Document:

Exhibit 4.13

 

 

 

COSTAMARE INC.

 

- and –

 

COSTAMARE SHIPPING COMPANY
S.A.

 

FRAMEWORK AGREEMENT

 

 

    	 

    	

    

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	INTERPRETATION	1
	 	 	 
	ARTICLE II	APPOINTMENT	6
	 	 	 
	ARTICLE III	THE PARENT’S GENERAL OBLIGATIONS	7
	 	 	 
	ARTICLE IV	THE MANAGER’S GENERAL OBLIGATIONS	8
	 	 	 
	ARTICLE V	ADMINISTRATIVE SERVICES	10
	 	 	 
	ARTICLE VI	COMMERCIAL SERVICES	11
	 	 	 
	ARTICLE VII	INTENTIONALLY OMITTED	12
	 	 	 
	ARTICLE VIII	INTENTIONALLY OMITTED	12
	 	 	 
	ARTICLE IX	MANAGEMENT FEES AND EXPENSES	12
	 	 	 
	ARTICLE X	BUDGETS, CORPORATE PLANNING AND EXPENSES	15
	 	 	 
	ARTICLE XI	LIABILITY AND INDEMNITY	18
	 	 	 
	ARTICLE XII	RIGHTS OF THE MANAGER AND RESTRICTIONS ON THE MANAGER’S AUTHORITY	19
	 	 	 
	ARTICLE XIII	TERMINATION OF THIS AGREEMENT	21
	 	 	 
	ARICLE XIV	NOTICES	23
	 	 	 
	ARTICLE XV	APPLICABLE LAW	24
	 	 	 
	ARTICLE XVI	ARBITRATION	24
	 	 	 
	ARTICLE XVII	MISCELLANEOUS	25
	 	 	 
	APPENDIX I	FORM OF SHIPMANAGEMENT AGREEMENT	 
	 	 	 
	APPENDIX II	FORM OF SUPERVISION AGREEMENT	 

    	 

    	

    

THIS FRAMEWORK AGREEMENT (this “Agreement”)
is made on the 2nd day of November 2015 as amended and restated on 17 January, 2020, BY AND BETWEEN:

 

(1)        COSTAMARE
INC., a Marshall Islands corporation (the “Parent”); and

 

(2)        COSTAMARE SHIPPING
COMPANY S.A., a company organized and existing under the laws of the Republic of Panama (the “Manager”).

 

WHEREAS:

 

(A)        The Parent wholly
owns the entities set out in Schedule A, as such Schedule A may be amended from time to time (the “Subsidiaries”),
each of which owns or operates or has agreed to purchase one or more Container Vessels (as defined below) (the “Vessels”).

 

(B)        The Manager has
the benefit of experience in the technical and commercial management of Container Vessels and representation of shipowning companies
generally.

 

(C)        The Parent and
the Manager desire to adopt this Agreement, pursuant to which the Manager shall, either directly and/or through a Submanager (as
defined below), provide certain ship management services to the Subsidiaries as specified herein.

 

NOW, THEREFORE, THE PARTIES HEREBY AGREE:

 

ARTICLE
I

INTERPRETATION

 

SECTION 1.1. In this
Agreement, unless the context otherwise requires:

 

“Affiliates”
means, with respect to any person as to any particular date, any other persons that directly or indirectly, through one or more
intermediaries, are Controlled by, Control or are under common Control with the person in question, and Affiliates means any of
them.

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Annual Period”
shall have the meaning set forth in Section 9.2.

 

“Approved Budget”
shall have the meaning set forth in Section 10.3.

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“Beneficial
Owner” has the meaning set forth in Rule 13d-3 under the Exchange Act. For purposes of this definition, such person or
group shall be deemed to Beneficially Own any outstanding voting securities of a company held by any other company (the “parent
company”) that is Controlled by such person or group. The term “Beneficially Own” and similar capitalized terms
shall have analogous meanings.

 

“Board of Directors”
means the board of directors of the Parent as the same may be constituted from time to time.

 

“Business Days”
means a day (excluding Saturdays and Sundays) on which banks are open for business in Monaco; Athens, Greece; and New York, New
York, USA.

 

“Change in
Control of the Manager” means (a) a sale of all or substantially all of the assets or property of the Manager necessary
for the performance of the Services, (b) a sale of the Manager’s shares that would result in Konstantinos Konstantakopoulos
Beneficially Owning, directly or indirectly, less than 50.1% of the total voting power of the outstanding voting securities of
the Manager or (c) a merger, consolidation or similar transaction, that would result in Konstantinos Konstantakopoulos Beneficially
Owning, directly or indirectly, less than 50.1% of the total voting power of the outstanding voting securities of the resulting
entity following such transaction.

 

“Change in
Control of the Parent” means the occurrence of any of the following events: (a) a “person” or “group”
(within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act or any successor provision to either of the foregoing), including
a group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(10)
under the Exchange Act (other than one or more Konstantakopoulos Entities) (collectively, an “Acquiring Person”) becomes
the Beneficial Owner, directly or indirectly, of 40% or more of the total voting power of the outstanding voting securities of
the Parent, which voting power represents a higher percentage than that of the Konstantakopoulos Entities, collectively; or (b)
the approval by the shareholders of the Parent of a proposed merger, consolidation or similar transaction, as a result of which
any Acquiring Person become the Beneficial Owner, directly or indirectly, of 40% or more of the total voting power of the outstanding
voting securities of the resulting entity following such transaction, which voting power represents a higher percentage than that
of the Konstantakopoulos Entities, collectively; or (c) a change in directors after which majority of the members of the Board
are not Continuing Directors.

 

“Consent of
the Parent” means the prior written consent of the majority of the Independent Directors of the Parent.

 

“Container
Vessel” means any ocean-going vessel (whether in its construction phase or operational) that is intended to be used primarily
to transport containerized cargoes.

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“Continuing
Directors” means, as of any date of determination, any member of the Board of Directors who (i) was a member of the Board
of Directors immediately after the date of this Agreement, or (ii) was nominated for election or elected to the Board of Directors
with the approval of the board of directors then still in office or who were either directors immediately after the date of this
Agreement or whose nomination or election was previously so approved.

 

“Control”
or “Controlled” means, with respect to any person, the right to elect or appoint, directly or indirectly, a
majority of the directors of such person or a majority of the persons who have the right, including any contractual right, to manage
and direct the business, affairs and operations of such person or the possession of the power to direct or cause the direction
of the management and policies of a person, whether through ownership of voting securities, by contract or otherwise.

 

“Crew”
shall have the meaning set forth in clause 1 of each Shipmanagement Agreement.

 

“Draft Budget”
shall have the meaning set forth in Section 10.1.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended.

 

“Executive
Officers” means the Chief Executive Officer, the Chief Operating Officer (if any) and the Chief Financial Officer of
the Parent.

 

“Force Majeure”
shall have the meaning set forth in Section 11.1.

 

“Independent
Directors” means those members of the Board of Directors that qualify as independent directors within the meaning of
Rule 10A-3 promulgated under the Exchange Act and the listing criteria of the New York Stock Exchange.

 

“Initial Term”
shall have the meaning set forth in Section 13.1.

 

“Insurance
Broker” means each insurance or re-insurance broker, sub-broker or agent thereof providing marine insurance or re-insurance
broking and/or advisory services to the Parent and/or any Subsidiary and/or a Vessel and “Insurance Brokers”
means, together, all or any of them.

 

“Insurances”
means in relation to a Vessel or the Parent or a Subsidiary:

 

	 	(a)	all policies
and contracts of insurance or re-insurance; and
	 	 	 
		(b)	all entries in a protection and indemnity or war risks or other mutual insurance association,

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in the name of such person
or persons in respect of or in connection with such Vessel or its owner and includes all benefits thereof (including the right
to receive claims and to return of premiums).

 

“Insurer”
means, in relation to the Parent and/or any Subsidiary and/or a Vessel, each insurance company, reinsurance company, protection
and indemnity association and/or mutual association or other person offering any kind of Insurance to the Parent and/or such Subsidiary
and/or such Vessel or in which the Parent and/or such Subsidiary is a member, partner or shareholder of and “Insurers”
means, together, all or any of them.

 

“Konstantakopoulos
Entities” means:

 

		(a)	Konstantinos Konstantakopoulos, Christos Konstantakopoulos, Achillefs Konstantakopoulos or Vassileios
Konstantakopoulos;

 

		(b)	any spouse or lineal descendant of any of the individuals set out in paragraph (a) above; and

 

		(c)	any person Controlled by, or under common Control with, any such individual or combination of such
individuals as set out in paragraphs (a) and (b) above.

 

“Management
Fee” shall have the meaning set forth in Section 9.1.

 

“Management
Services” shall have, in relation to a Vessel, the meaning set forth in clause 1 of the Shipmanagement Agreement applicable
to such Vessel.

 

“Manager”
shall have the meaning set forth in the preamble.

 

“Manager Related
Parties” shall have the meaning set forth in Section 11.2.

 

“Newbuild”
means a new vessel to be or which has just been constructed, or is under construction, pursuant to a shipbuilding contract or other
related agreement entered into by the relevant Subsidiary.

 

“Parent”
shall have the meaning set forth in the preamble.

 

“Questioned
Items” shall have the meaning set forth in Section 10.2.

 

“Related Manager”
means Shanghai Costamare Ship Management Co., Ltd. or any Affiliate of a Konstantakopoulos Entity appointed as Submanager in accordance
with the terms of this Agreement.

 

“Services”
shall have the meaning set forth in Section 2.2.

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“Shipmanagement
Agreement” shall have the meaning set forth in Section 3.2.

 

“STCW 95”
means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in
1995 or any subsequent amendment thereto.

 

“Submanager”
shall have the meaning set forth in Section 2.3.

 

“Subsequent
Term” shall have the meaning set forth in Section 13.1.

 

“Subsidiaries”
shall have the meaning set forth in the recitals.

 

“Supervision
Agreement” shall have the meaning set forth in Section 3.3.

 

“Term”
shall have the meaning set forth in Section 13.1.

 

“Vessels”
shall have the meaning set forth in the recitals.

 

“V.Ships”
means V.Ships Greece Ltd, Par-La Ville Place 14, Par-La Ville Road, Hamilton HM08, Bermuda and includes its successors in title
and permitted assignees.

 

“York”
means York Capital Management Global Advisors LLC, Sparrow Holdings, L.P., Bluebird Holdings, L.P. and certain affiliated funds
on whose behalf York Capital Management Global Advisors LLC has entered into the Framework Deed between the Parent, Costamare Ventures
Inc. and York dated 15 May 2013 as amended from time to time.

 

SECTION 1.2. The headings
of this Agreement are for ease of reference and do not limit or otherwise affect the meaning hereof.

 

SECTION 1.3. All the
terms of this Agreement, whether so expressed or not, shall be binding upon the parties hereto and their respective successors
and assigns.

 

SECTION 1.4. In the
event of any conflict between this Agreement, any Shipmanagement Agreement or any Supervision Agreement, the provisions of this
Agreement shall prevail.

 

SECTION 1.5. Unless
otherwise specified, all references to money refer to the legal currency of the United States of America.

 

SECTION 1.6. Unless
the context otherwise requires, words in the singular include the plural and vice versa.

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SECTION 1.7. The words
“include”, “includes” and “including” when used herein shall be deemed in each case to be followed
by the words “without limitation” and shall not be construed to limit any general statement which it follows to the
specific or similar items or matters immediately following it.

 

SECTION 1.8. Any reference
to “person” includes an individual, body corporate, limited liability company, partnership, joint venture, cooperative,
trust or unincorporated organization, association, trustee, domestic or foreign government or any agency or instrumentality thereof,
or any other entity recognized by law.

 

SECTION 1.9. Any reference
to an enactment shall be deemed to include reference to such enactment as re-enacted, amended or extended.

 

SECTION 1.10. Any reference
to (or to any specified provision of) this Agreement or any other document shall be construed as reference to this Agreement, that
provision or that document as in force for the time being and as amended in accordance with the terms thereof, or, as the case
may be, with the agreement of the relevant parties.

 

SECTION 1.11. Any reference
to clauses, appendices and schedules shall be construed as reference to clauses of, appendices to and schedules to this Agreement
and references to this Agreement includes its appendices and schedules.

 

ARTICLE
II

APPOINTMENT

 

SECTION 2.1. The Parent
shall procure that the Manager shall be appointed by (a) each Subsidiary pursuant to the provisions of Section 3.3 as the technical
and/or commercial manager of each such Subsidiary’s Vessel on the terms and conditions of the relevant Shipmanagement Agreement
and (b) each Subsidiary to be acquiring a Newbuild, pursuant to the provisions of Section 3.4 as the supervisor of the construction
thereof on the terms and conditions of the relevant Supervision Agreement.

 

SECTION 2.2. The Manager
agrees to provide:

 

(a) the services
specified in Articles V and VI of this Agreement;

 

(b) the services
specified in each Supervision Agreement; and

 

(c) the Management
Services in respect of each Vessel specified in each Shipmanagement Agreement (the services to be provided under Sections 2.2(a),
2.2(b) and 2.2(c) collectively the “Services”).

 

The Parent and the Manager each
hereby agree that in the performance of this Agreement, any Supervision Agreement or any Shipmanagement 

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Agreement, the Manager
or, as the case may be, any Submanager, is acting solely on behalf of, as agent of and for the account of, the relevant Subsidiary.
The Manager or, as the case may be, the relevant Submanager may advise persons with whom it deals on behalf of the relevant Subsidiary
that it is conducting such business for and on behalf of such Subsidiary.

 

SECTION 2.3. The Manager
may upon notice to the Parent appoint any person (a “Submanager”) at any time throughout the duration of this
Agreement to discharge any of the Manager’s duties under this Agreement or a Shipmanagement Agreement or a Supervision Agreement,
provided that if such person is not a Related Manager or V.Ships, the Manager shall obtain the written Consent of the Parent prior
to such appointment (such Consent of the Parent shall not be unreasonably withheld or delayed). The Manager shall appoint a Submanager
either by entering into a management agreement or supervision agreement (such management agreement or supervision agreement to
be on terms to be agreed between the parties thereto and only in respect of the services that the Manager wishes such Submanager
to discharge) directly with such Submanager (for the avoidance of doubt, unless otherwise agreed in writing, no Subsidiary shall
have any responsibility for any fees or costs incurred under any such management agreement or supervision agreement) or by directing
such Submanager to enter into a management agreement or supervision agreement directly with the relevant Subsidiary (such management
agreement or supervision agreement to be on terms to be agreed between the parties thereto and only in respect of the services
that the Manager wishes such Submanager to discharge). The Parent shall procure that each Subsidiary shall provide written confirmation
to the Manager or, as the case may be, a Submanager, that such member’s Vessel is commercially and/or technically managed
by the Manager or, as the case may be, the relevant Submanager.

 

SECTION 2.4. The Manager’s
power to delegate performance of any provision of this Agreement, including delegation by directing a Submanager to enter into
a management agreement or supervision agreement directly with a Subsidiary in accordance with Section 2.3, shall not limit the
Manager’s liability to perform this Agreement with the intention that the Manager shall remain responsible for the due and
timely performance of all duties and responsibilities of the Manager hereunder, PROVIDED HOWEVER, that to the extent that
any Submanager has performed any such duty, the Manager shall not be under any obligation to perform again the same duty.

