Document:

Broker Services Agreement

  
 Exhibit 10.3

 DIANA ENTERPRISES INC. 

THIS AGREEMENT dated this 1st day of June 2010 by and between Diana Shipping Services S.A., (the “Company”) and Diana Enterprises Inc.
(the “Broker”). 
 BY WHICH, in consideration of the mutual covenants and agreements set forth herein, the parties
hereto agree as follows: 
 1. The Company. The Company provides, directly and through one or more affiliated entities,
agents, representatives and Brokers, commercial and technical vessel management services to Diana Containerships Inc. (collectively the “Services”). Diana Containerships Inc. (“DCI”) is or will be engaged in the worldwide
operation of containerships. 
 2. Engagement. The Company hereby engages the Broker to act as broker for the Company and
for any of its affiliates as directed by the Company to assist the Company in the provision of the Services by providing to the Company, or to an entity designated by the Company from time to time, brokerage services relating to the purchase, sale
or chartering of vessels, brokerage services relating to the repairs and other maintenance of vessels, and any relevant consulting services permitted by Greek laws or the Company’s Law 27/1975 license (collectively the “Brokerage
Services”), and the Broker hereby accepts such appointment. 
 3. Duration. The duration of the
engagement shall be for a term of five (5) years commencing the lst day of June 2010 and ending (unless terminated earlier on the basis of any other provision of this Agreement) on the day before the fifth anniversary of such date (the said period as it may be extended
being hereinafter referred to as the “Term”). 
 4. Representations of Broker. The Broker represents that it
has personnel fully qualified, without the benefit of any further training or experience and has obtained all necessary permits and licenses, to perform the Brokerage Services. The duties of the Broker shall be offered on a worldwide basis.
Broker’s duties and responsibilities hereunder shall always be subject to the policies and directives of the board of directors of the Company as communicated from time to time to the Broker. Subject to the above, the precise duties,
responsibilities and authority of the Broker may be expanded, limited or modified, from time to time, at the discretion of the board of directors of the Company. 

5. Commission. Because of their permanent relation the Company shall pay the Broker a lump sum commission in
the amount of United States Dollars 1,040,000 per annum, payable quarterly at the beginning of every quarter, with effect from the 1st day of 

 
June 2010, subject to required deductions and withholdings. Commissions on a percentage basis for specific deals may be agreed by separate agreements in writing. Such commission shall increase to
United States Dollars 1,300,000 as of the date the common shares of Diana Containerships Inc. are approved for listing on a stock exchange. 
 6. Expenses. The Company shall not pay or reimburse the Broker for any out-of pocket expenses as such expenses are included in the commission paid to the Broker. 

7. Termination. This Agreement, unless otherwise agreed in writing between the parties, shall be terminated as follows:

 (a) At the end of the Term, unless extended by mutual agreement in writing. 

(b) The parties, by mutual agreement, may terminate this Agreement at any time. 

(c) Either party may terminate this Agreement for any material breach by the other party of their respective obligations under this
Agreement. 
 8. Change of Control. 
 (a) In the event of a “Change in Control” (as defined herein) within five (5) years of the date of this Agreement, the Broker has the option to terminate this Agreement within six
(6) months following such Change in Control, and shall be eligible to receive the payment specified in sub-paragraph (c), below, provided that the conditions of said paragraph are satisfied. 

(b) For purposes of this Agreement, the term “Change of Control” shall mean the: 

(i) acquisition by any individual, entity or group of beneficial ownership of twenty-five percent (25%) or more of either
(A) the then-outstanding shares of common stock of the Company or of Diana Shipping Inc. (“DSI”) or of DCI (B) the combined voting power of the then-outstanding voting securities of the Company or of DSI entitled to vote
generally in the election of directors; provided, however, that this Clause 8(b)(i) shall not apply to an individual, entity or group that beneficially owns twenty-five percent (25%) or more as of the date the Company’s or as the case may
be DCI’s common shares are approved for listing on the NYSE. 
 (ii) consummation of a reorganization, merger or
consolidation of the Company or of DSI or DCI the sale or other disposition of all or substantially all of the assets of the Company and/or of the Affiliates; or 
 (iii) approval by the shareholders of the Company or of DSI of a complete liquidation or dissolution of the Company. 

