Document:

Severance Agreement with Scott Stricklin

  
 Exhibit 10.11B

 SEVERANCE AGREEMENT 
 This Severance Agreement is made as of 11/19/2008, by and between Masergy Communications, Inc., a Delaware corporation (the “Company”) and SCOTT STRICKLIN
(“Employee”); 
 WHEREAS, the Company wishes to encourage Employee’s continued service and
dedication in the performance of Employee’s duties; and 
 WHEREAS, in order to induce Employee to remain in the employ of
the Company, and in consideration for Employee’s continued service to the Company, the Company agrees that Employee shall receive the benefits set forth in this Agreement in the event that Employee’s employment with the Company is
terminated in the circumstances described herein. 
 In consideration of the mutual promises and other consideration set forth
herein, the Company and Employee hereby agree as follows: 
 1. Definitions. As used in this Agreement, the
following terms shall have the following respective meanings: 
 “Corporate Transaction” shall mean
either of the following stockholder-approved transactions to which the Company is a party occurring after the date hereof: 

(i) a merger, consolidation or other reorganization approved by the Company’s stockholders, unless securities representing more than
fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same relative proportion, by the persons
who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction, or 
 (ii)
the sale, transfer or other disposition of all or substantially all of the Company’s assets in complete liquidation or dissolution of the Company. 
 “Involuntary Termination” shall mean the termination of Employee’s service to the Company by reason of: 

(i) Employee’s involuntary dismissal or discharge by the Company for reasons other than for Misconduct, or 

(ii) Employee’s resignation following (A) a change in Employee’s position with the Company (or an affiliate of the Company
then employing Employee) which materially reduces Employee’s duties and responsibilities; provided, however, neither a change or reduction in Employee’s title nor a change or reduction in the level of management to which Employee
reports shall, in itself, constitute a material reduction in Employee’s duties and responsibilities, (B) a reduction in Employee’s level of compensation (including base salary, fringe benefits and target bonuses under any
corporate-performance based incentive programs) or (C) a relocation of such Employee’s place of employment by more than fifty (50) miles (each such event, a 

  
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“Change”), provided and only if such Change is effected by the Company without Employee’s consent. In case of such Change, Employee shall give notice of the
Change that is the reason for Employee’s resignation to the Company within thirty (30) days of its occurrence and allow the Company thirty (30) days to remedy such Change prior to the Company making the payments hereunder; provided,
however, that the Company shall provide prompt written notice to the Employee if the Company will be unable to or will not remedy such Change in which event the period for the Company to remedy the Change shall be deemed to have expired. 

“Misconduct” shall mean commission of any act of fraud, embezzlement or dishonesty by the Employee, any
unauthorized use or disclosure by Employee of confidential information or trade secrets of the Company (or any affiliate of the Company), or any other intentional misconduct by Employee adversely affecting the business or affairs of the Company (or
any affiliate of the Company) in a material manner. The foregoing definition shall not be deemed to be inclusive of all the acts or omissions which the Company (or any affiliate of the Company) may consider as grounds for the dismissal or discharge
of Employee or any other individual. 
 2. Continuation of Wages; Bonuses. In the event of an Involuntary
Termination within the first twelve (12) months after the date of the closing of a Corporate Transaction (a “Qualified Termination”), the Company shall pay Employee an aggregate amount (the “Severance
Payment”) equal to Twelve (12) months of Employee’s then current annual salary multiplied by 150% less statutory deductions and withholdings. In addition, in the Event of a Qualified Termination, the Company shall pay Employee
any unpaid bonuses or commissions deemed earned by Employee up to the date of the Qualified Termination based on actual Company and/or individual performance compared to predefined objectives (for unpaid annual bonuses, in a proportional amount
based on the number of months of Employee’s service for such fiscal year to the date of the Qualified Termination) (the “Earned Variable Compensation”, and together with the Severance Payment, the
“Severance”). The Severance shall be paid to Employee by the Company either (a) in a lump sum within fifteen (15) days after the “Effective Date” of the General Release attached hereto as Exhibit A (as
defined therein) or (b) in equal amounts over Twelve (12) months in accordance with the Company’s normal payroll practices and dates, with the choice of (a) or (b) being at the Company’s or its successor’s sole
discretion. 
 3. COBRA Coverage. In the event of a Qualified Termination, the Company will pay for COBRA coverage
during the Twelve (12) months immediately following the date of the Qualified Termination (unless Employee is not eligible or becomes ineligible for COBRA continuation coverage, or forfeits severance benefits pursuant to the terms of this
Agreement) following the Employee’s election of COBRA health care continuation coverage (generally beginning as of the first day of the first month following the month in which Employee is designated as terminated on the Company’s (or its
successor’s) payroll system) on the same basis as for active employees under the group medical plan. This provision shall not extend the period for which any Employee is eligible for COBRA continuation coverage. 

