of Ships; provided that the Manager shall only enter into any binding
commitment in respect of any borrowing of financing, after receiving express authority from the Company and the relevant Subsidiary to do so; 

  

	 	3.1.5	open and operate such bank accounts with such bankers and in such names as the Company and/or the relevant Subsidiary may require and liaise with the Company and the relevant
Subsidiary and instruct the Bankers and such Subsidiary in connection with their respective obligations and duties; 

  

					
	 	 	3	 	TENITEM Management Agreement

	 	3.1.6	provide customary technical management services including an relation to but not limited to voyage operation, superintendence, surveys, maintenance, drydocking, repairs,
alterations, maintenance and renewals to hull, machinery, boilers, auxiliaries, equipment and accommodation; 

  

	 	3.1.7	provide at cost price officers and crew and perform all customary owners’ obligations in relation to manning and crew welfare and amenities and usual services to the Ships;

  

	3.2	keep separate books, records and accounts relating to all the activities of the Company, each Subsidiary and of each Ship in accordance with the advice of the internal auditor of
the Company from time to time and good business and shipping accounting practice and in order to comply with the requirements of any stock exchange on which all or any part of the Company’s share capital is listed and all applicable Bermuda
laws and regulations; prepare and submit annual budgets and quarterly projections for the approval of the Board and if requested, provide monthly statements of accounts and semi-annual management statements and analysis of operating income and
expenses as well as such other statements, special reports, memoranda and original or copies of documents as the Board of the Company or the relevant Subsidiary may reasonably require all such books, records and accounts to be available to the Board
of the Company and of the relevant Subsidiary or authorised officers of the Company for inspection at all reasonable times; 

  

	3.3	in addition to the requirements of Clause 3.3, at the end of each three monthly period, provide on the Board or the relevant Subsidiary an analysis of the previous three
months’ trading and results of operations together with the intended budget for the operations of each Subsidiary and each Ship in the next quarter; 

  

	3.4	ensure that the Ships are at all times insured for hall and machinery, war, loss of hire (as appropriate or necessary) and P&L risks in accordance with good shipping practice
and handle all claims arising in connection with the insurance of the Ships and otherwise including; 

  

	 	3.4.1	the preparation, documentation and submission of claims to insurers and/or P&I Clubs; 

  

	 	3.4.2	the making of settlements of claims against insurers and/or P&I Clubs subject to the instructions from time to time of the Company and the relevant Subsidiary; and

  

	 	3.4.3	the following-up of claims and settlements; 

  

	3.5	keep the Board informed of planned drydocking and other significant off-hire periods: and arrange for and supervise drydocking, surveys and repairs, renewals, alterations,
improvements and maintenance of the Ships; 

  

	3.6	in the event of an emergency affecting a Ship, take any necessary steps as quickly as possible on its own initiative (though consulting with the directors of the Company and any
relevant Subsidiary to the extent practicable) including the engaging of salvage or towage services, the posting of security, notifications to brokers and insurers, engagement of surveyors or other experts and, without limitation, the taking of any
other steps necessary or desirable in the circumstances; 

  

					
	 	 	4	 	TENITEM Management Agreement

	3.7	undertake all the functions, duties and obligations of the secretary of each Subsidiary in accordance with the laws and regulations of their respective places of incorporation and
any other laws applicable to them, including but not limited to the keeping and updating of company records and statutory books and the filing of all necessary documents with the relevant authorities; and 

  

	3.8	subject in the limitations provided elsewhere in this Agreement, enter into, make and perform all contracts, agreements and other undertakings as may be, in the opinion of the
Manager, necessary or advisable or incidental to the carrying out of the objectives of this Agreement. 

  

	4.	RIGHTS AND OBLIGATIONS 

  

	4.1	In relation to the Management Services the Manager may appoint any person or corporate entity (the “Sub-Managers”), to perform as agents and/or sub-contractors such parts
of the Management Services in relation to such of the Ships as may seem to the Manager convenient or appropriate; provided that the Manger shall not knowingly delegate any part of its functions to any person, firm or company who is for the time
being resident for tax purposes in any country or jurisdiction if the Company or any Subsidiary would thereby become liable for tax on any part of its income in the country or jurisdiction of such residence, without the specific consent of the
Company and each Subsidiary which is or may be affected and in the event of the Manager becoming aware of any such liability the Manager shall take immediate steps to withdraw from such person any authority so delegated unless the Company and the
relevant Subsidiary otherwise specifically determines. The Manger shall exercise its powers of delegation only on terms which include: 

  

	 	4.1.1	the right of the Company and of any Subsidiary affected by any failure by the Sub-Manager fully and properly to perform its duties to take direct action against such Sub-Manger with
respect to such failure and to compensation with respect thereto, and 

  

	 	4.1.2	a provision binding on the Sub-Manger in terms similar in all respects to this Clause 4.1 in such form as the Company may reasonably require unless, in a particular case, otherwise
agreed by the Company. 

  

	4.2	The Manager and the Sub-Mangers shall observe and comply with the Articles of Incorporation and Bye-Laws (as applicable) of each of the Company and the Subsidiaries, the resolutions
of the Boards of each of the Company and the Subsidiaries notified to them and the provisions of any prospectus, explanatory memorandum or other such document relating to the Company distributed to the Manager from time to time by or on behalf of
the Company. All activities engaged in by the Manger and the Sub-Managers hereunder including the chartering of a Ship shall at all times be subject to the control of and review by the Company and the relevant Subsidiary and, without limiting the
generality of the foregoing, the Company and the relevant Subsidiary may from time to time instruct the Manager as to the exercise of the rights attached to ownership of the relevant Ship and the Manager and the Sub-Managers shall use their best
endeavours to procure that any person, firm or company to whom they delegate any of their functions hereunder shall give effect to all such directions and shall use their best endeavours (but without guarantee) to procure that any person, firm or
company to whom any functions may be directly delegated by the Company or any of the Subsidiaries shall give effect to all such directions. In connection with their performance of the Management Services, the Manager and the Sub-Managers shall not,
without the express written consent of the Company and the relevant Subsidiary, commit the Company or such 

  

					
	 	 	5	 	TENITEM Management Agreement

 Subsidiary to any expenditure in respect of any one item or in any month in respect of the Ship which
exceeds the limits (if any) from time to time prescribed by the Company and such Subsidiary; provided that such consent shall be deemed to have been given if such expenditure was included in a budget provided pursuant to the provisions of Clause 3.3
or 3.4 and thereafter approved by the Company and such Subsidiary. 
  

	4.3	Notwithstanding the provisions of Clause 4.2, the Manager and the Sub-Managers (where so specified in the terms of their appointment) shall have the discretion to commit the Company
or a Subsidiary to extra expenditure not included in the budget up to a limit prescribed by the Company or a Subsidiary where they deem such expenditure to be required for the safe and sound maintenance and operation of the Ship.

  

	4.4	The Manager covenants with the Company and the Subsidiaries to ensure that the Sub-Managers shall at all times properly exercise and perform the powers, rights and duties so
conferred on them. The Manager’s power to delegate performance of any of the Management Services hereunder is without prejudice to the Manager’s liability to the Company and/or the Subsidiaries to perform such Management Services with the
intention that the Manager shall be liable to the Company and/or the Subsidiaries for the wilful default or negligence on the part of any such Sub-Managers in the performance of such Management Services. 

  
 In the event that any Sub-Manager fails to perform any of the powers, rights
or duties delegated to it by the Manager or is in breach of any contract between it and the Manager for the performance of any of the Management Services and if, within 14 days of their receipt of notice in writing from the Company or any of the
Subsidiaries, the Manager has failed, to the reasonable satisfaction of the Company or any of the Subsidiaries so affected, to take action against such Sub-Manager in respect of such failure to perform or breach then without prejudice to any other
rights that the Company or any of the Subsidiaries may have against the Manager pursuant to the terms of this Agreement or at law: 
  

	 	4.4.1	the Company or any affected Subsidiary shall be entitled if it so desires to prosecure in the name of the Manager for its own benefit any claim for indemnity or damages or otherwise
which the Manager may have against such Sub-Manager in respect of such failure to perform or breach and shall have full discretion in the conduct of any proceedings or in the settlement of any such claim and the Manager agrees to give all such
information and assistance as the Company or any Subsidiary may require in this regard; or 

  

	 	4.4.2	if the Company or Subsidiary shall reasonably determine that the remedy provided in Clause 4.4.1 above would not adequately compensate it for such failure to perform or breach, the
Company or any Subsidiary shall be entitled to call for the assignment of any cause in action in respect of such failure to perform or breach which the Manager may have against any such Sub-Manager and for the purposes of such assignment the Manager
hereby irrevocably appoints the Company or any Subsidiary as its attorney for it and in its name and on its behalf and as its act and deed to do all such acts, matters, deeds and things and to execute all such agreements, authorities, deeds and
writings as may be necessary or desirable in order to give effect to the assignment of any such chose in action. 

