Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 SECOND
SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as of October 31, 2018, among Navios Maritime Holdings Inc., a Marshall Islands corporation, (the “Company”), Navios Maritime Finance II (US)
Inc., a Delaware corporation (together with the Company, the “Co-Issuers”), Pacifico Navigation Corp., a Marshall Islands corporation and an indirect wholly owned subsidiary of the Company
(the “Guaranteeing Subsidiary”), the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee (or its permitted successor) under the Indenture referred to below (the
“Trustee”) and as collateral trustee (or its permitted successor) under the Indenture referred to below (the “Collateral Trustee”). 

WITNESSETH 
 WHEREAS, the Co-Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of November 21, 2017 providing for the issuance of 11.25% Senior
Secured Notes due 2022 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Co-Issuers’ obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Second Supplemental Indenture. 
 NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Co-Issuers and the Trustee mutually covenant and
agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary
hereby agrees to provide an unconditional Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof. 

3. NEW YORK LAW TO GOVERN. THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

4. COUNTERPARTS. The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. 
 5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall
not affect the construction hereof. 

 6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the
Co-Issuers. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed and attested, all as of the date first above written. 
  

					
	PACIFICO NAVIGATION CORP.
		
	By. 	 	 /s/ VASILIKI PAPAEFTHYMIOU

		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Authorized Officer
	
	NAVIOS MARITIME HOLDINGS INC.
		
	By.	 	/s/ VASILIKI PAPAEFTHYMIOU
		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Executive Vice President, Legal
	
	NAVIOS MARITIME FINANCE II (US) INC.
		
	By.	 	/s/ VASILIKI PAPAEFTHYMIOU
		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	President

  
 [Signature Page to Second
Supplemental Indenture] 

 
					
	 ALPHA MERIT CORPORATION
 ASTEROID
SHIPPING S.A.
  
 CLOUD ATLAS MARINE S.A.

HEODOR SHIPPING INC.
 THALASSA MARINE S.A.,

as Guarantors

		
	By. 	 	/s/ VASILIKI PAPAEFTHYMIOU
		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Director/Secretary
	
	 DIESIS SHIPMANAGEMENT LTD
 MANDORA
SHIPPING LTD
 SOLANGE SHIPPING LTD.
 TULSI SHIPMANAGEMENT
CO.
 CINTHARA SHIPPING LTD
 RAWLIN SERVICES COMPANY

MAUVE INTERNATIONAL S.A.
 AQUIS MARINE CORP.

FAITH MARINE LTD.
 VECTOR SHIPPING CORPORATION

ARAMIS NAVIGATION INC.
 DUCALE MARINE INC.

HIGHBIRD MANAGEMENT INC.
 RED ROSE SHIPPING CORP.

GINGER SERVICES CO.
 QUENA SHIPMANAGEMENT INC.

ASTRA MARITIME CORPORATION
 PRIMAVERA SHIPPING CORPORATION

PUEBLO HOLDINGS LTD
 BEAUFIKS SHIPPING CORPORATION

ROWBOAT MARINE INC.
 CORSAIR SHIPPING LTD.

PHAROS NAVIGATION S.A.
 SIZZLING VENTURES INC.

SHIKHAR VENTURES S.A.
 TAHARQA SPIRIT CORP.

RHEIA ASSOCIATES CO.
 RUMER HOLDING LTD.

KLEIMAR NV
 NAV HOLDINGS LIMITED

NAVIOS CORPORATION

  
 [Signature Page to Second
Supplemental Indenture] 

 
					
	 ANEMOS MARITIME HOLDINGS INC.

NAVIOS SHIPMANAGEMENT INC.
 AEGEAN SHIPPING CORPORATION

ARC SHIPPING CORPORATION
 MAGELLAN SHIPPING CORPORATION

IONIAN SHIPPING CORPORATION
 APOLLON SHIPPING CORPORATION

HERAKLES SHIPPING CORPORATION
 ACHILLES SHIPPING CORPORATION

KYPROS SHIPPING CORPORATION
 HIOS SHIPPING CORPORATION

MERIDIAN SHIPPING ENTERPRISES INC.
 MERCATOR SHIPPING
CORPORATION
 HORIZON SHIPPING ENTERPRISES CORPORATION
 STAR
MARITIME ENTERPRISES CORPORATION
 NAVIOS HANDYBULK INC.
 NAVIOS
INTERNATIONAL INC.
 NOSTOS SHIPMANAGEMENT CORP.
 PORTOROSA
MARINE CORP.
 WHITE NARCISSUS MARINE S.A.
 HESTIA SHIPPING
LTD.
 SERENITY SHIPPING ENTERPRISES INC.,

            as Guarantors

		
	By. 	 	/s/ VASILIKI PAPAEFTHYMIOU
		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Director and Authorized Officer
	
