Document:

Exhibit 10.1

 

VEECO INSTRUMENTS INC. 2010 STOCK INCENTIVE PLAN

 

NOTICE OF PERFORMANCE SHARE AWARD (2015)

 

Veeco Instruments Inc. (the “Company”) is pleased to confirm the award to the employee named below (the “Grantee”) of Restricted Stock Units (the “Award”), subject to the terms and conditions of this Notice of Restricted Stock Unit Award (2015) (the “Notice”), the Veeco Instruments Inc. 2010 Stock Incentive Plan, as amended from time to time (the “Plan”) and the Veeco Instruments Inc. Terms and Conditions of Restricted Stock Unit Award (2015) (the “Terms and Conditions”) attached hereto, as follows.  Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan.

 

Grantee:

Date of Award:

Total Number of Performance Shares

Awarded (the “Units”):

 

Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Terms and Conditions and the Plan, the Units will “vest” in accordance with the following schedule (the “Vesting Schedule”):

 

One-half (1/2) of the Units (the “Cumulative Revenue Units”) shall be subject to vesting based on the Company’s cumulative revenue (the “Cumulative Revenue Target”).  One-half (1/2) of the Units (the “Cumulative EBITDA Units”) shall be subject to vesting based on the Company’s cumulative EBITDA (the “Cumulative EBITDA Target” and, together with the Cumulative Revenue Target, the “Targets”).

 

The Cumulative Revenue Units may vest only if the Company’s Cumulative Revenue Target described on Exhibit A hereto attached is achieved by the end of the fourth quarter of 2019.  Depending on when the Cumulative Revenue Target is achieved, a number of the Cumulative Revenue Units shall become eligible to vest (“Eligible Units”) as indicated in the Performance Chart below.  For example, if the Cumulative Revenue Target is achieved during the first quarter of 2018, 113% of the Cumulative Revenue Units shall become Eligible Units with respect to the Cumulative Revenue Target.

 

The Cumulative EBITDA Units may vest only if the Company’s Cumulative EBITDA Target described on Exhibit A is achieved by the end of the fourth quarter of 2019.  Depending on when the Cumulative EBITDA Target is achieved, a number of the Cumulative EBITDA Units shall become eligible to vest (“Eligible Units”) as indicated in the Performance Chart below.  For example, if the Cumulative EBITDA Target is achieved during the third quarter of 2018, 92% of the Cumulative EBITDA Units shall become Eligible Units with respect to the Cumulative EBITDA Target.

 

 

PERFORMANCE CHART

 

	
Target Achieved
    	
 
    	
Percentage of
   Revenue Units that
   become Eligible
   Units
    	
 
    	
Percentage of EBITDA
   Units that become Eligible
   Units
    	
 
    
	
On or before Q2 2017
    	
 
    	
150
    	
%
    	
150
    	
%
    
	
During Q3 2017
    	
 
    	
138
    	
%
    	
138
    	
%
    
	
During Q4 2017
    	
 
    	
125
    	
%
    	
125
    	
%
    
	
During Q1 2018
    	
 
    	
113
    	
%
    	
113
    	
%
    
	
During Q2 2018
    	
 
    	
100
    	
%
    	
100
    	
%
    
	
During Q3 2018
    	
 
    	
88
    	
%
    	
92
    	
%
    
	
During Q4 2018
    	
 
    	
75
    	
%
    	
83
    	
%
    
	
During Q1 2019
    	
 
    	
63
    	
%
    	
75
    	
%
    
	
During Q2 2019
    	
 
    	
50
    	
%
    	
67
    	
%
    
	
During Q3 2019
    	
 
    	
38
    	
%
    	
58
    	
%
    
	
During Q4 2019
    	
 
    	
25
    	
%
    	
50
    	
%
    
	
After Q4 2019
    	
 
    	
0
    	
%
    	
0
    	
%
    

 

If the number of Eligible Units determined with respect to a Target includes a fractional Unit, the result shall be rounded up to the next whole Unit.