  
 (c) If the Broker
terminates this Agreement within six (6) months following a Change of Control, the Broker shall receive a payment equal to three (3) years’ annual commission. Receipt of the foregoing shall be contingent upon the Broker’s
execution and non-revocation of a Release of Claims in favor of the Company and the Affiliates in a form that is reasonably satisfactory to the Company and its counsel. 
 9. Notices. Every notice, request, demand or other communication under this Agreement shall: 
 (a) be in writing delivered personally or by courier or by fax or shall be served through a process server; 
 (b) be deemed to have been received, subject as otherwise provided in this Agreement in the case of fax upon receipt of a successful transmission report (or—if sent after business hours—the
following business day) and in the case of a letter when delivered personally or through courier or served at the address below; and 
 (c) be sent: 
 (i) If to the Company, to: 

Diana Shipping Services S.A. 
 Pendelis 16, Palaio Faliro, 175 64 
 Athens, Greece 

Telephone: +30 210 9470000 
 Telefax: +30 210 9424975 
 Attn: Director and President 

(ii) If to the Broker, to: 
 Diana Enterprises Inc. 
 Pendelis 26, Palaio Faliro, 175 64 

Athens, Greece 

Telephone: +30 210 9470150 
 Telefax: +30 210 9470151 
 Attn: Director and President 

or to such other person, address or telefax, as is notified by the relevant Party to the other Party to this Agreement and such notification shall not
become effective until notice of such change is actually received by the other Party. Until such change of person or address is notified, any notification to the above addresses and fax numbers are agreed to be validly effected for the purposes of
this Agreement. 

  
 10. Entire
Agreement. This Agreement supersedes all prior agreements written or oral, with respect thereto. 
 11. Amendments.
This Agreement may be amended, superseded, canceled, renewed or extended and the terms hereof may be waived, only by a written instrument signed by the parties. 
 12. Independent Contractor. All services provided hereunder shall be provided by the Broker as an independent contractor. No employment contract, partnership or joint venture between the Broker and
the Company has been created in or by this Agreement or as a result of services provided hereunder. 
 13. Assignment.
This Agreement, and the Broker’s rights and obligations hereunder, may not be assigned by the Broker; any purported assignment in violation hereof shall be null and void. This Agreement, and the Company’s rights and obligations hereunder,
may not be assigned by the Company; provided, however, that in the event of any sale, transfer or other disposition of all or substantially all of the Company’s assets and business, whether by merger, consolidation or otherwise, the Company
shall assign this Agreement and its rights hereunder to the successor to its assets and business. 
 14. Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representative. 
 15. Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together
shall constitute one and the same instrument. Each counterpart may consist of two copies hereof each signed by one of the parties hereto. 
 16. Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 

17. Governing Law and Jurisdiction. 
 (a) This Agreement shall be governed by and construed in accordance with English Law. 
 (b) Any dispute arising out of or 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. 

  
 IN WITNESS WHEREOF,
the parties hereto have signed their names as of the day and year first above written. 
  

			
	DIANA SHIPPING SERVICES S.A.
		
		 	

	By:	 	Simeon Palios
	 Title:
	 	Director and President

  

			
	DIANA ENTERPRISES INC.
		
		 	

	By:	 	Andreas Nikolaos Michalopoulos
	Title:	 	Director and SecretaryForm of Vessel Management Agreement

 EXHIBIT 10.4 
 FORM OF VESSEL MANAGEMENT AGREEMENT 
 THIS AGREEMENT is made this
     day of                      2010 between [ShipCo], whose registered office is at Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter called the “Owner”), of the one part and DIANA SHIPPING SERVICES S.A., whose Registered Office is at Edificio Universal, Piso 12, Avenida Federico Boyd, Panama,
Republic of Panama, acting through its office at Pendelis 16, 175 64 Palaio Faliro, Greece (hereinafter called the “Manager”), of the other part, 
 WHEREBY IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: 
  

	1.	The Owner hereby appoints the Manager, and the Manager hereby agrees to act, as sole and exclusive manager of the vessel more particularly described on Schedule I
hereto (hereinafter called the “Vessel”) for the period and on and subject to the terms and conditions hereinafter contained. 

  

	2.	The Manager undertakes to use its best endeavors to manage the Vessel on behalf of the Owner in accordance with sound ship management practice and to promote the
interests of the Owner in all matters relating to the efficient operation and management of the Vessel, provided however, that the Manager shall not be required so to exercise its powers hereunder as to give preference in any respect to the
Owner, it being understood and agreed that the Manager shall so far as practicable ensure a fair distribution of available manpower, supplies, and services to all vessels managed by it. 

