Document:

EX-10.9

 

Exhibit 10.9

INVESTMENT MANAGEMENT TRUST AGREEMENT

     This Agreement is made as of [ ], 2007 by and between Seanergy Maritime Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”).

     WHEREAS, the Company’s Registration Statement on Form F-1, File No. 333-      (“Registration Statement”), for its initial public offering (the “IPO”) of units (the “Units”) of
the Company, each Unit consisting of one share of common stock, par value $.0001 per share (the
“Common Stock”) and one warrant to purchase one share of Common Stock (the “Warrant”), has been
declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange
Commission (the “Commission”); and

     WHEREAS,
the Company has sold an aggregate of 14,961,111 warrants in a private placement (the
“Placement”) pursuant to Regulation S promulgated by the Commission pursuant to the Securities Act
of 1933, as amended (the “Act”); and

     WHEREAS, Maxim Group LLC (“Maxim”) is acting as the representative of the several underwriters
(the “Underwriters”) in the IPO; and

     WHEREAS, as described in the Company’s Registration Statement, (i) in accordance with the
Company’s Second Amended and Restated Certificate of
Incorporation, $                     of the net
proceeds of the IPO ($                     if the Underwriters’ over-allotment option is exercised in full),
(ii) in accordance with the Subscription Agreement, dated as of [          ], 2007, among the
Company, Maxim and certain purchasers, $                     of the net proceeds of the Placement (together
with the IPO proceeds, the “Base Deposit”), (iii) in accordance with the Underwriting Agreement,
dated [          ], 2007, between the Company and Maxim, as representative of the Underwriters, an
additional
$                    
($                     if the Underwriters’ over-allotment option is exercised in full),
representing a portion of the Underwriters’ discount (the
“Contingent Discount”), $                    
($                     if the Underwriters’ over-allotment option is exercised in full) will be delivered to
the Trustee as of [ ], 2007 to be deposited and held in a trust account for the benefit of
the Company, the public holders of the Common Stock underlying the Units and Maxim [and the
Underwriters]. The aggregate amount to be delivered to the Trustee, and all interest or dividend
income received with respect thereof, will be referred to herein as the “Property,” the
shareholders for whose benefit the Trustee shall hold the Property will be referred to as the
“Public Shareholders,” and the Public Shareholders, the Company and Maxim [and the Underwriters]
will be referred to together as the “Beneficiaries”; and

     WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the
terms and conditions pursuant to which the Trustee shall hold the Property;

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
herein contained, the parties hereto agree as follows:

     1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

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          (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, in a segregated trust account (the “Trust
Account”) established by the Trustee at J.P. Morgan Chase N.A.;

          (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set
forth herein;

          (c) In a timely manner, upon the written instruction of the Company, to invest and reinvest
the Property in “government securities,” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, as amended (the “1940 Act”) and having a maturity of 180 days or less or in
any money market fund meeting the conditions specified in paragraphs (c)(2), (c)(3) and (c)(4) of
Rule 2a-7 promulgated under the 1940 Act, as amended, as determined by the Company;

          (d) Collect and receive, when due, all principal and income arising from the Property, which
shall become part of the “Property,” as such term is used herein;

          (e) Notify within two (2) business days the Company and Maxim of all communications received
by it with respect to any Property requiring action by the Company;

          (f) Supply any necessary information or documents as may be requested by the Company in
connection with the Company’s preparation of the tax returns for the Trust Account or the Company;

          (g) Participate in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as and when instructed by the Company and/or Maxim to do so;

          (h) Render to the Company and to Maxim, and to such other person as the Company may instruct,
monthly written statements of the activities of and amounts in the Trust Account reflecting all
receipts and disbursements of the Trust Account;

          (i) Commence liquidation of the Trust Account upon receipt of a letter (“Termination Letter”),
in a form substantially similar to that attached hereto as Exhibit A or Exhibit B
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account
as directed in the Termination Letter and the other documents referred to therein as part of the
Company’s plan of dissolution and liquidation. The Trustee understands and agrees that, except as
provided in Section 2 hereof, disbursements from the Trust Account shall be made
only pursuant to a duly executed Termination Letter.

