Document:

[Form of Letter Agreement]

[___], 2008

Navios Maritime Acquisition Corporation

85 Akti Miaouli Street

Piraeus, Greece 185 38

[Purchaser address]

J.P. Morgan Securities Inc.

Deutsche Bank Securities Inc.

As Representatives of the several Underwriters

c/o J.P. Morgan Securities Inc.

277 Park Avenue, 9th Floor

New York, New York 10172

Attention: Equity Syndicate Desk

c/o Deutsche Bank Securities Inc.

60 Wall Street, 4th Floor

New York, New York 10005

Attention: Syndicate Manager

Re: Initial Public Offering of Navios Maritime Acquisition Corporation

Ladies and Gentlemen:

This letter is being delivered to you in accordance with the Underwriting Agreement dated as of [____], 2008 (the “Underwriting Agreement”), by and between Navios Maritime Acquisition Corporation, a Marshall Islands corporation (the “Company”), and J.P. Morgan Securities Inc. (“JPMorgan”) and Deutsche Bank Securities Inc. (“Deutsche Bank”), as representatives of the underwriters named in Schedule I thereto (the “Underwriters”), relating to an underwritten initial public offering (the “Initial Public Offering”) of the Company’s units (the “Units”), each consisting of one share of the Company’s common stock, par value $0.0001 per share (the
“Common Stock”), and one warrant (a “Warrant”) entitling the holder thereof to purchase one share of Common Stock.

In connection with the Initial Public Offering, the undersigned will enter into a letter agreement (the “Letter Agreement”) with Deutsche Bank and/or JPMorgan or another broker-dealer mutually agreed upon by the parties hereto pursuant to which the undersigned will agree to place limit orders for up to $30,000,000 of shares of Common Stock (the “Aftermarket Shares”) for a period commencing on the later of (1) two business days after the Company files a preliminary proxy statement relating to its Business Combination (as defined in the Company’s Amended and Restated Articles of Incorporation in effect on the date hereof (the “Articles of Incorporation”)), and (2) 60 days after the termination of the “restricted period” in connection with this offering under Regulation M of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and ending on the business day immediately preceding the record date for the shareholder meeting at which such Business Combination is to be approved, or earlier in certain circumstances as described in the Letter Agreement.

 

 

In addition, in connection with the Initial Public Offering, the undersigned will enter into a Co-Investment Share Subscription Agreement with the Company pursuant to which the undersigned will agree to purchase and acquire from the Company such number of Shares (the “Co-Investment Shares”) as may be acquired at a purchase price equal to the per-share amount held in the trust account (the “Trust Account”) as reported in the Company’s definitive proxy statement filed with the Securities Exchange Commission prior to such purchase using the remaining portion, if any, of the $30,000,000 that has not been used by [___] to purchase Aftermarket Shares.

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Initial Public Offering, and in recognition of the benefit that such Initial Public Offering will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

1. Approval of Business Combination or Extension Period. The undersigned agrees that in connection with any vote of the stockholders of the Company on (i) a proposed amendment to the Articles of Incorporation to extend the time period within which the Company must consummate a Business Combination to up to 36 months or (ii) a proposed Business Combination, it will vote any Aftermarket Shares it has acquired in favor of such extension or Business Combination and will not exercise conversion rights (as described in the Articles of Incorporation) in respect of any such Aftermarket Shares. The undersigned further agrees that in connection with a stockholder vote to approve a proposed Business Combination, it will vote any such Aftermarket Shares in favor of an amendment to the Articles of Incorporation
providing for the Company’s perpetual existence following the consummation of the Business Combination.

2. Liquidation. In the event that the Company fails to consummate a Business Combination within 24 months (or up to 36 months if the Company’s stockholders approve an extension pursuant to the terms of the Articles of Incorporation) after the date of the final prospectus included in the Registration Statement on Form F-1 relating to the Initial Public Offering (the “Registration Statement”), the undersigned will take all reasonable actions within its power to (i) cause the Trust Account (as defined in the Articles of Incorporation) to be liquidated and the proceeds distributed to the holders of shares sold in the Initial Public Offering as soon as reasonably practicable and (ii) cause the Company to liquidate as soon as reasonably practicable (the earliest date on which the conditions
in clauses (i) and (ii) are both satisfied being the “Liquidation Date”), in each case in accordance with the terms of the Articles of Incorporation and all applicable laws.