 

If the Cumulative Revenue Target or the Cumulative EBITDA Target is not achieved by the end of a particular quarter, the number of Cumulative Revenue Units or the Cumulative EBITDA Units that may no longer become Eligible Units will lapse, be forfeited and deemed reconveyed to the Company upon such determination.  The Company shall thereafter be the legal and beneficial owner of such reconveyed Units and the Company shall have all rights and interest therein or related thereto without further action by the Grantee.  For example, if the Cumulative Revenue Target has not been met by the end of the second quarter of 2018, 12% of the Cumulative Revenue Units will then be forfeited.

 

The performance criteria will be measured on the date of filing with the SEC of Veeco’s quarterly report on Form 10-Q for the relevant performance period.  The date that the Company determines that the Cumulative Revenue Target or the Cumulative EBITDA Target has been achieved is the “Determination Date” with respect to the Eligible Units related to that respective Target.  The number of Eligible Units that will vest on the Determination Date and in the future will be determined by applying a four-year vesting schedule consisting of annual 25% increments measured from the Date of Award (the “Time Vesting Schedule”).  A percentage of

 

 

the Eligible Units corresponding to the percentage of vesting achieved under the Time Vesting Schedule at the Determination Date with respect to a Target will vest on the Determination Date, with the remaining Eligible Units with respect to such Target vesting in 25% increments on subsequent anniversaries of the Date of Award.  For example, if the Cumulative Revenue Target is determined to have been earned in the second quarter of 2017, on the Determination Date 50% of the Eligible Units related to the Revenue Target would vest on the Determination Date, and an additional 25% of the Eligible Units would vest on each of the next two (2) anniversaries of the Date of Award.  Accordingly, 75% (150% * 50%) of the Revenue Units would vest at the Determination Date, and 37.5% (150% * 25%) of the Revenue Units would vest on each of the next two (2) anniversaries of the Date of Award.

 

For purposes of this Notice and the Terms and Conditions, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company.  If the Grantee would become vested in a fraction of a Unit, such Unit shall not vest until the Grantee becomes vested in the entire Unit.

 

Vesting shall cease upon the date the Grantee terminates Continuous Service for any reason, including death or Disability.  In the event the Grantee terminates Continuous Service for any reason, including death or Disability, any unvested Units held by the Grantee immediately upon such termination of the Grantee’s Continuous Service shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee.

 

Additional Provisions:

 

This Award shall be subject to the terms and conditions set forth in the Veeco Instruments Inc. Terms and Conditions of Restricted Stock Unit Award (2015) (the “Terms and Conditions”).  Unless Grantee notifies the Company within 10 days following receipt of this Notice that he or she declines this Award, Grantee will be deemed to have accepted and agreed to the Terms and Conditions.  Any such notice should be in writing and sent to Veeco Instruments Inc., Attention: General Counsel, Terminal Drive, Plainview, NY 11803 or by facsimile to (516) 677-0380.

 

 

	
 
    	
VEECO INSTRUMENTS INC.
    
	
 
    	
 
    
	
 
    	

    
	
 
    	
 
    
	
 
    	
Name:   Robert W. Bradshaw
    
	
 
    	
Title:   Sr. Vice President Human Resources
    

 

 

VEECO INSTRUMENTS INC. 2010 STOCK INCENTIVE PLAN

 

TERMS AND CONDITIONS OF 
 RESTRICTED STOCK UNIT AWARD (2015)

 

These TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD (2015) (these “Terms and Conditions”) apply to any award by Veeco Instruments Inc., a Delaware corporation (the “Company”), of Restricted Stock Units, subject to certain restrictions pursuant to the Veeco Instruments Inc. 2010 Stock Incentive Plan (as it may be amended from time to time, the “Plan”), which specifically references these Terms and Conditions.

 

ARTICLE 1
 ISSUANCE OF UNITS

 

The Company hereby issues to the Grantee (the “Grantee”) named in the Notice of Restricted Stock Unit Award (2015) (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the Notice, these Terms and Conditions, and the terms and provisions of the Plan, which is incorporated herein by reference.  Unless otherwise provided herein, the terms in these Terms and Conditions shall have the same meaning as those defined in the Plan.