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     2. Limited Distributions of Income on Property.

          (a) Upon receipt by the Trustee of an officer’s certificate executed by the Chief Executive
Officer and the Chief Financial Officer of the Company certifying as true, accurate and complete a
copy of any tax return required to be filed on behalf of the Trust Account in respect of income
earned on the Property held therein, the Trustee shall deliver to the Company for submission to the
appropriate taxing authority a check made payable to the order of such taxing authority in the
amount required to pay such taxes; provided, however, that in no event shall the aggregate amount
of all checks issued to taxing authorities pursuant to this Section 2(a) exceed the income in
respect of which such taxes are due and owing.

          (b) Upon receipt by the Trustee of an officer’s certificate executed by the Chief Executive
Officer and Chief Financial Officer of the Company certifying that such distribution pursuant to
this Section 2(b) shall only be used to pay the costs and expenses associated with the exercise of
the Underwriters’ over-allotment option (in order to ensure that at all times there is a minimum of
$10.00 per share held in the trust account), the Trustee shall distribute to the Company up to a
maximum of $675,000 (in proportion to the portion of the over-allotment option exercised by the
Underwriters) of the interest income earned on the Base Deposit through the last day of the month
immediately preceding the date of receipt of the Company’s written request pursuant to this Section
2(b).

          (c) Upon receipt by the Trustee of an executed Certificate for Quarterly Distributions, a form
of which is attached as Exhibit C hereto, the Trustee shall make quarterly distributions of
the interest income earned on the Base Deposit in accordance with the
Company’s instructions.

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hereof to replace the costs and expenses associated with the exercise of the Underwriters’
over-allotment option.

          (d) Upon receipt by the Trustee of the Termination Letter, accompanied by an officer’s
certificate executed by the Chief Executive Officer and Chief Financial Officer of the Company
requesting payment of actual expenses
incurred or, imminently to be incurred by the Company in
connection with its dissolution and liquidation, including any fees and expenses incurred or
imminently to be incurred by the Company in connection with its plan of dissolution and
distribution, the Trustee is hereby authorized to pay and shall
distribute to the Company said requested amounts.

          (e) Except as provided in this Section 2, no other distributions from the Trust Account shall
be permitted except in accordance with Sections 1(i) hereof.

          (f) It is acknowledged and agreed by the parties hereto that with respect to all requests for
distributions to or on behalf of the Company pursuant to this Section 2 the Trustee’s only
responsibility is to follow the instructions of the Company.

     3. Agreements and Covenants of the Company. The Company hereby agrees and covenants:

          (a) To provide all instructions to the Trustee hereunder in writing, signed by the Company’s
Chief Executive Officer and Chief Financial Officer, with a copy to the Representative. In
addition, except with respect to its duties under paragraph 1(i) and
3(h), the Trustee shall
be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or
instruction which it in good faith believes to be given by any one of the persons authorized above
to give written instructions; provided, however, that the Company and/or the
Representative shall promptly confirm such instructions in writing;

          (b) To hold the Trustee harmless and indemnify the Trustee from and against any and all
expenses, including reasonable counsels’ fees and disbursements, or loss suffered by the Trustee in
connection with any action, suit or other proceeding brought against the Trustee involving any
claim, or in connection with any claim or demand which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any income earned from
investment of the Property, except for expenses and losses resulting from the Trustee’s gross
negligence, willful misconduct or bad faith. Promptly after the receipt by the Trustee of notice of
demand or claim or the commencement of any action, suit or proceeding, pursuant to which the
Trustee intends to seek indemnification under this paragraph, it shall notify the Company in
writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Company shall have
the right to conduct and manage the defense against such Indemnified Claim, provided that the
Company shall obtain the consent of the Trustee with respect to the