 

	3.	The Manager shall provide the management services specified hereunder and shall have power in the name of the Owner or otherwise on its behalf to do all things which
the Manager considers to be expedient or necessary for the provision of the said services or otherwise in relation to the proper and efficient management of the Vessel: 

 

	 	(a)	Arrangement for and supervision of the maintenance, survey, and repair of the Vessel and for scheduled and unscheduled dry docking of the Vessel;

  

	 	(b)	Engagement and provision of crew (Masters, Officers, and ratings) and attendance to all matters pertaining to discipline, labor relations, welfare, and amenities;

  

	 	(c)	Arrangement for victualling and storing of the Vessel and placing of contracts relative thereto and for the purchase of supplies and spare parts for the operation of
the Vessel; 

  

	 	(d)	Arrangement of bunker fuel and towage contracts for the Vessel; 

  

	 	(e)	Arrangement of loading and discharging and otherwise for services required in connection with the trading of the Vessel; 

 

	 	(f)	Appointment of agents for the Vessel; 

  

	 	(g)	Arrangement (in consultation with the Owner) of all insurance relating to the Vessel and her apparel, fittings, freights, earnings, and disbursements against the
customary marine and war risks; 

  

	 	(h)	Arrangement (in accordance with instructions from the Owner) for entry of the Vessel in Protection and Indemnity, Defense, and other such Associations;

  

	 	(i)	Handling and settlement of all insurance, average, salvage, and other claims in connection with the Vessel; 

 

	 	(j)	Collection and deposit any and all earnings of the Vessel of any nature whatsoever, including but not limited to charter money, hire, freight, demurrage, damages,
salvage money, etc., with bank accounts as specified by the Owner; an 

  

	 	(k)	Payment on behalf of the Owner of all expenses incurred in and about provision of the foregoing services or otherwise in relation to the proper and efficient management
of the Vessel; 

  

	 	(l)	Chartering services including but not limited to seeking and negotiating employment for the Vessel, the fixing and signing on behalf of the Owner, of charter parties or
other contracts relating to the employment of the Vessel; 

  

	 	(m)	Arranging proper payment to Owner or their nominees of all hire and/or freight revenues or other monies whatsoever to which Owner may become entitled arising out of the
employment of the Vessel or otherwise; 

  

	 	(n)	Issuing voyage instructions, and arranging surveys associated with the commercial operation of the Vessel; 

 

	 	(o)	At the request of the Owner, to arrange for the lay-up of the Vessel in accordance with the instructions of the Owner; 

 

	 	(p)	Providing reasonable pre-delivery services and oversight of the Vessel necessary and appropriate to prepare the Vessel for employment in compliance with all applicable
laws; 

  

	 	(q)	Maintain Vessel in compliance with all applicable environmental laws and regulations, including but not limited to the preparation and filing of all necessary reports,
forms or plans and satisfaction of all documentation and record-keeping requirements related thereto; 

  

	 	(r)	Post fixture services including but not limited to settling of accounts and claims for or in respect of charter hire, freight and/or demurrage payable under contracts
relating to the employment of the Vessel. 

 Provided, however, that the Manager shall
consult with the Owner before the Vessel is fixed and shall not employ the Vessel in any trade or service which in the reasonable opinion of the Owner may be detrimental to its reputation as Owner or prejudicial to the commercial interests of the
Owner. The Owner shall have the right to terminate this agreement at any time in the event that the fixture is concluded against their wishes and advice. 
  

	4.	The Manager shall (without prejudice to the generality of the powers vested in them as aforesaid) be entitled: 

 

	 	(a)	To employ on behalf of the Owner any such agent for the Vessel or insurance brokers as the Manager deems fit, including any associated, subsidiary, or holding company
of the Manager; 

  

	 	(b)	To employ on behalf of the Owner consultants and other experts, including any associated, subsidiary, or holding company of the Manager, to supervise or advise in
relation to the operation and maintenance of the Vessel; 

  

	 	(c)	To open, continue, and operate such bank account or accounts as the Manager may deem necessary or expedient; 

 

	 	(d)	To use any funds of the Owner remaining after payment of all expenses of the Owner and the Vessel for providing loans from the Owner to any other wholly-owned
subsidiary of Diana Containerships Inc., such loans always to be on terms acceptable to the Owner, their immediate shareholders and the Owner’s lenders, if any; 

 

	 	(e)	To bring or defend on behalf of the Owner actions, suits, or proceedings in connection with all matters hereby entrusted to the Manager; and 

 

	 	(f)	To obtain legal advice in relation to disputes or other matters affecting the interests of the Owner in respect of the Vessel. 