  

					
	 	 	6	 	TENITEM Management Agreement

	5.	TAX 

  

	5.1	The Manager will at all comes exercise the rights and powers and perform the duties or any of them conferred upon it by this Agreement, any supplemental agreement, or otherwise by
the Company or any Subsidiary so as not knowingly to render the Company or any Subsidiary liable for any tax imposed by any jurisdiction on any part of its income without the consent of the Company or any Subsidiary. 

  

	6.	REMUNERATION 

  

	6.1	In consideration of the services provided by the Manager under this Agreement the relevant Subsidiary, failing which the Company, agrees to pay to the Manager fees calculated from
the Effective Days as follows (the “Management Fees”): 

  

	 	6.1.1	US$18,000 per Owned Ship per month calculated on a daily basis from the date of delivery to the relevant Subsidiary under the relevant sale contract or shipbuilding contract, or
from the date of signing of the relevant shipbuilding contract, as the case may be (or from the date on which the Company acquires the shares in a company which owns a ship, where the acquisition is structured as an acquisition of shares) to the
date upon which the relevant Subsidiary ceases to own or update the Ship (or the Company ceases to own the shares in the relevant Subsidiary, as the case may be). For these purposes, the number of Ships under management shall not affect the monthly
management fee; 

  

	 	6.1.2	US$12,000 per Operated Ship per month calculated on a daily basis from the date of delivery of a ship to the relevant Subsidiary under the relevant charter or from the date on which
the Company or the relevant Subsidiary enters into a shipbuilding contract for the constructor of a ship (or from the date on which the Company acquires the shares in a company which owns a ship under construction, where the acquisition is
structured as an acquisition of shares) to the date upon which the relevant Subsidiary ceases to charter the ship or to the date on which the ship is delivered under the shipbuilding contract (or the Company ceases to own the shares in the relevant
Subsidiary having a ship under construction, as the case may be). For these purposes, the number of ships under management or the type of charter shall not affect the monthly management fee; and 

  

	 	6.1.3	such amounts as are necessary to reimburse the Manager for all out of pocket costs and expenses, to include telecommunications, travelling, auditing, legal assistance and all
extraordinary expenses in connection with technical and/or operational assistance and other unexpected expenses, incurred in connection with the provision of the Management Services, whether by the Sub-Manager or the Manager.

  

	6.2	The applicable rate of remuneration payable to the Manager under Clauses 6.1.1 and 6.1.2 shall be adjusted upwards with effect from 1 January 2006 and subsequent anniversaries of
that date by application, to the relevant per Ship amount, of a percentage figure reflecting 12 month Euribor plus two hundred basis points, unless the parties agree otherwise. 

  

	6.3	The Manager shall bear and pay the remuneration, however described, of the Sub-Managers and the Sub-Managers shall not be entitled to charge any fee, commission or turn by way of
remuneration howsoever described which would be borne by the 

  

					
	 	 	7	 	TENITEM Management Agreement

 Company in any Subsidiary. The Manager and the Sub-Managers (if any) shall be entitled nevertheless to
change for: 
  

	 	6.3.1	sale and purchase brokerage commissions; 

  

	 	6.3.2	chartering commissions; 

  

	 	6.3.3	bunkers and lubricants commissions; and 

  

	 	6.3.4	average adjusting fees; 

  
 any such charges to be at the rate currently agreed at the date of this Agreement or, where appropriate, at a rate determined on a basis no less favorable
than that generally charged by the relevant Sub-Manager to its general customers. 
  

	7.	PAYMENT OF BONUS 

  

	7.1	In addition to the Management Fees, the Company may, in its absolute discretion, pay to the Manager an annual bonus (the “Bonus”), calculated in accordance with the
guidelines for calculation of a target bonus figure (the “Target”) set out in this Clause 7. 

  

	7.2	The Target shall be nil where the Return on Equity is less than 15%. 

  

	7.3	The Target shall be US$1,000,000 where the Return on Equity is greater than or equal to 15% and less than 17.5%. 

  

	7.4	The Target shall be US$1,250,000 where the Return on Equity is greater than or equal to 17.5% and less than 20%. 

  

	7.5	The Target shall be US$1,600,000 where the Return on Equity is greater than or equal to 20% and less than 22.5%. 

  

	7.6	The Target shall be US$2,000,000 where the Return on Equity is greater than or equal to 22.5% and less than 25%. 

  

	7.7	The Target shall be US$2,500,000 where the Return on Equity is greater than or equal to 25%, which shall be the maximum Target. 

  

	7.8	The first Bonus, if payable, shall be paid on or before 31 March 2005 in an amount equal to the Target, where the Relevant Financial Statements are those for 2004.

  

	7.9	Thereafter, a Bonus, if payable, shall be paid on or before 31 March in each year of the Term commencing 31 March 2006 in an amount equal to the Target, where the Relevant Financial
Statements are those of the preceding financial year. 

  

	7.10	For the purposes of this Clause 7, the following expressions shall have the following meanings: 

  
 “Earnings Per Share” means the earnings per issued share of the Company as determined by US GAAP for the relevant
period; 
  
 “Relevant Financial Statements” mean those
financial statements of the Company for the period identified in Clauses 7.7 or 7.8, as the case may be; 
  
 “Return on Equity” means Earnings Per Share divided by Share Value; and 
  
 “Share Value” means the book value per issued share of the Company determined as at 31 December as shown in the
Relevant Financial Statements. 
  

					
	 	 	8	 	TENITEM Management Agreement

	8.	UNDERTAKINGS 

  

	8.1	The Manager undertakes to carry out the Management Services efficiently and in the best interests of the Company. 

  

	8.2	Neither the Manager nor any of Sub-Managers shall contract on behalf of the Company or any of the Subsidiaries or arrange any contract or transaction for or on behalf of the Company
or any Subsidiary with itself or any of its Sub-Managers or any of their respective Associates (as defined in the Bye-Laws of the Company at the date of this Agreement) (all such contracts and transactions being “interested party
transactions”) except on terms so less favourable than would exist if such contract or transaction were to be entered into with unrelated third parties on as arms-length basis. The Manager shall also not so contract if any interested party
transaction is reasonably likely to involve payments or a value in excess of US$100,000 individually to such contract or transaction or in aggregate with any related transactions within any period of five years, without the approval of the Board of
Company and any affected Subsidiary except; 

  

	 	8.2.1	subject as provided pursuant to Clause 6.4 and this Clause 8.2, any permitted fee, commission or term described in Clause 6.4; 

  

	 	8.2.2	where the payment or payments concerned represent on-charging by or reimbursement to the Manager or relevant Sub-Manager in respect of arrangements with third parties where the
Manager or relevant Sub-Manager has contracted as agent on behalf of the Company; 

  

	 	8.2.3	where the relevant contract or transaction occurs following or connected with emergency situations relating to the operation of the Company’s Ships; and

  

	 	8.2.4	where the Board of Directors consider that certain contracts or transactions or a class of contracts or transactions may occur repeatedly and have given a general exemption for such
transactions or class of transactions. 

  
 All
interested party transactions not specifically approved in advance by the Board of the Company and any affected Subsidiary shall be reported to the Board of the Company no less frequently than three monthly in arrears. 
  

	8.3	All discounts, commissions, rebates and benefits of whatever nature received by the Manager and the Sub-Managers in the course of their performance of the Management Services shall
be held to the account of the relevant Subsidiary or, if a particular Subsidiary cannot be identified, the Subsidiaries equally. 

  

	9.	EXCLUSION OF LIABILITY 

  

	9.1	The Manager shall be under no liability whatsoever for any damages or loss of whatsoever nature (including loss of profit due to detention or delay) whensoever and howsoever arising
in course of performance of the Management Services by the Manager or any Sub-Manager or any agents, superintendents, officers, crew management personnel or other persons or independent contractors employed by the Manager or any Sub-Manager in
connection with the Management Services unless the same shall be proved to have resulted from the wilful misconduct or negligence of the Manager or any Sub-Manager or any person to whom performance of any of the Management Services has been
delegated by the Managers. 