 

ARTICLE 2
 CONVERSION OF UNITS AND ISSUANCE OF SHARES

 

2.1          General.  Subject to Section 2.2, one share of Common Stock shall be issuable for each Unit subject to the Award (the “Shares”) upon vesting.  Immediately thereafter, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares to the Grantee after satisfaction of any required tax or other withholding obligations.  Any fractional Unit remaining after the Award is fully vested shall be discarded and shall not be converted into a fractional Share.  Notwithstanding the foregoing, the relevant number of Shares shall be issued no later than March 15th of the year following the calendar year in which the Award vests.  The Company may however, in its sole discretion, make a cash payment in lieu of the issuance of the Shares in an amount equal to the value of one share of Common Stock multiplied by the number of Units subject to the Award.  The number of Shares covered by the Award shall be proportionately adjusted for any stock dividend affecting the Shares in accordance with Section 10 of the Plan.

 

2.2          Delay of Issuance of Shares.  The Company shall delay the issuance of any Shares under this Article 2 to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded companies); in such event, any Shares  to which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s termination of Continuous Service will be issuable on the first business day following the expiration of such six (6) month period.

 

 

ARTICLE 3
 RIGHT TO SHARES

 

Except as set forth herein, the Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights) issuable under the Award until the Award is settled by the issuance of such Shares to the Grantee.  Notwithstanding the foregoing, while one or more Shares remain subject to this Award, the Grantee shall have the right to accrue Cash Dividend Equivalents (as defined in this Article 3).  For purposes herein, a “Cash Dividend Equivalent” means, for each Share subject to the Award, a cash payment equal to the cash dividend, if any, that would become payable to the Grantee with respect to such Share had the Grantee been the holder of such Share.  Cash Dividend Equivalents will be subject to all of the terms and conditions of the Award, including that the Cash Dividend Equivalents will vest and become payable upon the same terms and at the same time as the Units to which they relate.

 

ARTICLE 4
 TAXES

 

4.1          Tax Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award.  Neither the Company nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery of Shares, the payment of any Cash Dividend Equivalents, the subsequent sale of any Shares acquired upon vesting and the receipt of any dividends or dividend equivalents.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability.

 

4.2          Payment of Withholding Taxes.  Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company.

 

(a)           By Share Withholding.  If permissible under Applicable Law, the Grantee authorizes the Company to, upon the exercise of its sole discretion, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation.  The Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above.

 

(b)           By Sale of Shares.  Unless the Grantee determines to satisfy the Tax Withholding Obligation by some other means in accordance with clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the

 

 

Company and any brokerage firm determined acceptable to the Company for such purpose to, upon the exercise of Company’s sole discretion, sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum applicable Tax Withholding Obligation.  Such Shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter as practicable.  The Grantee will be responsible for all broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale.  To the extent the proceeds of such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the Grantee.  The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described above.

 

(c)           By Check, Wire Transfer or Other Means. At any time not less than five (5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., a vesting date), the Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the Company, or (z) such other means as specified from time to time by the Administrator.

 

Notwithstanding the foregoing, the Company or a Related Entity also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity.  Furthermore, in the event of any determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Award, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at that time.

 

ARTICLE 5
 OTHER PROVISIONS

 

5.1          Transfer Restrictions.  The Units may not be transferred in any manner other than by will or by the laws of descent and distribution.

 

5.2          Entire Agreement; Governing Law.  The Notice, the Plan and these Terms and Conditions constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  These agreements are to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and

 

 

duties of the parties.  Should any provision of the Notice or these Terms and Conditions be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

 

5.3          Construction.  The captions used in the Notice and these Terms and Conditions are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

5.4          Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or these Terms and Conditions shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the Administrator shall be final and binding on all persons.

 

5.5          Venue and Waiver of Jury Trial.  The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or these Terms and Conditions shall be brought exclusively in the United States District Court for the Eastern District of New York (or should such court lack jurisdiction to hear such action, suit or proceeding, in a New York state court in the County of Nassau) and that the parties shall submit to the jurisdiction of such court.  The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.  If any one or more provisions of this Section 5.5 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.

 

5.6          Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.

