Document:

Exhibit 4.90

 

 

 

OPTION AGREEMENT

 

 

BETWEEN

 

 

DRYSHIPS INC.

 

 

AND

 

 

CERTAIN CLIENTS OF TMS CARDIFF GAS LTD.

 

 

 

 

 

 

 

 

 

THIS AGREEMENT (the "Agreement") is entered into this 12th day of January 2017.

 

BETWEEN

 

DRYSHIPS INC., a corporation incorporated and existing under the laws of the Republic of Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 or a company nominated bt Dryships Inc.(hereinafter referred to as "Dryships"); and

 

CERTAIN CLIENTS OF TMS CARDIFF GAS LTD., being the buying companies that own certain vessel construction contracts at a Korean yard ("Clients of TMS"),

 

Dryships and the respective Client of TMS also referred to as the "Parties"

 

WHEREAS:

 

		(I)	
Clients of TMS have entered into agreements to construct high specifications Very Large Gas Carriers under hull no. S881, S882, S883 and 5884 (the "Vessels") (all 78,700 CBM) capable of carrying liquefied petroleum gas ("LPG") at Hyundai Samho Heavy Industries Co. Ltd.(the "Yard"), which are going to be employed on long term charters to major oil companies and oil traders, summarized as follows:

 

		a.	
a Shipbuilding Contract dated 10th September 2015 between the Yard as Builder and VLGC ALPHA OWNING LTD as Buyer (the "S881 Buyer"), including the specifications and plans therein referred to and all appendices, other addenda and supplements thereto and all modifications which may have been made thereto (the "S881 Shipbuilding Contract"), whereby the Yard agreed to design, build, launch, equip and complete one high specifications Very Large Gas Carrier under hull no 5881 (the "S881 Vessel") and to deliver and sell the 5881 Vessel to the 5881 Buyer, and the 5881 Buyer agreed to purchase and take delivery of the 5881 Vessel from the Yard on the terms and conditions of the 5881 Shipbuilding Contract. Pursuant to the provisions of Article X of the 5881 Shipbuilding Contract a Performance Guarantee was issued by CARDIFF LPG SHIPS L'I'D on 10th September 2015 securing the 5881 Buyer's obligations under the S881 Shipbuilding Contract. (the "S881 Performance Guarantee")

 

		b.	
a Time Charter Party dated 15th September 2015 between Shell International Trading and Shipping Company as Charterer (the "Shell Charterer") and the 5881 Buyer as Owner, including all appendices, other addenda and supplements thereto and all modifications which may have been made thereto (the "S881 Charter Party"), whereby the Shell Charterer agreed to charter the S881 Vessel for a period of five (5) years plus three (3) optional periods of one (1) year each in Shell Charterer's option. Pursuant to the provisions of Article 48 of the S881 Charter Party a Performance Guarantee was issued by

 

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CARDIFF LPG SHIPS LTD securing the 5881 Buyer's obligations under the S881 Charter Party (the "S881 Guarantee")

 

		c.	
a Shipbuilding Contract dated 10th September 2015 between the Yard as Builder and VLGC BETA OWNING LTD as Buyer (the "S882 Buyer"), including the specifications and plans therein referred to and all appendices, other addenda and supplements thereto and all modifications which may have been made thereto (the "5882 Shipbuilding Contract"), whereby the Yard agreed to design, build, launch, equip and complete one high specifications Very Large Gas Carrier under hull no S882 (the "S882 Vessel") and to deliver and sell the S882 Vessel to the S882 Buyer, and the 5882 Buyer agreed to purchase and take delivery of the S882 Vessel from the Yard on the terms and conditions of the S882 Shipbuilding Contract. Pursuant to the provisions of Article X of the S882 Shipbuilding Contract a Performance Guarantee was issued by CARDIFF LPG SHIPS LTD on 10th September 2015 securing the S882 Buyer's obligations under the S882 Shipbuilding Contract (the "S882 Performance Guarantee")