  

					
	 	 	9	 	TENITEM Management Agreement

	9.2	Subject to the obligations of the Manager to effect insurances pursuant to Clause 3.5, the Manager shall not be responsible for the loss of or damage to any property of the Company
and the Subsidiaries in the possession of the Manager or for any failure to fulfil its duties hereunder it such loss, damage or failure shall be caused by or directly or indirectly due to war damage, enemy action, the act of any Government or other
competent authority, not, civil commotion, rebellion, storm, tempest, accident, fire, lockout, strike or other cause whatsoever beyond the control of the Manager or any Sub-Managers or other persons to whom performance of the Management Services has
been delegated by the Manager provided that the Manager or such Sub-Managers or other persons shall use all reasonable efforts to avoid or minimise the effects of the same. 

  

	10.	TERMINATION 

  

	10.1	This Agreement will terminate automatically; 

  

	 	10.1.1	following an order made or resolution passed for the purpose of winding up of the Manager or if a receiver shall be appointed of the undertaking or property of the Manager or if the
Manager shall cease to carry on its business or make any special arrangement or composition with its creditors; 

  

	 	10.1.2	upon the completion of the winding-up of the business of the Company following liquidation or otherwise. 

  

	10.2	The Company or the Manager may terminate this Agreement by giving 14 days’ notice in writing to the other in any of the following events: 

  

	 	10.2.1	at any time if the other shall commit any breach of its obligations under this Agreement by virtue of its wilful misconduct or negligence and (if such breach is capable of remedy)
shall fail within 30 days of receipt of notice so requiring it to make good such breach and such breach is material to the party giving notice, or 

  

	 	10.2.2	if the Manager shall be unable or otherwise fail to perform any or all of the Management Services to a material extent for a continuous period of two months in circumstances covered
by Clause 9.2; 

  
 provided that the Company may
not terminate this Agreement by reason of such an event which relates to any of the Subsidiaries. 
  

	10.3	The Company may terminate this Agreement by giving 180 days notice in writing to the Manager if there has been a change of control in the shareholding of the Manager, unless such
change has previously been agreed in writing by the Board of the Company. 

  

	10.4	The Manager may terminate this Agreement by giving the Company and the Subsidiaries not less than one year’s notice of intention to terminate the same, any such notice of
termination to be given on or before an anniversary of the Appointment Date to take effect on the succeeding anniversary of the Appointment Date. Any such termination shall be without prejudice to any claims each party may have upon the others.

  

	10.5	The appointment of the Manager or any of its Sub-Managers may be terminated with immediate effect by the Company or any of the Subsidiaries in relation to itself by notice in
writing if the Manager or such Sub-Manager respectively shall be, become or be deemed to be or become resident for tax purposes or carry on business within 

  

					
	 	 	10	 	TENITEM Management Agreement

 the United Kingdom or the United States or elsewhere in circumstances which cause the Company or any of
the Subsidiaries to become liable for tax on any part of its income in the country of such residence or carrying on of business. 
  

	10.6	The Manager may terminate this Agreement at any time upon ten (10) business days’ prior written notice to the Company in the event that the Company undergoes a “Change of
Control”. For the purposes of this Clause 10.6, “Change of Control” shall mean the election of any director whose election was not recommended by the then current Board of Directors. Any such notice must be given within two months of
the Change of Control. 

  

	10.7	Upon the effective date of termination pursuant to Clause 10.6 the Manager shall promptly terminate its services under this Agreement, as may be required in order to minimise any
interruption to the business of the Company and the Subsidiaries. 

  

	10.8	Upon termination, the Manager shall as promptly as possible, submit a final accounting of funds received and disbursed under this Agreement and of any remaining Management Fees due
from the Company, calculated pro rata to the date of termination (but subject to Clause 10.9) and any disbursed funds of the Company or the Subsidiaries in the Manager’s possession or control will be promptly paid by the Manager as directed by
the Company or may be set off against any sums from the Company. 

  

	10.9	If this Agreement is terminated under Clause 10.6, the Company shall pay to the Manager an amount equal to the net present value calculated at a discount rate of six per cent (6%)
per annum of: 

  

	 	10.9.1	the total aggregate Management Fees to which the Manager would be entitled under Clause 6.1 from the date of such termination to the end of the Term being 30 June in the tenth year
following the date of termination under Clause 10.6, based on the number of Owned Ships and Operated Ships at the date of termination; and 

  

	 	10.9.2	the average of the Bonuses previously paid to the Manager under Clauses 7, multiplied by ten, being the number of years of the Term left to run. 

  

	10.10	The authorities contained in this Agreement are continuing ones and shall remain in full force and effect until revoked by termination of this Agreement in accordance with the
provisions of the Clause 10. Such revocation shall not affect any liability in any way resulting from transactions initiated prior to such revocation. 

  

	11.	RATIFICATION 

  

	11.1	Subject to Clauses 4 and 9, the Company and the Subsidiaries hereby ratify and confirm and undertake at all times to allow, ratify and confirm all and whatsoever the Manager and/or
Sub-Managers shall lawfully do or cause to be done in the performance of its duties as Manager or Sub-Manager hereunder and the Company and the Subsidiaries further undertake at all times hereafter to keep the Manager or Sub-Manager indemnified on
demand against all actions, proceedings, claims and demands or liabilities whatsoever which may be brought commenced or prosecuted against or incurred by the Manager or Sub-Manager and also against all costs, damages and expenses which the Manager
or Sub-Manager may in any way pay or incur in defending or settling the same or otherwise in consequence of the Manager or Sub-Manager acting as Manager in Sub-Manager of the affairs of the Company and the Subsidiaries or of any Shop or in respect
of any matters or things in relation 

  

					
	 	 	11	 	TENITEM Management Agreement

 thereto, except to the extent that the items aforesaid arise from the wilful misconduct or negligence of
the Manager or any Sub-Manager. In addition, the Company and the Subsidiaries agree to reimburse to the Manager or any Sub-Manager any moneys which it may properly expend on behalf of the Company or any of the Subsidiaries in connection with its
duties under this Agreement. The obligations of the Company or any of the Subsidiaries under this Clause shall be several (and not joint) and such obligations shall be apportioned to the Company or any of the Subsidiaries as appropriate but where
any obligation does not clearly arise solely with respect to the Company or any one of the Subsidiaries alone such obligation shall be apportioned between the Company and the Subsidiaries in such manner as the Manager may reasonably determine to be
appropriate. In particular, costs in connection with any proposed acquisition which proves abortive shall be the joint responsibility of the Company and the relevant Subsidiary. 
  

	12.	ASSIGNS AND SUCCESSORS 

  

	12.1	The Manager may with the prior consent in writing of the Company and the Subsidiaries, to be exercised in their respective discretions, assign all its rights and obligations
hereunder to any other company, person, firm or institution acceptable in the Company and the Subsidiaries and the assignee shall, upon filing with the Company and the Subsidiaries an instrument in writing whereby it shall assume the obligations of
the Manager hereunder and agree to be bound by the provisions hereof, become the successor to the Manager hereunder and thereafter such successor may exercise all of the powers and enjoy all of the rights and be subject to all of the duties and
obligations of the Manager hereunder as fully as though originally named as a party to this Agreement. 

  

	13.	CONFIDENTIALITY 

  

	13.1	None of the parties hereto shall except under compulsion of law or in compliance with the requirements of any regulatory authority or stock exchange on which the shares of the
Company are listed) either before or after the termination of this Agreement disclose to any person not authorised by the relevant party to receive it any confidential information relating to such party or to the affairs of such party of which the
party disclosing the same shall have become possessed during the period of this Agreement and each party shall use all reasonable endeavours to prevent any such disclosure as aforesaid. 

  

	14.	SUBSIDIARIES 

  

	14.1	The Company shall procure that each Subsidiary shall become a party to this Agreement on or before the date upon which that, Subsidiary enters into any contractual agreement to
acquire a Ship by the execution of an accession agreement substantially in the form of the Annex. The parties to this Agreement (including any which have become so by executing such an accession agreement) hereby authorise any director of the
Company from time to time to execute each such accession agreement on their behalf so as to bind them. Such accession agreement shall become effective immediately upon notification thereof as provided in Clause 15 by delivery of a copy thereof to
each party to this Agreement (unless any such party shall previously have waived in writing its right to receive such notification). 

  

	14.2	Subject to Clause 14.1, the Company is entering into this Agreement on behalf of each of its Subsidiaries. 

  

					
	 	 	12	 	TENITEM Management Agreement

	15.	NOTICES 

  

	15.1	Any notice to be given by any party to this Agreement shall be in writing and will be deemed duly served if delivered personally or by registered post or sent by fax to the
addressee at the address act out below: 

  
  

			
	 the Company:
	  	Tsakos Energy Navigation Limited
	 	  	Richmond House
	 	  	12 Par-la-Ville Road
	 	  	Hamilton IlM08
	 	  	Bermuda
	 	  	Fax No: 001 441 295 1348
		
	 The Manager:
	  	Tsakos Energy Management Limited
	 	  	367 Syngrou Avenue
	 	  	175 64 P. Palio
	 	  	Greece
	 	  	Fax No: 00 30 210 940 7716

  
  
 or at such other address as the party to be served my have notified as its address for service. 
  