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selection of counsel, which consent shall not be unreasonably withheld. Neither the Company
nor the Trustee may agree to settle any Indemnified Claim without the prior written consent of the
other party. The Trustee may participate in such action with its own counsel at its own expense;

          (c) To pay the Trustee an initial acceptance fee, an annual fee and a transaction processing
fee for each disbursement made pursuant to this Agreement, as set forth on Schedule A hereto, which
fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees and further agreed that said transaction
processing fees shall be deducted by the Trustee from the disbursements made to the Company
pursuant to Section 2(b). The Company shall pay the Trustee the initial acceptance fee and first
year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date.
The Trustee shall refund to the Company the annual fee (on a pro rata basis) with respect to any
period after the liquidation of the Trust Fund. The Company shall not be responsible for any other
fees or charges of the Trustee except as set forth in this Section 3(c) and as may be provided in
Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any
payments to the Trustee under such section);

          (d) That, in the event that the Company consummates a Business Combination and the Trust
Account is liquidated in accordance with Section 1(i) hereof, another independent
party designated by the Representative shall act as the inspector of election to certify the
results of the shareholder vote and the Public Shareholder vote;

          (e) That the Termination Letter referenced in Sections 1(i) hereof shall require the
Company’s Chief Executive Officer and Chief Financial Officer to each certify the following as
applicable: either (A) that (1) prior to the Termination Date, the Company has entered into a
Business Combination with a target business, the terms of which are consistent with the
requirements set forth in the Registration Statement; and (2) the Company’s board of directors has
approved the Business Combination pursuant to a unanimous written consent or (B) that the Company
failed to consummate a Business Combination prior to the Termination Date and that the Company
shall be dissolved and liquidated in accordance with its Amended and Restated Certificate of
Incorporation.

          (f) In connection with any vote of the Company’s stockholders regarding a Business
Combination, to provide to the Trustee an affidavit or certificate (the “Report”) of a firm
regularly engaged in the business of soliciting proxies and tabulating stockholder votes verifying the vote of the Company’s shareholders and Public Shareholders
regarding such Business Combination. Such Report shall be attached as an exhibit to the
Termination Letter, as applicable;

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          (h) As soon as practicable after the Termination Date, to instruct the Trustee to commence
liquidation of the Trust Account as part of the Company’s plan of dissolution and liquidation.

     4. Limitations of Liability. The Trustee shall have no responsibility or liability to:

          (a) Take any action with respect to the Property, other than as directed in Sections 1 and 2
hereof and the Trustee shall have no liability to any party except for liability arising out of its
own gross negligence, willful misconduct or bad faith;

          (b) Institute any proceeding for the collection of any principal and income arising from, or
institute, appear in or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received written instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto;

          (c) Change the investment of any Property, other than in compliance with Section 1(c);

          (d) Refund any depreciation in principal of the Property;

          (e) Assume that the authority of any person designated by the Company to give instructions
hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Company shall have delivered a written revocation of such authority to the Trustee;

          (f) The Company or to anyone else for any action taken or omitted by it, or any action
suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment,
except for its gross negligence, willful misconduct or bad faith. The Trustee may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions,
but also as to the truth and acceptability of any information therein contained) which is believed
by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or
persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a
written instrument delivered to the Trustee signed by the proper party or parties and, if the
duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;

          (g) Verify the correctness of the information set forth in the Registration Statement or to
confirm or assure that any acquisition made by the Company or any other action taken by it is as
contemplated by the Registration Statement; and

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          (h) Pay any taxes on behalf of the Trust Account (it being expressly understood that the
Trustee’s sole obligation with respect to taxes shall be to issue the checks with respect thereto
provided for by Section 2(a) hereof).

     5. Certain Rights of Trustee.

          (a) Before the Trustee acts or refrains from acting, it may require an officers’ certificate
or opinion of counsel or both. The Trustee shall not be liable for any action it takes or omits to
take in good faith in reliance on such officers’ certificate or opinion of counsel. The Trustee may
consult with counsel and the advice of such counsel or any opinion of counsel shall be full and
complete authorization and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.