 

ARTICLE
III

THE PARENT’S GENERAL OBLIGATIONS

 

SECTION 3.1. The Parent
shall notify the Manager as soon as possible of any purchase of any vessel by a Subsidiary (whether the same is a second-hand vessel
or a Newbuild), the delivery of any Newbuild from the relevant builder or intermediate seller to the relevant Subsidiary to take
ownership of such Newbuild, the sale of any Vessel, the 

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purchase or creation of any direct or indirect subsidiary of the Parent
or the sale or divestiture of any Subsidiary and shall promptly amend Schedule A, to be reflective of any such development. Such
amended Schedule A shall be effective on any such day as mutually agreed by the Parent and the Manager, which date shall be no
later than five Business Days after delivery of such amended Schedule A to the Manager by the Parent.

 

SECTION 3.2. For each
Vessel the Parent shall cause the relevant Subsidiary to enter into with the Manager, and the Manager shall enter into with such
Subsidiary, a contract substantially in the form attached as Appendix I (each a “Shipmanagement Agreement” and,
collectively, the “Shipmanagement Agreements”), with such alterations and additions as are appropriate.

 

SECTION 3.3. For each
Newbuild the Parent shall cause the relevant Subsidiary to enter into with the Manager, and the Manager shall enter into with such
Subsidiary, a contract substantially in the form attached as Appendix II (each a “Supervision Agreement” and,
collectively, the “Supervision Agreements”) with such alterations and additions as are appropriate.

 

SECTION 3.4. The Parent
shall procure that each relevant Subsidiary (a) performs its obligations under any Shipmanagement Agreement or any Supervision
Agreement to which it is a party and (b) does not take any action or omit to take any action the effect of which is to cause the
Subsidiaries or the Manager or a Submanager to be in breach of this Agreement, any Shipmanagement Agreement and/or any Supervision
Agreement.

 

SECTION 3.5. The Parent
agrees that, save for any Konstantakopoulos Entity Affiliate, the Manager has been engaged to provide the Services on an exclusive
basis and, without receiving the prior written approval of the Manager or before it has lawfully terminated this Agreement in accordance
with its terms, it will procure that no Subsidiary shall engage any other entity to provide any of the Services (unless such engagement
only becomes effective after the termination of this Agreement).

 

ARTICLE
IV

THE MANAGER’S GENERAL OBLIGATIONS

 

SECTION 4.1. In the
exercise of its duties hereunder, the Manager shall act in accordance with the reasonable policies, guidelines and instructions
from time to time communicated to it in writing by any Subsidiary.

 

SECTION 4.2. For each
Vessel or, as the case may be, Newbuild the Manager shall act and do all and/or any of the acts or things described in this Agreement
and the relevant Shipmanagement Agreement or Supervision Agreement applicable to each 

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such Vessel or Newbuild in the name and/or
on behalf of the relevant Subsidiary or Subsidiaries.

 

SECTION 4.3. The Manager
acknowledges that the services it will provide pursuant to the Shipmanagement Agreements or the Supervision Agreements are not
limited to the services described in such agreements and include those set forth in this Agreement.

 

SECTION 4.4. The Manager
shall exercise commercially reasonable care to cause all material property of any Subsidiary to be clearly identified as such,
held separately from the property of the Manager and, where applicable, held in safe custody.

 

SECTION 4.5. The Manager
shall exercise commercially reasonable care to cause adequate manpower to be employed by it to perform its obligations under this
Agreement, PROVIDED HOWEVER, that the Manager, in the performance of its responsibilities under this Agreement, shall be
entitled to have regard to its overall responsibilities in relation to the servicing of its clients and in particular, without
prejudice to the generality of the foregoing, the Manager shall be entitled to allocate available resources and services in such
manner as in the prevailing circumstances the Manager considers to be fair and reasonable.

 

SECTION 4.6. The Manager,
in the performance of its responsibilities under this Agreement, any Supervision Agreement or any Shipmanagement Agreement, shall
exercise commercially reasonable care to cause any purchases of products or services from any of its Affiliates to be on terms
no less favorable to the Manager than the market prices for products or services that the Manager could obtain on an arm’s
length basis from unrelated parties.

 

SECTION 4.7. During
the term hereof, the Manager agrees that it will provide the Services to the Subsidiaries on an exclusive basis and, without receiving
the prior Consent of the Parent, it will not provide any Services or other services contemplated herein to any entity other than
the Subsidiaries; provided, however, the Manager may also provide the Services to entities formed pursuant to the Framework Deed
between the Parent, Costamare Ventures Inc. and York dated 15 May 2013 as amended from time to time.

 

SECTION 4.8. If a Vessel
(which expression for the purposes of this Section shall include any Newbuild to be acquired by a Subsidiary) and a Container Vessel
directly or indirectly owned or operated by a third party are both available and meet the criteria for a charter being fixed by
the Manager, the Vessel shall be offered such charter first and the Parent shall have 48 hours from such offer being received to
accept such offer, failing which such charter shall be then offered to the relevant third party.

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SECTION 4.9. The Manager
shall at all times maintain appropriate and necessary accounts and records as regards the Services and shall make the same available
for inspection and auditing by the Parent at such times as may be mutually agreed by the Manager, on the one hand, and the Parent,
on the other hand.

 

ARTICLE
V

ADMINISTRATIVE SERVICES

 

SECTION 5.1. The Manager
shall provide certain general administrative services to the Subsidiaries, including, but not limited to, the following (in the
case of paragraphs (a) to (e) and paragraph (i) below, upon the request of the Parent):

 

(a) keeping
all books and records of things done and transactions performed on behalf of any Subsidiary and/or the Parent (as the case may
be) as it may require from time to time, including, but not limited to, liaising with accountants, lawyers and other professional
advisors and maintaining the necessary technical infrastructure such as computer network, PCs etc.;

 

(b) except
as otherwise contemplated herein, representing any Subsidiary generally in its dealings and relations with third parties;

 

(c) maintaining
the general ledgers of the Subsidiaries and/or the Parent (as the case may be), preparation of periodic consolidated financial
statements of the Parent and/or the Subsidiaries (as the case may be), including, but not limited to, those required for governmental
and regulatory or self-regulatory agency filings and reports to shareholders, arranging of the auditing and/or review of any such
financial statements and the provision of related data processing services;

 

(d) preparing
and providing (or procuring, at the relevant Subsidiary’s cost, a third party service provider to prepare and provide) tax
returns required by any law or regulatory authority;

 

(e) arranging
for the provision of advisory services (either directly or, at the relevant Subsidiary’s cost, through a third party service
provider) to ensure such Subsidiary is in compliance with all applicable laws, including all relevant securities laws;

 

(f) either
directly or, at the relevant Subsidiary’s cost, through a third party service provider (such as by appointing lawyers), providing
for the presentation, negotiation, settlement, prosecution or defense of any claim, demand or petition on behalf of such Subsidiary
arising in connection with the business of such Subsidiary for an amount not exceeding 

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US$1,000,000 or its equivalent, including
the pursuit by such Subsidiary of any rights of indemnification or reimbursement;

 

(g) administering
payroll services, benefits and director’s or consultant’s fees, as applicable, for any person providing services of
an employee, officer, consultant or director of a Subsidiary;

 

(h) handling
general and administrative expenses of each Subsidiary;

 

(i) assisting
each Subsidiary and/or the Parent (as the case may be) in establishing and maintaining a system of internal controls sufficient
to satisfy any applicable law or regulatory requirements; and

 

(j) maintaining,
at the relevant Subsidiary’s cost, such Subsidiary’s corporate existence, qualification and good standing in all necessary
jurisdictions and assisting in all other corporate and regulatory compliance requirements.

 

ARTICLE
VI

COMMERCIAL SERVICES

 

SECTION 6.1. In addition
to any commercial services provided under clause 3.3 of each Shipmanagement Agreement, the Manager shall provide the following
commercial services to the Subsidiaries:

 

(a) performing
class records review and physical inspections in respect of any vessel considered for purchase by a Subsidiary;

 

(b) at the
request of the relevant Subsidiary, providing administrative services in connection with the purchase of a second-hand vessel or
the acquisition and sale of a Newbuild, in either case by such Subsidiary;

 

(c) managing
relationships between the Subsidiaries and any existing or potential charterers, shipbuilders, insurers, lenders, shipmanagers
and other shipping industry service providers/participants;

 

(d) at the
request of a Subsidiary, providing certain services in connection with such Subsidiary taking physical delivery of a vessel, registering
a vessel under a ship register, tendering physical delivery of a Vessel or deleting a Vessel from the applicable port of registry,
in each case on behalf of such Subsidiary.

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ARTICLE
VII

INTENTIONALLY OMITTED 

 

ARTICLE
VIII

INTENTIONALLY OMITTED

 

ARTICLE
IX

MANAGEMENT FEES AND EXPENSES

 

SECTION 9.1. In consideration
of the Manager providing the Services to the Subsidiaries, the Parent shall pay the Manager the following fees (together, the “Management
Fees” and, on a per Vessel basis, the “Management Fee”):

 

(a) subject
to Sections 9.2 and 9.3, a fee of US$956 per day per Vessel during the term of this Agreement payable monthly in arrears (pro rated
to reflect the actual number of days that the relevant Subsidiary owns or charters-in each Vessel during the applicable month),
unless a Vessel is chartered-out to a third party on a bareboat charter basis, in which case the fee payable to the Manager for
such Vessel during the term of this Agreement shall be, subject to Sections 9.2 and 9.3, US$478 per day, PROVIDED HOWEVER,
that when in respect of certain services to a Vessel the Manager appoints a Submanager in accordance with Section 2.3 and such
Submanager enters into a management agreement directly with the relevant Subsidiary (the “direct agreement”),
the fees payable by the Parent and/or such Subsidiary under this Agreement and/or any relevant Shipmanagement Agreement in respect
of such Vessel pursuant to Section 9.1(a) shall be US$956 per day, or as the case may be, US$478 per day minus, in each case,
the fees per day payable by such Subsidiary to such Submanager under the relevant direct agreement in respect of such Vessel;

 

(b) a fee equal
to 0.15% calculated on the aggregate of the gross freight, demurrage, charter hire, ballast bonus or other income obtained for
the employment of each Vessel during the term of this Agreement, payable to the Manager monthly in arrears, only to the extent
such freight, demurrage, charter hire, ballast bonus or other income, as the case may be, is received as revenue; and

 

(c) subject
to Sections 9.2 and 9.3, a fee of US$787,405 per Newbuild under construction for the services rendered by the Manager under the
Supervision Agreement in respect of such Newbuild, payable in accordance with the terms of such Supervision Agreement.

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SECTION 9.2. The Management
Fees will be fixed and shall not be subject to adjustment for Euro/U.S. Dollar exchange rate fluctuations or inflation for the
term of this Agreement, save that for the 12-month period starting on January 1, 2016 and for each subsequent 12-month period
falling thereafter (each such 12-month period referred to hereinafter as an “Annual Period”), the Management
Fee for each Vessel payable pursuant to Section 9.1(a) or Section 9.1(c) will be adjusted pursuant to Section 9.3.

 

SECTION
9.3. The Management Fee for each Vessel payable pursuant to Section 9.1(a) or Section 9.1(c), for the Annual Period commencing
on January 1, 2016 and each subsequent Annual Period thereafter, will, in each case, be adjusted upwards with effect from the beginning
of such Annual Period if:

 

(a) the average
of the Euro/U.S. Dollar exchange rates during the 12-month period ending on the last day of the month of September falling before
the commencement date of such Annual Period (such average being the average over the applicable period, as calculated by the Manager
from the Euro Foreign Exchange Reference Rate published daily at 15:00 CET by the European Central Bank on www.ecb.int) evidence
that the Euro has strengthened against the U.S. Dollar by more than five per cent (5%) from:

 

(i) in the
case of the first Annual Period starting on January 1, 2016, the rate existing on the business day immediately prior to the date
of this Agreement, and

 

(ii) in the
case of each subsequent Annual Period, the previous Euro/U.S. Dollar average calculated for the purposes of this Section 9.3 in
respect of the immediately previous Annual Period,

 

by the average percentage amount
by which the Euro has in each such case so strengthened against the U.S. Dollar; and/or

 

(b) the Manager
has incurred a material unforeseen increase in the cost of providing the Services, by an amount to be agreed between the Manager
and the Parent, each acting in a commercially reasonable manner.

 

SECTION 9.4. The Manager
shall, subject to Section 9.5, pay for all usual office expenses incurred by it as the Manager.

 

SECTION 9.5. The Parent
hereby acknowledges that any capital expenditure, financial costs, operating expenses for each Vessel and any general and administrative
expenses of the Subsidiaries whatsoever are not covered by the Management Fees and any such expenditure, costs and expenses shall
be paid fully by the Parent or the applicable Subsidiary, whether directly to third parties (which for the avoidance of doubt 

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shall
include any Submanager) or by payment to such third parties through the Manager and, without prejudice to Section 10.8, to the
extent incurred by the Manager, shall be reimbursed to it by the Parent and/or any Subsidiary the Manager seeks, in its discretion,
reimbursement from. The said capital expenditure, financial costs, operating expenses for each Vessel and general and administrative
expenses of the Subsidiaries include, without limiting the generality of the foregoing, items such as:

 

(a) fees, interest,
principal and any other costs due to the Subsidiaries’ financiers and their respective advisors;

 

(b) all voyage
expenses and vessel operating and maintenance expenses relating to the operation and management of the Vessels (including Crew
costs, surveyor’s attendance fees, bunkers, lubricant oils, spares, survey fees, classification society fees, maintenance
and repair costs, vetting expenses, etc.);

 

(c) any commissions,
fees, remuneration or disbursements due to lawyers, brokers, agents, surveyors, consultants, financial advisors, investment bankers,
insurance advisors or any other third parties whatsoever appointed by the Manager whether in its name or on behalf and/or in the
name of any Subsidiary;

 

(d) any commissions,
fees, remuneration or disbursements due to lawyers, brokers, agents, surveyors, consultants, financial advisors, investment bankers,
insurance advisors or any other third parties (other than, if applicable, a Related Manager) whatsoever sub-contracted to the Manager
in the normal and reasonable course of meeting the Manager’s duties and obligations under this Agreement or any Shipmanagement
Agreement or any Supervision Agreement including the duties provided in Articles V and VI of this Agreement;

 

(e) applicable
deductibles, insurance premiums and/or P&I calls;

 

(f) postage,
communication, traveling, lodging, victualling, overtime, out of office compensation and out of pocket expenses of the Manager
and/or its personnel, incurred in pursuance of the Services; and

 

(g) any other
out of pocket expenses that are incurred by the Manager in the performance of the Services pursuant to this Agreement, any Supervision
Agreement or any Shipmanagement Agreement.