3. Transfer Restrictions. (a) The undersigned will not assign, alienate, pledge, attach, sell or otherwise transfer or encumber (each, a “transfer”), directly or indirectly, any Aftermarket Shares, any Co-Investment Shares that it currently owns or may acquire hereafter from the date hereof until 180 days following the date of the consummation of a Business Combination, except to a Permitted Transferee (as defined below). Any transfers of such Co-Investment Shares to a Permitted Transferee will be made in accordance with applicable securities laws. Any transfer of Co-Investment Shares pursuant to this Paragraph 3 after the date hereof will be subject to the condition that the Permitted Transferee has agreed in writing to be bound by the terms of Paragraphs 1, 2 and 3 hereof. “Permitted
Transferee” means any legal entity controlling, controlled by or under common control with, Navios Maritime Holdings, Inc. or Angeliki Frangou.

 

 

4. Representations and Warranties. The undersigned represents and warrants that:

(a) Except as described in the Registration Statement, there are no claims, payments, arrangements, contracts, agreements or understandings relating to the payment of a brokerage commission or finder’s, consulting, origination or similar fee by the undersigned with respect to the sale of the securities pursuant to the Underwriting Agreement or any other arrangements, agreements or understandings by the undersigned that may affect the Underwriters’ compensation pursuant to the Underwriting Agreement;

(b) It is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

(c) It has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or handling of funds of another person or (iii) pertaining to any dealings in any securities and the undersigned is not currently a defendant in any such criminal proceeding;

(d) It has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registrations denied, suspended or revoked; and

(e) It has full right and power, without violating any agreement by which it is bound, to enter into this letter agreement.

The undersigned acknowledges and understands that the Company and the Underwriters will rely upon the agreements, representations and warranties set forth herein in proceeding with the Initial Public Offering. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its stockholders, or any creditor or vendor of the Company with respect to the subject matter hereof. 

The undersigned hereby agrees to cause any Permitted Transferee that purchases Aftermarket Shares or Co-Investment Shares to agree to be bound in writing by paragraphs 1, 2 and 3 hereof.

This letter agreement shall be binding on the undersigned and such person’s successors and assigns. This letter agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii) the Liquidation Date; provided that such termination shall not relieve the undersigned from liability for any breach of this letter agreement prior to its termination; and provided further that paragraph 2 of this letter agreement shall survive a termination pursuant to clause (ii) and paragraph 4 of this letter agreement shall survive a termination pursuant to clause (i) or (ii).

This letter agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings (whether written or oral) between the parties relating to such subject matter. None of the parties shall be liable or bound to any other party in any manner by any representations and warranties or covenants relating to such subject matter except as specifically set forth herein.

 

 

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of laws thereof. The parties hereto hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. The Company hereby appoints, without power of revocation, Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., with an office at 666 Third Avenue, New York, New York, 10017, Attention of Kenneth R. Koch, Esq., as its agent to accept and acknowledge on its behalf service of any and all process which may be served in any action, proceeding or counterclaim in any way relating to or arising out of this letter agreement.

No term or provision of this letter agreement may be amended, changed, waived, altered or modified except by written instrument executed and delivered by the party against whom such amendment, change, waiver, alteration or modification is to be enforced. The Company shall not consent to any amendment, change, waiver, alteration or modification to paragraph 4 of this Letter Agreement prior to the consummation of a Business Combination and the dissolution of the Trust Account in connection therewith.

ACCEPTED AND AGREED:

[_______]

 

	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                         
 
	
                        Name: 
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Title: 
 	
                         
 	
                         
 	
                         
 	
                         
 

ACCEPTED AND AGREED:

NAVIOS MARITIME ACQUISITION CORPORATION

 

	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                         
 
	
                        Name: 
 	
                        Angeliki Frangou
 	
                         
 	
                         
 	
                         
 
	
                        Title: 
 	
                         
 	
                         
 	
                         
 	
                         
 

ACCEPTED AND AGREED:

DEUTSCHE BANK SECURITIES INC.

 

	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                         
 
	
                        Name: 
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Title: 
 	
                         
 	
                         
 	
                         
 	
                         
 

 

ACCEPTED AND AGREED:

J.P. MORGAN SECURITIES INC.

 

	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                         
 
	
                        Name: 
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Title:CO-INVESTMENT SHARE SUBSCRIPTION AGREEMENT

THIS CO-INVESTMENT SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of [___], 2008, by and between Navios Maritime Acquisition Corporation, a Marshall Islands corporation (the “Company”), and [___] (the “Purchaser”). 