4. Release of Claims. The Company’s obligation to provide Employee with the Severance and other benefits hereunder is
contingent upon the execution by Employee of a satisfactory release of any and all claims, demands, and causes of action in favor of the Company, substantially in the form attached hereto as Exhibit A (the “Release”).

  
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 5. Return of
Property. Upon termination of Employee’s employment with the Company for any reason or at any other time the Company’s request, Employee agrees to immediately return to the Company all equipment, credit cards and other property
belonging to the Company. This includes all documents and other information prepared by Employee or on Employee’s behalf or provided to Employee in connection with performing Employee’s duties for the Company, regardless of the form in
which such documents or information are maintained or stored, including computer, typed, written, imaged, audio, video, micro-fiche, electronic or any other means of recording or storing documents or other information. Employee may retain a copy of
any documents describing any rights or obligations Employee may have after the Termination Date under any employee benefit plan or other agreements. 
 6. Miscellaneous. 
 6.1 Notices. All notices,
requests, and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally against written receipt or by facsimile transmission with answer back confirmation or mailed (postage prepaid by
certified or registered mail, return receipt requested) or by overnight courier to the parties at the following addresses or facsimile numbers: 
 If to the Employee, to: 
 SCOTT STRICKLIN 

1608 DELTA DRIVE 
 ARLINGTON, TX 76012 
 If to the Company, to: 

Masergy Communications, Inc. 
 2740 North Dallas Parkway 
 Suite 260 

Plano, Texas 75093 
 Fax: (214) 442-5755 
 Attn: Human Resources Director 

All such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section 6.1, be
deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section 6.1, be deemed given upon receipt, and (iii) if delivered by mail in the manner described above to the
address as provided in this Section 6.1, be deemed given upon receipt (in each case regardless of whether such notice, request, or other communication is received by any other person to whom a copy of such notice, request or other
communication is to be delivered pursuant to this Section). Any party from time to time may change its address, facsimile number, or other information for the purpose of notices to that party by giving written notice specifying such change to the
other parties hereto. 

  
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 6.2 Recovery of
Attorney’s Fees. In the event of any litigation arising from or relating to this Agreement, the prevailing party in such litigation proceedings shall be entitled to recover, from the non-prevailing party, the prevailing party’s
reasonable costs and reasonable attorney’s fees, in addition to all other legal or equitable remedies to which it may otherwise be entitled. 
 6.3 No Third Party Beneficiary. The terms and provisions of this Agreement are intended solely for the benefit of each party hereto and the Company’s successors or assigns, and it is
not the intention of the parties to confer third-party beneficiary rights upon any other person. 
 6.4 No Assignment;
Binding Effect. This Agreement shall inure to the benefit of any successors or assigns of the Company. Employee shall not be entitled to assign his obligations under this Agreement. 

6.5 Headings. The headings used in this Agreement have been inserted for convenience of reference only and do not define or
limit the provisions hereof. 
 6.6 Integration and Modification. This Agreement contains the full agreement
between the parties regarding the subject matters covered herein and supersedes any prior written or oral agreements. This Agreement may be modified only by a written agreement signed by both parties. A delay or failure by the Company to exercise
any right that is the subject of this Agreement will not be construed as a waiver of that right. A waiver of a breach on any one occasion will not be construed as a waiver of any other breach. 