 

		d.	
a Time Charter Party dated 15th September 2015 between Shell Character as Charterer and the S882 Buyer as Owner, including all appendices, other addenda and supplements thereto and all modifications which may have been made thereto (the "S882 Charter Party"), whereby the Shell Charterer agreed to charter the S882 Vessel for a period of five (5) years plus three (3) optional periods of one (1) year each in Shell Charterer's option. Pursuant to the provisions of Article 48 of the S882 Charter Party a Performance Guarantee was issued by CARDIFF LPG SHIPS LTD securing the S882 Buyer's obligations under the S882 Charter Party (the "S882 Guarantee")

 

		e.	
a Shipbuilding Contract dated 10th September 2015 between the Yard as Builder and VLGC GAMMA OWNING LTD as Buyer (the "S883 Buyer"), including the specifications and plans therein referred to and all appendices, other addenda and supplements thereto including the amendment agreement no.1 dated 11th November 2015 and all modifications which may have been made thereto (the "S883 Shipbuilding Contract"), whereby the Yard agreed to design, build, launch, equip and complete one high specifications Very Large Gas Carrier under hull no 5883 (the "S883 Vessel") and to deliver and sell* the 5883 Vessel to the S883 Buyer, and the 5883 Buyer agreed to purchase and take delivery of the S883 Vessel from the Yard on the terms and conditions of the 5883 Shipbuilding Contract. Pursuant to the provisions of Article X of the S883 Shipbuilding Contract a Performance Guarantee was issued by CARDIFF LPG SHIPS LTD on 10th September 2015 securing the S883 Buyer's obligations under the 5883 Shipbuilding Contract. (the "S883 Performance Guarantee")

 

		f.	
a Time Charter Party dated 10th November 2015 between Clearlake Shipping Pte Ltd as Charterer (the "Clearlake Charterer") and the 5883 Buyer as Owner, including all appendices, other addenda and supplements thereto and all modifications which may have been made thereto (the "S883 Charter Party"), whereby the Clearlake Charterer agreed to charter the 5883 Vessel for a period of ten (10) years.

 

		g.	
a Shipbuilding Contract dated 10th September 2015 between the Yard as Builder and VLGC DELTA OWNING LTD as Buyer (the "S884 Buyer"),

 

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including the specifications and plans therein referred to and all appendices, other addenda and supplements thereto and all modifications which may have been made thereto including the amendment agreement no.1 dated 11th November 2015 (the "S884 Shipbuilding Contract"), whereby the Yard agreed to design, build, launch, equip and complete one high specifications Very Large Gas Carrier under hull no S884 (the "S884 Vessel") and to deliver and sell the S884 Vessel to the 5884 Buyer, and the S884 Buyer agreed to purchase and take delivery of the 5884 Vessel from the Yard on the terms and conditions of the S884 Shipbuilding Contract. Pursuant to the provisions of Article X of the S884 Shipbuilding Contract a Performance Guarantee was issued by CARDIFF LPG SHIPS LTD on 10th September 2015 securing the S884 Buyer's obligations under the 5884 Shipbuilding Contract. (the "S884 Performance Guarantee")

 

		h.	
a Time Charter Party dated 10th November 2015 between Clearlake Charterer as Charterer and the S884 Buyer as Owner, including all appendices, other addenda and supplements thereto and all modifications which may have been made thereto (the "S884 Charter Party"), whereby the Clearlake Charterer agreed to charter the 5884 Vessel for a period of ten (10) years.

 

		(II)	
Dryships, having reviewed and accepted the terms and conditions of the above shipbuilding contracts and charter parties, wishes to enter into an agreement with the Clients of TMS, to obtain four (4) Options to acquire the Vessels to be declared until 4th April 2017 and Clients of TMS wish to grant such options to Dryships. The exercise price for each of the Vessels is USD 83,500,000.

 

		(III)	
Clients of TMS have granted full and exclusive authority to Tms Cardiff Gas Ltd. to negotiate on their behalf and to execute an eventual agreement, including this Agreement.

 

NOW THEREFORE, in consideration of the mutual promises and covenants herein set forth it is hereby agreed as follows:

 

1.          GRANT OF OPTION

 

In consideration of the payment by Dryships to Clients of TMS of the sum of United States Dollars four (US$4.00) (or US$1.00 per vessel) and for other good and valuable consideration, receipt and adequacy of which are hereby acknowledged, Clients of TMS hereby grant to Dryships, or a company nominated by Dryships, four options (individually an 'Option' or collectively the "Options"), or one Option per vessel at the ex exercise price mentioned above, to acquire any one, several or all of the Vessels on terms to be mutually agreed by the Parties.