 

SECTION 9.6. The Manager
shall have the right to demand the Management Fee payable in relation to each Vessel from either the Parent or the Subsidiary owning
such Vessel under the terms of the relevant Shipmanagement Agreement. By 

    	14

    	

    

written notice to the Parent, the Manager may direct the
Parent to pay any amounts owing by the Manager to any Submanager pursuant to a subcontract of any provisions of this Agreement
or any Shipmanagement Agreement or any Supervision Agreement, directly to the relevant Submanager. Notwithstanding anything to
the contrary contained, provided or implied in this Agreement, any Supervision Agreement or any Shipmanagement Agreement, the Manager
shall be entitled to receive and retain any address commission, other commission, credit (whether discretionary or not), continuity
credit (whether annual, semi-annual or other), dividend, distribution, charge, fee (whether advisory or otherwise), interest, premium
refund, return premium, allowance, discount, rebate or other similar amount payable to, declared (including by way of set-off,
combination of accounts or otherwise) in favour of or allocated in favour of the Parent, any Subsidiary or any other assured, co-assured,
joint assured or member by an Insurer in relation to or in connection with the relevant Insurances, unless the Manager expressly
directs otherwise. In addition the Parent shall, and shall procure that each Subsidiary shall, instruct the relevant Insurers and
Insurance Brokers to hold on behalf of and/or pass to the Manager any such commissions, credits, fees, allowances, discounts, rebates
etc.

 

SECTION 9.7. In the
event that a Shipmanagement Agreement is terminated, other than by reason of default by the Managers, the Management Fee payable
to the Manager under Section 9.1(a) for the Vessel subject to such Shipmanagement Agreement shall be payable in respect of such
Vessel for a further period of three months from the termination date. The fees payable for the said three months shall be paid
in one lump sum in advance on the termination of the relevant Shipmanagement Agreement. In addition the relevant Subsidiary shall
pay any Severance Costs (as such term is defined in the relevant Shipmanagement Agreement) for the relevant Vessel which may materialize.

 

ARTICLE
X

BUDGETS, CORPORATE PLANNING AND EXPENSES

 

SECTION 10.1. On or
before October 1 of each calendar year, the Manager shall prepare and submit to the Executive Officers a detailed draft budget
for the next calendar year in a format acceptable to the Executive Officers and the Board of Directors and generally used by the
Manager which shall include a statement of estimated revenue and out-of-pocket expenses in providing the Services (the “Draft
Budget”).

 

SECTION 10.2. For a
period of 20 days after receipt of the Draft Budget, the Executive Officers, from time to time, may request further details and
submit written comments on the Draft Budget. If the Executive Officers do not agree with any item of the Draft Budget, they will,
within the same 20-day period, give the Manager notice of any inquiries to the Draft Budget, which notice will include the list
of items under consideration (the “Questioned Items”) and a proposal for the resolution of each such Questioned
Item. The Executive Officers and the Manager will endeavor to resolve any such differences between them with respect to the Questioned
Items, failing which the relevant Questioned 

    	15

    	

    

Items shall be left as presented by the Manager. If the Executive Officers do not
present any Questioned Items within such 20-day period, they will be deemed to have accepted the Draft Budget and such Draft Budget
shall be deemed to be the Approved Budget (as defined in Section 10.3).

 

SECTION 10.3. By November
15 of the relevant calendar year (or such later date as the Manager and the Board of Directors deem appropriate), and to the extent
that changes are required to the Draft Budget pursuant to Section 10.2, the Manager will prepare and deliver to the Parent a revised
budget that has been approved by the Executive Officers (the “Approved Budget”). However, the Parent acknowledges
that the Approved Budget is only an estimate of the performance of the Vessels and/or the Subsidiaries and the Manager makes no
assurance, representation or warranty that the actual performance of the Vessels and/or the Subsidiaries in any relevant calendar
year will correspond to the estimates contained in the Approved Budget for that calendar year. Notwithstanding the provisions of
Section 10.2 and this Section 10.3, the Approved Budget for the 2015 calendar year shall be the 2015 revised budget that has been
previously approved by the Parent.

 

SECTION 10.4. The Manager
may, from time to time, in any calendar year propose amendments to the Approved Budget upon 15 days notice to the Parent, in which
event the Executive Officers will have the right to approve the amendments in accordance with the process set out in Section 10.2
with the relevant time periods being amended accordingly.

 

SECTION 10.5. Once the
Approved Budget has been delivered, the Manager shall prepare and present to the Parent its estimate of the working capital requirements
of the Vessels and the Subsidiaries and the Manager shall each month update this estimate. Based thereon, the Manager shall each
month make a request to the Parent and/or, as the case may be, the relevant Subsidiaries, in writing for the funds required to
provide the Services to the Subsidiaries and to operate each Vessel for the ensuing month, including the payment of any occasional
or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers or provisions. The
Manager may also make a request in writing to the Parent and/or, as the case may be, the relevant Subsidiaries, at any time for
funds required for the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional
insurance premiums, bunkers or provisions. Such funds shall be received by the Manager within ten calendar days after the receipt
by the Parent or, as the case may be, the relevant Subsidiary of the Manager’s written request and shall be held in a separate
bank account in the name of the Manager or, if requested by the Manager, in the name of the Parent or of the relevant Subsidiary.

 

At the end of each quarter or, if the Manager
from time to time so requires, month, the Manager shall preliminarily reconcile the amounts advanced to it by the Parent or, as
the case may be, the relevant Subsidiary, with the amounts actually expended by it for the 

    	16

    	

    

operation of each of the Vessels and/or
the Subsidiaries, and (a) the Manager shall remit to the Parent, or credit to the Parent amounts to be advanced to it hereunder
for future months, any unused portion of the amounts previously advanced by the Parent or, as the case may be, the relevant Subsidiary,
or (b) the Parent shall pay to the Manager any amounts properly expended by the Manager in excess of the amounts previously advanced
by the Parent or, as the case may be, the relevant Subsidiary. The Parent and the Manager shall reconcile any amounts due to the
Parent by the Manager or due to the Manager by the Parent for each fiscal year of the Parent as promptly as practicable following
the close of each such fiscal year. Without prejudice to Section 10.8, any expenses incurred by the Manager under the terms of
this Agreement on behalf of any Subsidiary may be debited against the account of the respective Subsidiary, but shall in any event
remain payable by the Parent and the relevant Subsidiary to the Manager on demand.

 

SECTION 10.6. The Manager
shall also maintain the records of all costs and expenses incurred, including any invoices, receipts and supplementary materials
as are necessary or proper for the settlement of accounts.

 

SECTION 10.7. Insofar
as any moneys are collected from third parties by the Manager under the terms of any Shipmanagement Agreement and/or any Supervision
Agreement (other than moneys payable by a Subsidiary to the Manager), such moneys and any interest thereon shall be held to the
credit of the relevant Subsidiary in a separate bank account in the name thereof. Interest on any such bank account shall be for
the benefit of the relevant Subsidiary.

 

SECTION 10.8. Notwithstanding
anything contained herein to the contrary, the Manager shall in no circumstances be required to use or commit its own funds to
finance the provision of the Services.

 

SECTION 10.9. To the
extent that a Related Manager has been appointed in accordance with the terms of Section 2.3, it is agreed by the Parent and the
Manager for the benefit of such Related Manager that the provisions of Article X shall apply to such Related Manager as if such
provisions were repeated herein, but with references to:

 

(a) the “Manager”
being deemed as references to the relevant Related Manager;

 

(b) the “Services”
being deemed as references to the services to be performed by such Related Manager under the relevant management agreement;

 

(c) the “Vessels”
being deemed as references to the Vessels being managed by such Related Manager under a management agreement entered into directly
with the relevant Subsidiaries;

    	17

    	

    

(d) the “Parent”
being deemed as references to the relevant Subsidiaries; and

 

(e) references
to “this Agreement, any Shipmanagement Agreement and/or any Supervision Agreement” being deemed as references to any
management agreement signed by such Related Manager directly with the relevant Subsidiaries members.

 

ARTICLE
XI

LIABILITY AND INDEMNITY

 

SECTION 11.1. Save for
the obligation of the Parent to pay any moneys due to the Manager hereunder, neither any Subsidiary nor the Manager shall be under
any liability to the other for any failure to perform any of their obligations hereunder by reason of Force Majeure. “Force
Majeure” shall mean any cause whatsoever of any nature or kind beyond the reasonable control of the relevant Subsidiary
or the Manager, including, without limitation, acts of God, acts of civil or military authorities, acts of war or public enemy,
acts of any court, regulatory agency or administrative body having jurisdiction, insurrections, riots, strikes or other labor disturbances,
embargoes or other causes of a similar nature.

 

SECTION 11.2. The Manager,
including its officers, directors, employees, shareholders, agents, sub-contractors and any Submanager (the “Manager Related
Parties”) shall be under no liability whatsoever to the Parent, any Subsidiary or to any third party (including the Crew)
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 a Vessel), and howsoever arising in the course of the performance
of this Agreement, any Shipmanagement Agreement or any Supervision Agreement, unless and to the extent that the same is proved
to have resulted solely from the gross negligence or willful misconduct of the Manager, its officers, employees, agents, sub-contractors
or any Submanager.

 

SECTION 11.3. Notwithstanding
anything that may appear to the contrary in this Agreement or any Shipmanagement 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 clause 3.1 of each Shipmanagement
Agreement, in which case the Manager’s liability shall be limited in accordance with the terms of this Article XI.

 

SECTION 11.4. The Parent
shall indemnify and hold harmless the Manager Related Parties against all actions, proceedings, claims, demands or liabilities
whatsoever or howsoever arising which may be brought against them or incurred or 

    	18

    	

    

suffered by them arising out of or in connection
with the performance of this Agreement, any Shipmanagement Agreement or any Supervision Agreement and against and in respect of
any loss, damage, delay or expense of whatsoever nature (including legal costs and expenses on a full indemnity basis), whether
direct or indirect, incurred or suffered by any Manager Related Party arising out of or in connection with the performance of this
Agreement, any Shipmanagement Agreement and any Supervision Agreement, unless incurred or suffered due to the gross negligence
or willful misconduct of any Manager Related Party.

 

SECTION 11.5. It is
hereby expressly agreed that no employee or agent of the Manager (including any sub-contractor from time to time employed by the
Manager) shall in any circumstances whatsoever be under any liability whatsoever to the Parent, any Subsidiary or any third party
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 or agency and, without prejudice to the generality
of the foregoing provisions in this Article XI, 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 Article XI, 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 the Manager’s 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. Nothing in this Section 11.5 shall be construed so as to further limit any liability the Manager may have to the Subsidiaries
under Section 11.2.

 

SECTION 11.6. The provisions
of this Article XI shall survive any termination of this Agreement.

 

ARTICLE
XII

RIGHTS OF THE MANAGER AND RESTRICTIONS ON THE MANAGER’S AUTHORITY

 

SECTION 12.1. Except
as may be provided in this Agreement or in any separate written agreement between the Parent or any Subsidiary and the Manager
or a Submanager, the Manager and any Submanager shall be an independent contractor and not the agent of the Parent or any Subsidiary
and shall have no right or authority to incur any obligation on behalf of the Parent or any Subsidiary or to bind the Parent and/or
any Subsidiary in any way whatsoever. Nothing in this Agreement shall be deemed to make the Manager or any Submanager or any of
their subsidiaries or employees an employee, joint venturer or partner of the Parent or any Subsidiary.

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SECTION 12.2. The Parent
acknowledges that the Manager or, as the case may be, any Submanager shall have no responsibility hereunder, direct or indirect,
with regard to the formulation of the business plans, policies, management or strategies (financial, tax, legal or otherwise) of
the Parent or any Subsidiary, which is solely the responsibility of the Parent and each respective Subsidiary. The Parent and each
Subsidiary shall set its corporate policies independently through its respective board of directors and executive officers and
nothing contained herein shall be construed to relieve such directors or officers from the performance of their duties or to limit
the exercise of their powers.

 

SECTION 12.3. Notwithstanding
the other provisions of this Agreement:

 

(a) the Manager
or, as the case may be, any Submanager may act with respect to a Subsidiary upon any advice, resolutions, requests, instructions,
recommendations, direction or information obtained from such Subsidiary or any banker, accountant, broker, lawyer or other person
acting as agent of or adviser to such Subsidiary and the Manager or, as the case may be, the relevant Submanager shall incur no
liability to such Subsidiary for anything done or omitted or suffered in good faith in reliance upon such advice, instruction,
resolution, recommendation, direction or information made or given by such Subsidiary or its agents, in the absence of gross negligence
or willful misconduct by the Manager or, as the case may be, the relevant Submanager or their respective servants, and shall not
be responsible for any misconduct, mistake, oversight, error of judgment, neglect, default, omission, forgetfulness or want of
prudence on the part of any such banker, accountant, broker, lawyer, agent or adviser or other person as aforesaid;

 

(b) the Manager
or, as the case may be, a Submanager shall not be under any obligation to carry out any request, resolution, instruction, direction
or recommendation of the Parent or any Subsidiary or their respective agents if the performance thereof is or would be illegal
or unlawful; and

 

(c) the Manager
or, as the case may be, the relevant Submanager shall incur no liability to the Parent or any Subsidiary for doing or failing to
do any act or thing which it shall be required to do or perform or forebear from doing or performing by reason of any provision
of any law or any regulation or resolution made pursuant thereto or any decision, order or judgment of any court or any lawful
request, announcement or similar action of any person or body exercising or purporting to exercise the legitimate authority of
any government or of any central or local governmental institution in each case where the above entity has jurisdiction.

    	20

    	

    

ARTICLE
XIII

TERMINATION OF THIS AGREEMENT

 

SECTION 13.1. This Agreement
shall be effective as of the date hereof and, subject to Sections 13.2, 13.3, 13.4 and 13.5, shall continue until December 31,
2015 (the “Initial Term”). Thereafter the term of this Agreement shall be extended on a year-to-year basis for
up to ten times (each a “Subsequent Term”) unless the Parent, at least 12 months prior to the end of the then
current term, gives written notice to the Manager that it wishes to terminate this Agreement at the end of the then current term.
In no event will the term of this Agreement (the “Term”) extend beyond the date falling ten years after the
last day of the Initial Term.

 

SECTION 13.2. The Parent
shall be entitled to terminate this Agreement by notice in writing to the Manager if:

 

(a) the Manager
defaults in the performance of any material obligation under this Agreement, subject to a cure right of 20 Business Days following
written notice by the Parent, PROVIDED ALWAYS, that any default of the Manager to perform any of its obligations under a
particular Shipmanagement Agreement or any Supervision Agreement, shall not, in itself, entitle the Parent to terminate this Agreement
pursuant to this Section 13.2(a) and shall only allow the relevant Subsidiary to terminate the relevant Shipmanagement Agreement
or Supervision Agreement;

 

(b) any moneys
due and payable to the Parent or third parties by the Manager under this Agreement is not paid or accounted for within 10 Business
Days following written notice by the Parent;

 

(c) there is
a Change in Control of the Manager; or

 

(d) the Manager
is convicted of, enters a plea of guilty or nolo contendere with respect to, or enters into a plea bargain or settlement admitting
guilt for a crime (including, for the avoidance of doubt, fraud), which conviction, plea bargain or settlement is demonstrably
and materially injurious to the Parent, PROVIDED ALWAYS, such crime is not a misdemeanor and PROVIDED ALWAYS further
that such crime has been committed solely and directly by an officer or director of the Manager acting within the terms of his
or her employment or office.

