Document:

Exhibit 10.5 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERVICES
AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

This Agreement is entered into
this 5th day of January 2017

 

BETWEEN

 

(1) GOODBULK
LTD. a company organized and existing under the laws of Bermuda, having its registered office at Clarendon House, 2 Church
Street, Hamilton , Bermuda, (the “Client”); and

 

(2) C
TRANSPORT HOLDING LTD., a company organized and existing under the laws of Bermuda, having its registered office at Clarendon
House, 2 Church Street, Hamilton, Bermuda (the “Service Provider”).

 

the Client
and the Service Provider together hereinafter referred to as "the Parties", and each as a "Party" .

 

		1.	Definitions

 

In this Agreement
save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned to them.

 

“Staff
Services” means the Staff Services to be provided under Clause 4.

 

This Agreement
contains the entire agreement and understanding between the Parties and supersedes all prior negotiations and agreements on any
matter hereof.

 

Words importing
the plural shall include the singular and vice-versa.

 

		2.	Appointment of Service
Provider

 

With effect
as from 5th January 2017, (the “Effective Date”), and continuing unless and until terminated as provided
in this Agreement, the Client hereby appoints the Service Provider and the Service Provider hereby agrees to provide the Staff
Services.

 

		3.	Basis of Agreement

 

Subject to
the terms and conditionsof this Agreement, during the term of this Agreement, the Service Provider shall provide the Staff Services
in accordance with Clause 3 and the Client’s written instructions.

 

		4.	The Services

 

In its capacity
as Service Provider and subject to the terms and conditionsof this Agreement, the Service Provider shall provide the following
services, in relation with any direct or indirect subsidiary of the Client which will be owning any vessel:

 

4.1
Administration Services

 

The
service comprises all activities connected to the management of the Client excluding those having a commercial and/or operational
nature; namely it includes:

 

		·	Customers
                                         and Suppliers Management: this comprises issuance of invoices, recording of suppliers
                                         invoices and payments at maturity; each transaction will be performed by the Service
                                         Provider only in accordance with the Client’s written instructions;

 

    1 

     

    

 

		·	Accounting:
                                         this comprises keeping of accounting books and ledgers, in accordance with General Accounting
                                         Principles and Practices and applicable law (as advised by the Client); keeping contacts
                                         with external auditing firms (if required) supporting their activity whenever requested.
                                         The Service Provider will be responsible for the preparation of the Annual Audited Financial
                                         Statements which will be signed by the Client. The Service Provider will be preparing
                                         all necessary periodical reports as may be requested by the Client, for internal and
                                         external reporting requirements of the Client;

 

		·	Treasury:
                                         this comprises the processing and execution of all inbound and/or outbound cash-flows,
                                         keeping contacts with banks and financial institutions; all bank payments will be
                                         made only in accordance with the Client’s instructions, and where payments are
                                         to be made which are not in accordance with pre-agreed budgets these will be explicitly
                                         discussed and agreed withthe Client;

 

		·	Budgeting
                                         and reporting: this comprises preparation of budgets, financial projections, periodical
                                         management accounts and forecasts for the period. Input and assumptions for such budgets,
                                         projections and forecasts will be provided by the Client and will remain the Client’s
                                         responsibility;

 

4.2
Consultancy Services

 

		·	Consultancy,
                                         support and sundries: upon request the Service Provider can provide the Client on time
                                         by time basis specific services such as company valuations, financial statement auditing,
                                         reporting and acting as officers, directors and/or attorneys-in-fact of the Client, at
                                         a specific additional fee to be agreed upon in advance in each instance;

 

4.3
Corporate & Legal Services

 

		·	The
                                         service comprises preparation of corporate authorities and statutory reporting requirements
                                         to boardesolutions, loan documentation review, commercial agreements review;

 

4.4
Information Technologies (IT) Services

 

		·	This
                                         service comprises assistance in Electronic Data Processing (EDP), in the ordinary and
                                         extraordinary hardware, and consultancy in connection to the software development. 

