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SALES CONTRACT 

Nr. 1702-2017, dated February 17, 2017

China

This Sales Contract (“Contract”) is made between Guangzhou Accessories Ltd., hereinafter referred to as “Buyer” and Shemn Corp. a legal entity duly registered and existing under the laws of the State of Nevada, United States of America, hereinafter referred to as “Seller”

HAVE AGREED AS FOLLOWS:

I. SUBJECT OF CONTRACT

1.1) According to this contract, the Seller shall sell to the Buyer leather fashion products (hereinafter called the GOODS) as per invoice and price agreed upon the Parties. The Buyer shall accept and pay the Goods a price agreed by the Parties.

1.2) In case of decrease of demand for the products produced by the Seller on the market the Buyer has right to return the products back to the Seller with the same price as it was bought.

1.3) The property right for the Goods as well as risk of loss or damage shall be passed to the Buyer from the date the Buyer accepted the Goods from the Seller.

II. PRICE OF CONTRACT

2.1) The Seller intends to supply to the Buyer under this Contract the Goods for a total amount of USD 10,000.

2.2) Price of the Goods shall be in $ (USD)

2.3) Agreed prices are the prices specified in Invoice according to which final payment for the Goods is made.

2.4) This Contract is valid for one year from the date of signing.

III. TERMS AND CONDITIONS OF ACCEPTANCE 

3.1) Buyer have the right to inspect the Goods.

3.2) Buyer must give writing notice to Seller of any claim for damages on account of condition, quality, or grade of the Goods.

3.3) Buyer must specify the basis of the claim in detail.

3.4) Failure of Buyer to comply with these conditions will constitute irrevocable acceptance of the Goods by Buyer.

IV. PAYMENT PROCEDURE

4.1) The Buyer will pay each order of Goods under following conditions:

 

  

- payment shall be made by bank transfer at 20 days invoice date.

- date of receipt of payment on Seller’s account will be considered as a date of payment.

4.2) Currency of payment shall be $ (USD).

4.3) Method of payment shall be made by bank transfer to Seller’s account or other method agreed by the Parties.

V. FORCE MAJEURE

5.1) Neither Party shall be held liable for non performance of its obligation hereunder, if such non performance was the result of any natural disasters: flood, fire, acts of God, as well as war, military actions and regulation of the Government authorities directly affecting the Parties’ ability to perform their respective obligations and arising throughout the term of this Contract.

5.2) Should any of the said circumstances directly affect the ability to perform any obligation within a period as stipulated in the Contract, such period of performance will be postponed pro rata to the period of continuation of a respective force majeure circumstance.

5.3) The Party affected by the said circumstances must notify the other Party in writings of its inability to perform obligations hereunder reasonable time.

5.4) Failure to notify or late notice by an affected Party will deprive that Party of the right to refer to any of the above mentioned events in case of non performance of its obligations under this Contract.

VI. VALIDITY

6.1) This contract will come into force upon its signature by the Parties and continue in full force and effect until of the Parties wish to repudiate this Contract.

VII. OTHER PROVISIONS

7.1) All additional costs associated with performance of this contract and not agreed upon in the separate provisions hereof will be born in the territory of the Seller by the Seller, and in the territory of the Buyer by the Buyer.

7.2) After signature of this contract all previous negotiations and correspondences will lose effect.

VIII. SIGNATURES AND ADDRESSES 

	

   Buyer 

   Guangzhou Accessories Ltd.

   96th Hangbian North Road,Baiyun District, Guangzhou, China, 510403

    

   /s/ Huang Sima Qian
	

   Seller 

   Shemn Corp.

   Fuli Taiyuan A9, 904, Baiyun District,

   Guangzhou, China, 510165

    

   /s/ Sun KuiEX-4.24

 Exhibit 4.24 
  

	 CONFIDENTIAL 
	 Execution Version 

Dated 30 November 2016 
  

 
 GLOBAL SHIP
LEASE 20 LIMITED 
 as Borrower 

GLOBAL SHIP LEASE, INC. 

as Guarantor 
 DVB BANK
SE 
 as Original Lender, Mandated Lead Arranger, 

Facility Agent and Security Agent 

Amendment agreement 

relating to a facility agreement 

dated 29 July 2015 
  

 

 Contents 
  

							
	Clause	  	Page	 
	 1
	 	 Definitions and interpretation
	  	 	1	 
			
	 2
	 	 Amendment
	  	 	1	 
			
	 3
	 	 Guarantor’s Confirmation
	  	 	4	 
			
	 4
	 	 Increase in the Margin
	  	 	4	 
			
	 5
	 	 Miscellaneous
	  	 	4	 
			
	 6
	 	 Counterparts
	  	 	5	 
			
	 7
	 	 Governing law
	  	 	5	 

 THIS AGREEMENT is dated 30 November 2016 and made between: 

 

	(1)	GLOBAL SHIP LEASE 20 LIMITED as Borrower; 

  

	(2)	GLOBAL SHIP LEASE, INC. as Guarantor; 

  

	(3)	THE FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 of the Facility Agreement (as defined below) as lenders; 

  

	(4)	DVB BANK SE in its capacity as mandated lead arranger; 

  

	(5)	DVB BANK SE in its capacity as agent of the other Finance Parties (the Facility Agent); and 

  

	(6)	DVB BANK SE in its capacity as Security Agent for the Creditor Parties. 