          (b) The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care.

          (c) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this
Agreement.

          (d) The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Agreement; it shall not be accountable for the Company’s use of the proceeds from
the Trust Account. Notwithstanding the effective date of this Agreement or anything to the contrary
contained in this Agreement, the Trustee shall have no liability or responsibility for any act or
event relating to this Agreement or the transactions related thereto which occurs prior to the date
of this Agreement, and shall have no contractual obligations to the Beneficiaries until the date of
this Agreement.

     6. No Right to Set-off. The Trustee waives any right of set-off or any right, title,
interest or claim of any kind that the Trustee may have against the Property held in the Trust
Account. In the event that the Trustee has a claim against the Company under this Agreement,
including without limitation, under Section 3(b) hereof, the Trustee will pursue such claim against the Company and not against the Property.

     7. Termination. This Agreement shall terminate as follows:

          (a) If the Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor trustee during which
time the Trustee shall continue to act in accordance with the terms of this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed by the
Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer
the management of the Trust Account to the successor trustee, including, but not limited to, the
transfer of copies of the reports and statements relating to the Trust Account, whereupon this
Agreement shall terminate; provided, however, that, in the event that the Company does not locate a
successor trustee within ninety days of receipt of the resignation notice from the Trustee, the
Trustee may, but shall not be obligated to, submit an application to have the Property deposited
with the United States District Court for the Southern District of

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New York and upon such deposit, the Trustee shall be immune from any liability whatsoever that
arises due to any actions or omissions to act by any party after such deposit;

          (b) At such time that the Trustee has completed the liquidation of the Trust Account in
accordance with the provisions of Section 1(i) hereof, and distributed the Property in accordance
with the provisions of the Termination Letter, this Agreement shall terminate except with respect
to Section 3(b); or

          (c) On
                    , 2009 [twenty four months from the date of this Agreement], when the Trustee deposits
the Property with the United States District Court for the Southern District of New York in the
event that, prior to such date, the Trustee has not received a Termination Letter from the Company.

     8. Miscellaneous.

          (a) The Company and the Trustee each acknowledge that the Trustee will follow the security
procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt
of written instructions, the Trustee will confirm such instructions with an Authorized Individual
at an Authorized Telephone Number listed on the attached Exhibit D. The Company and the
Trustee will each restrict access to confidential information relating to such security procedures
to authorized persons. Each party must notify the other party immediately if it has reason to
believe unauthorized persons may have obtained access to such information, or of any change in its
authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or
other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than
names. The Trustee shall not be liable for any loss, liability or expense resulting from any error
in an account number or other identifying number, provided it has accurately transmitted the
numbers provided.

          (b) This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflict of laws. It may be executed in several
counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument. Facsimile signatures shall constitute original signatures for all purposes of this
Agreement.

          (c) This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. This Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto; provided, however, that no
such change, amendment or modification may be made without the prior written consent of Maxim, who,
along with each other Underwriter, the parties specifically agree, is and shall be a third party
beneficiary for purposes of this Agreement; and provided further, any
amendment to Section 1(i)
shall require the consent of all of the Public Shareholders. As to any claim, cross-claim or
counterclaim in any way relating to this Agreement, each party waives the right to trial by jury.

          (d) The parties hereto consent to the jurisdiction and venue of any state or federal court
located in the State and County of New York for purposes of resolving any disputes hereunder. The
parties hereto irrevocably submit to such jurisdiction, which jurisdiction shall be

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exclusive, and hereby waive any objection to such exclusive jurisdiction and accept such
venue, and waive any objection that such courts represent an inconvenient forum.

          (e) Any notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or by
facsimile transmission:

if to the Trustee, to:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

Fax No.: (212) 509-5150

if to the Company, to:

Seanergy Maritime Corp.

c/o Balthellas Chartering S.A.