WHEREAS, the Company has filed a registration statement on Form F-1 under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission in connection with a proposed initial public offering (the “Initial Public Offering”) of 22,000,000 units (“Units”), each consisting of one share of common stock of the Company, par value $0.0001 per share (“Common Stock”), and one warrant (a “Warrant”) to purchase
one additional share of Common Stock for $7.00;

WHEREAS, in connection with the Initial Public Offering, the Purchaser has entered into a letter agreement (the “Letter Agreement”) dated as of the date hereof with J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc., as representatives of the underwriters (the “Representatives”), pursuant to which the Purchaser has agreed to cause [___] to place limit orders for up to $30,000,000 of shares of Common Stock (the “Aftermarket Shares”) for a period commencing on the later of (1) two business days after the Company files a preliminary proxy statement relating to its Business Combination (as defined in the
Company’s Amended and Restated Articles of Incorporation in effect on the date hereof), and (2) 60 days after the termination of the “restricted period” in connection with the Initial Public Offering under Regulation M of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and ending on the business day immediately preceding the record date for the shareholder meeting at which such Business Combination is to be approved, or earlier in certain circumstances as described in the Letter Agreement; and

WHEREAS, the Company desires to commit to issue and sell, and the Purchaser desires to purchase and acquire Co-Investment Shares (as defined herein), to the extent that [___] does not purchase in full $30,000,000 of the Aftermarket Shares, on the terms and conditions hereinafter set forth;

NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth herein, the parties hereto agree as follows:

1. Commitment To Purchase Co-Investment Shares. (a) Subject to and immediately prior to the consummation of a Business Combination, the Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to issue and sell to the Purchaser the Applicable Number of shares of Common Stock (each a “Co-Investment Share”) at a purchase price equal to the per-share amount held in the trust account (the “Trust Account”) as reported in the Company’s definitive proxy statement filed with the Securities Exchange Commission prior to such purchase (the “Purchase Price”). The “Applicable Number” means a number (rounded up to the nearest whole number) equal to (x) the difference between $30,000,000 and the aggregate purchase price paid by [___] for the Aftermarket Shares divided by (y) the Purchase Price. With the exception of the transfer restrictions set forth in Section 3 hereof the Co-Investment Shares shall be identical to the shares of Common Stock sold in the Initial Public Offering. The closing of the purchase and sale of the Co-Investment Shares hereunder, including payment for and delivery of the Co-Investment Shares, shall occur at the offices of the Company immediately prior to, and subject to consummation of, the Business Combination.

 

 

(b) The Purchase hereby agrees to cause any Permitted Transferee (defined below) that purchases Co-Investment Shares from the Company hereunder to become a party to this Agreement and to be bound by its terms and conditions, including the transfer restrictions set forth in Section 3 and the investment representations set forth in Section 2. 

2. Payment Of Purchase Price. The purchase price for the Co-Investment Shares shall be tendered in full at the closing by one or a combination of the following means: (a) wiring of immediately available United States funds to an account for the benefit of the Company, pursuant to wire instructions provided by the Company in advance of the closing; or (b) by delivery of a cashiers check to the Company of immediately available United States funds.

3. Limitations On Transfer. The Purchaser hereby agrees not to assign, alienate, pledge, attach, sell or otherwise transfer or encumber (each, a “transfer”), directly or indirectly, any Co-Investment Shares until 180 days following the date of the consummation of a Business Combination, except to a Permitted Transferee (as defined below). Any transfers of such Co-Investment Shares to a Permitted Transferee shall be made in accordance with applicable securities laws. Any transfer of Co-Investment Shares pursuant to this Section 3 shall be subject to the condition that the Permitted Transferee has agreed in writing to be bound by the terms of this
Section 3. “Permitted Transferee” means any legal entity controlling, controlled by or under common control with, Navios Maritime Holdings, Inc. or Angeliki Frangou.

4. Restrictive Legends. All certificates representing the Co-Investment Shares shall have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto):

(a) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

(b) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THAT CERTAIN CO-INVESTMENT SHARE SUBSCRIPTION AGREEMENT DATED AS OF [__], 2008, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY.” 

(c) Any legend required by state securities or blue sky laws or regulations.

5. Investment Representations. In connection with the purchase of the Co-Investment Shares, the Purchaser represents to the Company the following:

(a) The Purchaser is familiar with the Company’s business plans and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Co-Investment Shares. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Co-Investment Shares involves a high degree of risk. The Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Co-Investment Shares. The Purchaser has such knowledge and expertise in financial and business

 

matters, knows of the high degree of risk associated with investments generally and particularly investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Co-Investment Shares, and is able to bear the economic risk of an investment in the Co-Investment Shares in the amount contemplated hereunder. The Purchaser understands that there presently is no public market for the Co-Investment Shares and none is anticipated to develop in the foreseeable future. The Purchaser can afford a complete loss of its investment in the Co-Investment Shares. The Purchaser is purchasing the Co-Investment Shares for investment for its own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(b) The Purchaser understands that the Co-Investment Shares have not been registered under the Securities Act or any state securities law by reason of a specific exemption therefrom, and that the Company is relying on the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties and agreements of the Purchaser set forth herein to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Co-Investment Shares, including, but not limited to, the bona fide nature of the Purchaser’s investment intent as expressed herein. 