 IT IS
AGREED as follows: 
  

	1	Definitions and interpretation 

  

	1.1	Definitions 

  

	 	(a)	In this Agreement: 

 Facility Agreement means the facility agreement in respect of the
loan facility of $35,000,000 dated 29 July 2015 and made between, among others, the Borrower, the Guarantor and the Facility Agent (as amended from time to time), 
  

	 	(b)	Unless otherwise defined in this Agreement, capitalised terms used in this Agreement have the meaning given to them (whether expressly therein or by reference to another document) in the Facility Agreement.

  

	1.2	Construction 

 The principles of construction set out in the Facility Agreement will have
effect as if set out in this Agreement mutatis mutandis. 
  

	2	Amendment 

 In consideration of the premises, the parties agree as follows. 

 

	2.1	With effect from the date of this Agreement the Facility Agreement will be amended as follows: 

  

	 	(a)	Clause 6.2 (Additional repayments and reborrowing of Reserve Amounts) shall be amended as follows: 

  

	 	(i)	the word “immediately” in line 7 of clause 6.2(b) shall be deleted; 

  
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	 	(ii)	clause 6.2(d) shall be re-numbered 6.2(f); 

  

	 	(iii)	a new clause 6.2(d) shall be inserted after clause 6.2(c) reading as follows: 

 “The
Borrower shall notify the Facility Agent in writing no later than 28 February 2018 if it intends to drawdown all or part of the Re-Borrowed Amount. If the Borrower does not so notify the Facility Agent by
such date then the Re-Borrowed Amount will cease to be available for drawing under this clause 6.2.” 
  

	 	(iv)	a new clause 6.2(e) shall be inserted after the new clause 6.2(d) reading as follows: 

“Drawdown of all or part of the Re-Borrowed Amount shall be subject to the following conditions:
(i) the Facility Agent shall have received the notification from the Borrower described in clause 6.2(d), (ii) the amounts drawdown shall be used for the purposes described in clause 6.2(b), (iii) drawdown of all or part of the Re-Borrowed Amount shall occur on or prior to 29 June 2018 and (iv) on the drawdown date, the required amount of security cover for the Loan described in clause 23.1 (Minimum required security
cover) will be maintained (but on the basis that in determining whether or not such required amount will be maintained, item (d) of the definition of Fair Market Value shall be amended to read “on a charter free basis”).”

  

	 	(b)	An additional clause numbered 7.11 shall be inserted in clause 7 (Prepayment and Cancellation) reading as follows: 

  

	 	7.11	Accelerated Amortization 

 (a)    Subject to clause 7.11(c), the
Borrower shall, in addition to the Repayment Instalments and the Reserve Amount, make additional repayments of the Loan on the Repayment Dates commencing in December 2016 and on the following four (4) consecutive Repayment Dates (the
“Accelerated Amortization Period”) in an amount of $1,000,000, making a total of $5,000,000 (such total amount being hereinafter referred to as the “Accelerated Amortization Amount”). 

(b)    Subject to clause 7.11(d), the Facility Agent shall apply an amount equal to the Accelerated Amortization Amount on
the Repayment Date falling in March 2018 in reduction of the Repayment Instalments falling due on and after that Repayment Date pro rata. 

  
 2 

 (c)    If the Facility Agent serves a notice on the Borrower under clause
23.1 (Minimum required security cover) at any time during the Accelerated Amortization Period and the Borrower prepays part of the loan in accordance with clause 23.2(a), then if the amount so prepaid is less than the amount or the aggregate
of the amounts (as the case may be) that remain to be paid by the Borrower under clause 7.11(a) (the “Remaining Accelerated Amortization Amount”), then each Remaining Accelerated Amortization Amount shall be reduced pro rata by an
amount equal to the product of the following: 
   A   

  B 
 where: 

A = the amount or aggregate of the amounts (as the case may be) prepaid by the Borrower under clause 23.2(a); and 

B = the amount of the Remaining Accelerated Amortization Amount ignoring the reduction of such amount pursuant to this clause 7.11(c). 

However, if the amount or aggregate of the amounts (as the case may be) prepaid under clause 23.2(a) at any time is greater than the Remaining
Accelerated Amortization Amount at that time, then the Borrower will not be obliged to make any further prepayments of the Loan pursuant to clause 7.11(a). 

(d)    If the amount or the aggregate of the amounts (as the case may be) prepaid under clause 23.2(a) is greater than the
Remaining Accelerated Amortization Amount at any particular time, then the amount or the aggregate of the amounts (as the case may be) so prepaid, together with all amounts paid on or prior to such time by the Borrower pursuant to clause 7.11(a),
shall be applied in reduction of the Repayment Installments falling due on each Repayment Date falling on or after such time pro rata. 
  