 

5.7          Nature of Award.  In accepting the Award, the Grantee acknowledges and agrees that:

 

(a)           the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and these Terms and Conditions;

 

(b)           the Award is voluntary and occasional and does not create any contractual or other right to receive future awards of Units, or benefits in lieu of Units, even if Units have been awarded repeatedly in the past;

 

(c)           all decisions with respect to future awards, if any, will be at the sole discretion of the Company;

 

 

(d)           the Grantee’s participation in the Plan is voluntary;

 

(e)           the Grantee’s participation in the Plan shall not create a right to any employment with the Grantee’s employer and shall not interfere with the ability of the Company or the employer to terminate the Grantee’s employment relationship, if any, at any time;

 

(f)            the Award is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or any Related Entity;

 

(g)           in the event that the Grantee is not an Employee of the Company or any Related Entity, the Award and the Grantee’s participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company or any Related Entity;

 

(h)           the future value of the underlying Shares is unknown and cannot be predicted with certainty;

 

(i)            in consideration of the Award, no claim or entitlement to compensation or damages shall arise from termination of the Award or diminution in value of the Award or Shares acquired upon vesting of the Award, resulting from termination of the Grantee’s Continuous Service by the Company or any Related Entity (for any reason whatsoever and whether or not in breach of local labor laws) and in consideration of the grant of the Award, the Grantee irrevocably releases the Company and any Related Entity from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing the Notice, the Grantee shall be deemed irrevocably to have waived his or her right to pursue or seek remedy for any such claim or entitlement;

 

(j)            in the event of termination of the Grantee’s Continuous Service (whether or not in breach of local labor laws), the Grantee’s right to receive Awards under the Plan and to vest in such Awards, if any, will terminate effective as of the date that the Grantee is no longer providing services and will not be extended by any notice period mandated under local law (e.g., providing services would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of termination of the Grantee’s Continuous Service (whether or not in breach of local labor laws), the Administrator shall have the exclusive discretion to determine when the Grantee is no longer providing services for purposes of this Award;

 

(k)           the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan or the Grantee’s acquisition or sale of the underlying Shares; and

 

(l)            the Grantee is hereby advised to consult with the Grantee’s own personal tax, legal and financial advisers regarding the Grantee’s participation in the Plan before taking any action related to the Plan.

 

 

5.8          Data Privacy.

 

(a)           The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in the Notice and these Terms and Conditions by and among, as applicable, the Grantee’s employer, the Company and any Related Entity for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.

 

(b)           The Grantee understands that the Company and the Grantee’s employer may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Units or any other entitlement to Shares awarded, canceled, vested, unvested or outstanding in the Grantee’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).

 

(c)           The Grantee understands that Data will be transferred to any third party assisting the Company with the implementation, administration and management of the Plan.  The Grantee understands that the recipients of the Data may be located in the Grantee’s country, or elsewhere, and that the recipients’ country may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the Grantee’s local human resources representative.  The Grantee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Grantee’s participation in the Plan.  The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan.  The Grantee understands that the Grantee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Grantee’s local human resources representative.  The Grantee understands, however, that refusal or withdrawal of consent may affect the Grantee’s ability to participate in the Plan.  For more information on the consequences of the Grantee’s refusal to consent or withdrawal of consent, the Grantee understands that the Grantee may contact the Grantee’s local human resources representative.

 

5.9          Language.  If the Grantee has received these Terms and Conditions or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control, unless otherwise prescribed by Applicable Law.

 

5.10        Amendment and Delay to Meet the Requirements of Section 409A.  The Grantee acknowledges that the Company, in the exercise of its sole discretion and without the consent of the Grantee, may amend or modify these Terms and Conditions in any manner and delay the issuance of any Shares issuable pursuant to these Terms and Conditions to the minimum extent necessary to meet the requirements of Section 409A of the Code as amplified by any Treasury

 

 

regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable.  In addition, the Company makes no representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent Section 409A of the Code from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units.  The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code.

 

*  *  *  *  *EX-10.1

 Exhibit 10.1 

 

			
	To:	  	Navios Maritime Partners L.P. (the Borrower)

 29 May 2015 

Dear Sirs, 
 Up to United States Dollars 60,000,000 loan by
Navios Maritime Holdings Inc. to the Borrower 
 We, Navios Maritime Holdings Inc. (“Navios”), are pleased to make available to
the Borrower the Loan (defined below) on the terms set out in this letter (this letter is hereafter referred to as the “Agreement”).  