	15.2	Any notice sent by fax shall be deemed served when despatched and shall be effective when actually received save that if sent outside normal office hours shall be deemed to be
effective at commencement of business on the succeeding business day and any notice served by registered post shall be deemed served when received. In proving the service of any notice will be sufficient to prove, in the case of a fax, that such fax
was duly despatched to a current fax number of the addressee. 

  

	16.	GOVERNING LAW 

  

	16.1	This Agreement shall be governed in all respects by the laws of England. 

  

	16.2	The Company and the Manager hereby irrevocably appoint IIFW Nominees Limited of Marlow House, Lloyd’s Avenue, London , ECON 3AT as their agents for service of process in
England under this Agreement. 

  

	17.	ENTIRE AGREEMENT 

  

	17.1	This Agreement constitutes the entire agreement between the parties with respect to the subject matter herein and supersedes all prior agreements and understandings, written or
oral, with respect thereto. 

  

	18.	THIRD PARTIES 

  

	18.1	This agreement is not intended to nor shall it create, any rights, claims or benefits enforceable by any person not a party to it. A person who is not a party to this agreement may
not enforce or otherwise have the benefit of, any provision of this agreement under the Contracts (Rights of Third Parties) Act 1999. 

  

					
	 	 	13	 	TENITEM Management Agreement

	19.	ARBITRATION 

  

	19.1	Any dispute arising out of this Agreement shall be referred to arbitration in London, the dispute being settled by a single Arbitrator to be appointed by the parties hereto. If the
parties cannot agree upon the appointment of the single Arbitrator the dispute shall be settled by three Arbitrators, each party appointing one Arbitrator, the third being appointed by the Arbitrators of the parties. If the Arbitrators had to agree
on the appointment of the third Arbitrator, such appointment shall be made by The London Maritime Arbitration Association in London. If either of the appointed Arbitrators refuses or is incapable of acting the party who appointed him shall appoint a
new Arbitrator in his place. 

  

	19.2	If one party fails to appoint an Arbitrator - either originally or by way of substitution - for two weeks after the other party having appointed his Arbitrator has sent the party in
default notice to make the appointment, the London Maritime Arbitration Association shall, after application from the party having appointed his Arbitrator, also appoint an Arbitrator on behalf of the party in default. 

  

	19.3	The award rendered by the Arbitration Court shall be final and binding upon the parties and may if necessary be enforced by the Court or any other competent authority in the same
manner as a judgment in the Court of Justice. 

  
 AS WITNESS
the hands of the duly authorised representatives of the parties 
  

					
	SIGNED by	    	)	 	 
	 for and on behalf of
	    	)	 	 
	TSAKOS ENERGY NAVIGATION LIMITED	    	 )
 )
	 	[ILLEGIBLE]
			
	SIGNED by	    	)	 	 
	for and on behalf of	    	)	 	 
	TSAKOS ENERGY MANAGEMENT LIMITED	    	 )
 )
	 	[ILLEGIBLE]

  

					
	 	 	14	 	TENITEM Management AgreementJabber, Inc. Certificate of Designation

 Exhibit 10.7 
  
 CERTIFICATE OF DESIGNATION OF 
 SERIES OF PREFERRED STOCK 
  
 AMENDED AND RESTATED STATEMENT OF DESIGNATION OF 
 RIGHTS, PREFERENCES AND LIMITATIONS OF 
 SERIES D CONVERTIBLE PREFERRED STOCK 
 AND 
 SERIES E CONVERTIBLE PREFERRED STOCK 
  
 OF 
  
 JABBER, INC. 
  
 The undersigned, Stuart Lucko, the Assistant Secretary of Jabber, Inc., a Delaware corporation (the “Corporation”), hereby certifies that the following
resolutions establishing Series D Convertible Preferred Stock and Series E Convertible Preferred Stock of the Corporation pursuant to Section 151 of Delaware Corporation Law were duly adopted by unanimous written consent of the Board of Directors of
the Corporation on March 24, 2005 and by written consent of a majority of the stockholders of the Corporation and a majority of the holders of Series D Convertible Preferred Stock: 
  
 RESOLVED, that, the Company’s Designation of Rights, Preferences and Limitations of Preferred Stock filed with
the Secretary of State of the State of Delaware on March 18, 2003 shall be amended and restated as set forth in Amended and Restated Designation of Rights, Preferences and Limitations of Preferred Stock attached hereto as Exhibit A (the
“Designation”). 
  
 RESOLVED, that,
subject to the filing of the Designation, the rights, powers, preferences and restrictions of the Series D Convertible Preferred Stock are amended and restated as set forth in the Designation. 
  
 RESOLVED, that, subject to the filing of the Designation, there is
hereby created a series of preferred stock of this Corporation, such series to be known as Series E Convertible Preferred Stock, and that such series shall have the rights, powers, preferences and restrictions set forth in the Designation.

  
 RESOLVED, that the Secretary of the Corporation is
hereby authorized and directed to make, execute and file with the Delaware Secretary of State in the manner required by law, the Designation, and to take all other action he may deem necessary or advisable to carry into effect the foregoing
resolution. 
  

 Ex-3 

 IN WITNESS WHEREOF, I have subscribed my name this 5th day of April, 2005. 
  

	
	 /s/ Stuart Lucko

	 Stuart Lucko

	 Assistant Secretary

  

 Ex-4 

 EXHIBIT A 
  

AMENDED AND RESTATED CERTIFICATE OF DESIGNATION 
 FOR SERIES D PREFERRED STOCK AND 
 SERIES E PREFERRED STOCK 
  
 1. Designation. 25,218,914 shares of Preferred Stock of the Corporation are hereby designated Series D Convertible
Preferred Stock (the “Series D Preferred Stock”) and 20,000,000 shares of Preferred Stock of the Corporation are hereby designated Series E Convertible Preferred Stock (the “Series E Preferred Stock”, and together with the Series
D Preferred Stock, the “Preferred Stock’). The powers, terms, conditions, designations, powers, preferences and privileges, relative, participating, optional and other special rights, and qualifications, limitations and restrictions, if
any, of the Series D Preferred Stock and the Series E Preferred Stock shall be as set forth in this certificate of designation. 
  
 2. Ranking. 
  
 (a) The Corporation’s Series E Preferred Stock shall rank, as to dividends and upon redemption and Liquidation (as defined in Section 4(a) hereof),
senior and prior to the Series D Preferred Stock, the Common Stock and any other class or series of stock of the Corporation. 
  
 (b) The Corporation’s Series D Preferred Stock shall rank, as to dividends and upon redemption and Liquidation (as defined in Section 4(a) hereof),
senior and prior to the Corporation’s Common Stock, par value $0.01 per share (the “Common Stock”), and any other class or series of stock of the Corporation other than the Series E Preferred Stock. 
  
 3. Dividends. 
  
 (a) Series E Preferred Stock. The holders of the then outstanding
Series E Preferred Stock (the “Series E Preferred Stockholders”) shall be entitled to receive, in preference to the payment of any dividends or other Distribution (as defined below) on the Common Stock, the Series D Preferred Stock and any
other class or series of stock in the Corporation in such calendar year (other than a stock dividend declared and paid on the Common Stock that is payable in shares of Common Stock (a “Common Stock Dividend”)), cumulative dividends as
provided in this Section 3(a). Dividends on each share of Series E Preferred Stock shall be payable in cash out of funds and assets of the Corporation legally available therefor and accrue at the rate of eight percent (8%) per annum on the sum of
(i) $0.175 (as appropriately adjusted for any recapitalizations affecting the Series E Preferred Stock after the original Series E Preferred Stock issuance date in accordance herewith (such date is hereinafter referred to as the “Original
Series E Issuance Date”)) (the “Original Series E Issuance Price”) and (ii) all accumulated and unpaid dividends accrued thereon pursuant to this Section 3(a) from the Original Series E Issuance Date (the “Series E
Dividends” and the sum of the Original Series E Issuance Price and the Series E Dividends is referred to herein as the “Series E Preference Amount”). Such dividends will be calculated and compounded annually in arrears on December 31
of each year in respect of the prior year prorated on a daily basis for partial years. Such dividends shall commence to accrue on each share of Series E Preferred Stock from the date of issuance thereof 
  