6.7 Severability. The Company and Employee intend all provisions of this Agreement to be enforced to the fullest extent
permitted by law. Accordingly, if a court of competent jurisdiction determines that the scope and/or operation of any provision of this Agreement is too broad to be enforced as written, the Company and Employee intend that the court should reform
such provision to such narrower scope and/or operation as it determines to be enforceable. If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, and not subject to reformation,
then (i) such provision shall be fully severable, (ii) this Agreement shall be construed and enforced as if such provision was never a part of this Agreement, and (iii) the remaining provisions of this Agreement shall remain in full
force and effect and shall not be affected by illegal, invalid, or unenforceable provisions or by their severance. 
 6.8
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS APPLICABLE TO CONTRACTS EXECUTED AND PERFORMED IN SUCH STATE WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES.

 6.9 Jurisdiction. With respect to any suit, action, or other proceeding arising from (or relating to) this
Agreement, the Company and Employee hereby irrevocably agree to the exclusive personal jurisdiction and venue of the United States District Court for the Eastern District of Texas (and any Texas State Court within Collin County, Texas). 

  
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 6.10 Conflict
Waiver. Each of the parties to this Agreement understands that Patton Boggs LLP is serving as counsel to the Company in connection with the transactions contemplated hereby and is not representing the Employee, and that discussion of such
transactions with Employee, if any, could be construed to create a conflict of interest. By executing this Agreement, the parties hereto acknowledge the potential conflict of interest and waive the right to claim any conflict of interest at a later
date. Furthermore, by executing this Agreement, the parties acknowledge that if a conflict of interest exists and any litigation arises between Employee and the Company, Patton Boggs LLP may represent the Company. Employee represents and warrants
that he has had the opportunity to seek independent counsel in his review of this and all related agreements and that he is not relying on Patton Boggs LLP for any legal, tax or other advice relating to such agreements. 

6.11 Counterparts. This Agreement may be executed in any number of counterparts and by facsimile, each of which will be
deemed an original, but all of which together will constitute one and the same instrument. 
 [SIGNATURE PAGE TO SEVERANCE
AGREEMENT FOLLOWS] 

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

			
	COMPANY:
	
	MASERGY COMMUNICATIONS, INC.
		
	By:	 	/s/ Robert E. Bodnar
	Name:	 	Robert E. Bodnar
	Title:	 	Senior Vice President & CFO

  

 

			
	EMPLOYEE
	
	 /s/ Scott Stricklin

	SCOTT STRICKLIN

  

SIGNATURE PAGE TO MASERGY COMMUNICATIONS, INC. SEVERANCE AGREEMENT 

  
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 EXHIBIT A

 GENERAL RELEASE 
 In consideration of certain severance payments by Masergy Communications, Inc., a Delaware corporation (hereafter for “Company”), as set forth in the Severance Agreement dated as
of 11/19/2008 (the “Severance Agreement”) and other consideration set forth therein, I, SCOTT STRICKLIN, hereby execute the following General Release (“Release”) and hereby agree as follows
related to my prior employment by the Company or its affiliates which is terminated today,                 , 20     (the
“Termination Date”, and unless modified by paragraph 7 below, the Termination Date shall be the “Effective Date” of this Release): 

1. Payment of Wages. I acknowledge that I have been paid all salary, wages, bonuses, accrued vacation and any and all other
compensation and/or benefits owed to me by the Company, other than the severance owed to me pursuant to the Severance Agreement which will be paid to me in accordance with the terms of the Severance Agreement. 