 

		5.	Client obligations

 

The Client
shall pay all fees due to the Service Provider promptly in accordance with Clause 7.

 

		6.	Service Provider Obligations

 

The
Service Provider undertakes to use all best endeavors to provide the agreed Staff Services to the Client in accordance with sound
practices and international standards, applicable statutory and regulatory requirements and policies to protect and promote the
interests of the Client in all matters relating to the provision of services hereunder.

 

The
Service Provider will provide the Staff Services in accordance with any processes / procedures required by the Client, as such
are advised in writing by the Client.

 

    2 

     

    

 

The
Client shall be entitled to use its own facilities, premises and staff, or , with the prior written approval of the Client, to
subcontract all/or some of the functions to third contractors whose activity and performance will however remain under the Service
Provider’s direct control and liability.

 

The
Service Provider will indemnify the Client for any claim of any broker or any other person seeking a brokerage commission.

 

The
Service Provider will indemnify the Client for any claim of any broker or any other person seeking a brokerage commission

 

		7.	Management Fees and
Expenses

 

The
Client shall pay the Service Provider for its services as Service Provider under this Agreement (including clause 4) an annual
(or pro-rata for any part of the year) management fee of USD 50,000.--, for each vessel indirectly owned by the Client (that is
owned by the Client through a wholly owned subsidiary of the Client). This fee shall be payable by equal quarterly installments
in advance, the first installment being payable on the Effective Date and subsequent installments being payable every quarter.

 

The
Client shall reimburse the Service Provider for all travelling and subsistence expenses that the Service Provider incurs in the
provision of the Staff Services. Economy class airfares shall apply for less than 6 hour trips, while for longer trips Business
Class fares will be acceptable.

 

All
such expenses shall be in accordance with a budget approved by the Client and when invoiced to the Client will be accompanied
by copies of the relevant supporting vouchers or invoices.

 

If
additional services (other than the Services under clause 4 ) are to be provided, the Client and the Service Provider shall agree
the fee/commission and method of payment thereof in respect of such additional services prior to the Service Provider confirming
its agreement to undertake such additional services.

 

The
Service Provider shall not incur any obligation in excess of the amount budgeted in the annual budget without the approval of
the Client.

 

Notwithstanding
anything in this Agreement to the contrary, and apart from standard increase in fees due to inflation index ( based upon appropriate
European Union consumer price index reasonably acceptable to the Parties), the fees payable by the Client under this Agreement
shall not increase for the five year period beginning on the Commencement Date. The provisions of this clause shall survive the
termination of this Agreement or its renewal.

 

All
rights of the Client under this Agreement shall be exercised solely by the Board of Directors of the Client (“Board of
Directors”) subject to the by-laws of the Client, and all instructions, directions, waivers, approvals, specifications
or other actions permitted or required to be taken under this Agreement by the Client, including (without limitation) any express
limitations imposed on the authority of the Client, shall be taken by the Board of Directors.

 

The
Service Provider shall not give a preference to other vessels it is managing under arrangements with persons other than the Client
and will ensure a fair distribution of available manpower, supplies and services to the vessels indirectly owned by the Client.

 

    3 

     

    

 

		8.	Duration of the Agreement
and Termination

 

This Agreement
shall come into effect on the Effective Date and shall continue for 1 year after the Effective Date and shall be authomatically
renewed at the end of each anniversary from the Effective Date, until and unless terminated by either Party giving to the other
not less than three months’ prior notice in writing, in which event the term of management under this Agreement shall terminate
and the Service Provider shall cease to be responsible for the provision of the Staff Services on and from the time and date specified
in such notice.