 

SECTION 13.3. The Manager
shall be entitled to terminate this Agreement by notice in writing to the Parent if:

    	21

    	

    

(a) any moneys
payable by the Parent under this Agreement is not paid when due or if due on demand within 20 Business Days following demand by
the Manager;

 

(b) the Parent
defaults in the performance of any other material obligations under this Agreement, subject to a cure right of 20 Business Days
following written notice by the Manager; or

 

(c) there is
a Change in Control of the Parent;

 

SECTION 13.4. Either
party shall be entitled to terminate this Agreement by notice in writing to the other party if:

 

(a) the other
party ceases to conduct business, or all or substantially all of the equity-interests, properties or assets of such other party
are sold, seized or appropriated which, in the case of seizure or appropriation, is not discharged within 20 Business Days;

 

(b) (i) the
other party files a petition under any bankruptcy law, makes an assignment for the benefit of its creditors, seeks relief under
any law for the protection of debtors or adopts a plan of liquidation; (ii) a petition is filed against the other party seeking
to have it declared insolvent or bankrupt and such petition is not dismissed or stayed within 90 Business Days of its filing; (iii)
the other party shall admit in writing its insolvency or its inability to pay its debts as they mature; (iv) an order is made for
the appointment of a liquidator, manager, receiver or trustee of the other party of all or a substantial part of its assets; (v)
if an encumbrancer takes possession of or a receiver or trustee is appointed over the whole or a substantial part of the other
party’s undertaking, property or assets; or (vi) if an order is made or a resolution is passed for the other party’s
winding up;

 

(c) the other
party is prevented from performing its obligations hereunder, in any material respect, by reasons of Force Majeure for a period
of two or more consecutive months; or

 

(d) all Supervision
Agreements and all Shipmanagement Agreements are terminated in accordance with the respective terms thereof.

 

SECTION 13.5. Upon the
effective date of termination pursuant to this Article XIII, the Manager shall promptly terminate its services hereunder, after
taking reasonable commercial steps to minimize any interruption to the business of the Subsidiaries.

    	22

    	

    

SECTION 13.6. Upon termination,
the Manager shall, as promptly as possible, submit a final accounting of funds received and disbursed under this Agreement, any
Supervision Agreement and/or any Shipmanagement Agreement and of any remaining Management Fees and/or any other funds due from
the Parent or any other Subsidiary, calculated pro rata to the date of termination, and any non-disbursed funds of any Subsidiary
in the Manager’s possession or control will be paid by the Manager as directed by such Subsidiary promptly upon the Manager’s
receipt of all sums then due to it under this Agreement, any Supervision Agreement and/or any Management Agreement, if any.

 

SECTION 13.7. Upon termination
of this Agreement, the Manager shall release to the relevant Subsidiaries the originals where possible, or otherwise certified
copies, of all such accounts and all documents specifically relating to each Vessel or the provision of the Services.

 

SECTION 13.8. Upon termination
of this Agreement either by the Manager for any reason (other than pursuant to Section 13.4(c)) or by the Parent pursuant to Section
13.1, the Parent shall be liable to pay to the Manager as liquidated damages an amount in U.S. Dollars equal to the lesser of (a) ten
times and (b) the number of full years remaining prior to the date falling ten years after the last day of the Initial Term
times, in each case, the aggregate fees due and payable to the Manager under the terms of this Agreement during the 12-month period
ending on the date of termination of this Agreement (without taking into account any reduction to the fees payable to the Manager
under Section 9.1(a) in the event that a Submanager has been appointed as provided therein), PROVIDED ALWAYS, that the amount
of liquidated damages payable hereunder shall never be less than two times the aggregate fees due and payable to the Manager under
the terms of this Agreement during the 12-month period ending on the date of termination of this Agreement.

 

SECTION 13.9. The provisions
of this Article XIII shall survive any termination of this Agreement.

 

ARTICLE
XIV

NOTICES

 

SECTION 14.1. All notices,
consents and other communications hereunder, or necessary to exercise any rights granted hereunder, shall be in writing, sent either
by prepaid registered mail or telefax, and will be validly given if delivered on a Business Day to an individual at the following
address:

 

Costamare Inc.

Guildo Pastor Center

7 rue Gabian

98000 Monaco

    	23

    	

    

Telefax: to be advised

Attention: Gerant

 

Costamare Shipping Company
S.A.

60 Zephyrou Street & Syngrou 

Avenue, Palaio Faliro, Athens, Greece

 

Telefax: +30 210 9409051

Attention: General Manager

 

ARTICLE
XV

APPLICABLE LAW

 

SECTION 15.1. This Agreement
and any non-contractual obligations connected with it shall be governed by, and construed in accordance with, the laws of England.

 

SECTION 15.2. Except
for Sections 2.3, 3.5, 9.5 and 9.6 and Articles XI and XII which can be relied on by a Submanager (other than V.Ships) and Sections
2.3, 3.5, 9.5, 9.6 and 10.9 and Articles XI and XII which can be relied on by a Related Manager, no other term of this Agreement
is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement.

 

ARTICLE
XVI

ARBITRATION

 

SECTION 16.1. All disputes
arising out of this Agreement and/or any non-contractual obligations connected with it shall be arbitrated in London in the following
manner. One arbitrator is to be appointed by each of the parties hereto and a third by the two so chosen. Their decision or that
of any two of them shall be final. The arbitrators shall be commercial persons, conversant with shipping matters. Such arbitration
is to be conducted in accordance with the London Maritime Arbitration Association (LMAA) Terms current at the time when the arbitration
proceedings are commenced and in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof.

 

SECTION 16.2. In the
event that a party hereto shall state a dispute and designate an arbitrator in writing, the other party shall have 10 Business
Days to designate its own arbitrator. If such other party fails to designate its own arbitrator within such period, the arbitrator
appointed by the first party can render an award hereunder.

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SECTION 16.3. Until
such time as the arbitrators finally close the hearings, either party shall have the right by written notice served on the arbitrators
and on the other party to specify further disputes or differences under this Agreement for hearing and determination.

 

SECTION 16.4. The arbitrators
may grant any relief, and render an award, which they or a majority of them deem just and equitable and within the scope of this
Agreement, including but not limited to the posting of security. Awards pursuant to this Article XVI may include costs and judgments
may be entered upon any award made herein in any court having jurisdiction.

 

ARTICLE
XVII

MISCELLANEOUS

 

SECTION 17.1. This Agreement
constitutes the sole understanding and agreement of the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements or understandings, written or oral, with respect thereto. This Agreement may not be amended, waived or discharged
except by an instrument in writing executed by the party against whom enforcement of such amendment, waiver or discharge is sought.

 

SECTION 17.2. During
the term hereof, the Manager will not provide services hereunder through, or otherwise cause any Subsidiary to have, an office
or fixed place of business in the United States.

 

SECTION 17.3. This Agreement
may be executed in one or more written counterparts, each of which shall be deemed an original, but all of which together shall
constitute one instrument.

 

[Remainder
of page intentionally left blank]

    	25

    	

    

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

 

	 	COSTAMARE INC.
	 	 	 	 
	 	 	By:	/s/ Konstantinos Konstantakopoulos
	 	 	 	Name: Konstantinos Konstantakopoulos
	 	 	 	Title: Director
	 	 	 	 
	 	COSTAMARE SHIPPING COMPANY S.A.
	 	 	 	 
	 	 	By:	/s/ Georgios Tsiaras
	 	 	 	Name: Georgios Tsiaras
	 	 	 	Title: Director

    	26

    	

    

SCHEDULE A

 

SUBSIDIARIES

 

	AA	Shipowning companies with vessels	Vessel	Flag
	1	ACHILLEAS
    MARITIME CORPORATION	MAERSK
    KOBE	LIBERIA
	2	ADELE
    SHIPPING CO.	MSC
    AZOV	MALTA
	3	ANGISTRI
    CORPORATION	ZIM
    N.YORK	HONG-KONG
	4	BAILS
    SHIPPING CO.	VOLANS	LIBERIA
	5	BASTIAN
    SHIPPING CO.	MSC
    AJACCIO	MALTA
	6	BEARDMORE
    MARITIME CO.	TALOS	MALTA
	7	BENEDICT
    MARITME CO.	TRITON	MALTA
	8	BERTRAND
    MARITIME CO.	TITAN	MALTA
	9	CADENCE
    SHIPPING CO.	MSC
    AMALFI	MALTA
	10	CAPETANISSA
    MARITIME CORPORATION	COSCO
    BEIJING	MALTA
	11	CARAVOKYRA
    MARITIME CORPORATION	COSCO
    HELLAS	GREEK
	12	CARRAN
    SHIPPING CO.	MICHIGAN	MALTA
	13	CHRISTOS
    MARITIME CORPORATION	SEALAND
    WASHINGTON	HONG-KONG
	14	COSTACHILLE
    MARITIME CORPORATION	COSCO
    YANTIAN	MALTA
	15	COSTIS
    MARITIME CORPORATION	YORK	LIBERIA
	16	DINO
    SHIPPING CO.	SEALAND
    MICHIGAN	HONG-KONG
	17	FAIRBANK
    MARITIME CO.	THESEUS	MALTA
	18	FANAKOS
    MARITIME CORPORATION	OAKLAND
    EXPRESS	HONG-KONG
	19	FASTSAILING
    MARITIME CO	ZIM
    SHANGHAI	HONG-KONG
	20	FINCH
    SHIPPING CO.	NEAPOLIS	LIBERIA
	21	FLOW
    SHIPPING CO.	HALIFAX
    EXPRESS	HONG-KONG
	22	HARDISTY
    SHIPPING CO.	ETOILE	MALTA
	23	HOLLER
    SHIPPING CO.	VELA	LIBERIA
	24	IDRIS
    SHIPPING CO.	ZAGORA	LIBERIA
	25	JODIE
    SHIPPING CO.	MSC
    ATHENS	MALTA
	26	JOYNER
    CARRIERS S.A.	MESSINI	LIBERIA
	27	KALAMATA
    SHIPPING CORPORATION	MAERSK
    KOLKATA	HONG-KONG
	28	KAYLEY
    SHIPPING CO.	MSC
    ATHOS	MALTA
	29	KELSEN
    SHIPPING CO.	KURE	LIBERIA
	30	LEROY
    SHIPPING CO	PROSPER	LIBERIA
	31	LINDNER
    SHIPPING CO.	VENETIKO	LIBERIA

    	 

    	

    

	32	MADELIA
    SHIPPING CO.	ULSAN	HONG-KONG
	33	MARINA
    MARITIME CORPORATION	COSCO
    NINGBO	MALTA
	34	MAS
    SHIPPING CO.	KOKURA	LIBERIA
	35	MERTEN
    SHIPPING CO.	MAERSK
    KALAMATA	HONG-KONG
	36	MIKO
    SHIPPING CO.	SEALAND
    ILLINOIS	HONG-KONG
	37	MONTES
    SHIPPING CO.	MAERSK
    KAWASAKI	LIBERIA
	38	NAVARINO
    MARITIME CORP.	MAERSK
    KINGSTON	HONG-KONG
	39	NERIDA
    SHIPPING CO.	MAERSK
    KOWLOON	LIBERIA
	40	PEDDAR
    SHIPPING CO.	VULPECULA	LIBERIA
	41	PERCY
    SHIPPING CO.	LUEBECK	LIBERIA
	42	PLANGE
    SHIPPING CO.	KYPARISSIA	MALTA
	43	QUENTIN
    SHIPPING CO.	VALOR	MALTA
	44	RADER
    SHIPPING CO.	JPO
    VIRGO	MALTA
	45	RAYMOND
    SHIPPING CO.	VALUE	MALTA
	46	REDDICK
    SHIPPING CO.	MAERSK
    KLEVEN	LIBERIA
	47	RENA
    MARITIME CORPORATION	COSCO
    GUANGZHOU	MALTA
	48	ROCKWELL
    SHIPPING CO.	TRADER	HONG-KONG
	49	SANDER
    SHIPPING CO.	VALIANT	MALTA
	50	SCHOFIELD
    MARITIME CO.	TAURUS	MALTA
	51	SIMONE
    SHIPPING CO.	LEONIDIO	MALTA
	52	SINGLETON
    SHIPPING CO.	MARATHOPOLIS	MALTA
	53	SPEDDING
    SHIPPING CO.	LAKONIA	HONG-KONG
	54	TAKOULIS
    MARITIME CORPORATION	SINGAPORE
    EXPRESS	HONG-KONG
	55	TATUM
    SHIPPING CO.	MEGALOPOLIS	MALTA
	56	TERANCE
    SHIPPING CO.	VALENCE	MALTA
	57	TIMPSON
    SHIPPING CO.	AREOPOLIS	LIBERIA
	58	UNDINE
    SHIPPING CO.	VANTAGE	MALTA
	59	URIZA
    SHIPPING S.A.	NAVARINO	HONG-KONG
	60	VERANDI
    SHIPPING CO.	MAERSK
    KOTKA	LIBERIA
	61	VIRNA
    SHIPPING CO.	MSC
    METHONI	LIBERIA

    	 

    	

    

APPENDIX I

FORM OF SHIP MANAGEMENT AGREEMENT

		 	 	 	                                   	 
	1.      	Date of Agreement

        [to be dated the date of execution]
	THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

 

STANDARD SHIP MANAGEMENT AGREEMENT

 

CODE NAME: “SHIPMAN 98”
	
	 	       	 	Part I
	2.      	Owners (name, place of registered office and law of registry)
    (Cl. 1)	3.      	Managers (name, place of registered office and law
    of registry) (Cl. 1)
	 	 	 	 
	 	Name	 	Name
	 	[name of relevant Subsidiary]	 	Costamare Shipping Company S.A.
	 	Place
    of registered office	 	Place
    of registered office
	 	[to be completed]	 	Panama City, Republic of Panama
	 	Law
    of registry	 	Law
    of registry
	 	[to be completed]	 	Republic of
    Panama
	4.      	Day and year of commencement
                                         of Agreement (Cl. 2)

        [to be completed on execution]
	 	 
	5.      	Crew Management (state “yes”
                                         or “no” as agreed) (CI. 3.1)

        YES

         
	6.      	Technical Management (state “yes”
                                         or “no” as agreed) (Cl. 3.2)

YES

	7.      	Commercial
                                         Management (state “yes” or “no” as agreed) (Cl. 3.3)

        YES

         
	8.      	Insurance
                                         Arrangements (state “yes” or “no” as agreed) (Cl. 3.4)

YES

	9.      	Accounting Services
                                         (state “yes” or “no” as agreed) (Cl. 3.5)

        YES

	10.    	Sale or
                                         purchase of the Vessel (state “yes” or “no” as agreed) (Cl.
                                         3.6)

YES

	11.    	Provisions
                                         (state “yes” or “no” as agreed) (Cl. 3.7)

        YES

         
	12.    	Bunkering
                                         (state “yes” or “no” as agreed) (Cl. 3.8)

YES

 

	13.    	Chartering Services
                                         Period (only to be filled in if “yes” stated in Box 7) (Cl. 3.3(i))
                                         36 months (including any optional extensions applicable)
	14.    	Owners’
                                         Insurance (state alternative (i), (ii) or (iii) of Cl. 6.3)

Clause 6.3(ii)

 

	15.    	Annual Management Fee (state annual amount) (Cl. 8.1)

        See Clause 8.1

         
	16.    	Severance
                                         Costs (state maximum amount) (Cl. 8.4(ii)

not applicable

	17.    	Day
                                         and year of termination of Agreement (Cl. 17)

        see Clause 17

         
	18.    	Law
                                         and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19)

see Clause 19.1

	19.    	Notices
                                         (state postal and-cable-address, telex and telefax
                                         number for serving notice and communication to the Owners) (Cl. 20)

        c/o Costamare Inc.