 

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2.          EXERCISE OF OPTION

 

Each Option shall be valid until and including 24.00 hours (London time) on 4th April 2017 (the "Validity") or such later date to which the Parties have mutually agreed. Dryships may exercise the Option by giving notice to Clients of TMS by e-mail or telefax at any time within the Validity. If Dryships does not exercise the Option within the Validity, including any mutually agreed extension, the Option shall be null and void without necessity for any further action.

 

3.          EXECUTION OF CONTRACT

 

If Dryships or a company nominated by Dryships does exercise the Option within the Validity, including any mutually agreed extension, the Parties shall execute a share purchase agreement or novation of the shipbuilding contract within one (1) week from the notice of exercise of the Option by Dryships or any other date, mutually agreed by the Parties.

 

If Dryships or a company nominated by Dryships does exercise the Option within the Validity, including any mutually agreed extension, Dryships undertakes that within 90 days as of the date of exercise the Option, Dryships or a company nominated by Dryships will provide its counter guarantee in relation to the guarantee(s) provided under the relevant shipbuilding contract and/or charter party referred in Recital I hereof as mutually agreed by the Parties.

 

In case two (2) or more Options are exercised then Dryships or a company nominated by Dryships may acquire at its discretion through relevant share purchase agreement the shares of Cardiff LPG Ships Ltd and/or Cardiff LNG Ships Ltd both of Marshall Islands. In such an event no counter guarantee in relation to the guarantee(s) provided under the relevant shipbuilding contract and/or charter party will be required to be issued by Dryships or a company nominated by Dryships.

 

4.          EFFECTIVE DATE

 

This Agreement shall become effective and binding on the Parties on the date of the Agreement.

 

5.          ASSIGNMENT

 

Neither Party may assign its rights under this Agreement without the written consent of the other Party, which consent shall not be unreasonably withheld; provided that Dryships may assign its rights under this Agreement to any affiliate of Dryships without consent.

 

6.          NOTICES

 

Every notice given under this Agreement shall be in writing and shall be deemed given when delivered personally, by registered or certified mail, fax or e-mail to the address of the Party receiving such notice stated below. Any notice sent by fax shall be confirmed by prepaid first class letter posted as soon as practicable thereafter but the failure of the addressee to receive such letter shall not prejudice the validity or effect of such telefax notice.

 

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Except as otherwise provided hereunder the addresses of the Parties for the purposes of notices under this Agreement shall be:

 

DRYSHIPS INC.

Athens Licensed Shipping Office

109 Kifissias Avenue & Sina Street

Amaroussion, GR-15124

Athens, Greece

Attn: Mr. Dimitrios Dreliozis, Vice President-Finance

Phone: + 30 210 8090551

Fax.: + 30 210 8090575

Email: management@dryships.com

 

CLIENTS OF TMS CARDIFF GAS LTD.

c/o TMS CARDIFF GAS LTD.

Athens Licensed Shipping Office

Omega Building, 80 Kiffissias Avenue

Amaroussion, GR-15125

Athens, Greece

Attn: Mr. Ioannis Psilopoulos

          Legal Representative in Greece

Fax.: + 30 210 8090205

Email: management@tms-cardiffgas.gr

 

7.          CONFIDENTIALITY

 

The Parties hereto undertake to keep the existence of this Agreement and the terms hereof strictly confidential, and shall not disclose same to any third parties without express prior written consent from the other party unless disclosing party demonstrates that such disclosure is required to comply with the applicable stock exchange or other laws and regulation.

 

8.          GOVERNING LAW AND JURISDICTION

 

This Agreement shall be governed by and construed in accordance with the laws of England.

 

Any claim, dispute or difference shall be settled by arbitration in accordance with Arbitration Act 1996, or any statutory modification or re-enactment thereof for the time being in force.

 

The language to be used in the arbitration proceedings shall be English.

 

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SIGNATURE PAGE FOLLOWS

 

 

 

 

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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed with effect as of the day and year first above written.