 

In
the event of the appointment of the Service Provider being terminated by the Client for any reason whatsoever, the Service Provider
shall be entitled to receive from the Client a termination payment equal to 2 times the prior 12 months Management Fees due to
the Service Provider as outlined in Clause 7. If termination is for default of the Service
Provider in performing its obligations or as a result of the Service Provider not being permitted by applicable law to perform
the Staff Services or due to the insolvency of the Service Provider, then no termination payment is due.

 

		9.	Confidentiality

 

Both, the
Service Provider and the Client agree to keep private and confidential any information that shall be exchanged during the performance
of this Agreement, except where and to the extent that disclosure is required by applicable law and/or court order; and undertake
further to immediately deliver to each other, upon termination of this Agreement all documents, statements and records pertaining
to each of the Parties.

 

This confidentiality
undertaking shall apply to all employees, agents, suppliers and third party service contractors of the Client and the Service
Provider.

 

		10.	Law and Arbitration

 

This Agreement
shall be governed by and construed in accordance with English law and any dispute arising out of in connection with this Agreement
shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment
thereof save to the extent necessary to give effect to the provisions of this Clause 10.

 

The arbitration
shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration
proceedings are commenced.

 

The reference
shall be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice
of such appointment in writing to the other Party requiring the other Party to appoint its own arbitrator within 14 calendar days
of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator
and gives notice that it has done so within the 14 days specified. If the other Party does not appoint its own arbitrator and
give notice that it has done so within the 14 days specified, the Party referring a dispute to arbitration may, without the requirement
of any further prior notice to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly.
The award of a sole arbitrator shall be binding on both Parties as if he had been appointed by agreement.

 

Nothing herein
shall prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

 

    4 

     

    

 

In cases
where neither the claim nor any counterclaim exceeds the sum of USD 50,000 (or such other sum as the parties may agree) the arbitration
shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are
commenced.

 

		11.	Notices

 

Any notice
to be given by either Party to the other party shall be in writing and may be sent by e-mail, registered or recorded mail or by
personal service.

 

		(i)	if to be served to the
Service Provider at:

 

		(ii)	if to be served to the
Client, at:

 

		12.	Service Provider’s
Right to Sub-Contract

 

The Service
Provider shall not have the right to sub-contract any of its obligations hereunder without the written consent of the Client,
such consent not to be unreasonably withheld.  In the event of such a sub-contract the Service Provider shall remain fully
liable for the due performance of its obligations under this Agreement.

 

	For
                           and on behalf of

        GOODBULK
        LTD.

         

        /s/
        L. Andy Mitchell

         

        By:
         L. Andy Mitchell
		For
                           and on behalf of

        C
        TRANSPORT HOLDING LTD.

         

        /s/
        J.M. Radziwill           /s/ L. Pulcini              

         

        By: J.M.
        Radziwill - L. Pulcini

 

 

 

    5Exhibit 10.6 

 

This supplemental agreement (“Supplement”)
is made on 7th November 2017

 

Between

 

		(i)	Goodbulk Ltd., a company
                                         incorporated under the laws of Bermuda, with its registered office at Clarendon House,
                                         2 Church Street, Hamilton, Bermuda (the “Client”);

 

		(ii)	C Transport Holding
Ltd., a company incorporated under the laws of Bermuda, with its registered office at Clarendon House, 2 Church Street, Hamilton,
Bermuda (the “Service Provider”),

 

(the
Client and the Service Provider together the “Parties” and each a “Party”).

 

WHEREAS

 

		(a)	the Client
                                         and Service Provider have entered into a services agreement dated 5 January 2017 (as
                                         amended and supplemented from time to time, the “Agreement”) pursuant
                                         to which the Client and the Service Provider agreed that the Service Provider shall provide
                                         certain services to the Client including, inter alia, administration services,
                                         consultancy services, corporate & legal services and Information Technology (IT)
                                         services.

 

		(b)	the Client
                                         and the Service Provider wish to make certain amendments and supplements to the Agreement
                                         on the terms and conditions set out in this Supplement.