        Guildo Pastor Center

        7 rue de Gabian
98000 Monaco

         

        Telefax: to be advised

        Attention: Gerant

	20.    	Notices
                                         (state postal and cable address, telex and telefax
                                         number for serving notice and communication to the Managers) (Cl. 20)

60 Zephyrou Street & Syngrou Avenue

Athens, Greece

 

Telefax: +30 210 940 9051

Attention: Managing Director

 

It is mutually agreed between the party
stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART I and PART II
as well as Annex “A” (Details of Vessel), “B” (Details of Crew), “C”
(Budget) and “D” (Associated vessels) attached hereto, shall be performed subject to the conditions contained
herein. In the event of a conflict of conditions, the provisions of PART I and Annex “A” , “B”,
“C” and “D” shall prevail over those of PART II to the extent of such conflict but no further..

 

	Signature(s)
                                         (Owners)

        [name of relevant Subsidiary]

         
	Signature(s)
                                         (Managers)

        COSTAMARE SHIPPING COMPANY
        S.A.

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and the computer generated document.

    	A-I-1

    	

    

ANNEX “A” (DETAILS OF VESSEL OR VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN
98”

 

 

Date of Agreement:

 

Name of Vessel(s):

 

Particulars of Vessel(s):

 

    	 

    	

    

ANNEX “B” (DETAILS OF CREW) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

 

 

Date of Agreement:

 

                                              

 

Name of Vessel(s): 

 

                                              

 

	 	Numbers	Rank	Nationality
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
	 	_______	_______	_______
		_______	_______	_______
	_______	_______	_______
	_______	_______	_______
	_______	_______	_______
	_______	_______	_______
	_______	_______	_______

    	A-I-3

    	

    

ANNEX “C” (BUDGET) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

 

 

Date of Agreement:

 

                                              

 

Managers’ Budget for the first year with effect from the Commencement Date of this Agreement: 

 

                                              

 

    	A-I-4

    	

    

ANNEX “D” (ASSOCIATED VESSELS) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

 

 

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” THEY
WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS
AGREEMENT.

 

Date of Agreement:

 

                                              

 

Details of Associated Vessels: 

 

                                              

 

    	A-I-5

    	

    

PART
II

“SHIPMAN
98” Standard Ship Management Agreement

 

	1.
                                         Definitions	1
	In
    this Agreement save where the context otherwise requires,	2
	the
    following words and expressions shall have the meanings	3
	hereby
    assigned to them.	4
	“Owners”
    means the party identified in Box 2.	5
	“Managers”
    means the party identified in Box 3.	6
	“Vessel”
    means the vessel or vessels details of which are set out	7
	in
    Annex “A” attached hereto.	8
	“Business Days” shall have the same meaning
    as ascribed thereto	 
	in
    Section 1.1 of the Framework Agreement.	8
	“Crew”
    means the Master, officers and ratings employed on the	9
	Vessel from time to time of the numbers,	 
	rank
    and nationally specified in Annex “B” attached hereto.	10
	“Crew
    support Code” means all expenses of a general nature	11
	which
    are not particularly referable to any individual vessel for	12
	the
    time being managed by the Managers and which are incurred	13
	by
    the Managers for the purpose of providing an efficient and	14
	economic
    management service and, without prejudice to the	15
	generality
    of the foregoing, shall include the cost of crew standby	16
	pay,
    training schemes for officers and ratings, cadet training	17
	schemes,
    sick pay, study pay, recruitment and interviews.	18
	“Related
    Manager” shall have the meaning as ascribed thereto	19
	in Section 1.1 of the Framework Agreement.	 
	“Severance Costs” means the costs
    which the employers are	 
	legally
    obliged to pay to or in respect of the Crew as a result of	20
	the
    early termination of any employment contract for service on	21
	the
    Vessel.	22
	“Crew
    Insurances” means insurances against crew risks which	23
	shall
    include but not be limited to death, sickness, repatriation,	24
	injury,
    shipwreck unemployment indemnity and loss of personal	25
	effects.	26
	“Framework Agreement” means the agreement
    dated	 
	2 November 2015 made between the Parent and the Managers.	 
	“Management
    Services” means the services specified in sub-	27
	clauses
    3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.	28
	“ISM
    Code” means the International Management Code for the	29
	Safe
    Operation of Ships and for Pollution Prevention as adopted	30
	by
    the International Maritime Organization (IMO) by resolution	31
	A.741(18)
    or any subsequent amendment thereto.	32
	“ISPS Code” means the International Ship
    and Port Facility.	 
	Security Code constituted pursuant to resolution
    A.924(22) of	 
	the International Maritime Organisation now set out
    in Chapter	 
	XI-2 of the International Convention for the Safety
    of Life at Sea	 
	(SOLAS) 1974 (as amended) and the mandatory ISPS
    Code as	 
	adopted by a Diplomatic Conference of the International	 
	Maritime Organisation on Maritime Security in December
    2002	 
	and includes any amendments or extensions to it and
    any	 
	regulation issued pursuant to it.	 
	“Parent” means Costamare Inc. of Trust
    Company	 
	Complex, Ajeltake Road, Ajeltake Island, Majuro,
    Republic of the	 
	Marshall Islands MH96960.	 
	“STCW 95” means the International
    Convention on Standards	33
	of
    Training, Certification and Watchkeeping for Seafarers, 1978,	34
	as
    amended in 1995 or any subsequent amendment thereto.	35
	 	 
	2. Appointment of Managers	36
	With
    effect from the day and year stated in Box 4 and continuing	37
	unless
    and until terminated as provided herein, the Owners	38
	hereby
    appoint the Managers as the technical and commercial	39
	managers of the Vessel and the Managers hereby agree	 
	to
    act as the technical and commercial Mmanagers of the Vessel.	40
	 	 
	3. Basis of Agreement	 
	Subject
    to the terms and conditions herein provided, during the	42
	period
    of this Agreement, the Managers shall carry out	43
	Management
    Services in respect of the Vessel as agents for	44
	and
    on behalf of the Owners.	45

	The
                                         Managers shall have authority	 
	to
    take such actions as they may from time to time in their absolute	46
	discretion
    consider to be necessary to enable them to perform	47
	this
    Agreement in accordance with sound ship management	48
	practice.	49
	 	 
	3.1 Crew Management	50
	(only applicable
    if agreed according to Box 5)	51
	The
    Managers shall provide suitably qualified Crew for the Vessel	52
	as
    required by the Owners in accordance with the STCW 95	53
	requirements,
    provision of which includes but is not limited to	54
	the
    following functions:	55
	(i)     selecting
    and engaging the Vessel’s Crew, including payroll	56
	         arrangements,
    pension administration, and insurances for	57
	         the
    Crew other than those mentioned in Clause 6;	58
	(ii)     ensuring
    that the applicable requirements of the law of the	58
	         flag
    of the Vessel are satisfied in respect of manning levels,	60
	         rank,
    qualification and certification of the Crew and	61
	         employment
    regulations including Crew’s tax, social	62
	         insurance,
    discipline and other requirements;	63
	(iii)
       ensuring that all members of the Crew have passed a medical	64
	         examination
    with a qualified doctor certifying that they are fit	65
	         for
    the duties for which they are engaged and are in	66
	         possession	 
	         of
    valid medical certificates issued in accordance with	67
	         appropriate
    flag State requirements. In the absence of	68
	         applicable
    flag State requirements the medical certificate shall	69
	         be
    dated not more than three months prior to the respective	70
	         Crew
    members leaving their country of domicile and	71
	         maintained
    for the duration of their service on board the	72
	         Vessel;	 
	(iv)
       ensuring that the Crew shall have a command of the English	73
	         language
    of a sufficient standard to enable them to perform	74
	         their
    duties safely;	75
	(v)    arranging
    transportation of the Crew, including	76
	         repatriation,
    board and lodging as and when required at rates	 
	         and	 
	         types
    of accommodations as customary in the industry;	 
	(vi)
       training of the Crew and supervising their efficiency;	77
	(vii)
      keeping and maintaining full and complete records of any	78
	         labor
    agreements which may be entered into with the Crew and,
	         if
    applicable, conducting union negotiations;	 
	(viii)
     operating the Managers’ drug and alcohol policy unless	79
	         otherwise
    agreed in writing.	80
	 	 
	3.2 Technical Management	81
	(only
    applicable if agreed according to Box 6)	82
	The
    Managers shall provide technical management which	83
	includes,
    but is not limited to, the following functions:	84
	(i)     provision
    of competent personnel to supervise the	85
	        maintenance
    and general efficiency of the Vessel;	86
	(ii)
       arrangement and supervision of dry dockings, repairs,	87
	        alterations
    and the upkeep of the Vessel to the standards	88
	        required
    by the Owners provided that the Managers shall	89
	        be
    entitled to incur the necessary expenditure to ensure	90
	        that
    the Vessel will comply with the law of the flag of the	91
	        Vessel
    and of the places where she trades, and all	92
	        requirements
    and recommendations of the classification	93
	        society;	94
	(iii)
      arrangement of the supply of necessary stores, spares and	95
	        lubricating
    oil;	96
	(iv)
      appointment of surveyors and technical consultants as the	97
	        Managers
    may consider from time to time to be necessary;	98
	(v)
       development, implementation and maintenance of a Safety	99
	        Management
    System (SMS) in accordance with the ISM	100
	        Code
    (see sub-clauses 4.2 and 5.3) and of a security system in	101
	        accordance
    with the ISPS Code;	 
	(vi)   handling any claims against the builder
    of the Vessel	 

 

This document
is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and the computer generated document.

    	A-I-6 

    	

    

PART
II

“SHIPMAN
98” Standard Ship Management Agreement

 

	        arising
                                         out of the relevant shipbuilding contract,	 
	        if applicable;
    and	 
	(vii)  on request by the Owners, providing the
    Owners with a	 
	        copy
    of any inspection report, survey, valuation or any other	 
	        similar
    report prepared by any shipbrokers, surveyors, the	 
	        Class
    etc..	 
	 	 
	3.3 Commercial Management	102
	(only applicable
    if agreed according to Box 7)	103
	The
    Managers shall provide the commercial operation of the	104
	Vessel,
    as required by the Owners, which includes, but is not	105
	limited
    to, the following functions:	106
	(i)     providing
    chartering services in accordance with the Owners’	107
	     instructions
    which include, but are not limited to, seeking	108
	     and
    negotiating employment for the Vessel and the conclusion	109
	     (including
    the execution thereof) of charter parties or other	110
	     contracts
    relating to the employment of the Vessel, whether on	111
	     a	 
	     voyage, time, demise,
    contract of affreightment or other	 
	     basis. If such a	 
	     contract
    exceeds the period 	112
	     stated in Box 13,
    consent thereto	 
	     in
    writing shall first be obtained from the Owners.	113
	(ii)
       arranging of the proper payment to Owners or their nominees	114
	     of
    all hire and/or freight revenues or other moneys of	115
	     whatsoever
    nature to which Owners may be entitled arising	116
	     out
    of the employment of or otherwise in connection with the	117
	     Vessel;.	118
	(iii)
      providing voyage estimates and accounts and calculating of	119
	     hire,
    freights, demurrage and/or dispatch moneys due from	120
	     or
    due to the charterers of the Vessel;	121
	(iv)
      issuing to the Crew ofappropriate voyage instructions
    and	122
	     monitoring voyage performance;	 
	(v)
       appointing agents;	123
	(vi)
      appointing stevedores;	124
	(vii)
     arranging surveys associated with the commercial operation	125
	     of
    the Vessel;	126
	(viii) carrying out the necessary communications with
    the	 
	shippers, charterers and others involved with the receiving	 
	and handling of the Vessel at the relevant loading
    and	 
	discharging ports, including sending any notices required	 
	under the terms of the Vessel’s employment at
    the time;	 
	(ix)   invoicing on behalf of the Owners
    all freights, hires,	 
	demurrages, outgoing claims, refund of taxes, balances
    of	 
	disbursements, statements of account and other sums
    due	 
	to the Owners and account receivables arising from
    the	 
	operation of the Vessel and, upon the request of the
    Owners,	 
	issuing releases on behalf of the Owners upon receipt
    of	 
	payment or settlement of any such amounts;	 
	(x)   preparing off-hire statements and/or
    hire statements;	 
	(xi)  procuring and arranging for port entrance
    and clearance,	 
	pilots, consular approvals and other services necessary
    for	 
	the management and safe operation of the Vessel; and	 
	(xii) reporting to the Owners of any major casualties,	 
	damages received or caused by the Vessel or any major	 
	release or discharge of oil or other hazardous material
    not in	 
	compliance with any laws.	 
	3.4 Insurance
    Arrangements’	127
	(only applicable if agreed according
    to Box 8)	128
	The Managers
    shall arrange insurances in accordance with	129
	Clause 6, on
    such terms and conditions as the Owners shall	130
	have instructed
    or agreed, in particular regarding underwriters	131
	conditions,	 
	insured values, deductibles and franchises.	132
	 	 
	3.5 Accounting
    Services	133
	(only applicable if agreed according
    to Box 9)	134

	Without
                                         prejudice to the relevant provisions of the	135
	Framework Agreement and, in particular, but without	 
	limitation, Section 4.9, Section 5.1 and Section 10.6
    thereof,	 
	Tthe Managers shall:	 
	(I)
         establish an accounting system which meets the	136
	requirements
    of the Owners and provide regular accounting	137
	services,
    supply regular reports and records,	138
	(ii)     maintain
    the records of all costs and expenditure incurred	139
	as
    well as data necessary or proper for the settlement of	140
	accounts
    between the parties.	141
	 	 
	3.6 Sale or
    Purchase of the Vessel	142
	(only applicable if agreed according
    to Box 10)	143
	The Managers
    shall, in accordance with the Owners’ instructions,	144
	supervise the
    sale or purchase of the Vessel, including the	145
	performance
    of any sale or purchase agreement, but not	146
	negotiation
    of the same. The Managers shall, on the request of	147
	the Owners, either directly or by employing the services
    of a	 
	broker, endeavor to procure a buyer for the Vessel at
    a price	 
	and otherwise on terms acceptable to the Owners.	 
	3.7
    Provisions (only applicable if agreed according to Box 11)	148
	The
    Managers shall arrange for the supply of provisions.	149
	 	 
	3.8
    Bunkering (only applicable if agreed according to Box 12)	150
	The
    Managers shall arrange for the provision of bunker fuel of the	151
	quality
    specified by the Owners as required for the Vessel’s trade.	152
	 	 
	4. Managers’ Obligations	153
	4.1
    Without prejudice to the relevant provisions of the Framework	154
	Agreement and in particular, but without limitation	 
	to the foregoing, the provisions of Section 2.3, Section
    4.1 and	 
	Section 4.5 thereof, the Managers undertake to	 
	use their best-endeavors commercially
    reasonable efforts to	 
	provide
    the agreed Management Services as agents for and on	155
	behalf
    of the Owners in accordance with sound ship management	156
	practice
    and to protect and promote the interests of the Owners in	157
	all
    matters relating to the provision of services hereunder.	158
	Provided,
    however, that the Managers in the performance of their	159
	management
    responsibilities under this Agreement shall be entitled	160
	to
    have regard to their overall responsibility in relation to all vessels	161
	as
    may from time to time be entrusted to their management and	162
	in
    particular, but without prejudice to the generality of the foregoing,	163
	the
    Managers shall be entitled to allocate available supplies,	164
	manpower
    and services in such manner as in the prevailing	165
	circumstances
    the Managers in their absolute discretion consider	166
	to
    be fair and reasonable.	167
	4.2
    Where the Managers are providing Technical Management	168
	in
    accordance with sub-clause 3.2, they shall procure that the	169
	requirements
    of the law of the flag of the Vessel are satisfied and	170
	they
    shall in particular be deemed to be the “Company’ as defined	171
	by
    the ISM Code, assuming the responsibility for the operation of	172
	the
    Vessel and taking over the duties and responsibilities imposed	173
	by
    the ISM Code and/or the ISPS Code when applicable.	174
	 	 
	5. Owners’ Obligations	175
	5.1
    Without prejudice to the relevant provisions of the Framework	176
	Agreement, Tthe Owners shall pay all
    sums due to	 
	the
    Managers punctually	 
	in
    accordance with the terms of this Agreement.	177
	5.2
    Where the Managers are providing Technical Management	178
	in
    accordance with sub-clause 3.2, the Owners shall:	179
	(i)
        procure that all officers and ratings supplied by them or on	180
	their
    behalf comply with the requirements of STCW 95;	181
	(ii)
       instruct such officers and ratings to obey all reasonable orders 	182
	of
    the Managers in connection with the operation of the	183

 

This document
is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and the computer generated document.