10, Amfitheas Avenue

17564 P. Faliro

Athens, Greece

Attn: Panagiotis Zafet

Fax No.: [ ]

in either case with a copy to:

Maxim Group LLC

405 Lexington Avenue

New York, New York 10174

Attn: Clifford A. Teller

Fax No.: (212) 895-3783

and

Ellenoff Grossman & Schole LLP

370 Lexington Avenue, 19th Floor

New York, New York 10017

Attn: Douglas S. Ellenoff

Fax No.: (212) 370-7889

and

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum

Fax No.: (212) 407-4990

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          (f) This Agreement may not be assigned by the Trustee without the prior written consent of the
Company and Maxim.

          (g) Each of the Trustee and the Company hereby represents that it has the full right and power
and has been duly authorized to enter into this Agreement and to perform its respective obligations
as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or
proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

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IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of
the date first written above.

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:
	 	 	 	 
	 

	 	Title:
	 	 	 	 
	 
	 	 	 	 	 	 
	SEANERGY MARITIME CORP.	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Panagiotis Zafet	 	 
	 	 	Title:	 	Co-Chairman of the Board of Directors and Chief Executive Officer

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EXHIBIT A

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

Re: Trust Account No. [ ] Termination Letter

Ladies and Gentlemen:

     Pursuant to Section 1(i) of the Investment Management Trust Agreement (the “Trust Agreement”)
between Seanergy Maritime Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of                     , 2007, the undersigned hereby certify that the Company has entered into
an agreement (“Business Agreement”) with
                                        
(“Target Business”) to consummate a
business combination with Target Business (“Business Combination”) on or about [                    ]. Such
Business Combination was approved by the Company’s board of Directors by unanimous written consent.
The Company shall notify you at least 48 hours in advance of the actual date of the consummation of
the Business Combination (“Consummation Date”). Capitalized words used herein and not otherwise
defined shall have the meanings ascribed to them in the Trust Agreement.

     In
accordance with paragraph 2 of Article 6 of the Second Amended and Restated Certificate of
Incorporation of the Company, the Business Combination has been approved by the shareholders of the
Company and by the Public Shareholders holding a majority of the IPO Shares, and Public
Shareholders holding one share less than 35.0% of the IPO Shares have voted against the Business
Combination and given notice of exercise of their redemption rights described in paragraph 3 of
Article 6 of the Second Amended and Restated Certificate of Incorporation of the Company. Pursuant to
Section 3(f) of the Trust Agreement, we are providing you with a certificate of                      (the
“Report”), the inspector of elections, which verifies the vote of the Company’s shareholders and
the Public Shareholders in connection with the Business Combination. A copy of such Report is
attached as Exhibit C hereto. In accordance with the terms of the Trust Agreement, we hereby
authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation
Date, all of funds held in the Trust Account, will be immediately available for transfer to the account or accounts that the
Company shall direct jointly in writing (the “Disbursement Instructions”).

 

 

     On the Consummation Date (i) counsel for the Company shall deliver to you written notification
that the Business Combination has been consummated or will, concurrently with your transfer of
funds to the accounts as directed by the Company, be consummated, and (ii) the Company shall
deliver to you the Disbursement Instructions. You are hereby directed and authorized to transfer
the funds held in the Trust Account immediately upon your receipt of the counsel’s letter, the
Report and the Disbursement Instructions. In the
event that certain deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company of the same and the Company shall direct you as
to whether such funds should remain in the Trust Account and be distributed after the Consummation
Date to the Company or be distributed immediately and the penalty incurred. Upon the distribution
of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated.

     In the event that the Business Combination is not consummated on the Consummation Date
described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then upon your receipt of written
instructions from the Company the funds held in the Trust Account shall be reinvested as
provided in the Trust Agreement on the business day immediately following the Consummation Date as
set forth in the notice.