 Ex-5 

 whether or not declared by the Board of Directors, and whether or not there are profits, surplus or other funds of the
Corporation legally available for the payment of the dividends, and shall continue to accrue thereon until the Series E Preference Amount is paid in full in cash or such share of Series E Preferred Stock is converted to Common Stock. In addition,
the Series E Preferred Stockholders shall be entitled to receive dividends or other Distributions ratably and equally with the holders of the then outstanding Common Stock (the “Common Stockholders”) and the holders of the then outstanding
Series D Preferred Stock (the “Series D Preferred Stockholders” and together with the Series E Preferred Stockholders, the “Preferred Stockholders”) on each outstanding share of Series E Preferred Stock in an amount at least
equal to the product of (i) the per share amount, if any, of the dividend or other Distribution multiplied by (ii) the number of whole shares of Common Stock into which such share of Series D Preferred Stock is then convertible. No dividends (other
than a Common Stock Dividend) shall be paid, and no transfer of cash or property by the Corporation to one or more of its stockholders without consideration, whether by dividend or otherwise (except a dividend in shares of the Corporation’s
stock) (a “Distribution”) shall be made, with respect to the Common Stock, the Series D Preferred Stock or any other class or series of stock in the Corporation during any calendar year unless approved by Series E Preferred Stockholders
representing 66 2/3% of the then outstanding Series E Preferred Stock; provided, however that this
restriction shall not apply to Repurchases of securities of the Corporation pursuant to Section 3(d) below. Payments of any dividends to the Series E Preferred Stockholders shall be paid pro rata, on an equal priority, pari passu basis according to
their respective dividend preferences as set forth herein. 
  
 (b) Series D Preferred Stock In each calendar year, Series D Preferred Stockholders shall be entitled to receive, when, as and if declared by the Board, out of any funds and assets of the Corporation legally available therefor,
noncumulative dividends at the rate declared by the Board for such Series D Preferred Stock, prior and in preference to the payment of any dividends or other Distribution on the Common Stock and any other class or series of stock in the Corporation
in such calendar year (other than a Common Stock Dividend, subject to the preferential rights of the Series E Preferred Stock set forth in Section 3(a). No dividends (other than a Common Stock Dividend) shall be paid, and no Distribution shall be
made, with respect to the Common Stock or any other class or series of stock in the Corporation other than the Series E Preferred Stock during any calendar year unless approved by Series D Preferred Stockholders representing 66 2/3% of the then outstanding Series D Preferred Stock; provided, however that this restriction shall not apply
to Repurchases of securities of the Corporation pursuant to Section 3(d) below. Payments of any dividends to the Series D Preferred Stockholders shall be paid pro rata, on an equal priority, pari passu basis according to their respective dividend
preferences as set forth herein. Dividends on the Series D Preferred Stock shall not be mandatory or cumulative, except as set forth in Section 3(c), and no rights or interest shall accrue to the Series D Preferred Stockholders by reason of the fact
that the Corporation shall fail to declare or pay dividends on the Series D Preferred Stock in the amount of the respective annual Dividend Rate for such series or in any other amount in any calendar year or any fiscal year of the Corporation,
whether or not the earnings of the Corporation in any calendar year or fiscal year were sufficient to pay such dividends in whole or in part. 
  
 (c) Other Dividends. Subject to the dividend rights of the Preferred Stockholders, the holders of record of the Common Stock (the “Common
Stockholders”) shall be entitled to receive, out of funds legally available therefor, such dividends as may be declared 
  

 Ex-6 

 from time to time by the Board, but only when, as, and if declared by the Board; provided that, so long as any Preferred
Stock is outstanding, the Corporation shall not declare or pay any dividend or make any distribution (whether in cash, shares of capital stock of the Corporation or other property) on the Common Stock or any other class or series of stock ranking
junior to the Preferred Stock, unless prior thereto or simultaneously therewith (i) the Series E Dividends shall have been paid, (ii) all dividends and distributions previously declared on the Preferred Stock shall have been paid and (ii) an equal
or greater dividend shall be paid on the Preferred Stock (on an as-converted to Common Stock basis). 
  
 (d) Repurchase of Securities. Notwithstanding anything to the contrary in this Section 3, whether or not all declared dividends on the Preferred
Stock shall have been paid or funds have been set aside therefor, the Corporation may at any time, subject to Section 6(b)(v) hereof, out of funds legally available therefor, repurchase any outstanding securities of the Corporation (i) issued to or
held by officers, directors, employees, consultants and other service providers of the Corporation pursuant to any equity incentive agreement or stock restriction agreement approved by the Board, that gives the Corporation the right to repurchase
upon termination of services or a right of first refusal on proposed transfers and (ii) pursuant to all of the provisions of the Amended and Restated Right of First Refusal and Co-Sale Agreement dated April 5, 2005. 
  
 4. Liquidation Preferences. 
  
 (a) Rights on Liquidation, Dissolution, Winding-Up. In the event of
any liquidation, dissolution or winding-up of the affairs of the Corporation (collectively, a “Liquidation”), whether voluntary or involuntary, the assets and funds of the Corporation legally available for distribution to its stockholders,
whether from capital, surplus or earnings (the “Assets”), shall be distributed as follows: 
  
 (i) First, each Series E Preferred Stockholder shall be paid an amount equal to the full Series E Preference Amount of all shares of Series E Preferred
Stock held by such Series E Preferred Stockholder. If the Assets shall be insufficient to permit the payment in full of the Series E Preference Amount for all shares of Series E Preferred Stock, then the entire remaining Assets shall be distributed
among the Series E Preferred Stockholders ratably in proportion to the full Series E Preference Amount to which they would otherwise be entitled to receive on account of their Series E Preferred Stock. 
  
 (ii) Second, each Series D Preferred Stockholder shall be paid an amount
equal to (i) $0.2855 per share of Series D Preferred Stock (as appropriately adjusted for any recapitalizations affecting the Series D Preferred Stock after the original Series D Preferred Stock issuance date in accordance with the Amended and
Restated Certificate of Designation for the Series D Preferred Stock) (the “Original Series D Issuance Price”) held by such Series D Preferred Stockholder plus (ii) an amount equal to any declared but unpaid dividends on each share of
Series D Preferred Stock held by such Series D Preferred Stockholder (collectively, the “Series D Preference Amount”). If the Assets shall be insufficient to permit the payment in full of the Series D Preference Amount for all shares of
Series D Preferred Stock, then the entire remaining Assets shall be distributed among the Series D Preferred Stockholders 
  

 Ex-7 

 ratably in proportion to the full Series D Preference Amount to which they would otherwise be entitled to receive on
account of their Series D Preferred Stock. 
  
 (iii) Third, each
Series E Preferred Stockholder, Series D Preferred Stockholder and Common Stockholder shall be paid an amount equal to two (2) times the Original Series E Issuance Price (the “Series E Maximum Amount”) for each share of Common Stock and
each share of Common Stock issuable upon conversion of the Series D Preferred Stock and Series E Preferred Stock held by such Series D Preferred Stockholders, Series E Preferred Stockholders and Common Stockholders. If the Assets shall be
insufficient to permit the payment in full of the amounts set forth in the immediately preceding sentence, then the entire remaining Assets shall be distributed among the Series E Preferred Stockholders, the Series D Preferred Stockholders and the
Common Stockholders ratably in proportion to the full Series E Maximum Amount to which they would otherwise be entitled to receive on account of their shares of Common Stock and Common Stock issuable upon conversion of the Series E Preferred Stock
and the Series D Preferred. 
  
 (v) Fourth, each Series D
Preferred Stockholder and Common Stockholder shall be paid an amount equal to two (2) times the Original Series D Issuance Price less the Series E Maximum Amount for each share of Common Stock and each share of Common Stock issuable upon conversion
of the Series D Preferred Stock held by such Series D Preferred Stockholder and Common Stockholder. If the Assets shall be insufficient to permit the payment in full of the amounts set forth in the immediately preceding sentence, then the entire
remaining Assets shall be distributed among the Common Stockholders and Series D Preferred Stockholders ratably in proportion to the full amounts to which they would otherwise be entitled to receive pursuant to the immediately preceding sentence on
account of their shares of Common Stock and Common Stock issuable upon conversion of the Series D Preferred Stock. 
  
 (vi) Fifth, the entire remaining Assets shall be distributed among the Common Stockholders ratably in proportion to the shares of Common Stock held by
such Common Stockholders. 
  