2. Release of Claims. In exchange for the consideration provided above, I on behalf of myself and my heirs, family members,
executors and assigns, hereby expressly waive, release, acquit and forever discharge the Company and its predecessors, successors, assigns, divisions, subsidiaries, affiliates, parents, officers, directors, executives, managers, supervisors,
employees, partners, agents, attorneys and representatives (hereinafter the “Released Parties”), from any and all claims, demands, and causes of action which I have or claim to have, whether known or unknown, of whatever
nature, which exist or may exist as of the date of this Release. As used in this paragraph, “claims,” “demands,” and “causes of action” include, but are not limited to, contract claims, equitable claims, fraud claims,
tort claims, discrimination claims, harassment claims, retaliation claims, personal injury claims, emotional distress claims, public policy claims, claims for stock options and/or for vesting or accelerated vesting of options or stock, claims for
severance pay, vacation pay, debts, accounts, attorneys’ fees, compensatory damages, punitive damages, and/or liquidated damages, and any and all claims arising under the Americans with Disabilities Act of 1990, the Family and Medical Leave
Act, or any other federal, state or local statute governing employment, including but not limited to Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, 29 U.S.C.
§§ 621, et seq., the Older Workers Benefit Protection Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Employee Retirement Income Security Act of 1974, the Texas Commission on Human Rights Act, Texas Labor
Code §§ 21.001, et seq., Texas Labor Code §§ 451.001, et seq., the Texas Payday Act, all employment laws of any state in which I have worked during my employment with the Company, or any amendments to the
above acts. 
 3. Release of Claims for Age Discrimination. Without in any way limiting the generality or scope of
the above paragraph, I hereby understand and agree to release any and all claims, rights or benefits I may have arising out of or under the Age Discrimination in Employment Act of 1967 (“ADEA”), 29 U.S.C. § 621,
et seq., as amended, the Older Workers Benefit Protection Act, as amended, or any equivalent or comparable provision of federal, state or local law, including, without limitation, the Texas Commission on Human Rights Act and any age
discrimination laws of any state in which I have worked during my employment with the Company. 

  
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 4. Release of
Unknown Claims. I expressly understand and agree that this Release includes a waiver and release of unknown claims which exist or may exist as of the date of this Release, and I agree to waive and relinquish any and all rights I have or may
have under any statute or other law that requires the knowing waiver of such unknown claims, including without limitation California Civil Code § 1542, which provides as follows: “A general release does not extend to claims which the
creditor does not know or suspect to exist in his/her favor at the time of executing the release, which, if known by him/her, must have materially affected his/her settlement with the debtor.” 

5. Non-Admission of Liability. I understand that nothing in this Release shall constitute or be treated as an admission of
any wrongdoing or liability on the part of the Company, and/or the Released Parties. 
 6. Consultation With an
Attorney. I acknowledge that I have been advised to consult with an attorney prior to entering into this Release. 

7. Acceptance of Release. If I am forty (40) years of age or older as of the date I sign this Release, (a) I
acknowledge that I have 21 days from the termination of my employment to consider this Release and that I may revoke this Release at any time during the first seven days following my execution of this Release by delivering written notice of
revocation to HR Department, Masergy Communications, Inc., 2740 North Dallas Parkway, Suite 260, Plano, Texas 75093; (b) I acknowledge that the earliest date I may sign this Release is on my last day of employment; (c) I acknowledge that
this Release will become effective, fully enforceable and irrevocable seven days after I sign the Release, provided that I do not exercise my revocation right as indicated above (the date seven days after signing, the “Effective
Date”). I represent that if I execute this Release before the 21-day consideration period has passed, I do so voluntarily, and I knowingly and voluntarily waive my option to use the entire 21 days to consider this Release. 

8. No Filing of Claims. I represent and warrant that I do not presently have on file, and further represent and warrant to
the maximum extent allowed by law that I will not hereafter file, any lawsuits, claims, charges, grievances or complaints against the Company and/or the Released Parties in or with any administrative, state, federal or governmental entity, agency,
board or court, or before any other tribunal or panel or arbitrators, public or private, based upon any actions or omissions by the Company and/or the Released Parties occurring prior to the date of this Release, with the exception of claims brought
to challenge the validity of this Release under the Age Discrimination in Employment Act or the Older Workers Benefit Protection Act. To the extent that I am still entitled to file any administrative charge with any governmental agency, I hereby
release any personal entitlement to reinstatement, back pay, or any other types of damages or injunctive relief in connection with any civil action brought on my behalf after may filing of any administrative charge. 