 

NOW THEREFORE
For good and valuable consideration, the receipt and adequacy of which of which each Party hereby acknowledges and confirms
to the other, IT IS HEREBY AGREED AS FOLLOWS:

 

1. DEFINITIONS
AND INTERPRETATIONS

 

1.1       Unless
otherwise specified capitalised terms and interpretation of the terms used in this Supplement shall have the same meaning and
interpretation specified in the Agreement and such terms shall apply to this Supplement mutatis mutandis as if set out
in full herein.

 

1.2       In
this Supplement the following capitalised terms shall have the meanings set out below:

 

“Qualifying
IPO” means the completed initial public offering, as approved by the board of directors of GoodBulk.Ltd, of all or a
portion of the authorised shares (irrespective of their class or category) issued, or to be issued, by Goodbulk Ltd. pursuant
to which authorised shares have been listed for trading on the New York Stock Exchange or the Nasdaq in the United States of America
(or any other internationally recognized stock exchange).

 

“IPO
Date” means the date on which a Qualifying IPO occurs.

 

2. VARIATION
OF THE AGREEMENT

 

2.1       As
and with effect of the date of this Supplemental Agreement the Agreement shall be amended and supplemented as follows:

 

2.1.1
    In clause 1 (Definitions) the following new definitions shall be added:

 

““IPO”
means the completed initial public offering, as approved by the board of directors of GoodBulk.Ltd, of all or a portion of the
authorised shares (irrespective of their class or category) issued, or to be issued, by Goodbulk Ltd. pursuant to which authorised
shares have been listed for trading on the New York Stock Exchange or the Nasdaq in the United States of America (or any other
internationally recognized stock exchange).”

 

     

     

    

 

2.1.2     in
clause 7 (Management Fees and Expenses) in the fourth paragraph delete the words “for the five-year period beginning
on the Commencement Date” and replaced with “until 26th October 2022 (inclusive) and nor shall they
increase for the period of any automatic renewal of this Agreement pursuant to Clause 8” 

 

2.1.3     clause
8 (Duration of the Agreement and Termination) shall be deleted in full and replaced by the following:

 

“This
Agreement shall come into effect on the Effective Date and shall continue until 26th October 2022 (inclusive) and on
such date shall automatically be renewed until 26th October 2027 (inclusive) and every five years thereafter this Agreement
shall automatically be renewed for a further five years unless (and without prejudice to any other termination rights in this
Agreement):

 

(i)
this Agreement is terminated at any time by the Client giving to the Service Provider not less than three months prior notice
(other than by way of a Notice of Non-Renewal) of termination in writing (“Early Termination Notice”), in which
event the term of this Agreement shall terminate and the Service Provider shall cease to be responsible for the provision of the
Services on and from the time and date specified in such notice; or

 

(ii)
in respect of any automatic renewal, this Agreement is terminated by either Party giving to the other Party notice in writing
(such notice shall not be given any less than three months’ prior to the relevant automatic renewal date)that such Party
does not agree to the relevant automatic renewal (“Notice of Non-Renewal”), in which event the term of this
Agreement shall terminate and the Service Provider shall cease to be responsible for the provision of the Services on the date
this Agreement would otherwise have automatically renewed. 

 

In
the event of termination of this Agreement by the Client, the Service Provider shall be entitled to receive a termination payment
equal to two (2) times the prior 12 months Management Fees due to the Service Provider as outlined in Clause 7, save that no such
termination payment shall be payable by the Client in the event that termination occurs as a result of either the failure of the
Service Provider to perform its material obligations under this Agreement or as a result of the Service Provider not being permitted
by applicable law to perform the Staff Services or due to the insolvency of the Service Provider.