 

 

	
BUYER:

	 	
SELLER:

	 	 	 
	
For and on behalf of DRYSHIPS INC.:

	 	
CLIENTS OF TMS CARDIFF GAS LTD.

	 	 	 
	 	 	 
	
/s/ Dimitrios Dreliozis

	 	
/s/ Georgios Kourelis

	
By:

Title:

	
Dimitrios Dreliozis

Vice President-Finance

	 	
TMS CARDIFF GAS LTD for and on behalf of 

 CLIENTS OF CARDIFF

	
 

	
 

	 	
By:

	
Georgios Kourelis

	 	 	 	
Title

	
Attorney-in-fact

 

 

 

  

 

8Exhibit 4.91

 

SHARE PURCHASE AGREEMENT

This Share Purchase Agreement ("Agreement"), dated as of 18th day of January 2017, is made by and between LPG INVESTMENTS INC. of Marshall Islands (the "Buyer"), whose performance is hereby guaranteed by Dryships Inc and VLGC Alpha Shareholding Ltd., a corporation organized under the laws of the Republic of the Marshall Islands (the "Seller") whose performance is hereby guaranteed by TMS Cardiff Gas Ltd.,.

RECITALS

WHEREAS, the Seller directly owns shares, constituting all of the issued and outstanding capital stock of VLGC Alpha Owning Ltd, a corporation organized under the laws of the Republic of Marshall Islands (the "Owner");

WHEREAS, the Owner has entered into a shipbuilding contract dated 10th September 2015 with Hyundai Samho Heavy Industries Co Ltd as Builder (the "Shipbuilding Contract") to construct one high specification very large Gas Carrier with hull number S881 (the "Vessel") which is going to be employed on a long term charter party with Shell International Trading and Shipping Company (the "Charter Party").

WHEREAS, the Seller wishes to sell and Buyer wishes to buy, all of the issued outstanding capital stock of the Owner (the "Shares"), on the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements stated herein, the parties agree as follows:

ARTICLE I

DEFINITIONS

Capitalized terms used in this Agreement have the meanings specified in (a) the preamble, (b) the recitals, (c) this Article I or (d) elsewhere in this Agreement, as the case may be:

Banking Day means a day other than Saturday, Sunday or other day on which commercial banks located in London, Piraeus and New York City are authorized or required by applicable law to close.

Claim means any claim, demand, assessment, judgment, order, decree, action, cause of action, litigation, suit, investigation or other Proceeding.

Laws means all statutes, treaties, codes, ordinances, decrees, rules, regulations, municipal bylaws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, policies, certificates, codes, licenses, permits, approvals, guidelines, voluntary restraints, inspection reports, or any provisions of such laws, including general principles of common law and equity and the requirements of all

Governmental Bodies, binding or affecting the Person referred to in the context in which such word is used; and "Law" means any one of them.

Lien means (whether the same is consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise): (i) any mortgage, lien, security interest, pledge, attachment, levy or other charge or encumbrance of any kind thereupon or in respect thereof; or (ii) any other arrangement under which the same is transferred, sequestered or otherwise identified with the intention of subjecting the same to, or making the same available for, the payment or performance of any liability in priority to the payment of the ordinary, unsecured creditors, and which under applicable law has the foregoing effect, including any adverse Claim.

Orders means judgments, writs, decrees, compliance agreements, injunctions, rules, awards, settlement agreements or orders of any governmental body or arbitrator.

Person means any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, government or agency or subdivision thereof or any other entity.

Proceeding means an action, suit, litigation, claim, investigation, legal, administrative or arbitration proceeding.

ARTICLE II

PURCHASE OF SHARES; CLOSING

Section 2.1          Purchase of Shares.  Upon the terms and subject to the conditions of this Agreement, and on the basis of the representations and warranties hereinafter set forth, the Seller agrees to sell, transfer, convey, assign and deliver to the Buyer, and the Buyer agrees to acquire and buy from the Seller, the Shares.

Section 2.2          Closing.  Against receipt of the Purchase Price for the Shares or upon such other date as may be agreed in writing by the parties hereto (the "Closing Date"), the transfer of the Shares shall take place and the Seller shall deliver to the Buyer original share certificates representing all the Shares of the Seller to the order of the Buyer.