	 	 	 	 	 
	 	Very truly yours,

SEANERGY MARITIME CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	Panagiotis Zafet 	 
	 	 	Title:  	Co-Chairman of the Board of	 
	 	 	Directors and Chief Executive Officer 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Alexis Komninos 	 
	 	 	Title:  	Chief Financial Officer and
Treasurer 	 
	 

cc: Maxim Group LLC

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EXHIBIT B

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

Re: Trust Account No. [ ] Termination Letter

Ladies and Gentlemen:

     Pursuant to paragraphs 1(i) and 2(d) of the Investment Management Trust Agreement (the “Trust
Agreement”) between Seanergy Maritime Corp. (“Company”) and Continental Stock Transfer & Trust
Company (the “Trustee”), dated as of                     , 2007, the undersigned hereby certify that the
Company failed to consummate a Business Combination prior to the Termination Date and that the
Company shall be dissolved and liquidated in accordance with its Amended and Restated Certificate
of Incorporation.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account. The Company has appointed [
                ] to serve as its Designated Paying Agent; accordingly, you will notify
the Company and the “Designated Paying Agent” in writing as to when all of the
funds in the Trust Account will be available for immediate transfer (the
“Transfer Date”). The Designated Paying Agent shall thereafter notify you as
to the account or accounts of the Designated Paying Agent that the funds in the
Trust Account should be transferred to on the Transfer Date so that the
Designated Paying Agent may commence distribution of such funds in accordance
with the Company’s instructions. You shall have no obligation to oversee the
Designated Paying Agent’s distribution of the funds. Upon the payment to the
Designated Paying Agent of all the funds in the Trust Account, the Trust
Agreement shall terminate in accordance with the terms thereof.

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	 	Very truly yours,

SEANERGY MARITIME CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	Panagiotis Zafet 	 
	 	 	Title:  	Co-Chairman of the Board of
	 
	 	 	
Directors and Chief Executive Officer 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Alexis Komninos 	 
	 	 	Title:  	Chief Financial Officer and
Treasurer 	 
	 

Cc: Maxim Group LLC

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EXHIBIT C

CERTIFICATE FOR QUARTERLY DISTRIBUTIONS

[Insert date]

[                    ]

[address]

Attn: [                    ]

Attn:

Re: Trust Account No. [ ] Termination Letter

     Pursuant to paragraph 2(c) of the Investment Management Trust Agreement between Seanergy
Maritime Corp. (“Company”) and [                    ] (“Trustee”), dated as of
                    , 2007
(“Trust Agreement”), you are instructed to distribute to the Company’s stockholders of record as of
                    , 200_, interest income earned on the Trust Account (as defined in the Trust Agreement)
during the quarter ended                     , 200_, pursuant to the instructions attached hereto as Schedule A.
Attached hereto is a copy of the minutes of the meeting of the Board of Directors of the Company
approving the record date and distribution, certified by the Secretary of the Company as true and
correct and in full force and effect.

	 	 	 	 	 
	 	Very truly yours,

SEANERGY MARITIME CORP.

 	 
	 	By:  	 	 
	 	 	Panagiotis Zafet
 	 
	 	 	Chief Executive Officer and Co-
Chairman 	 
	 

Cc: Maxim Group LLC

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EXHIBIT D

	 	 	 
	AUTHORIZED INDIVIDUAL(S)	 	AUTHORIZED
	FOR TELEPHONE CALL BACK	 	TELEPHONE NUMBER(S)
	Company:
	 	 
	 
	 	 
	Seanergy Maritime Corp.
	 	 
	c/o Balthellas Chartering S.A.
	 	 