	 	(c)	Clause 11.2(c) shall be amended by inserting the following after the reference to clause 7.5 (Senior Secured Notes), in the second line: 

“Clause 7.11 (Accelerated Amortization),” 
  

	 	(d)	Clause 19.2(d) shall be amended by deferring definition of “Shareholder’s Equity” and replacing it with the following: 

““Shareholders Equity” means, at any date of determination under this Agreement, the amount of total shareholders’
equity of the Group determined on a consolidated basis in accordance with US GAAP and as shown in the latest Balance Sheet, adjusted to exclude any write downs or impairments on non-current assets booked
in any accounting 

  
 3 

 
period beginning on or after July 1, 2016, being the date following the most recent Testing Date prior to the amendment to this Agreement which came into effect in November 2016;” 

Provided that if the Borrower fails to make any of the prepayments of the Loan pursuant to clause 7.11(a) of the Facility Agreement, then the
definition of “Shareholders Equity” in clause 19.2(d) of the Facility Agreement shall be replaced with the wording of such definition immediately prior to its replacement pursuant to this clause 2.1(c). 

 

	 	(c)	The Address for Communication in each of Schedule 1, Part B in respect of the Original Lender and Part C in respect of the Facility Agent only shall be amended to read as follows: “WTC Schiphol Tower F 6th Floor,
Schiphol Boulevard 255, Schiphol 1118 BH, The Netherlands”. 

 Continuing obligations 

 

	2.2	The provisions of the Facility Agreement will, except as amended by this Agreement, continue in full force and effect. 

  

	3	Guarantor’s Confirmation 

 The Guarantor hereby confirms that, for the avoidance of
doubt, its obligations under the Guarantee (including, without limitation, the undertakings and obligations to guarantee and indemnify therein) shall remain in full force and effect notwithstanding the amendments made or contemplated by this
Agreement, and such obligations are hereby confirmed by the Guarantor, as endorsed by execution by the Guarantor of this Agreement. 
  

	4	Increase in the Margin 

 The Facility Agent agrees that it will consider in good faith
(but without any obligation on its part to agree) to waive the increase in the Margin which will apply from 1 December 2018 after the Borrower has provided it with full details of the Permitted Charter whose term expires after the Maturity Date
and which the Borrower intends to enter into following the expiry of the Initial Time Charter. 
  

	5	Miscellaneous 

  

	5.1	This Agreement shall constitute a Finance Document for the purposes of the Facility Agreement and the other Finance Documents. 

 

	5.2	No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by anyone other than a party to this Agreement. 

  
 4 

	6	Counterparts 

 This Agreement may be executed in any number of counterparts, all of
which, taken together, shall constitute one and the same agreement, and any party (including any duly authorised representative of a party) may enter into this Agreement by executing a counterpart. 

 

	7	Governing law 

  

	 	(a)	This Agreement and any non-contractual obligations connected with it are governed by English law. 

 

	 	(b)	The provisions of clause 34 (Notices), 44.1 (Jurisdiction) and 44.2 (Service of Process) of the Facility Agreement shall apply to this Agreement, mutatis mutandis, except that in relation to
the Original Lenders and the Facility Agent the Address for Communication will be replaced with WTC Schiphol Tower F 6th Floor, Schiphol Boulevard 255, Schiphol 1118 BH, The Netherlands.

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 5 

 SIGNATURES 
  

					
	BORROWER	 		 	
			
	SIGNED by	 	)	 	 /s/ Susan Cook

	duly authorised	 	)	 	
	for and on behalf of	 	)	 	
	GLOBAL SHIP LEASE 20 LIMITED	 	)	 	
			
	GUARANTOR	 		 	
			
	SIGNED by	 	)	 	 /s/ Susan Cook

	duly authorised	 	)	 	
	for and on behalf of	 	)	 	
	GLOBAL SHIP LEASE, INC.	 	)	 	
			
	MANDATED LEAD ARRANGER	 		 	
			
	SIGNED by	 	)	 	 /s/ Andrea Strullato

	duly authorised	 	)	 	Vice President
	for and on behalf of	 	)	 	 /s/ Natacha Bloem

	DVB BANK SE	 	)	 	Vice President
			
	FACILITY AGENT	 		 	
			
	SIGNED by	 	)	 	 /s/ Andrea Strullato

	duly authorised	 	)	 	Vice President
	for and on behalf of	 	)	 	 /s/ Natacha Bloem

	DVB BANK SE	 	)	 	Vice President
			
	ORIGINAL LENDER	 		 	
			
	SIGNED by	 	)	 	 /s/ Andrea Strullato

	duly authorised	 	)	 	Vice President
	for and on behalf of	 	)	 	 /s/ Natacha Bloem

	DVB BANK SE	 	)	 	Vice President

  
 6 

					
	SECURITY AGENT	 		 	
			
	SIGNED by	 	)	 	 /s/ Elsa Savvatianou

	duly authorised	 	)	 	Vice President, Legal Counsel
	for and on behalf of	 	)	 	 /s/ Georg Junginger

	DVB BANK SE	 	)	 	Vice President, Legal Counsel

  
 7

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