  
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 9.
Confidentiality. I agree to keep this Release confidential and not to reveal its contents to anyone except my lawyer, my spouse and/or my financial consultant (and then only after obtaining the agreement of such person to maintain such
confidentiality). 
 10. Non-Disparagement. I agree that I will not disparage or in any way criticize the Company
and/or its officers, managers, supervisors, employees, investors, products, services; or technology at any time in the future. Nothing contained in this Section is intended to prevent me from testifying truthfully in any legal proceeding.

 11. No Cooperation. I agree that I will not counsel or assist any attorneys or their clients in the
presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, stockholder or attorney of the Company, unless
under a subpoena or other court order to do so or as otherwise authorized by law. 
 12. Attorneys’ Fees. I
understand and agree that in any dispute between me and the Company regarding the terms of this Release and/or any alleged breach thereof, that the prevailing party will be entitled to recover its costs and reasonable attorneys’ fees arising
out of such dispute, except that the Company shall not, by virtue of this Release, be entitled to recover its costs or attorney’s fees resulting from challenges to the validity of this Release by me under the Age Discrimination in Employment
Act or the Older Workers Benefit Protection Act. Nothing in this Release is intended to preclude the Company from recovering attorney’s fees or costs specifically authorized under federal law. 

13. Severability. I acknowledge and agree that each agreement and covenant set forth herein constitutes a separate
agreement independently supported by good and adequate consideration and that each such agreement shall be severable from the other provisions of this Release and shall survive this Release. 

14. Voluntary Agreement. I UNDERSTAND AND AGREE THAT I MAY BE WAIVING SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS RELEASE, AND
REPRESENT THAT I HAVE ENTERED INTO THIS AGREEMENT VOLUNTARILY, AFTER HAVING THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF MY OWN CHOOSING, WITH A FULL UNDERSTANDING OF AND IN AGREEMENT WITH ALL OF ITS TERMS. 

[Signature page follows] 

  
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 Do not sign this
Release before the Termination Date. If you sign this letter before the Termination Date, you will not be entitled to receive the benefits described in the Severance Agreement. 

IN WITNESS WHEREOF, I have executed this Release on the date provided below. 

 

			
	
		
	Signature:	 	 
		 	SCOTT STRICKLIN

  
 Dated:                                
                 , 20         
  

			
	
		
	Witness:	 	 
		 	

 Print
Name:                                        
  
  
 SIGNATURE PAGE TO GENERAL RELEASE 

  
 4PURCHASE AGREEMENT DATED OCTOBER 27, 2010

  
 Exhibit 10.1

 PURCHASE AGREEMENT (the “Agreement”), dated as of October 27, 2010, between Tsakos Energy
Navigation Limited, a Bermuda company (the “Company”), and the Purchasers identified on the signature page hereto (each, a “Purchaser” and, collectively, the “Purchasers”). 

W I T N E S SE T H: 
 WHEREAS, the Company desires to sell to the Purchasers, and the Purchasers desire to purchase from the Company, an aggregate of 896,861 shares (the “Shares”) of the Company’s common
shares, par value $1.00 per share (the “Common Shares”) in the respective amounts set forth next to each Purchaser’s name on the signature page hereto. 
 NOW THEREFORE, the parties agree as follows: 
 ARTICLE I 