    	A-I-7 

    	

    
PART
II

“SHIPMAN
98” Standard Ship Management Agreement

 

	Managers’
                                         safety management system.	184
	5.3 Where the
    Managers are not providing Technical Management	185
	in accordance with
    sub-clause 3.2, the Owners shall procure that	186
	the requirements
    of the law of the flag of the Vessel are satisfied	187
	and that they,
    or such other entity as may be appointed by them	188
	and identified
    to the Managers, shall be deemed to be the	189
	“Company”
    as defined by the ISM Code assuming the responsibility	190
	for the operation
    of the Vessel and taking over the duties and	191
	responsibilities
    imposed by the ISM Code when applicable.	192
	 	 
	6. Insurance Policies	193
	The Owners shall
    procure, whether by instructing the Managers	194
	under sub-clause 3.4 or otherwise, that throughout the period of	195
	this Agreement:	196
	6.1 at the Owners’
    expense, the Vessel is insured for not less	197
	than her sound
    market value or entered for her full gross tonnage,	198
	as the case may
    be for:	199
	(i)     usual
    hull and machinery marine risks (including crew	200
	        negligence)
    and excess liabilities;	201
	(ii)    protection
    and indemnity risks (including pollution risks and	202
	Crew insurances); and	203
	(iii)   war
    risks (including protection and indemnity and crew risks);	204
	and	 
	(iv)  any other insurance that the Owners determine
    or the	 
	Managers advise them in writing that, in either case,
    it is	 
	prudent or, as the case may be, appropriate on the basis
    of	 
	prevailing market practices to be obtained in respect
    of the	 
	Vessel, its freight/hire or any third party liabilities,	 
	 	205
	in each case in
    accordance with the best practice of prudent owners	 
	of 

    vessels of a similar type to the Vessel, with first class insurance	206
	companies, underwriters
    or associations (“the Owners’	207
	Insurances”);	208
	6.2 all premiums
    and calls and applicable deductibles and/or	209
	franchises on the Owners’ Insurances are paid	 
	promptly by their
    due date,	210
	6.3 the Owners’
    Insurances name the Managers and, subject	211
	to underwriters’
    agreement, any third party designated by the	212
	Managers as a
    joint assured, with full cover, with the Owners	213
	obtaining cover
    in respect of each of the insurances specified in	214
	sub-clause 6.1:	215
	(i)      on
    terms whereby the Managers and any such third party	216
	         are
    liable in respect of premiums or calls arising in connection	217
	with the Owners’
    Insurances; or	218
	(ii)     if
    reasonably obtainable, on terms such that neither the	219
	         Managers
    nor any such third party shall be under any	220
	         liability
    in respect of premiums or calls arising in connection	221
	         with
    the Owners’ Insurances; or	222
	(iii)    on
    such other terms as may be agreed in writing.	223
	Indicate alternative (i), (ii) or (iii) in Box
    14. If Box 14 is left	224
	blank then (i) applies.	225
	6.4 written
    evidence is provided, to the reasonable satisfaction	226
	of the Managers,
    of their compliance with their obligations under	227
	Clause 6 within
    a reasonable time of the commencement of	228
	the Agreement,
    and of each renewal date and, If specifically	229
	requested, of
    each payment date of the Owners’ Insurances,	230
	 	 
	7. Income Collected and Expenses Paid on Behalf of
    Owners	231
	7.1 Without
    prejudice to the provisions of Section 10.7 of the	232
	Framework Agreement, all moneys collected by the	 
	Managers under
    the terms of	 
	this Agreement
    (other than moneys payable by the Owners to	233
	the Managers)
    and any interest thereon shall be held to the	234
	credit of the
    Owners in a separate bank account.	235
	7.2 Without
    prejudice to the provisions of Section 9.7, Section	236
	10.5 and Section 10.8 of the Framework Agreement, All	 

	expenses
                                         incurred by the Managers under the terms	 
	of this Agreement on behalf of the Owners (including
    expenses	237
	as provided in Clause 8) may be debited against
    the Owners	238
	in the account referred to under sub-clause 7.1
    but shall in any	239
	event remain payable by the Owners to the Managers on	240
	demand. For the avoidance of doubt, the Managers can
    make	241
	such demand on the Owners as well as on the Parent as	 
	provided in Section 10.5 of the Framework Agreement.	 
	Furthermore and without prejudice to the generality
    of the	 
	provisions of this Clause 7, the Managers shall, subject
    to being	 
	placed in funds by the Owners or the Parent, arrange
    for the	 
	payment of all ordinary charges incurred in connection
    with the	 
	Management Services, including, but not limited to,
    all canal	 
	tolls, port charges, any amounts due to any governmental	 
	authority with respect to the Crew and all duties and
    taxes in	 
	respect of the Vessel, the cargo, hire or freight (whether
    levied	 
	against the Owners, the Parent or the Vessel), insurance	 
	premiums, advances of balances of disbursements, invoices
    for	 
	bunkers, stores, spares, provisions, repairs and any
    other	 
	material and/or service in respect of the Vessel.	 
	8. Management Fees	242
	8.1 The Owners shall pay to the Managers for
    their services	243
	as Managers under this Agreement an-annual
    the management	244
	fees as stated in Box 15 Section 9.1(a)
    and Section 9.1(b) of the	245
	Framework Agreement -which shall be payable by-equal	 
	monthly installments in advance, the first installment
    being monthly	246
	in accordance with the provisions of Article IX of the
    Framework	 
	Agreement.	 
	payable on the commencement of the Agreement
    (see Clause	247
	2 and Box 4) and subsequent installments being
    payable every	248
	month.	249
	8.2 The management fees shall be subject to an
    annual-review	250
	in accordance with the provisions of Sections 9.2 and
    9.3 of the	251
	Framework Agreement the anniversary date of
    the	 
	Agreement and the proposed	 
	fee shall be presented in the annual budget
    referred to in sub-	252
	clause 9.1.	253
	8.3 The Managers shall, at no extra cost
    to the Owners, provide	254
	their own office accommodation, office staff,
    facilities and	255
	stationery. Without limiting the generality
    of Clause 7 the Owners	256
	shall reimburse the Managers for postage and communication	257
	expenses, travelling expenses, and other out of pocket	258
	expenses properly incurred by the Managers in pursuance
    of	259
	the Management Services.	260
	8.4 The provisions of Section 9.4, Section 9.5, Section
    9.6 and	261
	Section 9.7 of the Framework Agreement shall be	 
	deemed as incorporated herein mutatis mutandis.	 
	8.5 The Managers have the right to demand the payment
    of any	 
	of the management fees and expenses payable under
    this	 
	Agreement either from the Parent or the Owners. Payment
    of	 
	any such fees or expenses or any part thereof by
    either the	 
	Parent or the Owners shall prevent the Managers from
    making a	 
	claim on the other person for the same amount to
    the extent	 
	that the same has been already paid to the Managers.	 
	in the event of the appointment of the Managers
    being	 
	terminated by the Owners of the Managers in
    accordance with	262
	the provisions of Clauses 17 and 18 other than
    by reason of	263
	default by the Managers, or if the Vessel is
    lost, sold or otherwise	264
	Disposed of, the “management fee”
    payable to the Managers	265
	According to the provisions of sub-clause 8.1,
    shall continue to	266
	be payable for a further period of three calendar
    months as	267
	from the termination date. In addition, provided
    that the	268
	Managers provide Crew for the Vessel in accordance
    with sub-	269
	clause 3.1.	270
	(i)    the Owners shall
    continue to pay Crew Support Costs during	271
	       the
    said further period of three calendar months and	272
	(ii)   the Owners shall pay an
    equitable proportion of any	273

 

This document
is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and the computer generated document.

    	A-I-8 

    	

    
PART
II

“SHIPMAN
98” Standard Ship Management Agreement

 

	       Severance
                                         Costs which may materialize, not exceeding	274
	       the
    amount stated in Box 16.	275
	8.5
    If the Owners decide to lay up the Vessel whilst this	276
	Agreement
    remain in force and such lay up lasts for more	277
	than three
    months, an appropriate reduction of the management	278
	fee for the
    period exceeding three months until one month	279
	before the
    Vessel is again put into service shall be mutually	280
	agreed between
    the parties.	281
	8.6
    Unless otherwise agreed in writing all discounts and	282
	commissions
    obtained by the Managers in the course of the	283
	management
    of the Vessel shall be credited to the Owners	284
	 	 
	9. Budgets and Management of Funds	285
	9.1 The Owners
    are aware that the Managers will be preparing	286
	budgets in connection with, inter alia, the provision
    of the	 
	Management Services which the Managers will be submitting	 
	for approval to the Parent in accordance with the
    provisions of	 
	Article X of the Framework Agreement. The
    Managers	 
	shall present to the Owners annually a	 
	budget for
    the following twelve months in such form as the	287
	Owners require.
    The budget for the first year hereof is set out	288
	in
    Annex “C” hereto. Subsequent annual budgets shall be	289
	prepared
    by the Managers and submitted to the Owners not	290
	less than
    three months before the anniversary date of the	291
	commencement
    of this Agreement (see Clause 2 and Box 4).	292
	9.2
    The Owners shall indicate to the Managers their acceptance	293
	and approval
    of the annual budget within one month of	294
	presentation
    and in the absence of any such indication the	295
	Managers
    shall be entitled to assume that the Owners have	296
	accepted
    the proposed budget.	297
	9.3
    Following the agreement of the budget, the Managers shall	298
	prepare and
    present to the Owners their estimate of the working	299
	capital requirement
    of the Vessel and the Managers shall each	300
	month up
    date this estimate. Based thereon, Without prejudice to	301
	the right of the Managers to ask for funds in relation
    to the	 
	Management Services directly from the Parent in accordance	 
	with the relevant provisions of the Framework	 
	Agreement, the Managers
    shall	 
	each month request
    the Owners in writing for the funds required	302
	to run the Vessel
    for the ensuing month, including the payment	303
	of any occasional
    or extraordinary item of expenditure, such as	304
	emergency repair
    costs, additional insurance premiums, bunkers	305
	or provisions. Such
    funds shall be received by the Managers	306
	within ten running
    days after the receipt by the Owners of the	307
	Managers’ written
    request and shall be held to the credit of the	308
	Owners
    in a separate bank account in the name of the Managers	309
	or, if requested by the Managers, in the name of the
    Owners.	 
	9.4
    The Managers shall produce a comparison between	310
	budgeted
    and actual income and expenditure of the Vessel in	311
	such form
    as required by the Owners monthly or at such other	312
	intervals
    as mutually agreed.	313
	9.5 Notwithstanding
    anything contained herein to the contrary,	314
	the Managers shall
    in no circumstances be required to use or	315
	commit their own
    funds to finance the provision of the	316
	Management Services.	317
	 	 
	10. Managers’
    Right to Sub-Contract	318
	Except to a Related
    Manager or V.Ships Greece Ltd. (where the	319
	Manager may	 
	subcontract any of their obligations hereunder, without
    need of	 
	obtaining the Owners’ consent for doing so), or
    as provided in the	 
	Framework Agreement, Tthe Managers	 
	shall not have the right to sub-contract any of	 
	their obligations
    hereunder, including those mentioned in sub-	320
	clause 3.1,
    without the prior written consent of the Owners which	321
	shall not be unreasonably
    withheld and which shall be promptly	322
	responded to. In the event of such a sub-	 
	contract the Managers
    shall remain fully liable for the due	323

	performance
                                         of their obligations under this Agreement.	324
	 	 
	11. Responsibilities	325
	The
    parties agree that the provisions of Sections 11.1 to 11.5	 
	(inclusive)
    of the Framework Agreement, shall apply to	 
	this
    Agreement mutatis mutandis, save that references therein	 
	to
    “any Shipmanagement Agreement or any Supervision	 
	Agreement”
    shall be omitted and references to “Parent”, “any	 
	Subsidiary”,
    “Manager”, “any Submanager”, “a	 
	Vessel”,
    “Section”, “Management Fees”, “each	 
	Shipmanagement
    Agreement”, “Subsidiaries” and “Article Xl” shall	 
	be
    construed as references to the Owners, the Owners, the	 
	Managers,
    any submanager, the Vessel, Clause, management	 
	fee,
    this Agreement, the Owners and Clause 11, respectively,	 
	when
    used herein.	 
	 	 
	11.1
    Force Majeure - Neither the Owners nor the Managers	 
	shall
    be under any liability for any failure to perform any of their	327
	obligations
    hereunder by reason of any cause whatsoever of	328
	any nature
    or kind beyond their reasonable control	329
	11.2 Liability to Owners –
    (i) Without prejudice to sub-clause	330
	11.1,
    the Managers shall be under no liability whatsoever to the	331
	Owners
    for any loss, damage, delay or expense of whatsoever	332
	nature,
    whether direct or indirect, (including but not limited to	333
	loss
    of profit arising out of or in connection with detention of or	334
	delay
    to the Vessel) and howsoever arising in the course of	335
	performance of the Management
    Services UNLESS same is	336
	proved
    to have resulted solely from the negligence, gross	337
	negligence
    or wilful default of the Managers or their employees,	338
	or agents
    or sub-contractors employed by them in connection	339
	with
    the Vessel, in which case (save where loss, damage, delay	340
	or expense
    has resulted from the Managers’ personal act or	341
	omission
    committed with the intent to cause same or recklessly	342
	and with
    knowledge that such loss, damage, delay or expense	343
	would
    probably result) the Managers’ liability for each incident	344
	or series
    of incidents giving rise to a claim or claims shall never	345
	Exceed
    a total of ten times the annual management fee payable	346
	hereunder,	347
	(ii)
    Notwithstanding anything that may appear to the contrary in	348
	this
    Agreement, the Managers shall not be liable for any of the	349
	actions
    of the Crew, even if such actions are negligent, grossly	350
	negligent
    or wilful, except only to the extent that they are shown	351
	to have
    resulted from a failure by the Managers to discharge	352
	their
    obligations under sub clause 3.1,
    in which case their liability	353
	shall
    be limited in accordance with the terms of this Clause 11.	354
	11.3 Indemnity
    – Except to the extent and solely for the amount	355
	therein
    set out that the Managers would be liable under sub-	356
	clause
    11.2, the Owners hereby undertake to keep the Managers	357
	and their
    employees, agents and sub-contractors indemnified	358
	and to
    hold them harmless against all actions, proceedings,	359
	claims,
    demands or liabilities whatsoever or howsoever arising	360
	which
    may be brought against them or incurred or suffered by	361
	them
    arising out of or in connection with the performance of the	362
	Agreement,
    and against and in respect of all costs, losses,	363
	damages
    and expenses including legal costs and expenses on	364
	a full
    indemnity basis) which the Managers may suffer or incur	365
	(either
    directly or indirectly) in the course of the performance of	366
	this
    Agreement.	367
	11.4 “Himalaya”– It is hereby expressly agreed that no	368
	employee
    or agent of the Managers (including every sub-	369
	contractor
    from time to time employed by the Managers) shall in	370
	Any circumstances
    whatsoever be under any liability whatsoever	371
	to the
    Owners for any loss, damage or delay of whatsoever kind	372
	arising
    or resulting directly or indirectly from any act, neglect or	373
	default
    on his part while acting in the course of or in connection	374
	with
    his employment and, without prejudice to the generality of	375
	the foregoing
    provisions in this Clause 11, every exemption,	376
	limitation,
    condition and liberty herein contained and every right,	377

 

This document
is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and the computer generated document.