Section 2.3          Purchase Price.  The purchase price for the Shares that shall be paid by the Buyer to the Seller shall consist of an amount United States Dollars Twenty One Million Eight Hundred Fifty Thousand Three Hundred Thirty Four (US$ 21,850,334).  Any adjustment of the Purchase Price shall be mutually agreed by the Seller and the Buyer and the Purchase Price will be adjusted accordingly

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF SELLER

The Seller hereby represents and warrants to the Buyer on the date hereof and as of the Closing Date as follows:

Section 3.1          Organization of the Seller.  The Seller is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted.

Section 3.2          Organization of the Owner.  (a) The Owner is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted.  (b) The Seller has heretofore delivered to the Buyer complete and correct copies of the constitutional documents of the Owner as currently in effect and the other corporate records.  The corporate records are accurate in all material respects and all corporate proceedings and actions reflected therein have been conducted or taken in compliance with all applicable Laws and in compliance with the constitutional documents.

Section 3.3          Authority of the Seller.  (a) The Seller has full legal capacity, right, power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; (b) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all requisite corporate action taken on the part of the Seller and no other corporate proceedings on the part of the Seller is necessary to authorize this Agreement or to consummate the transactions contemplated hereby; and (c) that this Agreement has been duly and validly executed and delivered by the Seller and constitutes a valid and binding obligation of the Seller, enforceable against it in accordance with its terms.

Section 3.4          Capitalization.  (a)Schedule 1 sets forth the amount of authorized capital stock and the amount of the issued and outstanding shares of capital stock of the Owner.  The Shares constitute all of the issued and outstanding common shares of the Owner; all such common shares are duly authorized, validly issued, fully paid and non-assessable and are owned legally and beneficially by the Seller, as set forth on Schedule 1.  Other than this Agreement, there is no subscription, option, warrant, preemptive right, call right or other right, agreement or commitment of any nature relating to the voting, issuance, sale, delivery or transfer (including any right of conversion or exchange under any outstanding security or other instruments) by the Seller of the Shares, and there is no obligation on the part of the Seller to grant, extend or enter into any of the foregoing.

Section 3.5          Ownership of Purchased Shares.  The Seller owns the Shares free and clear of all Liens or other limitations affecting the Seller's ability to vote such shares or to transfer such shares to the Buyer.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents and warrants to the Sellers as of the date hereof and as of the Closing Date as follows:

Section 4.1          Organization.  Buyer is a corporation duly organized, validly existing and in good standing under the laws of the Republic the Marshall Islands and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted.

Section 4.2          Authority.  (a) Buyer has the full legal capacity, right, power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; (b) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all requisite corporate action taken on the part of the Buyer and no other corporate proceedings on the part of the Buyer is necessary to authorize this Agreement or to consummate the transactions contemplated hereby; and (c) this Agreement has been duly and validly executed and delivered by the Buyer and constitutes a valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms.

ARTICLE V

COVENANTS

Section 5.1          Conduct of Business Pending Closing.  Buyer and Seller agree that between the date of the execution of this Agreement and the Closing Date, (i) the Seller shall conduct the business and maintain and preserve the assets of the Seller in the ordinary course of business; and (ii) the Buyer and the Seller shall use their reasonable efforts to cause all of the representations and warranties in Article III hereof to continue to be true and correct.

ARTICLE VI

CONDITIONS TO CLOSING

Section 5.2          Conditions to Obligations of Buyer.  The obligations of the Buyer to consummate the transactions contemplated herein are subject to satisfaction of the following conditions:

(a)          Consents.  All consents and approvals required in connection with the execution, delivery and performance of this Agreement shall have been obtained.

(b)          Compliance.  The Seller shall have complied with its covenants and agreements contained herein, and the representations and warranties contained in Article III hereof shall be true and correct in all material respects (except those representations and warranties qualified by materiality shall be true and correct in all respects) on the date hereof and as of the Closing Date.

Section 5.3          Conditions to Obligations of the Seller.  The obligations of the Seller to consummate the transactions contemplated herein are subject to satisfaction of the following conditions:

(a)          Purchase Price.  Subject to the fulfillment of the conditions of Section 6.1, the Buyer shall advance to the Seller the Purchase Price under Section 2.3.