	10, Amfitheas Avenue
	 	 
	17564 P. Faliro
	 	 
	Athens, Greece
	 	 
	Attn: Panagiotis Zafet Co-Chairman of the Board of
	 	 
	Directors and Chief Executive Officer

	 	()
	 
	 	 
	Representative:
	 	 
	 
	 	 
	Maxim Group LLC
	 	 
	405 Lexington Avenue
	 	 
	New York, New York 10022
	 	 
	Attn: Clifford A. Teller
	 	 
	 
	 	 
	Trustee:
	 	 
	 
	 	 
	Continental Stock Transfer & Trust Company
	 	 
	17 Battery Place
	 	 
	New York, New York 10004
	 	 
	Attn: Steven G. Nelson
	 	 

 

 

SCHEDULE A

Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement

between Seanergy Maritime Corp. and

[                    ]

	 	 	 	 	 
	Fee Item	 	Time and method of payment	 	Amount
	Initial acceptance fee

	 	Initial closing of IPO by
wire transfer
	 	$[                    ]
	 
	 	 	 	 
	Annual fee

	 	First year, initial
closing of IPO by wire
transfer; thereafter on
the anniversary of the
effective date of the IPO
by wire transfer or check
	 	$[                    ]
	 
	 	 	 	 
	Transaction processing fee
for disbursements to Company
under Sections 2(a) and 2(b)

	 	Deduction by Trustee from
disbursement made to
Company under Section 2(b)
	 	$[                    ]

Agreed:

Dated:                     , 2007

	 	 	 	 	 
	 	SEANERGY MARITIME CORP.

 	 
	 	By:  	 	 
	 	 	Panagiotis Zafet 	 
	 	 	Chief Executive Officer and

Co-Chairman of the Board of Directors 	 
	 
	 	 CONTINENTAL STOCK TRANSFER & 

TRUST COMPANY

 	 
	 	By:  	
 	 
	 	 	Name:  	Steven G. Nelson 	 
	 	 	Title:  	PresidentEX-10.24

 

Exhibit 10.24

RIGHT OF FIRST REFUSAL AND

CORPORATE OPPORTUNITIES AGREEMENT

     This Right of First Refusal and Corporate Opportunities Agreement (this “Agreement”) is made
as of August _, 2007 by and between Seanergy Maritime Corp., a Marshall Islands corporation (the
“Company”) and Balthellas Chartering SA (“Balthellas”) in connection with the Company’s proposed
initial public offering (the “IPO”) of units of the Company in the United States pursuant to a
registration statement on Form F-1 (as amended, the “Registration Statement”), filed by the Company
with the Securities and Exchange Commission.

     WHEREAS, the Company and Balthellas share certain officers and directors; and

     WHEREAS,
each of the Company and Baltellas may be seeking business opportunities in the
shipping industry, and the parties desire to enter into this Agreement to clarify the business
opportunities for which each party shall have the right of first refusal.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements as set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Right of First Refusal.

          a. Grant of Right. For the term specified in Section 2 hereof, Balthellas agrees to
grant to the Company (i) in its certificate of incorporation or equivalent document or (ii) by
action of its board of directors and/or shareholders, as applicable, a right of first refusal to
any corporate opportunities belonging to it that concern a Business Combination (as defined
herein). Decisions by the Company to release Balthellas to pursue any corporate opportunity
concerning a Business Combination will be made by a majority of the Company’s disinterested
directors.

          b. Scope of Right. As used herein, the term “Business Combination” shall mean any
acquisition, through a merger, capital stock exchange, asset acquisition, stock purchase or other
similar business combination, vessels or one or more operating businesses (each a “Target”) in the
shipping or any other industry.

          c. General. Any directors, officers or employees that shall become aware of a
corporate opportunity subject to this Agreement shall provide written notice of the business
opportunity to the Company within five (5) business days of its identification of the corporate
opportunity. Balthellas further agrees that it will not enter into any agreement to purchase or
invest in a Target until the Company has had a reasonable period of time to determine whether or
not to pursue the opportunity.

     2. Term. This Agreement shall become effective upon execution and shall remain in
effect for a period expiring upon the earlier of: (i) the consummation by the Company of a business
combination or (ii) the Company’s dissolution and liquidation pursuant to its second amended and
restated articles of incorporation, each in the circumstances and in the manner described in the
Registration Statement (the “Term”).

     3. Notices. All notices or communications hereunder shall be in writing, addressed as
follows:

 

 

To the Company:

Seanergy Maritime Corp.