SALE AND PURCHASE OF SHARES; CLOSING 
 1.1 Sale and Purchase of the Shares. Upon the terms and conditions hereof, the Company agrees to sell to the Purchasers, and the Purchasers agree to purchase the Shares from the Company
concurrently with the closing (the “Closing”) of the Company’s public offering of Common Shares in the United States (the “Public Offering”). The date on which the Closing occurs is referred to herein as the
“Closing Date”. The purchase price (the “Purchase Price”) to be paid by each Purchaser to the Company for each Share shall be $11.30. 
 1.2 Closing. Subject to the terms and conditions hereof, on the Closing Date (i) the Company will deliver to each Purchaser the Shares by electronic delivery, or by physical share
certificate or other evidence, as instructed by each Purchaser, registered in the name of such Purchaser or its nominee evidencing the Shares and (ii) each Purchaser shall pay to the Company by wire transfer of immediately available funds or
such other form of payment acceptable to the Company the purchase price for the Shares. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby represents and warrants to the Purchasers as follows: 

2.1 Organization. The Company is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization, and has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered
by the Company and constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms. 

  
 2.2 Valid
Issuance of Shares. Upon issuance of the Shares to the Purchasers, the Shares will be duly and validly issued, fully paid and non-assessable, free of any pre-emptive or similar rights. 

ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Each Purchaser hereby
represents and warrants with respect to such Purchaser to the Company as follows: 
 3.1 Not a U.S. Person. The
Purchaser is not a “U.S. person” as that term is defined in Rule 902(k) promulgated under the Securities Act, and was not organized under the laws of any United States jurisdiction or formed for the purpose of investing in securities not
registered under the Securities Act. 
 3.2 Compliance with Law. The offer, sale and issuance of the Shares to the
Purchaser is in compliance with all applicable securities laws of the Purchaser’s jurisdiction and principal place of business. 
 3.3 Organization; Power and Authority. The Purchaser is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, and has full power and
authority to execute and deliver this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by such Purchaser and constitutes its
legal, valid and binding obligation enforceable against it in accordance with its terms. 
 3.4 Investor
Representations. 
 (a) The Purchaser is acquiring the Shares for its own account as principal, for investment purposes
only, and not for or with a view to the resale, or distribution thereof in violation of the Securities Act. Purchaser understands and agrees that the Shares have not been registered under the Securities Act and may not be sold or transferred in the
absence of such registration or pursuant to an exemption therefrom. Purchaser agrees that any share certificate or other evidence of the Shares may bear an appropriate legend restricting the transfer of the Shares under the Securities Act.

 (b) The Purchaser has been given access to all information regarding the Company and the business, condition and
operations of the Company that Purchaser has requested in order to evaluate its investment in the Shares. Purchaser has been given the opportunity to ask questions of, and to receive answers from, representatives of the Company concerning the terms
and conditions of the offering of the Shares and other matters pertaining to Purchaser’s investment in the Shares. 

  
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 ARTICLE IV

 CONDITIONS TO CLOSING 
 The obligations of the Company and each Purchaser hereunder are subject to the condition that prior to, or concurrently with, the purchase and sale of the Shares hereunder the Company shall have completed
and closed the Public Offering. If the Public Offering shall not have been completed by November 5, 2010 this Agreement shall terminate automatically. 
 ARTICLE V 
 REGISTRATION RIGHTS 

5.1 Definitions. For purposes of this Article V: 
 (a) The term “register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the
Securities Act. 
 (b) “Registration Statement” means any registration statement of the Company filed under the
Securities Act that covers any of the Shares pursuant to the provisions of this Agreement, including any prospectus, amendments or supplements to such registration statement, post-effective amendments, all exhibits and all materials incorporated by
reference in such registration statement. 
 5.2 Registration Shares. If the Company shall at any time after the
date which is 90 days after the Closing Date receives a written request from any Purchaser that the Company file a Registration Statement with respect to all or a portion of the Shares (a “Demand Registration”), then, the Company
shall promptly prepare and file with the United States Securities and Exchange Commission (“SEC”) a Registration Statement with respect to such number of Shares (the “Registration Shares”) which such Purchaser
requests to be registered and use its reasonable efforts to cause such Registration Statement to become effective and keep such Registration Statement effective until such time as all Registration Shares covered thereby have been sold or disposed of
thereunder or sold, transferred or otherwise disposed. The Company shall not be required to effect more than one Demand Registration for each Purchaser. The Registration Shares may be registered on such Registration Statement for resale at the
market or through an underwriter on a firm commitment or best efforts basis. 
 5.3 Additional Obligations of the
Company. Whenever the Company has filed a Registration Statement under this Article V, the Company shall, as expeditiously as reasonably possible: 
 (a) Once declared effective, use its reasonable best efforts to keep the Registration Statement effective, if the Shares are to be registered for resale from time to time pursuant to Rule 415 under
the Securities Act; at all times for the applicable period specified in Section 5.2 hereof. 
 (b) Prepare and file
with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities
covered thereby. 