For the purposes of this Agreement: 
 Business Day means
a day (other than Saturday or Sunday) on which banks are open for business in Athens and New York. 
 Drawdown Notice means, in relation to each
advance, a notice substantially in the form of Schedule 1. 
 Event of Default means any of the events listed in Clause 11. 

Existing Indebtedness means any indebtedness of the Borrower and its subsidiaries in existence on the date of this Agreement. 

Finance Document means this Agreement or any other document executed pursuant hereto. 

Interest Period means a period of one (1) or three (3) months for the calculation of interest in accordance with the provisions of Clause
6 
 Interest Payment Date means the last day of an Interest Period 

Security means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having a
similar effect. 
  

	1.	AMOUNT 

 The maximum amount of the Loan is up to United States Dollars sixty million
(60,000,000) (the “Loan”). 
  

	2.	CONDITIONS PRECEDENT DOCUMENTS 

 The obligation of Navios to make the Loan available shall be subject to
Navios receiving, in form and substance satisfactory to Navios, the following documents: 
  

	(a)	an original of this Agreement duly signed by the Borrower; 

  

	(b)	evidence of the authority of any person signing this Agreement on behalf of the Borrower; and 

  

	(c)	any other document, opinion, assurance or authorisation that Navios reasonably considers necessary or desirable in connection with the performance of, and the transactions contemplated by, any Finance Document or the
validity and enforceability of any Finance Document. 

	3.	FURTHER CONDITIONS PRECEDENT TO THE LOAN 

 The obligation of Navios to make the Loan available is subject
to the further conditions precedent that as at the date the Borrower requests the Loan to be made and at the date the Loan is made by Navios: 
  

	(a)	no Event of Default (defined below), or event which with giving of notice, lapse of time or other condition may constitute an Event of Default, has occurred or is continuing or would result from the borrowing of the
Loan; and 

  

	(b)	the representations and warranties made by the Borrower in Clause 9 below are correct in all respects. 

  

	4.	UTILISATION 

  

	4.1	The Borrower must provide Navios with a Drawdown Notice at least one Business Day before stating the date on which Navios is to make the Loan available to the Borrower (the Term Date) and to be credited to an
account to be nominated by the Borrower: 

  

	4.2	The Loan may be borrowed in multiple advances. 

  

	4.3	The Borrower agrees to pay to Navios an arrangement fee of six hundred thousand Dollars ($600,000) on the date of the first advance under the Loan. 

 

	4.4	The Loan is for general corporate purposes. 

  

	5.	REPAYMENT 

  

	5.1	The Borrower must repay the Loan thereon in full on January 2, 2017 (time being of the essence). 

  

	5.2	The Borrower may prepay the Loan (and any interest accrued thereon) in full at any time. The Borrower must give Navios three (3) Business Day’s written notice of its intention to repay in accordance with this
clause. 

  

	6.	INTEREST 

  

	6.1	The rate of interest in respect of the Loan will be based on LIBOR plus 3.00% per annum (the “Interest Rate”). 

  

	6.2	The Borrower must pay interest in respect of each Interest Period relating thereto on each Interest Payment Date. 

  

	6.3	The Borrower must also pay accrued interest on the Loan at the time of repayment or prepayment in accordance with Clause 5. 

  

	7.	DEFAULT INTEREST 

 If the Borrower fails to pay any amount due under this Agreement it must pay default
interest on demand on any overdue amount from the due date up to the date of actual payment (both before and after judgment) at the rate of 2% per annum above the Interest Rate on such overdue amounts. 

 

	8.	PAYMENTS 

  

	8.1	All payments by the parties are to be made in immediately available funds on the due date to a designated account in a country with the currency of United States Dollars. However, amounts payable in respect of any Tax
(defined below), fees, costs and expenses are payable in the currency in which they are incurred. 

  
 2 

	8.2	The Borrower’s payments must be made without set-off or counterclaim and without any deduction, including, without limitation, any tax, levy, impost, stamp duty, duty or other charge or withholding of a similar
nature (collectively referred to as “Tax”), except to the extent required by law. If the Borrower is compelled to make any deductions, the Borrower will pay an additional amount to ensure receipt by Navios of the full amount
which Navios would have received but for such deduction. 