(b)          Corporate Records.  The Seller shall have delivered to the Buyer all resolutions passed by the Board of Directors since the incorporation

(c)          Compliance.  Buyer shall have complied with its covenants and agreements contained herein, and the representations and warranties contained in Article IV hereof shall be true and correct in all material respects (except those representations and warranties qualified by materiality shall be true and correct in all respects) on the date hereof and as of the Closing Date.

(d)          Consents.  All consents and approvals required in connection with the execution, delivery and performance of this Agreement shall have been obtained.

ARTICLE VII

TERMINATION

Section 6.1          Grounds for Termination.  This Agreement may be terminated at any time prior to the Closing Date:

(a)          By the mutual written agreement of the Buyer and the Seller;

(b)          By the Buyer if any of the conditions set forth in Section 6.1 hereof shall have become incapable of fulfillment and shall not have been waived by Buyer;

(c)          By the Seller if any of the conditions set forth in Section 6.2 hereof shall have become incapable of fulfillment and shall not have been waived by the Seller;

(d)          In the event that the Closing is not affected by 31st January 2017, then this Agreement shall become null and void, having no effect whatsoever.  No party shall be liable to the other for any loss and/or damage.

ARTICLE VIII

GENERAL PROVISIONS

Section 7.1          Entire Agreement.  This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.  This Agreement may not be modified, amended or terminated except by a written instrument specifically referring to this Agreement signed by all the parties hereto.

Section 7.2          Execution of Further Documents  Each party agrees to execute all documents necessary to carry out the purpose of this Agreement and to cooperate with each other for the expeditious fulfilment of the terms of this Agreement.

Section 7.3          Notices.  All notices and other communications hereunder shall be in writing and shall be deemed to have been received only if and when (a) personally delivered, (b) on the fifth day after mailing, by mail, first class, postage prepaid or by certified mail return receipt

requested, addressed in each case as follows (or to such other address as may be specified by like notice), (c) at the time receipt is acknowledged when delivered by private mail or courier service or (d) received by facsimile at the phone number listed below:

(a)          If to Buyer to:

c/o Dryships Inc.

Athens licensed shipping office

109 Kifissias Avenue and Sina street

 GR 151 24, Marousi,Athens, Greece

(b)          If to Seller to:

c/o TMS Cardiff Gas Ltd.

Athens licensed shipping office

80 Kifisias Avenue

 GR 151 25, Marousi, Athens, Greece

Section 7.4          Counter guarantee(s) Dryships Inc. undertakes to provide its counter guarantee within 90 days or any other date mutually agreed in relation to the guarantee provided under the Shipbuilding Contract and/or the Charter Party of the Vessel

Section 7.5          Choice of Law; Resolution of Disputes.  This Agreement shall be governed by and construed under the laws of England and Wales.  All disputes, differences, controversies or claims arising out of or in connection with this Agreement shall be referred to arbitration in London, England in accordance with the rules of the London Maritime Arbitrators Association (LMAA).

Section 7.6          Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

	 	 	
For the Buyer

 

	 	 	 
	 	 	 	
By:

	
/s/ Dimitris Dreliozis

	 	 	 	
Name:

	
Dimitrios Dreliozis

	 	 	 	
Title:

	
Attorney-in-fact

	 	 	
For the Seller

 

	 	 	 
	 	 	 	
By:

	
/s/ Georgios Kourelis

	 	 	 	
Name:

	
Georgios Kourelis

	 	 	 	
Title:

	
Attorney-in-fact

	 	 	 	
For the Seller's guarantor

	 	 	 
	 	 	 	
By:

	
/s/ Georgios Kourelis

	 	 	 	
Name:

	
Georgios Kourelis

	 	 	 	
Title:

	
Attorney-in-fact

	 	 	
For the Buyer's guarantor

	 	 	 
	 	 	 	
By:

	
/s/ Dimitris Dreliozis

	 	 	 	
Name:

	
Dimitrios Dreliozis

	 	 	 	
Title:

	
Vice President-Finance

Schedule 1

CAPITALIZATION

VLGC ALPHA OWNING LTD

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of VLGC ALPHA SHAREHOLDINGS LTD

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