  
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 (c) Furnish to
each Purchaser such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as such Purchaser may reasonably request in order to facilitate the
disposition of the Registration Shares covered by the Registration Statement. 
 (d) Use its best efforts to register and
qualify the securities covered by such Registration Statement under such other securities or Blue Sky laws of such states or other jurisdictions as shall be reasonably requested by each Purchaser, provided that the Company shall not be required to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions where it is not so subject. 
 (e) Notify each Purchaser at any time when a prospectus relating to Registration Shares covered by such Registration Statement is required to be delivered under the Securities Act of the happening of
any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then existing, and then use its best efforts to promptly correct such statement or omission. Notwithstanding the foregoing and anything to the contrary set forth in this
Section 5.3, each Purchaser acknowledges that the Company shall have the right to suspend the use of the prospectus forming a part of a Registration Statement if such offering would interfere with a pending corporate transaction or for other
reasons until such time as an amendment to the Registration Statement has been filed by the Company and declared effective by the SEC, or until such time as the Company has filed an appropriate report with the SEC pursuant to the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Each Purchaser hereby covenants that it will (a) keep any such notice strictly confidential, and (b) not sell any Registration Shares pursuant to such prospectus during the
period commencing at the time at which the Company gives such Purchaser notice of the suspension of the use of such prospectus and ending at the time the Company gives such Purchaser notice that it may thereafter effect sales pursuant to such
prospectus. The Company shall only be able to suspend the use of such prospectus for any period aggregating not more than 90 days. 
 (f) In a registration involving an underwritten offering, the Company will enter into customary agreements (including an underwriting agreement in customary form, including representations and
warranties relating to the Company, indemnification, contribution and lock up provisions) and take such other actions as are reasonably required in order to expedite or facilitate the sale of such Registration Shares. 

(g) In a registration involving an underwritten offering, the Company shall furnish to each underwriter a signed counterpart,
addressed to such underwriter, of an opinion or opinions of counsel to the Company and a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the type
customarily covered by opinions or comfort letters, as the case may be, as the managing underwriter reasonably requests. 

5.4 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Article V with respect to the Registration Shares that each Purchaser shall furnish to the Company such information regarding itself, the Registration Shares 

  
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held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Purchaser’s Registration Shares and as may be required from time
to time to keep such registration current. 
 5.5 Expenses of Registration. All expenses incurred by or on behalf of
the Company in connection with the registration, filing or qualification pursuant to Section 5.2, including, without limitation, all registration, filing and qualification fees, printers’ and accounting fees, and fees and disbursements of
counsel for the Company, shall be borne by the Company. In no event shall the Company be obligated to bear any underwriting discounts or commissions or brokerage fees or commissions relating to Registration Shares or the fees and expenses of counsel
to any Purchaser. 
 5.6 Indemnification. In the event any Registration Shares are included in a Registration
Statement under this Article V: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless the
Purchasers and their respective affiliates and each underwriter (if any), and their respective directors, officers, general and limited partners, agents and representatives (and the directors, officers, affiliates and controlling persons thereof),
and each other person, if any, who controls each Purchaser or any underwriter within the meaning of the Securities Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act,
the Exchange Act or other federal or state or foreign law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a
“Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus (but only if such statement is not corrected in the final
prospectus) contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading (but only
if such omission is not corrected in the final prospectus), or (iii) any violation or alleged violation by the Company in connection with the registration of Registration Shares under the Securities Act, the Exchange Act, any state securities
law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each Purchaser, each underwriter (if any), each affiliate or controlling person, as incurred, any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 5.6(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such
registration by such Purchaser or controlling person of such Purchaser. Each indemnified party shall furnish such information regarding itself or the claim in question as an indemnifying party may reasonably request in writing and as shall be
reasonably required in connection with defense of such claim and litigation resulting therefrom. 
 (b) To the extent
permitted by law, each Purchaser will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the Registration 