 Nothing in this Section 4(a) shall
prevent shares of Preferred Stock from being converted into shares of Common Stock in order to participate in any distribution of assets or funds of the Corporation, or any series of distributions of assets or funds of the Corporation; provided
that, in the event of such conversion, any holder of Preferred Stock shall participate in any such distributions in respect of such shares solely as a holder of Common Stock and shall not participate in any preference payments made to the Preferred
Stockholders in respect of the Preferred Stock, including, without limitation, the Series D Preference Amount and the Series E Preference Amount. 
  
 (b) Sale, Merger, Consolidation, etc. The following events shall be deemed to be a Liquidation for the purposes of this Section 4: (a) the
acquisition of the Corporation by another entity by means of any transaction or series of related transactions (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but not including any sale of stock by the
Corporation for capital raising activities), other than a transaction or series of related transactions in which the holders of the voting securities of the Corporation outstanding immediately prior to such transaction continue to retain (either by
such voting securities 
  

 Ex-8 

 remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a
result of shares in the Corporation held by such holders prior to such transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after
such transaction or series of transactions; or (b) a sale, lease or other conveyance of all or substantially all of the assets of the Corporation. 
  
 (c) Valuation of Non-Cash Consideration. If any assets of the Corporation distributed to stockholders in connection with any Liquidation are other
than cash, then the value of such assets shall be their fair market value as determined in good faith by the Board of Directors of the Corporation; except that any publicly-traded securities to be distributed to stockholders in a Liquidation shall
be valued as follows: 
  
 (i) If the securities are then traded
on a national securities exchange or the Nasdaq Stock Market (or a similar national quotation system), then the value of the securities shall be deemed to be to the average of the closing prices of the securities on such exchange or system over the
ten (10) trading day period ending five (5) trading days prior to the distribution. 
  
 (ii) If the securities are actively traded over-the-counter, then the value of the securities shall be deemed to be the average of the closing bid prices of the securities over the ten (10) trading day period ending
five (5) trading days prior to the distribution. 
  
 (iii) In the
event of a merger or other acquisition of the Corporation by another entity, the distribution date shall be deemed to be the date such transaction closes. 
  
 5. Conversion Rights. 
  
 (a) Mandatory Conversion. Each share of Preferred Stock shall automatically be converted into fully paid and nonassessable shares of Common Stock
as provided herein immediately prior to the closing of a Qualified Public Offering (as such term is defined in Section 5(e)(v)). Each share of Series E Preferred Stock shall also automatically be converted into fully paid and nonassessable shares of
Common Stock as provided herein upon the affirmative vote or written consent of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the then outstanding shares of Series E Preferred Stock. 
  
 (b) Voluntary Conversion. Subject to and in compliance with this Section 5, any shares of Preferred Stock may, at the option of the holder thereof,
be converted at any time or from time to time, into fully paid and nonassessable shares of Common Stock. The number of shares of Common Stock to which a Preferred Stockholder shall be entitled upon conversion (whether by mandatory conversion
pursuant to Section 5(a) hereof or voluntary conversion pursuant to this Section 5(b)) shall be the product obtained by multiplying the number of shares of Preferred Stock being converted by the then applicable Conversion Rate (as such term is
defined in Section 5(c) hereof). The holder of shares of Series D Preferred Stock voluntarily converted into shares of Common Stock pursuant to this Section 5(b) shall be entitled to 
  

 Ex-9 

 payment of any declared but unpaid dividends on such shares of Preferred Stock up to and including the date such
conversion is effective. At the election of each Series D Preferred Stockholder, such dividends may be paid in cash or with shares of Common Stock. For Series D Preferred Stockholders the number of shares issued in payment of such dividend shall be
determined based upon the highest price per share which the Corporation could obtain from a willing buyer (who is not a current employee or director) for shares of Common Stock sold by the Corporation, from authorized but unissued shares, as
determined in good faith by the Board of Directors of the Corporation. The holder of shares of Series E Preferred Stock voluntarily converted pursuant to this Section 5(b) or mandatorily converted pursuant to Section 5(a) hereof shall be entitled to
payment of any declared but unpaid dividends and any accumulated and unpaid Series E Dividends on such shares of Series E Preferred Stock, up to and including the date such conversion is effective. Upon a mandatory conversion pursuant to Section
5(a) hereof, at the election of each Series E Preferred Stockholder, such declared and unpaid dividends and Series E Dividends may be paid in cash or with shares of Common Stock. Upon a voluntary conversion pursuant to this Section 5(b), such
declared and unpaid dividends and Series E dividends shall be paid with shares of Common Stock. For Series E Preferred Stockholders, the number of shares issued in payment of such dividend shall be determined based upon the then current Conversion
Price (as defined in Section 5(d) hereof and as adjusted pursuant to Section 5(f) hereof. 
  
 (c) Conversion Rate. The Conversion Rate in effect at any time for the Preferred Stock shall be the quotient obtained by dividing the Original Issuance Price (as such term is defined in the immediately
following sentence) by the Conversion Price (as defined in Section 5(d) hereof and as adjusted pursuant to Section 5(f) hereof) (the “Conversion Rate”). The term “Original Issuance Price” shall mean the Original Series D Issuance
Price or the Original Series E Issuance Price, as appropriate. 
  
 (d) Conversion Price. Subject to adjustment in accordance with Section 5(f) hereof, the “Conversion Price” shall initially be an amount equal to the Original Series D Issuance Price or the Original Series E Issuance Price,
as appropriate. 
  
 (e) Mechanics of Conversion.

  
 (i) Mandatory Conversion. Upon the occurrence of any event
specified in Section 5(a) above, the outstanding shares of Preferred Stock shall be converted at the then current Conversion Rate into Common Stock automatically without the need for any further action by the holders of such shares and whether or
not the certificates representing such shares are surrendered to the Corporation or its transfer agent; provided, however, that the Corporation shall not be obligated to issue certificates evidencing the shares of Common Stock issuable upon such
conversion unless the certificates evidencing such shares of Preferred Stock are either delivered to the Corporation or its transfer agent as provided below, or the holder notifies the Corporation or its transfer agent that such certificates have
been lost, stolen or destroyed and executes an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificates. Upon the occurrence of such automatic conversion of the
Preferred Stock, the holders of Preferred Stock shall surrender the certificates representing such shares at the office of the Corporation or any transfer agent for the Preferred Stock or Common Stock. Thereupon, there shall be issued and

  

 Ex-10 

 delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or
certificates, a certificate or certificates for the number of shares of Common Stock into which the shares of Preferred Stock surrendered were convertible on the date on which such automatic conversion occurred. 
  
 (ii) Voluntary Conversion. In order to effect a voluntary conversion of
Preferred Stock, the holder thereof shall provide written notice to the Corporation that it elects to convert the same into Common Stock, and shall deliver such notice to the office of the Corporation or of any transfer agent for such shares. Such
voluntary conversion shall be deemed to have been made immediately prior to the close of business on the date of surrender of the certificate(s) representing the shares of Preferred Stock to be converted. 
  
 (iii) Surrender of Certificates; Deliveries by Corporation. Before delivery
to any person of certificates representing shares of Common Stock issued upon voluntary or automatic conversion of shares of the Preferred Stock, the holder of such Preferred Stock shall surrender the certificate or certificates for such Preferred
Stock, duly endorsed or assigned in blank, at the office of the Corporation or of any transfer agent for such shares (or shall notify the Corporation or its transfer agent that such certificates have been lost, stolen, or destroyed and execute an
agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificates) and shall provide a written declaration of the name or names in which such holder wishes the certificate or
certificates for shares of Common Stock to be issued. If a Preferred Stockholder shall surrender more than one stock certificate for shares of Preferred Stock to be converted at any one time, the number of such shares of Common Stock issuable upon
conversion thereof shall be computed on the basis of the aggregate number of shares of Preferred Stock so surrendered for conversion. The Corporation shall, as soon as practicable after receipt of the certificate or certificates for the Preferred
Stock subject to such conversion (or, in the case of a lost certificate, the agreement and indemnification referred to above), issue and deliver at such office to such holder of Preferred Stock, (A) a certificate or certificates for the number of
full shares of Common Stock to which such holder shall be entitled as aforesaid, (B) in the event of the conversion of only a portion of the shares covered by a certificate representing Preferred Stock, a new stock certificate representing the
number of unconverted shares of the applicable Preferred Stock, (C) a check payable to the holder for any cash amounts payable as the result of a conversion into fractional shares of Common Stock pursuant to Section 5(e)(v), and (D) if such holder
of Preferred Stock elects to be paid in cash for declared but unpaid dividends or accumulated and unpaid Series E Dividends, as the case may be, payment of any declared but unpaid dividends and any accumulated and unpaid Series E Dividends, as the
case may be, on the shares of Preferred Stock being converted up to and including the date of conversion by delivery of a check payable to the holder, or to the extent the funds of the Corporation legally available for the payment of dividends are
insufficient to pay the full amount of such dividends in cash, a certificate for shares of Common Stock (at the then current market price of a share of Common Stock determined in the manner described in Section 5(e)(v) hereof, in the case of shares
of Series D Preferred Stock, or the then current Conversion Price, in the case of shares of Series E Preferred Stock). 
  