 

For
the avoidance of doubt, if the Service Provider terminates this Agreement by way of a Notice of Non-Renewal, no termination payment
shall be payable by the Client”

 

2.1.4
    in clause 9 (Confidentiality) after the words “court order”
the following words shall be added:

 

“and/or
any regulatory requirements including, but not limited to, the Securities & Exchange Commission, as required as part of the
Qualifying IPO”

 

2.1.5
    after clause 12 (Service Provider’s Right to Sub-Contract), a new clause
13 shall be added as follows:

 

“13. Hardship

 

If
the continued performance of this Agreement becomes economically burdensome for the Parties due to an event or events not contemplated
at the time of entering into this Agreement, then the Parties agree to review the terms of the clause 7 and negotiate a solution
in good faith.”

 

2.2.       As
and with effect of the IPO Date the Agreement shall be amended and supplemented as follows:

 

		2.2.1	in
                                         clause 7 (Management Fees and Expenses) the words “26th October
                                         2022” shall be deleted and replaced with the calendar date being five (5) calendar
                                         years after the date of the Qualifying IPO (for example, for indicative purposes only,
                                         if the IPO Date was 5 March 2020 in clause 7 the words “26th October
                                         2022” would be replaced by “4 March 2025”); and

 

2.2.2     in
clause 8 (Duration of the Agreement and Termination):

 

     

     

    

 

		2.2.2.1	the
                                         words “26th October 2022” shall be deleted and replaced
                                         with the calendar date being five (5) calendar years after the date of the Qualifying
                                         IPO (for example, for indicative purposes only, if the IPO Date was 5 March 2020 in clause
                                         8 the words “26th October 2022” would be replaced by “4
                                         March 2025”); and the

 

		2.2.2.2	the
                                         words “26th October 2027” shall be deleted and replaced
                                         with the calendar date being ten (10) calendar years after the date of the Qualifying
                                         IPO (for example, for indicative purposes only, if the IPO Date was 5 March 2020 in clause
                                         8 the words “26th October 2027” would be replaced by “4
                                         March 2030”).

 

3. MISCELLANEOUS

 

3.1 Each
Party hereby represents and warrants to the other Party that its execution of this Supplement has been duly authorised and this
Supplement constitutes its legal and valid obligations binding on it in accordance with the terms hereof.

 

3.2 This
Supplement shall be an integral part of the Agreement and shall be an amendment and supplement thereto such that as and with effect
of (i) the date of this Supplement in respect of Clause 2.1; and (ii) the IPO Date in respect of Clause 2.2, the Agreement shall
be read and construed subject to, and in accordance with, the terms of this Supplement. All other terms and/or conditions of the
Agreement, save those altered and changed pursuant to this Supplement, shall remain unaltered and in full force and effect. For
the avoidance of doubt, where there is a conflict between the provisions of the Agreement and the terms of this Supplement, this
Supplement shall prevail.

 

3.3 This
Supplement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original
of this Supplement but all the counterparts shall together constitute the same agreement. No counterparts shall be effective until
each party has executed at least one counterpart. A signed copy received in pdf format (or equivalent electronic format) shall
be deemed an original.

 

3.4 This
Supplement, including any non-contractual obligations arising out of, or in connection with it, shall be governed by, and construed
in accordance with, English law. All disputes, claims or proceedings between the Parties relating to the validity, construction,
performance or termination of this Supplement shall be resolved in accordance with clause 10 of the Agreement, as if set out in
full, mutatis mutandis, in this Supplement.

 

IN WITNESS
WHEREOF the Parties have caused this Supplement to be duly executed by their duly authorised officers and/or attorneys-in-fact
on the day and year first above written.

 

 

 

 

For
and on behalf of

Goodbulk
Ltd.

 

	/s/ Angus Paul	/s/ Stephen G. Kasnet	/s/ Gregory
    G. Belonogoff
	Angus Paul	Stephen G. Kasnet	Gregory
    G. Belonogoff

 

		______________________________________________________________	

 

 

 

For
and on behalf of

C
Transport Holding Ltd.

 

 

/s/ Luigi
Pulcini                       

By: Luigi
Pulcini

Title: Director

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