10, Amfitheas Avenue

17564 P. Faliro

Athens, Greece

Attention: Board of Directors

with a copy to:

Mitchell Nussbaum

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

If to Balthellas Chartering SA

[contact information]

with a copy to:

[contact information]

     4. Headings. The headings contained herein are for the sole purpose of convenience of
reference, and shall not in any way limit or affect the meaning or interpretation of any of the
terms or provisions of this Agreement.

     5. Severability. If any provision of this Agreement shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the
remaining provisions hereof, which shall remain in full force and effect.

     6. Amendment. This Agreement may only be amended by a written instrument executed by
each of the parties hereto. Notwithstanding the foregoing, this
Agreement may not be waived or amended to
provide for its termination prior to the expiration of the Term
without the approval of a majority of the holders of the Company’s outstanding Common Stock.

     7. Entire Agreement. This Agreement constitute the entire agreement
of the parties hereto with respect to the subject matter hereof and thereof, and supersede all
prior agreements and understandings of the parties, oral and written, with respect to the subject
matter hereof.

     8. Specific
Performance. Balthellas acknowledges that damages at law will be
an insufficient remedy for the Company and that irreparable injury will result
to the Company, its business, and its property in the event of a breach by
Balthellas of this Agreement. Therefore, it is agreed that in this event of
any such breach or threatened breach, the Company and its affiliates shall be
entitled, in addition to any other remedies and damages available at law or in
equity, to specific performance of this Agreement by Balthellas and/or other
appropriate preliminary, permanent, and final injunctive relief to enjoin and
restrain such breach or threatened breach by Balthellas, its agents, officers,
directors, employees, partners and/or any other persons acting with Balthellas.
Balthellas agrees to pay any and all attorney’s fees and expenses incurred by
the Company (and/or its affiliates) in enforcing this Agreement. Such remedies
shall be in addition to all other remedies available at law or in equity,
including the Company’s right to recover any and all damages that may be
sustained as a result of Balthellas’s breach of this Agreement.

     9. Governing Law, Venue, etc.

          a. This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to the conflict of laws principles thereof. The
parties: (i) agree that any legal suit, action or proceeding arising out of or relating to this
agreement and/or the transactions contemplated hereby shall be instituted exclusively in New York
Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, (ii) waive any objection which such party may have now or hereafter to the venue of
any such suit, action or proceeding and (iii) irrevocably and
exclusively consent and submit to the
jurisdiction of the New York Supreme Court, County of New York, and/or the United States District
Court for the Southern District of New York in any such suit, action or proceeding arising out of
this Agreement.

          b. The parties further agree to accept and acknowledge service of any and all process which
may be served in any such suit, action or proceeding in the New York Supreme Court,

2

 

County of New York, or in the United States District Court for the Southern District of New
York and agrees service of process upon the Company mailed by certified mail to the Company’s
address above shall be deemed in every respect effective service of process upon the Company in any such
suit, action or proceeding, and service of process upon Balthellas mailed by certified mail to
the addresses above shall be deemed in every respect effective service process upon the parties, in any such
suit, action or proceeding arising out of this Agreement.

          c. THE PARTIES HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON,
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

     10. Execution in Counterparts. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the
parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart
of this Agreement by fax or email/.pdf transmission shall constitute valid and sufficient delivery
thereof.

     11. Waiver,
etc. The failure of any of the parties hereto, at any time, to enforce any
of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such
provision, nor to in any way effect the validity of this Agreement or any provision hereof or the
right of any of the parties hereto to thereafter enforce each and every provision of this
Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of
this Agreement shall be effective unless set forth in a written instrument executed by the party or
parties against whom or which enforcement of such waiver is sought; and no waiver of any such
breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other
or subsequent breach, non-compliance or non-fulfillment.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
specified above.

	 	 	 	 	 
	 	SEANERGY MARITIME CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BALTHELLAS CHARTERING SA

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

3

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