Document:

d1279325_ex4-55.htm

Exhibit 4.55

ACCOUNTING AGREEMENT- RENEWAL

 

 

This agreement is made this 23rdday of January 2010 by and between

 

Paragon Shipping Inc., a Marshall Islands corporation having its registered office at Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter the "Company" or "Paragon"),

 

and

 

Allseas Marine S.A., a Liberian corporation having its registered office at 80 Broad Street, Monrovia, Liberia and having established a branch office in Greece at 15 Karamanli Ave. 166 73 Voula, Athens, Greece, acting in their capacity as managers of vessels owned directly or through subsidiaries by Paragon (hereinafter "Allseas" or the "Manager") .

 

The purpose of this agreement is to set forth the terms and conditions of the renewal of the Accounting Agreement (hereinafter the "Agreement") dated 19th February, 2008 entered into and signed between Paragon and Allseas.

 

In consideration of the mutual covenants and agreements set forth herein, the parties hereto agree as follows:

 

RENEWAL: The Agreement is hereby renewed for a period of one (1) year effective as of 1st January 2010 (the "Term"). Thereafter, the Term shall automatically be extended for successive one-year term, unless the Company or Allseas give to the other a written notice of not less than thirty (30) days prior to the expiration of any such Term, that the Term will not be extended. Notwithstanding the foregoing, the Agreement may be terminated in accordance with the terms of Paragraph 6 thereof.

 

SERVICES: Allseas shall provide to Paragon Group the following services, which are enumerated herein below

 

	
–  

	
Preparation of the Paragon Group's quarterly financial statements.

 

	
–  

	
If and when required to have the quarterly financial statements audited by Paragon's appointed auditor.

 

	
–  

	
Provision of financial data as required for press releases, quarterly and ad-hoc.

 

	
–  

	
Monitoring of US GAAP developments and SEC rules and pronouncements to assess any impact on Paragon's financial statements and accounting policies.

 

	
–  

	
Coordination and liaison with Paragon's auditing and legal firms in connection with the preparation of quarterly management and annual audited financial statements.

 

	
–  

	
Auditing of various accounting policies on an ad-hoc basis.

 

	
–  

	
Assisting with the preparation and filing of the Paragon Group's annual report (From 20F) with the SEC.

 

	
–  

	
General assistance with Paragon's financial reporting requirements as and when required.

 

FEE:  In consideration of its services hereunder, Allseas shall be paid a fee of 200.000 (two hundred thousand euros) per annum, paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the 31st of March 2010. Allseas' fee shall be reviewed annually by the Paragon Board of Directors or a committee thereof. Allseas' fee shall be subject to increase, but not decrease.

 

This Agreement shall form an integral part of the Accounting Agreement dated 19th, February, 2008.

 

All other terms and conditions of the Accounting Agreement dated 19th February, 2008 shall remain unaltered and in full force and effect.

 

IN WITNESS WHEREOF the parties signed the present document the day and year first above written.

 

	
For and on behalf of,

	  	  
	  	  	  
	
PARAGON SHIPPING INC.

	  	  

	 	 /s/ Christopher J. Thomas	 	 
	  	
By:      CHRISTOPHER J. THOMAS

	  
	  	
Chief Financial Officer

	  

	
ALLSEAS MARINE S.A.

	  	  

	 	 /s/ George Skrimizeas	 	 
	  	
By:      GEORGE SKRIMIZEAS

	  
	  	
President / Directord1279327_ex4-56.htm

Exhibit 4.56

ADDENDUM No. 1

dated 1st June 2010

To the

 

Accounting Agreement Renewal dated 23/1/2010

 

Between

 

Paragon Shipping Inc.,

of Marshall Islands

(the "Company")

 

And

 

Allseas Marine S.A.

of Liberia,

(the "Manager")

 

This Addendum is made this 1st day of June 2010 by and between

 

Paragon Shipping Inc., a Marshall Islands corporation having its registered office at Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (hereinafter the "Company" or "Paragon"),

 

and

 

Allsea, Marine S.A., Liberian corporation having its registered office at 80 Broad Street, Monrovia, Liberia and having established a branch office in Greece at 15 Karamanli Ave. 166 73 Voula, Athens, Greece, acting in their capacity as managers of vessels owned directly or through subsidiaries by Paragon (hereinafter "Allseas" or the "Manager") .

 

WHEREAS

 

The Company and the Manager have entered into an Accounting Agreement on 19/2/2008 whereby it was agreed that the Manager will provide the Company with accounting services as follows:

 

	
–  

	
Preparation of the Paragon Group's quarterly financial statements.

 

	
–  

	
If and when required to have the quarterly financial statements audited by Paragon's appointed auditor.

 

	
–  

	
Provision of financial data as required for press releases, quarterly and ad-hoc.

 

	
–  

	
Monitoring of US GAAP developments and SEC rules and pronouncements to assess any impact on Paragon's financial statements and accounting policies.

 

	
–  

	
Coordination and liaison with Paragon's auditing and legal firms in connection with the preparation of quarterly management and annual audited financial statements.

 

	
–  

	
Auditing of various accounting policies on an ad-hoc basis.

 

	
–  

	
Assisting with the preparation and filing of the Paragon Group's annual report (From 20F) with the SEC.

 

	
–  

	
- General assistance with Paragon's financial reporting requirements as and when required.

 

WHEREAS

 

The Company and the Manager have entered into an Accounting Agreement Renewal on 23/1/2010, whereby the Accounting Agreement was renewed for a period of one year as of 1st January 2010, to be automatically extended for successive one-year term, and the relevant fee paid by the Company to the Manager for the services provided thereunder, was revised to Euro 200.000 per annum.