  

	8.3	The Borrower shall indemnify Navios upon demand against any loss or liability which Navios determines will be or has been suffered (directly or indirectly) by it for or on account of any Tax or registration fees
(including, without limitation, any Tax or registration fees payable in respect of the Pledge Agreement) or in respect of the entry into, performance or enforcement of any Finance Document. 

 

	9.	REPRESENTATIONS AND WARRANTIES 

 The Borrower represents and warrants that: 

 

	(a)	the Finance Documents are legally binding, valid and enforceable upon it; 

  

	(b)	the entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not conflict with: 

  

	 	(i)	any law or regulation applicable to it; or 

  

	 	(ii)	any document which is binding upon it or any of its assets; 

  

	(c)	no Event of Default has occurred or will result from the entry into, or the performance of any transaction contemplated by, the Finance Documents; and 

 

	(d)	no litigation, arbitration or administration proceedings are current or, to its knowledge, pending or threatened, which have or, if adversely determined, are reasonably likely to have a materially adverse effect on the
Borrower, its ability to repay the Loan or the enforceability of the Finance Documents. 

  

	10.	UNDERTAKINGS 

  

	10.1	Information 

 The Borrower must notify Navios, upon it becoming aware, of details of any litigation,
arbitration or administrative proceedings which are current, threatened or pending and which have or might have a materially adverse effect on the Borrower. 
  

	10.2	Negative Pledge 

 The Borrower shall not without the prior written consent of Navios: 

 

	(a)	sell, transfer or otherwise dispose of any of its interest in any of its assets in existence on the date of this Agreement; 

  

	(b)	create or permit to subsist any Security in respect of its assets in existence on the date of this Agreement ; or 

  

	(c)	enter into any other arrangement having a similar economic effect as (a) or (b) above, 

 except to the
extent contemplated under the Finance Documents or the Existing Indebtedness. 

  
 3 

	10.3	Compliance with laws 

 The Borrower must comply in all respects with all laws to which it is subject and
shall obtain, maintain and comply with the terms of any authorisation required under any law or regulation to perform its obligations under, or for the validity or enforceability of, the Finance Documents. 

 

	11.	EVENTS OF DEFAULT 

 If at any time: 

 

	 	(i)	the Borrower fails to pay on the due date any amount payable by it under any Finance Document; 

  

	 	(ii)	the Borrower fails to comply promptly with the terms of any Finance Document; 

  

	 	(iii)	the Borrower makes any representation or warranty (or such representation or warranty is repeated by the Borrower) under the Finance Documents which are incorrect or misleading in any respect; 

 

	 	(iv)	it becomes illegal for the Borrower or Navios to make or maintain any of its obligations under the Finance Documents; 

  

	 	(v)	any of the Finance Documents are not effective in accordance with their terms or are alleged by the Borrower to be ineffective with their terms for any reason; or 

 

	 	(vi)	the Borrower is declared insolvent or similar proceedings are taken in respect of the Borrower or its assets, 

(each event listed under (i) to and including (vi) above being an Event of Default) Navios may, by notice to the Borrower, cancel all
or any part of the Loan and declare all or any part of the Loan and interest thereon and all other amounts payable to Navios in respect thereof, immediately due and payable and enforce any rights it may have under the Finance Documents. 

 

	12.	INDEMNITIES 

 The Borrower indemnifies Navios against any loss or liability Navios incurs as a
consequence of: 
  

	(a)	the occurrence of an Event of Default; 

  

	(b)	any failure by the Borrower to pay any amount due under the Finance Documents on its due date; 

  

	(c)	preparation and enforcement of, or preservation of any rights under, any Finance Document; and 

  

	(d)	any judgment or claim being payable in a different currency from that agreed in this Agreement. 

  
 4 

	13.	TRANSFERS 

 Navios may assign all or any of its rights under any of the Finance Documents without the
Borrower’s consent. The Borrower shall not assign any of its rights under any of the Finance Documents. 
  