    	A-I-9 

    	

    
PART
II

“SHIPMAN
98” Standard Ship Management Agreement

 

	exemption from liability,
                                         defence and immunity of whatsoever	378
	nature applicable to the Managers or to which the Managers are	379
	entitled hereunder shall also be available and shall extend to	380
	protest every such employee or agent of the Managers acting	381
	as aforesaid and for the purpose of all the foregoing provisions	382
	of this Clause 11 the Managers are or shall be deemed
    to be	383
	acting as agent or trustee on behalf of and for the benefit of all	384
	persons who are or might be their servants or agents from time	385
	to time (including sub-contractors as aforesaid) and all such	386
	persons shall to this extent be or be deemed to be parties to this	387
	Agreement.	388
	 	 
	12. Documentation	389
	Without prejudice
    to the relevant provisions of the Framework	390
	Agreement,
    Wwhere the Managers are providing	 
	Technical
    Management in	 
	accordance with sub-clause 3.2
    and/or Crew Management in	391
	accordance with sub-clause 3.1,
    they shall make available,	392
	upon Owners’
    request, all documentation and records related	393
	to the Safety
    Management System (SMS) and/or the Crew	394
	which the Owners
    need in order to demonstrate compliance	395
	with the ISM
    Code, the ISPS Code and STCW 95 or to defend a	396
	claim
    against	 
	a third party.	397
	 	 
	13. General Administration	398
	13.1
    Without prejudice to the provisions of Article V of the	399
	Framework
    Agreement, , Tthe	 
	Managers
    shall handle and settle all claims arising	 
	out of the Management
    Services hereunder and keep the Owners	400
	informed regarding
    any incident of which the Managers become	401
	aware which gives
    or may give rise to material claims or disputes	402
	involving	 
	third parties.	403
	13.2
    The Managers shall, as instructed by the Owners under this	404
	Agreement	 
	,
    bring	 
	or defend actions,
    suits or proceedings in connection with matters	405
	entrusted to
    the Managers according to this Agreement.	406
	13.3
    The Managers shall also have power to obtain legal or	407
	technical or
    other outside expert advice in relation to the handling	408
	and settlement
    of claims and disputes or all other matters	409
	effecting the
    interests of the Owners in respect of the Vessel.	410
	13.4
    The Owners shall arrange for the provision of any	411
	necessary guarantee
    bond or other security.	412
	13.5
    Any costs reasonably-incurred by the Managers in	413
	carrying out their obligations according
    to Clause 13
    shall be	414
	reimbursed by
    the Owners.	415
	 	 
	14. Auditing	416
	The Managers
    shall at all times maintain and keep true and	417
	correct accounts
    and shall make the same available for inspection	418
	and auditing
    by the Owners at such times as may be mutually	419
	agreed. On the
    termination, for whatever reasons, of this	420
	Agreement, the
    Managers shall release to the Owners, if so	421
	requested, the
    originals where possible, or otherwise certified	422
	copies, of all
    such accounts and all documents specifically relating	423
	to the Vessel
    and her operation. For the avoidance of any doubt,	424
	this
    Clause is in addition to and not in substitution of the	 
	relevant
    provisions of the Framework Agreement.	 
	 	 
	15. Inspection of Vessel	425
	The Owners shall
    have the right at any time after giving	426
	reasonable notice
    to the Managers to inspect the Vessel for any	427
	reason they consider
    necessary.	428
	 	 
	16. Compliance with Laws and Regulations	429
	The Managers
    will not do or permit to be done anything which	430

	might
                                         cause any breach or infringement of the laws and	431
	regulations of
    the Vessel’s flag, or of the places where she trades.	432
	 	 
	17. Duration of the Agreement	433
	This Agreement
    shall come into effect on the day and year stated	434
	in Box
    4 and shall continue until the date the Framework	435
	Agreement
    is terminated in accordance with the provisions of	 
	Article
    XIII thereof, unless this Agreement is terminated earlier	 
	in
    accordance with the provision of Clause 18 hereofthe date	 
	stated in
    Box 17.	 
	Thereafter it shall continue
    until terminated by either party giving	436
	to the other notice in writing,
    in which event the Agreement shall	437
	terminate upon the expiration
    of a period of two months from the	438
	date upon which such notice
    was given.	439
	 	 
	18. Termination	440
	18.1 Owners’ default	441
	(i)     The
    Managers shall be entitled to terminate the Agreement	442
	        with
    immediate effect by notice in writing if any moneys	443
	        payable
    by the Owners under this Agreement and/or the	444
	        owners
    of-any associated vessel, details of which are listed	445
	        in
    Annex “D”,
    shall not have been received in the Managers’	446
	        nominated
    account within ten20 running Business dDays of	447
	        receipt
    by	 
	        the
    Owners of the Managers written request or if the Vessel	448
	        is
    repossessed by the Mortgagees.	449
	(ii)    if
    the Owners:	450
	       (a)
       fall to meet their obligations under sub-clauses 5.2	451
	                and
    5.3 of this Agreement for any reason within their	452
	                control,
    or	453
	       (b)
       proceed with the employment of or continue to employ	454
	                the
    Vessel in the carriage of contraband, blockade	455
	                running,
    or in an unlawful trade, or on a voyage which	456
	                in
    the reasonable opinion of the Managers is unduly	457
	                hazardous
    or improper,	458
	the Managers
    may give notice of the default to the Owners,	459
	requiring them
    to remedy it as soon as practically possible.	460
	In the event
    that the Owners fall to remedy it within a	461
	reasonable time 20 Business Days of receipt by the Owners	462
	of
    the Managers’ written request to the satisfaction of the	 
	Managers, the	 
	Managers shall
    be entitled to terminate the Agreement	463
	with immediate
    effect by notice In writing.	464
	18.2 Managers’ Default	465
	If the Managers fail to meet their
    obligations under Clauses 3	466
	and 4 of this Agreement for
    any reason within the control of the	467
	Managers, the
    Owners may give notice to the Managers of the	468
	default, requiring them to remedy
    it within 20 Business Days as	469
	soon as practically	 
	possible. In the
    event that the Managers fail to remedy it within a	470
	Reasonable timesuch
    period to the satisfaction of the Owners, the	471
	Owners	 
	shall be entitled
    to terminate the Agreement with immediate effect	472
	by notice in
    writing.	473
	18.3 Extraordinary Termination	474
	This Agreement
    shall be deemed to be terminated in the case of	475
	the sale of the
    Vessel or if the Vessel becomes a total loss or is	476
	declared as a
    constructive or compromised or arranged total	477
	loss or is requisitioned.	478
	18.4 For the purpose of sub-clause 18.3 hereof	479
	(i)     the
    date upon which the Vessel is to be treated as having	480
	        been
    sold or otherwise disposed of shall be the date on	481
	        which
    the Owners cease to be registered as Owners of	482
	        the
    Vessel;	483
	(ii)    the
    Vessel shall not be deemed to be lost unless either	484
	        she
    has become an actual total loss or agreement has	485
	        been
    reached with her underwriters in respect of her	486
	        constructive,
    compromised or arranged total loss or if such	487

 

This document
is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and the computer generated document.

    	A-I-10 

    	

    
PART
II

“SHIPMAN
98” Standard Ship Management Agreement

 

	        agreement
                                         with her underwriters is not reached it is	488
	        adjudged
    by a competent tribunal that a constructive loss	489
	        of
    the Vessel has occurred.	490
	18.5 The parties agree that the
    provisions of Sections 13.4(a) to	491
	13.4(d)
    (inclusive) of the Framework Agreement, shall	 
	apply
    to this Agreement mutatis mutandis. This agreement shall	 
	terminate
    forthwith in the event of	 
	an order being made or resolution
    passed for the winding up,	492
	dissolution, liquidation or bankruptcy
    of other party (otherwise	493
	than for the purpose of reconstruction
    or amalgamation) or if a	494
	receiver is appointed, or if it
    suspends payment, ceases to	495
	on business or makes any special
    arrangement or composition	496
	carry with its creditors.	497
	18.6 The termination of this Agreement
    shall be without	498
	prejudice to all rights accrued due between
    the parties prior to	496
	the date of termination.	500
	 	 
	19. Law and Arbitration	501
	19.1 This Agreement and any non-contractual
    obligations	502
	connected
    with it shall be governed by and construed in	 
	accordance with English law. All disputes
    arising out of this	503
	Agreement
    and/or any non-contractual obligations connected	 
	with
    it shall be arbitrated in London in the following manner.	 
	One
    arbitrator is to be appointed by each of the parties hereto	 
	and
    a third by the two so chosen. Their decision or that of any	 
	two
    of them shall be final. The arbitrators shall be commercial	 
	persons,
    conversant with shipping matters. Such arbitration is	 
	to
    be conducted in accordance with the London Maritime	 
	Arbitration
    Association (LMAA) Terms current at the time when	 
	the
    arbitration proceedings are commenced and in accordance	 
	with
    the Arbitration Act 1996 or any statutory modification or re-	 
	enactment
    thereof. In the event that a party hereto shall state a	 
	dispute
    and designate an arbitrator in writing, the other party	 
	shall
    have 10 Business Days to designate its own arbitrator. If	 
	such
    other party fails to designate its own arbitrator within such	 
	period,
    the arbitrator appointed by the first party can render an	 
	award
    hereunder. Until such time as the arbitrators finally close	 
	the
    hearings, either party shall have the right by written notice	 
	served
    on the arbitrators and on the other party to specify	 
	further
    disputes or differences under this Agreement for hearing	 
	and
    determination. The arbitrators may grant any relief, and	 
	render
    an award, which they or a majority of them deem just and	 
	equitable
    and within the scope of this Agreement, including but	 
	not
    limited to the posting of security. Awards pursuant to this	 
	Clause
    19.1 may include costs and judgments may be entered	 
	upon
    any award made herein in any court having jurisdiction.	 
	and any dispute arising out of or	 
	in connection with this Agreement shall be referred to arbitration	504
	in
    London in accordance with the Arbitration Act 1996 or	505
	any statutory modification or re-enactment thereof save to	506
	the extent necessary to give effect to the provisions of this	507
	Clause.	508
	The arbitration shall be conducted in accordance with the	509
	London Maritime Arbitrators Association (LMAA) Terms	510
	current at the time when the arbitration proceedings are	511
	commenced.	512
	The reference shall be to three arbitrators. A party wishing	513
	to refer a dispute to arbitration shall appoint its arbitrator	514
	and send notice of such appointment in writing to the other	515
	party requiring the other party to appoint its own arbitrator	516
	within 14 calendar days of that notice and stating that it will	517
	appoint its arbitrator as sole arbitrator unless the other party	518
	appoints its own arbitrator and gives notice that it has done	519
	so within the 14 days specified. If the other party does not	520
	appoint its own arbitrator and give notice that it has done so	521
	within the 14 days specified, the part referring a dispute to	522
	arbitration may, without the requirement of any further prior	523
	notice to the other party, appoint its arbitrator as sole	524
	arbitrator and shall advise the other party accordingly. The	525
	award of a sole arbitrator shall be binding on both parties	526
	as if he had been appointed by agreement.	527

	Nothing
                                         herein shall prevent the parties agreeing in writing	528
	to vary these provisions to provide
    for the appointment of a	529
	sole arbitrator.	530
	In cases where neither the claim
    nor any counterclaim	531
	exceeds the sum of USD50,000 (or
    such other sum as the	532
	parties may agree) the arbitration
    shall be conducted in	533
	accordance with the LMAA Small
    Claims Procedure current	534
	at the time when the arbitration
    proceedings are commenced.	535
	19.2 This
    Agreement shall be governed by and construed	536
	in accordance with Title 9 of the
    United States code and	537
	the Maritime Law of the United
    States and any dispute	538
	arising out of or in connection
    with this Agreement shall be	539
	referred to three persons at New
    York, one to be appointed	540
	by each of the parties hereto,
    and the third by the two so	541
	chosen; their decision or that
    of any two of them shall be	542
	final, and for the purposes of
    enforcing any award,	543
	judgement may be entered on an
    award by any court of	544
	competent jurisdiction. The proceedings
    shall be conducted	545
	in accordance with the rules of
    the Society of Maritime	546
	Arbitrators, Inc.	547
	In cases where neither the claim
    nor any counterclaim	548
	exceeds the sum of USD50,000 (or
    such other sum as the	549
	parties may agree) the arbitration
    shall be conducted in	550
	accordance with the Shortened Arbitration
    Procedure of the	551
	Society of Maritime Arbitrators,
    Inc. current at the time when	552
	the arbitration proceedings are
    commenced.	553
	19.3 This
    Agreement shall be governed by and construed	554
	in accordance with the laws of
    the place mutually agreed by	555
	the parties and any dispute arising
    out of or in connection	556
	with this Agreement shall be referred
    to arbitration at a	557
	mutually agreed place, subject
    to the procedures applicable	558
	there.	559
	19.4 If Box 18 in Part I
    is not appropriately filled in, sub-	560
	clause 19.1 of this Clause shall
    apply.	561
	 	 
	Note: 19.1, 19.2 and 19.3
    are alternatives; indicate	562
	alternative agree in Box 18.	563
	 	 
	20. Notices	564
	20.1 Any notice to be given by either
    party to the other	565
	Party shall be in writing and may be sent
    by fax, telex,	566
	Registered or recorded mail or by personal
    service.	567
	20.2 The address of the Parties
    for service of such	568
	communication shall be as stated in Boxes
    19 and 20,	569
	respectively.	570

 

This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the
event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and the computer generated document.

    	A-I-11 

    	

    

APPENDIX II

 

FORM OF SUPERVISION AGREEMENT

 

THIS
AGREEMENT is made the __ day of              , 20[ •
] BETWEEN:

 

	(1)        	[name of relevant Subsidiary], a company
    incorporated under the laws of [•], whose registered office is [ADDRESS] (the “Owner”); and
	 	 
	(2)        	COSTAMARE SHIPPING COMPANY S.A., a
    company incorporated under the laws of Panama, whose registered office is at [ADDRESS] (the “Construction Supervisor”).