 (iv) Rights Following Conversion. From and after the effective date of any voluntary or automatic conversion pursuant to this Section 5, without
any further 
  

 Ex-11 

 action by any holder of shares of Preferred Stock being converted and whether or not such shares are surrendered to the
Corporation or its transfer agent: (A) all rights of such holder with respect to any Preferred Stock subject to such conversion, except the right to receive shares of Common Stock and any applicable cash amounts in accordance with this Section 5,
shall cease; (B) the person or persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock as of such date; and (C) the shares
of Preferred Stock subject to such conversion shall not thereafter be transferred on the books of the Corporation or be deemed to be outstanding for any purpose whatsoever. 
  
 (v) Fractional Shares. No fractional shares of Common Stock shall be issued upon conversion of shares of Preferred Stock.
For shares of Series D Preferred Stock, the Corporation shall pay a cash adjustment for such fractional interest in an amount equal to the then current market price (as defined below) of a share of Common Stock multiplied by such fractional
interest. For shares of Series E Preferred Stock, the Corporation shall pay a cash adjustment for such fractional shares in an amount equal to the then current Conversion Price multiplied by such fractional interest. The then current market price
per share of Common Stock at any date shall be deemed to be (A) the highest price per share which the Corporation could obtain from a willing buyer (who is not a current employee or director) for shares of Common Stock sold by the Corporation, from
authorized but unissued shares, as determined in good faith by the Board or (B) in the case of an automatic conversion pursuant to a Qualified Public Offering, the per share price of the Qualified Public Offering. The term “Qualified Public
Offering” shall mean a firm commitment underwritten public offering pursuant to a registration statement under the U.S. Securities Act of 1933, as amended, covering the offer and sale by the Corporation of Common Stock at a public offering
price per share that is not less than $0.70 (as appropriately adjusted for any stock splits, combinations, divisions or similar recapitalizations affecting the Preferred Stock) and with a total in gross offering proceeds of not less than $20,000,000
(prior to deducting underwriter discounts and commissions and expenses of the offering). 
  
 (f) Conversion Price Adjustments. The Conversion Price shall be subject to adjustment from time to time as follows: 
  
 (i) Preferred Stock Weighted-Average Adjustment. In the event the Corporation shall at any time or from time to time after the Original Series E
Issuance Date issue any Additional Shares (as defined in Section 5(f)(v) hereof), otherwise than as provided in Sections 5(f)(ii), (iii) or (iv) hereof, without consideration or for a consideration per share less than the applicable Conversion Price
in effect immediately prior to such issuance, then and in such event, the applicable Conversion Price in effect immediately prior to each such issuance shall be reduced to a price, calculated to the nearest whole cent, determined by the quotient
obtained by dividing the total computed under clause (x) below by the total computed under clause (y) below as follows: 
  
 (x) the amount equal to the sum of 
  

 Ex-12 

 (1) the aggregate consideration received by the Corporation for the shares of Preferred Stock (the
“Preferred Stock Purchase Price”), plus 
  
 (2) the
aggregate consideration, if any, received by the Corporation for all Additional Shares issued on the purchase date of such Additional Shares; 
  
 (y) an amount equal to the sum of: 
  
 (1) the Preferred Stock Purchase Price divided by the applicable Original Issuance Price, plus 
  
 (2) the number of shares of Additional Shares of issued on the purchase date
of such Additional Shares. 
  
 Such adjustment shall be made successively whenever
any Additional Shares are issued without consideration or for a consideration per share less then the Conversion Price in effect immediately prior to such issuance and shall become effective immediately after the Additional Shares are issued.

  
 (i) In the event the Corporation shall issue any securities,
options, warrants or other rights directly or indirectly convertible into or exchangeable or exercisable for shares of Common Stock (“Convertible Securities”) and the consideration per share for which Additional Shares may at any time
thereafter be issuable pursuant to the terms of such Convertible Securities shall be less than the Conversion Price in effect immediately prior to the issuance of such Convertible Securities, then upon such issuance of Convertible Securities, such
Conversion Price shall be adjusted as provided in Section 5(f)(i)(A) hereof on the basis that (x) all of the Additional Shares issuable upon the conversion, exchange or exercise of all such Convertible Securities shall be deemed to have been issued
as of the date of issuance of such Convertible Securities and (y) the aggregate consideration for such Additional Shares shall be deemed to be the consideration received by the Corporation for the issuance of such Convertible Securities plus the
minimum consideration receivable by the Corporation for the issuance of such Additional Shares pursuant to the terms of such Convertible Securities upon the conversion, exchange or exercise thereof. With respect to the issuance of any Convertible
Securities which has resulted in an adjustment to the Conversion Price pursuant to Section 5(f)(i), to the extent the right to acquire Additional Shares upon conversion, exchange or exercise of such Convertible Securities expires or is terminated
without such conversion, exchange or exercise having been effected, such adjustment to the Conversion Price shall be recomputed as if: (i) in the case of the issuance of Convertible Securities, the only Additional Shares issued were the shares of
Common Stock, if any, actually issued upon the exercise, conversion or exchange of such Convertible Securities and the consideration received therefor was the consideration actually received by the Corporation for the issue of such exercised
Convertible Securities plus the consideration actually received by the Corporation upon such exercise, conversion or exchange, and (ii) in the case of the issuance of options for Convertible Securities, only the Convertible Securities, if any,
actually issued upon the exercise thereof were issued at the time of issue of such options, and the consideration received by the Corporation for the Additional Shares deemed to have been then issued was the consideration actually received by the
Corporation for the issue of such exercised options, plus the consideration deemed to have been received by the 
  

 Ex-13 

 Corporation upon the issue of the Convertible Securities with respect to which such options were actually exercised.

  
 (ii) Stock Dividend, Split or Subdivision of Shares.
If, the number of shares of Common Stock outstanding is increased or deemed increased by a stock dividend payable in shares of Common Stock or by a subdivision or split-up of shares of Common Stock (other than a change in par value, from par value
to no par value or from no par value to par value), then, following the effective date fixed for the determination of holders of Common Stock entitled to receive such stock dividend, subdivision or split-up, the Conversion Price shall be
appropriately decreased (but in no event shall the Conversion Price be decreased below the par value of the Common Stock) so that the number of shares of Common Stock issuable upon conversion of the Preferred Stock shall be increased in proportion
to such increase in outstanding shares (on a fully diluted basis). 
  
 (iii) Combination of Shares. If the number of shares of Common Stock outstanding is decreased by a combination of the outstanding shares of Common Stock (other than a change in par value, from par value to no par value or from no par
value to par value), then, following the record date fixed for such combination (or the date of such combination, if no record date is fixed), the Conversion Price shall be appropriately increased so that the number of shares of Common Stock
issuable on conversion of the Preferred Stock shall be decreased in proportion to such decrease in outstanding shares (on a fully diluted basis). 
  
 (iv) Recapitalizations, Reorganization, etc. If there shall be any recapitalization, capital reorganization, or reclassification involving the
Common Stock (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a stock dividend, subdivision, split-up, combination of shares or other event otherwise provided for in this Section
5), provision shall be made (in form and substance satisfactory to the holders of a majority of the outstanding shares of Preferred Stock) so that the holders of the Preferred Stock shall thereafter be entitled to receive, upon conversion of their
shares of Preferred Stock, such shares or other securities or property of the Corporation or otherwise, to which a holder of Common Stock deliverable upon conversion would have been entitled to receive in such recapitalization, capital
reorganization, or reclassification. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 5 with respect to the rights of the holders of the Preferred Stock after the recapitalization, capital
reorganization, or reclassification to the end that the provisions of this Section 5 applicable after that event (including adjustment of the applicable Conversion Prices then in effect and the number of shares purchasable upon conversion of shares
of the applicable Series of Preferred Stock) shall be as nearly equivalent to those applicable before the event as may be practicable. 
  
 (v) Additional Shares. “Additional Shares” shall mean any shares of Common Stock or other securities directly or indirectly convertible
into or exchangeable or exercisable for shares of Common Stock, other than: 
  
 (A) Shares of Series E Preferred Stock issued at any closing pursuant to the Series E Preferred Stock Purchase Agreement dated as of April 5, 2005. 
  