  
 5 

 
Statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other holder selling securities in such registration statement and any
controlling person of any such underwriter or other holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act or other federal
or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in
conformity with written information furnished by such Purchaser expressly for use in connection with such registration; and such Purchaser will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be
indemnified pursuant to this Section 5.6(b) in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 5.6(b) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of such Purchaser, which consent shall not be unreasonably withheld; provided, that, in no event shall any
indemnity under this Section 5.6(b) exceed the gross proceeds from the offering received by such Purchaser. 
 (c) The
obligations of the Company and the Purchasers under this Section 5.6 shall survive the completion of any offering of Registration Shares in a Registration Statement under this Article V. 

(d) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the
underwriting agreement (if any) entered into in connection with any underwritten public offering of the Registration Shares are in conflict with the foregoing provisions, the provisions in such underwriting agreement shall control. 

5.7 No Assignment of Registration Rights. The rights to cause the Company to register Shares pursuant to this Article V may
only be assigned by any Purchaser to a transferee or assignee of any Shares if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. 

5.8 Waiver Procedures. The observance by the Company of any provision of this Article V may be waived (either generally or in
a particular instance and either retroactively or prospectively) with the written consent of each Purchaser. 
 ARTICLE VI

 MISCELLANEOUS 
 6.1 Notices. All notices, requests and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally against written receipt or by
facsimile transmission against facsimile confirmation or mailed by prepaid first class certified mail, return receipt requested, or mailed by nationally recognized overnight courier prepaid, to the parties hereto at the addresses or facsimile
numbers set forth on the signature page to this Agreement. 

  
 6 

  
 6.2 Right to
Rely. Notwithstanding any right of any party (whether or not exercised) to investigate the affairs of any other party contained in this Agreement, each party has the right to rely fully upon the representations, warranties, covenants and
agreements contained in this Agreement. 
 6.3 No Assignment; Binding Effect. Neither this Agreement nor any right,
interest or obligation hereunder may be assigned; provided, however, that each Purchaser may assign its rights under this Agreement to any of its affiliates which acquires the Shares. This Agreement is binding upon, inures to the benefit of and is
enforceable by the parties hereto and their respective successors and assigns. 
 6.4 Headings. The headings used in
this Agreement have been inserted for convenience of reference only and do not define or limit the provisions hereof. 

6.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Bermuda, without giving
effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than Bermuda. 
 6.6 Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 [signature page to follow] 

  
 7 

  
 IN WITNESS WHEREOF,
this Purchase Agreement has been duly executed and delivered by the duly authorized representative of each party hereto as of the date first above written. 

 

			
	Tsakos Energy Navigation Limited
		
	By:	 	/s/    Paul Durham        
		 	 Name: Paul Durham
 Title:
Chief Financial Officer

	
	 PURCHASERS:

			
	
	Kelley Enterprises Inc.
		
	By:	 	/s/    P. Efthimiades        
		 	 Name: P. Efthimiades
 Title:
Director

		
		 	Number of Shares: 424,424
	
	Marsland Holdings Limited
		
	By:	 	/s/    E. Saroglou        
		 	 Name: E. Saroglou
 Title:
Director

		
		 	Number of Shares: 260,432

			
	
	Redmont Trading Corp.
		
	By:	 	/s/    Thomas K. Zafiras        
		 	 Name: Thomas K. Zafiras

Title: President

		
		 	Number of Shares: 212,005

  
 8

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