	 NAVIOS CONTAINERS MANAGEMENT INC.,

            as Guarantor

		
	By.	 	/s/ PANAGIOTIS PITER KALLIFIDAS
		 	Name:	 	Panagiotis Piter Kallifidas
		 	Title:	 	Director/Secretary
	
	LAVENDER SHIPPING CORPORATION, as Guarantor
		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name:	 	George Achniotis
		 	Title:	 	President/Director

  
 [Signature Page to Second
Supplemental Indenture] 

 
					
	NAVIOS ASIA LLC, as Guarantor
		
	By. 	 	/s/ GEORGE ACHNIOTIS
		 	Name:	 	George Achniotis
		 	Title:	 	Manager
	
	 JASMINE SHIPPING CORPORATION
  

IRIS SHIPPING CORPORATION, as Guarantors

		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name:	 	George Achniotis
		 	Title:	 	Treasurer/Director
	
	EMERY SHIPPING CORPORATION, as Guarantors
		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name:	 	George Achniotis
		 	Title:	 	President/Director

  
 [Signature Page to Second
Supplemental Indenture] 

 
			
	TRIANGLE SHIPPING CORPORATION
	
	ESMERALDA SHIPPING CORPORATION, as Guarantors
		
	By. 	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   President
	
	 ROSELITE SHIPPING CORPORATION
  

SMALTITE SHIPPING CORPORATION, as Guarantors

		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   President/Director
	
	MOTIVA TRADING LTD, as Guarantor
		
	By.	 	/s/ ANNA KALATHAKIS
		 	Name: Anna Kalathaki
		 	Title:   Director and Treasurer/Secretary
	
	KLEIMAR LTD., as Guarantor
		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   Secretary and Director

  
 [Signature Page to Second
Supplemental Indenture] 

			
	NAVIMAX CORPORATION, as Guarantor
		
	By. 	 	/s/ SHUNJI SASADA
		 	Name: Shunji Sasada
		 	Title:   President
	
	NAVIOS TANKERS MANAGEMENT INC., as Guarantor
		
	By.	 	/s/ ALEXANDROS LAIOS
		 	Name: Alexandros Laios
		 	Title:   Secretary/Director

  
 [Signature Page to Second
Supplemental Indenture] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By: 	 	/s/ CASEY A. BOYLE
		 	Name: Casey A. Boyle
		 	Title:   Assistant Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Trustee
		
	By:	 	/s/ CASEY A. BOYLE
		 	Name: Casey A. Boyle
		 	Title:   Assistant Vice President

  
 [Signature Page to Second
Supplemental Indenture]EX-10.5

 Exhibit 10.5 

FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”), dated as of March 17, 2017, among Navios Maritime
Holdings Inc., a Marshall Islands corporation, (the “Company”), Navios Maritime Finance II (US) Inc., a Delaware corporation (together with the Company, the “Co-Issuers”), and
Motiva Trading Ltd, a Marshall Islands corporation and an indirect wholly owned subsidiary of the Company (the “Guaranteeing Subsidiary”), the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank,
National Association, as trustee (the “Trustee”) under the Indenture referred to below and as collateral trustee (the “Collateral Trustee”) under the Indenture referred to below. 

WITNESSETH 
 WHEREAS, the Co-Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of November 29, 2013 providing for the
issuance of 7.375% First Priority Ship Mortgage Notes due 2022 (the “Notes”); 
 WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the
Co-Issuers’ obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Fifth Supplemental
Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject to the terms,
conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof. 

3. NEW YORK LAW TO GOVERN. THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

4. COUNTERPARTS. The parties may sign any number of copies of this Fifth Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. 

 5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof. 
 6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Fifth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Co-Issuers. 

7. FATCA. The Co-Issuers hereby confirm to the Trustee that they intend to treat this Fifth
Supplemental Indenture as not resulting in a material modification of the Notes for purposes of the Notes’ status as “grandfathered obligations” for Foreign Account Tax Compliance Act purposes. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed and attested, all as of the date first above written. 
  

			
	MOTIVA TRADING LTD, as Guarantor
		
	By. 	 	/s/ ANNA KALATHAKIS
		 	Name: Anna Kalathaki
		 	Title:   Director and Treasurer/Secretary
	
	NAVIOS MARITIME HOLDINGS INC.
		
	By.	 	/s/ VASILIKI PAPAEFTHYMIOU
		 	Name: Vasiliki Papaefthymiou
		 	Title:   Executive Vice President, Legal
	
	NAVIOS MARITIME FINANCE II (US) INC.
		