 

	5.	The Manager shall keep proper books, records, and accounts relating to the management of the Vessel and shall make the same available for inspection and audit by
Certified Public Accountants, Chartered Accountants, or other suitably qualified accountants on behalf of the Owner at such reasonable times as may be mutually agreed (which books and records shall remain the property at all time during the term of
this Agreement). 

  

	6.	This Agreement is agreed for a non-specific period of time, provided that it may be terminated by either party giving 3 (three) months’ notice at any time and
without any justification but always in writing, provided however that the Owner shall have the right to terminate this Agreement without notice with payment to the Manager of damages equal to the average management fees paid to Manager during the
last 3 (three) full months immediately preceding such termination. Either party shall have the right (but not be bound) to terminate this Agreement without liability for damages in either of the following events: 

 

	 	(a)	The Vessel shall become an actual, compromised, constructive, or arranged total loss or be sold or otherwise disposed of or cease to be in the disponent ownership of
the Owner; or 

  

	 	(b)	If an order be made or resolution be passed for the winding up of the other party (otherwise than a winding up for the purpose of reconstruction or amalgamation), or if
a receiver be appointed of the undertaking or property of the other party, or if the other party shall suspend payment or cease to carry on business or make any special arrangement or composition with its creditors. 

  

	7.	(a) Subject to Section 7(b), below, the Management Fees under this Agreement are fixed as the aggregate of 1% (one per centum) on hire and on freight of the
gross income of the Vessel plus (i) US$15,000.00 (fifteen thousand United States dollars) per month for each month that the Vessel is employed or is available for employment or (ii) US$20,000.00 (twenty thousand United States
dollars) per month for each month that the Vessel is laid-up and not available for employment for at least 15 calendar days of such month. 

  

	 	(b)	The Management Fees payable pursuant to Section 7(a) above shall be paid commencing on the later of (i) the execution of this Agreement and (ii) the date
that is four calendar months prior to the expected delivery date of a Vessel subject to this Agreement (the “Fee Commencement Date”), provided, however, that if this Agreement is executed as of a date prior to the Fee Commencement
Date, the Manager shall be entitled to a reduced Management Fee in the amount of US$7,500 (seven thousand five hundred United States Dollars) for each month (or portion thereof) from the execution of this Agreement until the Fee Commencement Date.
In the event that a Fee Commencement Date occurs on a date other than the first day of a calendar month, the Management Fee payable to the Manager in accordance with this Section 7 shall be adjusted pro-rata. 

 

	8.	(a) The Manager shall at its own expense provide all office accommodation, equipment, stationery, and staff ordinarily required for the provision of the services
hereby contracted for. 

  

	 	(b)	The Owner shall reimburse the Manager in respect of: 

  

	 	i.	Expenditures incurred in and about the maintenance, survey, repair or modification of the Vessel; 

 

	 	ii.	Wages and all other payments made to or in respect of the crews of the Vessel (including pension and insurance contributions, traveling and accommodation expenses or
allowances, and all costs of repatriation, whether incurred before or after the determination of this Agreement); 

  

	 	iii.	Travelling, accommodation, and other expenses incurred in respect of or paid to any superintendents or officers or servants of the Manager in connection with the
performance of the services hereby contracted for; and 

  

	 	iv.	Any expenses in connection with any legal and/or special technical and/or other assistance that may be obtained by the Manager in connection with the performance of the
management services. The Manager is hereby authorized to use funds of the Owner in the Manager’s custody for settlement of any claim of the Manager out of the management of the Vessel in priority of any other claim against the Vessel or the
Owner. 

  

	9.	Expenses and Disbursements incurred by the Manager for the Vessel will be paid to it by the Owner upon request. 

 

	10.	The Manager is hereby authorized to act for and on behalf of the Owner, as well as to represent the Owner before any court and/or authority having jurisdiction over
Owner or the Vessel, including port authorities in particular, with full powers in respect of all the rights of the Owner, including but not limited to the right of accepting service of any document destined for the Owner, signing contracts of any
nature whatsoever, starting legal or arbitration proceedings of any nature and terminating them by compromise or any other method, repudiating contracts, and settling claims of the Owner by compromise provided this is to the interest of the Owner.