(c) The Purchaser understands that the Co-Investment Shares must be held indefinitely unless the Co-Investment Shares are subsequently registered under the Securities Act or an exemption from such registration is available. The Purchaser understands that the certificates evidencing the Co-Investment Shares shall be imprinted with a legend that prohibits the transfer of the Co-Investment Shares unless the Co-Investment Shares are registered or such registration is not required in the opinion of counsel for the Company. 

(d) The Purchaser represents that it is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act.

(e) The Purchaser has all necessary power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All action necessary to be taken by the Purchaser to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by the Purchaser in connection with the transactions contemplated hereby has been duly and validly taken, and this Agreement has been duly executed and delivered by the Purchaser. This Agreement constitutes the valid, binding and enforceable obligation of the Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). The Purchaser’s obligations hereunder do not conflict with the organizational documents of the Purchaser, if applicable, or with any material contract by which the Purchaser or its property is bound, or any laws or regulations or decree, ruling or judgment of any court applicable to the Purchaser or its property. 

(f) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of the Securities Act. 

(g) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Co-Investment Shares or the fairness or suitability of the investment in the Co-Investment Shares, nor have such authorities passed upon or endorsed the merits of the offering of the Co-Investment Shares.

 

 

(h) The Purchaser understands that except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register such Securities under the Securities Act or any state or foreign securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser represents that it is familiar with Rule 144 adopted pursuant to the Securities Act, and understands the resale limitations imposed thereby and by the Securities Act.

(i) The Purchaser understands that, except as specifically set forth in the Registration Rights Agreement by and among the Company and Navios Maritime Holdings, Inc., Angeliki Frangou, Ted C. Petrone, Julian David Brynteson, John Koilalous, Nikolaos Veraros  and the Purchaser, neither the Company nor any other person is under any obligation to register such Co-Investment Shares under the Securities Act or any state or foreign securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser represents that it is familiar with Rule 144 adopted pursuant to the Securities Act, and understands the resale limitations imposed thereby and by the Securities Act. 

(j) Without in any way limiting the representations set forth above, the Purchaser agrees not to make any disposition of the Co-Investment Shares unless and until:

(A) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or

(B) The Purchaser shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition and, if reasonably requested by the Company, the Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such Co-Investment Shares under the Securities Act. 

6. Company Representations And Warranties. In connection with the issuance and sale of the Co-Investment Shares, the Company represents to the Purchaser the following:

(a) The Company is a corporation duly incorporated, validly existing and in good standing under the laws of The Republic of the Marshall Islands and the Company has all necessary corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All corporate action necessary to be taken by the Company to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by the Company in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly executed and delivered by the Company. This Agreement constitutes the valid, binding and enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). The sale by the Company of the Co-Investment Shares does not conflict with the articles of incorporation or by-laws of the Company or any material contract by which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any United States or state court applicable to the Company or its property. 

 

(b) The Co-Investment Shares have been duly authorized and, when issued, delivered and paid for in accordance with this Agreement. Further, the Co-Investment Shares will be validly issued, fully paid and non-assessable and will be free and clear of all liens and claims. 

7. Miscellaneous.

7.1 Successors and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, shall be binding upon Purchaser and Purchaser’s successors and assigns. 

7.2 Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of conflicts of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court in the State of New York.

7.3 Further Execution. The parties agree to take all such further actions as may reasonably be necessary to carry out and consummate this Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance of the securities that are the subject of this Agreement.

7.4 Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in whole or in part, except by an agreement in writing signed by each of the parties hereto.

7.5 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

7.6 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. This Agreement or any counterpart may be executed via facsimile or electronic mail transmission, and any such executed facsimile or electronic mail copy shall be treated as an original.

7.7 Survival. The representations and warranties contained herein shall survive the delivery of, and the payment for, the Co-Investment Shares.

7.8 Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of Purchaser in the negotiation, administration, performance or enforcement hereof.

(Remainder of Page intentionally left blank. Signature page(s) to follow)

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	
                        NAVIOS MARITIME ACQUISITION CORPORATION
 	
                         
 	
                         
 
	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                         
 
	
                        Name: 
 	
                        Angeliki Frangou
 	
                         
 	
                         
 	
                         
 
	
                        Title: 
 	
                        Chief Executive Officer and Chairman
 	
                         
 	
                         
 	
                         
 

 

[______________]

 

	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                         
 
	
                        Name: 
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Title:

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