 

NOW THEREFORE the parties agree as follows

 

With effect as of 1st June, 2010, the Manager shall be paid:

in consideration of the financial accounting services provided hereunder, a Financial Accounting Service Fee of Euro 250,000 (two hundred and fifty thousand euro) per annum, paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the 1st June, 2010; and

 

in consideration of the financial reporting services provided hereunder, a Financial Reporting Fee of Euro 30,000 (thirty thousand euro) per calendar quarter, paid at the end of each calendar quarter, commencing with second quarter 2010.

 

The Financial Accounting Service Fee and the Financial Reporting Fee shall berevised by the Paragon Board of Directors, or a committee thereof, annually,commencing on the 1st June, 2011.

 

All other terms and conditions of the Accounting Agreement dated 19th February,2008 and of the Accounting Agreement Renewal dated 23/1/2010, shall remainunaltered and in full force and effect.

 

This Agreement shall form an integral part of the Accounting Agreement dated 19/2/2008 and of the Accounting Agreement—Renewal dated 23/1/2010.

 

IN WITNESS WHEREOF the parties signed the present document the day and year first above written.

 

	
For and on behalf of,

	  	
For and on behalf of,

	  	  	  
	
PARAGON SHIPPING INC.

	  	
ALLSEAS MARINE S.A.

	  	
/s/ Christopher J. Thomas

	  	
/s/ George Skrimizeas

	  
	  	
By:      CHRISTOPHER J. THOMAS

	
By:      GEORGE SKRIMIZEAS

	  	
Chief Financial Officer

	
President / Directord1279328_ex4-57.htm

Exhibit 4.57

ACCOUNTING AGREEMENT

RENEWAL 2012

 

This agreement is made this 16th day of February 2012 by and between

 

Paragon Shipping Inc., a Marshall Islands corporation having its registered office at Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter the "Company" or "Paragon"),

 

and

 

Allseas Marine S.A., a Liberian corporation having its registered office at 80, Broad Street. Monrovia, Liberia and having established a branch office in Greece at 15, Karamanli Ave. 166 73 Voula, Athens, Greece, acting in their capacity as managers of vessels owned directly or through subsidiaries by Paragon (hereinafter "Allseas" or the Manager") .

 

The purpose of this agreement is to set forth the terms and conditions of the renewal of the Accounting Agreement dated 19th February, 2008 and the Accounting Agreement Renewal dated 23/01/2010 as amended by an Addendum No. 1 dated 1/6/2010, entered into and signed between Paragon and Allseas (hereinafter the "Agreement")

 

In consideration of the mutual covenants and agreements set forth herein, the parties hereto agree as follows:

 

RENEWAL The Agreement is hereby renewed for a further period of one (1) year effective as of 1st January 2012 (the "Term"). Thereafter, the Term shall automatically be extended for successive one-year term, unless the Company or Allseas give to the other a written notice of not less than thirty (30) days prior to the expiration of any such Term. that the Term will not be extended.

 

SERVICES Allseas shall provide to Paragon Group the following services, which are enumerated herein below

 

	
  

	
-

	
Preparation of the Paragon Group's quarterly financial statements.

 

	
  

	
-

	
If and when required to have the quarterly financial statements audited by Paragon's appointed auditor

 

	
  

	
-

	
Provision of financial data as required for press releases, quarterly and ad-hoc. Monitoring of US GAAP developments and SEC rules and pronouncements to

 

	
  

	
-

	
assess any impact on Paragon's financial statements and accounting policies

 

	
  

	
-

	
Coordination and liaison with Paragon's auditing and legal firms in connection with the preparation of quarterly management and annual audited financial statements

 

	
  

	
-

	
Auditing of various accounting policies on an ad-hoc basis

 

 

  

  

  

 

	
  

	
-

	
Assisting with the preparation and filing of the Paragon Group's annual report (From 20F) with the SEC.

 

	
  

	
-

	
General assistance with Paragon's financial reporting requirements as and when required.

 

FEE: In consideration of its services hereunder, Allseas will be paid as follows:

 

	
  

	
A)

	
In consideration of the financial accounting services provided hereunder. a Financial Accounting Service Fee of € 250.000 (two hundred and fifty thousand euros) per annum. paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the 30th March 2012; and

 

	
  

	
B)

	
In consideration of the financial reporting services provided hereunder, a Financial Reporting Fee of US$ 30,000 (thirty thousand US Dollars) per Vessel per annum, paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the 30th March, 2012

 

The Financial Accounting Service Fee and the Financial Reporting Fee shall be revised by the Paragon Board of Directors annually and shall be subject to increase, but not decrease.

 

This Agreement shall form an integral part of the Agreement.

 

All other terms and conditions of the Agreement shall remain unaltered and in full force and effect.

 

IN WITNESS WHEREOF the parties signed the present document the day and year first above written.

 

For and on behalf of,

 

	  	
PARAGON SHIPPING INC.

	  	  
	  	  	  
	
/s/ Maria Stefanou

	  	  	  
	
By:

	
MARIA STEFANOU

	  	  	  
	  	
Corporate Secretary

	  	  	  
	  	  	  
	  	  	  
	  	
ALLSEAS MARINE S.A.

	  	  
	  	  	  
	
/s/ George Skrimizeas

	  	  	  
	
By:

	
GEORGE SKRIMIZEAS

	  	  	  
	  	
President/Director

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