  

	11.	(a) Force Majeure – Neither the Owner nor the Manager shall be under any liability for any failure to perform any of their respective obligations hereunder
by reason of any cause whatsoever of any nature or kind beyond their reasonable control. 

  

	 	(b)	 Liability to Owner – (i) Without prejudice to Sub-Clause 11 (a), the Manager shall be under no liability whatsoever to the Owner for
any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of
performance of the Management Services unless same is proved to have resulted solely from the negligence, gross negligence or willful default of the Manager or its employees or agents, or sub-contractors employed by them in connection with
the Vessel, in 

	 	 
which case (save where loss, damage, delay or expense has resulted from the Manager’s personal act or omission committed with the intent to cause same or recklessly and with knowledge that
such loss, damage, delay or expense would probably result) the Manager’s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual management fee payable hereunder.

  

	 	(ii)	Notwithstanding anything that may appear to the contrary in this Agreement, the Manager shall not be liable for any of the actions of the Crew, even if such actions are
negligent, grossly negligent or willful, except only to the extent that they are shown to have resulted from a failure by the Manager to discharge its obligations under Sub-Clause 3 (b), in which case its liability shall be limited in accordance
with the terms of this Clause 11. 

  

	 	(c)	Indemnity – Except to the extent and solely for the amount therein set out that the Manager would be liable under Sub-Clause 11 (b) the Owner hereby
undertakes to keep the Manager and its employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or
incurred or suffered by them arising out of or in connection with the performance of the Agreement, and against and in respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Manager
may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement. 

  

	 	(d)	 “Himalaya” clause – It is hereby expressly agreed that no employee or agent of the Manager (including every sub-contractor from
time to time employed by the Manager) shall in any circumstances whatsoever be under any liability whatsoever to the Owner for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default
on his part while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions in this Clause 11, every exemption, limitation, condition and liberty herein contained and every

	 	 
right, exemption from liability, defense and immunity of whatsoever nature applicable to the Manager or to which the Manager is entitled hereunder shall also be available and shall extend to
protect every such employee or agent of the Manager acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 11 the Manager is or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all
persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement. 

 

	12.	Arbitration Clause – In case any dispute or difference shall arise between the Owner and the Manager as to the construction, meaning, and effect of anything
herein contained, such dispute or difference shall be referred to 2 (two) arbitrators in London, England, to be appointed by the Owner and the Manager respectively and in case of their disagreement to an umpire to be appointed by the 2 (two)
arbitrators as chosen, and this Agreement shall be deemed to be a submission to arbitration within the meaning of the Arbitration Act 1996 or any statutory modification or re-enactment thereof for the time being in force. The decisions of the 2
(two) arbitrators or the umpire, as the case may be, shall be final and binding upon both parties. 

  

	13.	This Agreement shall be governed by English law. 

  

	14.	(a) Any notice which the Manager may require to give to the Owner shall be validly given if sent to the Owner at Pendelis 16, 175 64 Palaio Faliro, Athens, Greece.

  

	 	(b)	Any notice which the Owner may wish to give to the Manager shall be validly given if sent to the Manager at Pendelis 16, 175 64 Palaio Faliro, Athens, Greece.

  

	 	(c)	Notices required to be given in writing may be given by letter, telex, fax, or e-mail. 

 

	15.	If this agreement shall be translated into different languages and any difference shall arise in the texts, the English text shall prevail and shall constitute the
terms of the agreement. 

  

	16.	THIS MANAGEMENT AGREEMENT is to be executed in duplicate, 1 (one) for the Owner and 1 (one) for the Manager. 

  
 IN WITNESS whereof
this agreement has been signed on behalf of the parties hereto by persons duly authorized the day and year first above written. 
  

			
	SIGNED by	 	SIGNED by
		
	For and on behalf of:	 	For and on behalf of:
		
	[SHIPCO]	 	DIANA SHIPPING SERVICES S.A.
		
	(the “Owner”)	 	(the “Manager”)
		
	in the presence of:	 	in the presence of:

  
 Schedule I 

Vessel Specifications

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