	14.	WAIVERS 

  

	14.1	Any term of the Finance Documents may be amended or waived with the agreement of Navios and the Borrower. 

  

	14.2	No failure or delay by Navios in exercising any right, power or privilege under any Finance Document shall operate as a waiver thereof or prejudice any other or further exercise by Navios of any of its rights or
remedies under any Finance Document. The rights and remedies contained in the Finance Documents are cumulative and not exclusive of any right or remedies provided by law. 

 

	15.	LAW AND JURISDICTION 

 This Agreement and any non-contractual obligations connected with it shall be
governed by English law and the English courts have exclusive jurisdiction to settle any dispute in connection with any Finance Document. 
  

	16.	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts. This has the same effect as
if the signatures on the counterparts were on a single copy of this Agreement. 
  

	17.	NOTICES 

  

	17.1	In writing 

  

	(a)	Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: 

  

	 	(i)	in person, by post or fax: or 

  

	 	(ii)	to the extent agreed between Navios and the Borrower, by e-mail or other electronic communication. 

  

	(b)	For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

  

	(c)	Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given in writing. 

  

	17.2	Contact details 

  

	(a)	The contact details of the Navios for this purpose are: 

  

			
	Address:	  	Avenue de Grande Bretagne, Office 11B2
		  	Monte Carlo, MC 98000 Monaco
	Fax number:	  	+302104595000
	E-mail:	  	vpapaefthymiou@navios.com
	Attention:	  	Vasiliki Papaefthymiou

  
 5 

	(b)	The contact details of the Borrower for this purpose are: 

  

			
	Address:	  	Avenue de Grande Bretagne, Office 11B2
		  	Monte Carlo, MC 98000 Monaco
	Fax number:	  	+302104595000
	E-mail:	  	sdesypris@navios.com
	Attention:	  	Efstratios Desypris

  

	(c)	Navios or the Borrower may change their contact details by giving five Business Days’ notice to the other parties. 

  

	18.	SERVICE OF PROCESS 

 The Borrower irrevocably appoints HFW Nominees Ltd of Friary Court, 65 Crutched
Friars, London EC3N 2AE, England, as its agent for service of process in any proceedings before the English courts in connection with this Agreement. The Borrower agrees that failure by a process agent to notify it of any process will not invalidate
the relevant proceedings. This Clause does not affect any other method of service allowed by law. 
 If you agree to the above, please sign and return the
enclosed copy of this letter. 
  

			
	Yours faithfully,
		
	By:	 	 /s/ Angeliki Frangou

	Name:	 	Angeliki Frangou, Chief Executive Officer
	for and on behalf of
	NAVIOS MARITIME HOLDINGS INC.

 We agree to the above. 

29 May 2015 
  

			
	By:	 	 /s/ Eftratios Desypris

	Name:	 	Eftratios Desypris, Chief Financial Officer
	for and on behalf of
	NAVIOS MARITIME PARTNERS L.P.

  
 6 

 Schedule 1 

Form of Drawdown Notice 
  

	 	To:	Navios Maritime Holdings Inc. 

 85 Akti Miaouli 

Piraeus 185 38 

[            ], 2015 

Dear Sirs 
  

			
	Re:	  	Facility agreement dated xxxxx May 2015 in respect of a loan of up to $60,000,000 (the “Loan Agreement”) made between Navios Maritime Partners L.P. as Borrower and Navios Maritime Holdings Inc. as Lender.

 We refer to the Loan Agreement. Words and expressions whose meanings are defined therein shall have the same meanings when
used herein. 
 We hereby give you notice that we wish to draw an advance in the sum of $60,000,000.00 on [May xxxxx, 2015] and we select a first Interest
Period in respect of such drawing of one month. The funds should be remitted on [May xxxxx, 2015] as follows: [                    ] 

We confirm that: 
  

	(a)	no Event of Default has occurred; 

  

	(b)	the representations and warranties contained in clause 9 of the Loan Agreement are true and correct at the date hereof as if made with respect to the facts and circumstances existing at such date; 

 

	(c)	the borrowing to be effected by the drawdown of such Advance will be within our corporate powers and has been validly authorised by appropriate corporate action. 

 

			
	By	 	  

		
		 	Authorised Signatory

  
 7

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