	By.	 	/s/ VASILIKI PAPAEFTHYMIOU
		 	Name: Vasiliki Papaefthymiou
		 	Title:   President
	
	LAVENDER SHIPPING CORPORATION, as Guarantor
		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Akhniotis
		 	Title:   President/Director
	
	NAVIOS ASIA LLC, as Guarantor
		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   Manager

 [Signature Page to Fifth Supplemental Indenture] 

  

			
	 JASMINE SHIPPING CORPORATION

IRIS SHIPPING CORPORATION, as Guarantors

		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   Treasurer/Director
	
	EMERY SHIPPING CORPORATION, as Guarantors
		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   President/Director
	
	NAVIOS HOLDINGS EUROPE FINANCE INC., as Guarantor
		
	By. 	 	/s/ ALEXANDROS LAIOS
		 	Name: Alexandros Laios
		 	Title:   Secretary
	
	 TRIANGLE SHIPPING CORPORATION

ESMERALDA SHIPPING CORPORATION, as Guarantors

		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   President
	
	 ROSELITE SHIPPING CORPORATION

SMALTITE SHIPPING CORPORATION, as Guarantors

		
	By.	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Akhniotis
		 	Title:   President/Director

 [Signature Page to Fifth Supplemental Indenture] 

	
	 DIESIS SHIPMANAGEMENT LTD
 MANDORA SHIPPING
LTD
 SOLANGE SHIPPING LTD.
 TULSI SHIPMANAGEMENT CO.

CINTHARA SHIPPING LTD
 RAWLIN SERVICES COMPANY

MAUVE INTERNATIONAL S.A.
 AQUIS MARINE CORP.

FAITH MARINE LTD.
 VECTOR SHIPPING CORPORATION

ARAMIS NAVIGATION INC.
 DUCALE MARINE INC.

HIGHBIRD MANAGEMENT INC.
 RED ROSE SHIPPING CORP.

GINGER SERVICES CO.
 QUENA SHIPMANAGEMENT INC.

ASTRA MARITIME CORPORATION
 PRIMAVERA SHIPPING CORPORATION

PUEBLO HOLDINGS LTD
 BEAUFIKS SHIPPING CORPORATION

ROWBOAT MARINE INC.
 CORSAIR SHIPPING LTD.

PHAROS NAVIGATION S.A.
 SIZZLING VENTURES INC.

SHIKHAR VENTURES S.A.
 TAHARQA SPIRIT CORP.

RHEIA ASSOCIATES CO.
 RUMER HOLDING LTD.

KLEIMAR NV
 NAV HOLDINGS LIMITED

NAVIOS CORPORATION
 ANEMOS MARITIME HOLDINGS INC.

NAVIOS SHIPMANAGEMENT INC.
 AEGEAN SHIPPING CORPORATION

ARC SHIPPING CORPORATION
 MAGELLAN SHIPPING CORPORATION

IONIAN SHIPPING CORPORATION
 APOLLON SHIPPING CORPORATION

HERAKLES SHIPPING CORPORATION
 ACHILLES SHIPPING CORPORATION

KYPROS SHIPPING CORPORATION
 HIOS SHIPPING CORPORATION

MERIDIAN SHIPPING ENTERPRISES INC.
 MERCATOR SHIPPING
CORPORATION
 HORIZON SHIPPING ENTERPRISES CORPORATION
 STAR
MARITIME ENTERPRISES CORPORATION

 [Signature Page to Fifth Supplemental Indenture] 

	
	 NAVIOS HANDYBULK INC.
 NAVIOS INTERNATIONAL
INC.
 NOSTOS SHIPMANAGEMENT CORP.
 PORTOROSA MARINE CORP.

WHITE NARCISSUS MARINE S.A.
 HESTIA SHIPPING LTD.

SERENITY SHIPPING ENTERPRISES INC.,

            as Guarantors

  

			
	By. 	 	/s/ VASILIKI PAPAEFTHYMIOU
		 	Name: Vasiliki Papaefthymiou
		 	Title:   Director and Authorized Officer

 [Signature Page to Fifth Supplemental Indenture] 

 
			
	KLEIMAR LTD., as Guarantor
		
	By. 	 	/s/ GEORGE ACHNIOTIS
		 	Name: George Achniotis
		 	Title:   Secretary and Director
	
	NAVIMAX CORPORATION, as Guarantor
		
	By.	 	/s/ SHUNJI SASADA
		 	Name: Shunji Sasada
		 	Title:   President
	
	NAVIOS TANKERS MANAGEMENT INC.
		
	By.	 	/s/ ALEXANDROS LAIOS
		 	Name: Alexandros Laios
		 	Title:   Secretary/Director

 [Signature Page to Fifth Supplemental Indenture] 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By. 	 	 /s/ YANA KISLENKO

		 	Name: Yana Kislenko
		 	Title:   Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Trustee

		
	By.	 	 /s/ YANA KISLENKO

		 	Name: Yana Kislenko
		 	Title:   Vice President

 [Signature Page to Fifth Supplemental Indenture]

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