 (B) Common Stock issued or issuable upon conversion of any shares of Preferred Stock; 
  

 Ex-14 

 (C) Shares of the Corporation’s capital stock issued or issuable upon exercise, exchange or
conversion of any warrants or other securities outstanding as of the date of the filing of this Certificate of Designation; 
  
 (D) 9,115,869 shares of Common Stock issued to directors, officers, employees, consultants and advisors who provide or have provided bona fide services
to the Corporation, pursuant to any options to purchase or rights to subscribe for such Common Stock outstanding as of the date of the filing of this Designation or granted after such date pursuant to an option or rights plan, agreement or
arrangement approved by the Board; 
  
 (E) Common Stock issued in
transactions described in Section 5(f)(ii), (iii) or (iv) hereof; 
  
 (F) Securities issued or issuable by the Corporation, with the approval by the Board to persons or entities with which the Corporation has a business relationship, including, without limitation, corporate partner transactions, leasing
arrangements and bank financings; provided, however, that such securities are issued for a primary purpose other than equity financing; 
  
 (G) Shares of Common Stock issued in connection with a Qualified Public Offering; and 
  
 (H) Securities issued or issuable by the Corporation, with the approval of the Board (including the Independent Director,
as such term is defined under that certain Amended and Restated Voting Agreement dated as of April 5, 2005) in connection with: (i) the acquisition of another corporation, partnership, company, joint venture, trust or other entity by the Corporation
or any subsidiary of the Corporation by means of a merger, consolidation, reorganization, stock acquisition, purchase of assets or other transaction or series of related transactions whereby the Corporation, or its stockholders of record immediately
prior to the effectiveness of such transaction, directly or indirectly, own at least a majority of the voting power or assets of such other entity or the resulting or surviving corporation immediately after such transaction; (ii) the acquisition by
the Corporation of intellectual property rights, including, without limitation, pursuant to intellectual property licenses or technology transfer or development arrangements; or (iii) the creation of a corporate or joint venture or any other
strategic alliance with any other corporation or entity, including, without limitation, manufacturing, marketing or distribution arrangements. 
  
 (vi) Rounding. All calculations under this Section 5(f) shall be made to the nearest cent ($0.01) or to the nearest share, as the case may be.

  
 (vii) Timing of Adjustments. In any case in which the
provisions of this Section 5(f) shall require that an adjustment shall become effective immediately after a record date for an event, the Corporation may defer until the occurrence of that event (A) issuing to the holder of any share of Preferred
Stock converted after such record date and before the occurrence of such event the additional shares of capital stock issuable upon such conversion by reason of the adjustment required by such event over and above the shares of capital stock
issuable upon such conversion before giving effect to such adjustment and (B) 
  

 Ex-15 

 paying to such holder any amount in cash in lieu of a fractional share of capital stock pursuant to Section 5(e)(iv)
hereof; provided, however, that the Corporation shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares, in such case, upon the occurrence of the event requiring
such adjustment. 
  
 (g) Notice of Adjustments. 

 
 (i) In the event the Corporation shall propose to take any action of the
types described in clauses (i), (ii), (iii), (iv) or (v) of Section 5(f) hereof, the Corporation shall give notice to each Preferred Stockholder, by certified, express courier mail, return receipt requested, postage prepaid, which shall specify the
record date, if any, with respect to any such action and the date on which such action is to take place. The notice shall also set forth such facts as are reasonably necessary to indicate the effect of such action (to the extent such effect may be
known at the date of such notice) on the applicable Conversion Price and the number, kind or class of shares or other securities or property which shall be deliverable or purchasable upon the occurrence of such action or deliverable upon conversion
of shares of Preferred Stock, as applicable. In the case of any action which would require the fixing of a record date, such notice shall be given at least ten (10) days prior to the date so fixed, and in case of all other action, such notice shall
be given at least fifteen (15) days prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action. 
  
 (ii) Whenever the Conversion Price shall be adjusted as provided in Section
5(f) hereof, the Corporation shall file, at its principal office, at the office of the transfer agent for the Preferred Stock, if any, or at such other place as may be designated by the Corporation, a statement showing in detail the facts requiring
such adjustment and the applicable Conversion Price that shall be in effect after such adjustment. The Corporation shall also cause a copy of such statement to be sent in the manner set forth in Section 5(g)(i) hereof, to each Preferred Stockholder,
as applicable, at such holder’s address appearing on the Corporation’s records. Where appropriate, such copy may be given in advance and may be included as part of a notice required to be mailed under the provisions of Section 5(g)(i)
hereof. 
  
 (h) Reservation of Common Stock. The
Corporation shall at all times have authorized and reserve, free from preemptive rights, out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of the shares of Preferred Stock, a sufficient
number of shares of Common Stock to provide for the conversion of all outstanding shares of Preferred Stock. 
  
 (i) Status of Common Stock. All shares of Common Stock which may be issued in connection with the conversion provisions set forth herein shall,
upon issuance by the Corporation, be validly issued, fully paid and nonassessable, free from preemptive rights and free from all taxes, liens or charges with respect thereto. 
  
 6. Voting Rights. 
  
 (a) General. The Preferred Stockholders shall be entitled to vote, together with the Common Stockholders and any other class or series of stock
then entitled to vote, as one 
  

 Ex-16 

 class on all matters submitted to a vote of stockholders, in the same manner and with the same effect as the Common
Stockholders, which voting rights shall not be cumulative. In any such vote, each share of Preferred Stock shall entitle the holder thereof to one vote per share for each share of Common Stock (including fractional shares) into which each share of
Preferred Stock, as the case may be, is then convertible, rounded up or down, as applicable, to the nearest share. 
  
 (b) Protective Provisions of the Series E Preferred Stock. In addition to any other rights provided by law, so long as any shares of Series E
Preferred Stock issued pursuant to that certain Series E Stock Purchase Agreement dated as of April 5, 2005 (whether on the Original Series E Issuance Date or on a subsequent closing date) remain outstanding or any shares of Series D Preferred Stock
issued pursuant to that certain Series D Preferred Stock Purchase Agreement, dated as of March 17, 2003, the Corporation shall not do any of the following, without first obtaining the affirmative vote or written consent of the holders of a majority
of the outstanding shares of Preferred Stock, on an as-converted basis: 
  

 Ex-17 

 (i) alter, amend or change the rights, preferences, privileges or restrictions of the Series E Preferred
Stock as a class; 
  
 (ii) increase or decrease the authorized
number of shares of Series E Preferred Stock; 
  
 (iii) create
any new class or series of shares, or reclassify any class or series of existing shares, having rights, preferences or privileges superior to those of the Series E Preferred Stock of the Corporation; 
  
 (iv) amend or waive any provision of the Corporation’s Certificate of
Incorporation or bylaws; 
  
 (v) purchase, redeem or otherwise
acquire (or pay into or set funds aside for a sinking fund) any outstanding securities of the Corporation other than repurchases approved by the Board (x) pursuant to equity incentive agreements or stock restriction agreements, approved by the
Board, with officers, directors, employees, consultants and other service providers that give the Corporation the right to repurchase upon termination of services or a right of first refusal on proposed transfers or (y) pursuant to the exercise by
the Corporation of its first refusal rights as set forth in the Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of April 5, 2005; 
  
 (vi) declare, pay or issue a cash dividend to any holders of any class or series of capital stock of the Corporation, except for dividends paid on the
Series E Preferred Stock; 
  
 (vii) transfer any material assets
of the Corporation in a transaction not in the ordinary course of business of the Corporation to any person or entity other than a wholly-owned subsidiary of the Corporation; 
  
 (viii) liquidate or dissolve or adopt a plan of liquidation or dissolution; 
  
 (ix) increase or decrease the size of the Board; 
  
 (x) enter into any transaction of merger or consolidation, sell or otherwise
dispose of all or substantially all of the Corporation’s assets or agree to do any of the foregoing; or 
  
 (xi) contract, create, incur, assume or suffer to exist any indebtedness for borrowed money in excess of $100,000 in the aggregate at any one time.

  
 (c) Protective Provisions of the Series D Preferred
Stock. In addition to any other rights provided by law, so long as any shares of Series D Preferred Stock issued pursuant to that certain Series D Preferred Stock Purchase Agreement, dated as of March 17, 2003, remain outstanding the Corporation
shall not, without first obtaining the affirmative vote or written consent of the holders of a majority of the outstanding shares of Series D Preferred Stock, take away any liquidation or dividend preference of the Series D Preferred Stock;
provided, however, that the foregoing shall not limit the Corporation’s right to issue any securities that are senior in right to the Series D Preferred Stock with respect to liquidation or dividend preference. 
  

 Ex-18

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