 

WHEREAS:

 

By a shipbuilding contract
dated                  (the “Shipbuilding
Contract”) and made between [•1 (the “Builder”) and the Owner, the Builder agreed to construct,
to the order of the Owner, and sell to the Owner, a [•] container vessel, known during construction as Hull No.[•] (the
“Vessel”);

 

IT IS NOW AGREED as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1. Except
as otherwise defined herein, all terms defined in the Shipbuilding Contract shall have the same respective meanings when used
herein.

 

SECTION 1.2. In
this Agreement, unless the context otherwise requires, the following expressions shall have the following meanings:

 

“Business
Day” means a day, other than a Saturday or Sunday or a public holiday, on which major retail banks in Monaco, New York
City and Athens Greece, and (in respect of any payments which are to be made to the Builder) [•], are open for non-automated
customer services;

 

“Framework
Agreement” means the agreement dated 2 November 2015 made between the Parent and the Construction Supervisor.

 

“Owner’s
Supplies” means all of the items to be furnished to the Vessel by the Owner in accordance the relevant provisions of
the Shipbuilding Contract.

    	A-II-1

    	

    

“Parent”
means Costamare Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 and includes its
successors in title.

 

“Spares”
means the items to be designated as spares by the parties hereto at the time of the delivery of the Vessel.

 

“Supervision
Period” means the period from the execution of this Agreement to and including the earlier of (i) the date of delivery
of the Vessel pursuant to the Shipbuilding Contract and (ii) the date this Agreement is terminated.

 

ARTICLE II

 

APPOINTMENT

 

SECTION 2.1. The Owner
hereby appoints the Construction Supervisor, and the Construction Supervisor hereby agrees to act as the Owner’s supervisor
towards the Builder and as the “Owner’s Representative” under the Shipbuilding Contract for the duration
of the Supervision Period and to perform the duties and rights which rest with the Owner regarding the construction and delivery
of the Vessel in accordance with all of the provisions of the Shipbuilding Contract. The Owner shall be responsible for, inter
alia, determining the general policy of supervision of construction of the Vessel and the scope of activities of the Construction
Supervisor and, in the performance of its duties under this Agreement, the Construction Supervisor shall at all times act strictly
in accordance with any instructions or directions given to it by the Owner regarding such general policy or, in the absence of
such instructions or directions, in accordance with the standards of a prudent supervisor providing services of the type to be
provided under this Agreement, having due regard to the Owner’s interest. Any instructions so given shall be consistent
with the nature and scope of the supervision services required to be performed by the Construction Supervisor under this Agreement
and shall not require the Construction Supervisor to do or omit to do anything which may be contrary to any applicable law of
any jurisdiction or which is inconsistent or contrary to any of the rights and duties of the Owner under the Shipbuilding Contract.
Upon appointment the Owner shall furnish the Construction Supervisor with a full and complete copy of the Shipbuilding Contract
(which for the avoidance of doubt shall include the Specifications and the Plans).

 

SECTION 2.2. Specific
Powers and Duties of the Construction Supervisor. Without prejudice to the generality of the appointment made under Section
2.1, and (where applicable) by way of addition to the rights, powers and duties so conferred, the Construction Supervisor shall,
subject to this Section 2.2 and to Articles III and IV, have and be entrusted with the following rights, powers and duties in
relation to the Shipbuilding Contract and the Vessel:

    	A-II-2

    	

    

(a) to review,
comment on, agree and approve the lists of plans and the drawings referred to; to attend the testing of the Vessel’s machinery,
outfitting and equipment and to request any tests or inspections which the Construction Supervisor may consider appropriate or
desirable and to review and comment on the results of all tests and inspections to the extent this is possible under the terms
of the Shipbuilding Contract; to carry out such inspections and give such advice or suggestions to the Builder as the Construction
Supervisor may consider appropriate and as the terms of the Shipbuilding Contract allow him to do; and to give notice to the Builder
in the event that the Construction Supervisor discovers any construction, material or workmanship which the Construction Supervisor
believes does not or will not conform to the requirements of the Shipbuilding Contract and the specifications again provided the
terms of the Shipbuilding Contract allows for such notice to be given;

 

(b) to appoint
a representative of the Construction Supervisor for the purposes specified under Article [•] of the Shipbuilding Contract;

 

(c) if any
alteration or addition to the Shipbuilding Contract becomes obligatory or desirable, to consult with the Builder and make recommendations
to the Owner as to whether or not acceptance should be given to any proposal notified to the Owner by the Builder;

 

(d) to request
and agree to any minor alterations, additions or modifications to the Vessel or the specifications and any substitute materials
to the extent this is possible under the terms of the Shipbuilding Contract, which the Construction Supervisor may consider appropriate
or desirable, provided that if the cost of such variations or substitute materials would have the effect of altering the Contract
Price (as defined in the Shipbuilding Contract) by more than three per cent (3%) from the Contract Price on the date hereof or
the amount of any of the installments of the Contract Price due under the Shipbuilding Contract prior to the delivery of the Vessel,
the Construction Supervisor shall notify the same to the Owner in writing and obtain the Owner’s instructions before taking
any action in relation thereto; to receive from and transmit to the Builder information relating to the requirements of the classification
society and to give instructions and agree with the Builder regarding alterations, additions or changes in connection with such
requirements; and to approve the substitution of materials as requested by the Builder;

 

(e) to attend
and witness the trials of the Vessel to the extent this is possible under the terms of the Shipbuilding Contract;

 

(f) to determine
whether the Vessel has been designed, constructed, equipped and completed in accordance with, and complies with, the Shipbuilding
Contract and the Specifications and Plans (each as defined in

    	A-II-3

    	

    

the Shipbuilding
Contract); to give the Builder a notice of acceptance or (as the case may be) rejection of the Vessel, to require or request any
further test and inspection of the Vessel to the extent this is possible under the terms of the Shipbuilding Contract, and to
give and receive any further or other notice relative to such matters and generally to advise the Owner in respect of all such
matters;

 

(g) to sign
on behalf of the Owner any protocols as to sea trials, consumable stores, delivery and acceptance or otherwise, having first ascertained
with the Owner the appropriateness of so doing;

 

(h) to accept
on behalf of the Owner the documents specified in Article [•], Paragraph [•] of the Shipbuilding Contract to be delivered
by the Builder at delivery of the Vessel under the Shipbuilding Contract and to confirm receipt thereof to the Owner;

 

(i) to give
and receive on behalf of the Owner any notice contemplated by the Shipbuilding Contract, provided that the Construction Supervisor
shall not have authority to give on behalf of the Owner any notice which the Owner may be entitled to give to cancel, repudiate
or rescind the Shipbuilding Contract without the prior written consent of the Owner; and

 

(j) to purchase,
after being placed in funds by the Owner, all Owner’s Supplies as agent of the Owner and supply and deliver the same together
with all necessary specifications, plans, drawings, instruction books, manuals, test reports and certificates to the Builder as
provided in the Shipbuilding Contract, and provide to the Owner a list of all such Owner’s Supplies as soon as possible.

 

SECTION 2.3. The
Construction Supervisor shall discharge its responsibilities under this Clause 2 as the Owner’s agent.

 

SECTION 2.4. In
the event that the Construction Supervisor uses own funds to purchase Owner’s Supplies, the cost of supplying and delivering
Owner’s Supplies pursuant to relevant terms of the Shipbuilding Contract shall be reimbursed by the Owner to the Construction
Supervisor on the date the Construction Supervisor submits to the Owner supporting invoices in respect of such cost.

 

ARTICLE III

 

CONSTRUCTION SUPERVISOR’S DUTIES

REGARDING CONSTRUCTION

 

SECTION 3.1. The
Construction Supervisor undertakes with the Owner with respect to the Shipbuilding Contract:

    	A-II-4

    	

    

(a) to notify
the Owner in writing promptly on becoming aware of any likely change to any of the dates on which any installment under the Shipbuilding
Contract is expected to be due;

 

(b) to (i)
notify the Owner in writing of the expected date on which the launching or, as the case may be, sea trials of the Vessel is or
are to take place and (ii) promptly on the same day as the launching or, as the case may be, sea trials of the Vessel takes or
take place to confirm that the launching or, as the case may be, sea trials of the Vessel has or have taken place and, where relevant,
that the amount specified in such confirmation is due and payable;

 

(c) to (i)
advise the Owner in writing, four (4) Business Days prior to the date on which the delivery installment under the Shipbuilding
Contract is anticipated to become due, of the times and amounts of payments to be made to the Builder under the Shipbuilding Contract
and any amount due to the Construction Supervisor for Owner’s Supplies not already settled and (ii) promptly confirm the
same on the day on which such installment becomes due (and being the date the same is required to be paid to the account referred
to in the relevant term of the Shipbuilding Contract);

 

(d) not to
accept the Vessel or delivery of the Vessel on the Owner’s behalf without the Owner’s prior written approval and unless
the Construction Supervisor shall have previously certified to the Owner in writing, in the form of the certificate set out in
Schedule 1 to this Agreement, that:

 

(i) the Vessel
has been duly completed and is ready for delivery to and acceptance by the Owner in or substantially in accordance with the Shipbuilding
Contract and the Specifications and Plans;

 

(ii) there
is, to the best of the Construction Supervisor’s knowledge and belief having made due enquiry with the Builder, no lien
or encumbrance on the Vessel other than the lien in favor of the Builder in respect of the delivery installment of the Contract
Price due in accordance with the terms of the Shipbuilding Contract; and

 

(iii) the
Vessel is recommended for classification by the relevant classification society provided for in the Shipbuilding Contract (and
the Construction Supervisor shall attach to its certificate the provisional certificate of such classification society recommending
such classification of the Vessel or a duplicate or photocopy of such provisional certificate or otherwise provide evidence of
such classification to the Owner);

 

(e) on receipt
thereof from the Builder promptly to deliver the documents specified in Article [•], Paragraph [•] of the Shipbuilding
Contract to the Owner or as the Owner may direct; and

    	A-II-5

    	

    

(f) solely
with the prior written approval of the Owner, to request from or agree with the Builder any material alterations, additions or
modifications to the Vessel.

 

ARTICLE IV

 

CONSTRUCTION SUPERVISOR’S GENERAL
OBLIGATIONS

 

SECTION 4.1. The
Construction Supervisor undertakes to the Owner, with respect to the exercise and performance of its rights, powers and duties
as the Owner’s representative under this Agreement, as follows:

 

(a) it will
exercise commercially reasonable efforts to cause the due and punctual observance and performance of all conditions, duties and
obligations imposed on the Owner by the Shipbuilding Contract (other than to pay the Contract Price) and will not without the
prior written consent of the Owner:

 

(i) exercise
any rights of the Owner to cancel, repudiate or rescind the Shipbuilding Contract;

 

(ii) waive,
modify or suspend any provision of the Shipbuilding Contract if as a result of such waiver, modification or suspension the Owner
will or may suffer any adverse consequences; and

 

(b) it will,
at its own expense, keep all necessary and proper books, accounts, records and correspondence files relating to its duties and
activities under this Agreement and shall send quarterly reports to the Owner concerning the progress of the design and construction
of the Vessel and keep the Owner promptly informed of any deviations from the building program.

 

ARTICLE V

 

LIABILITY AND INDEMNITY

 

SECTION 5.1. Save for
the obligation of the Owner to pay any moneys due to the Construction Supervisor hereunder, neither the Owner nor the Construction
Supervisor shall be under any liability to the other for any failure to perform any of their obligations hereunder by reason of
Force Majeure. “Force Majeure” shall mean any cause whatsoever of any nature or kind beyond the reasonable
control of the Owner or the Construction Supervisor, including, without limitation, acts of God, acts of civil or military authorities,
acts of war or public enemy, acts of any court, regulatory agency or administrative body having jurisdiction, insurrections, riots,
strikes or other labor disturbances, embargoes or other causes of a similar nature.

    	A-II-6

    	

    

SECTION 5.2. The Construction
Supervisor, including its officers, directors, employees, shareholders, agents and any sub-contractors (the “Construction
Supervisor Related Parties”), shall be under no liability whatsoever to the Owner or to any third party (including the
Builder) 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 the delayed or non-conforming delivery of the Vessel), and howsoever arising
in the course of the performance of this Agreement, unless and to the extent that the same is proved to have resulted solely from
the gross negligence or willful misconduct of the Construction Supervisor, its officers, employees, agents or any of its sub-contractors
in which case (save where loss, damage, delay or expense, has resulted from the Construction Supervisor’s personal act or
omission committed with the intent to cause same) the Construction Supervisor’s liability for each incident or series of
incidents giving rise to claim or claims shall never exceed a total of ten times the fees payable hereunder.

 

SECTION 5.3. The
Owner shall indemnify and hold harmless the Construction Supervisor Related Parties 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 this Agreement and against and in respect of any loss, damage, delay or expense
of whatsoever nature (including legal costs and expenses on a full indemnity basis), whether direct or indirect, incurred or suffered
by any Construction Supervisor Related Party in the performance of this Agreement, unless incurred or suffered due to the gross
negligence or willful misconduct of any Construction Supervisor Related Party.

 

SECTION 5.4. It
is hereby expressly agreed that no employee or agent of the Construction Supervisor (including any sub-contractor from time to
time employed by the Construction Supervisor) shall in any circumstances whatsoever be under any liability whatsoever to the Owner
or any third party 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 Article V, every exemption, limitation, condition and liberty herein contained
and every right, exemption from liability, defense and immunity of whatsoever nature applicable to the Construction Supervisor
or to which the Construction Supervisor is entitled hereunder shall also be available and shall extend to protect every such employee
or agent of the Construction Supervisor acting as aforesaid, and for the purpose of all the foregoing provisions of this Article
V, the Construction Supervisor 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.

    	A-II-7

    	

    

SECTION 5.5. The
provisions of this Article V shall survive any termination of this Agreement.

 

ARTICLE VI

 

FEES

 

SECTION 6.1. In
consideration of the performance of the duties assigned to the Construction Supervisor in this Agreement, the Owner shall pay
to the Construction Supervisor the sum of US$787,405 for its total supervision costs in connection with the supervision of the
construction of the Vessel, plus any expenses incurred under the Shipbuilding Contract against presentation of supporting invoices
from the Construction Supervisor which the Construction Supervisor shall supply to the Owner at the same time as payment is requested.
The fee payable hereunder to the Construction Supervisor shall include all costs which are incurred by the Construction Supervisor
in connection with the ordinary exercise and performance by the Construction Supervisor of the rights, powers and duties entrusted
to it pursuant to this Agreement. The supervision fee will be paid in two equal installments as follows:

 

	(a)         	US$393,702.50
    on the execution of this Agreement; and
	 	 
	(b)         	US$393,702.50
    upon the Construction Supervisor advising the Owner of the completion of the sea trial run of the Vessel.

 

For the avoidance of doubt, the Construction
Supervisor can demand payment of the fee and other amounts payable hereunder from the Parent pursuant to the relevant provisions
of the Framework Agreement.

 

ARTICLE VII

 

COMMENCEMENT - TERMINATION

 

SECTION 7.1. This
Agreement shall come into effect on the date hereof and shall continue until the delivery of the Vessel in accordance with the
Shipbuilding Contract unless terminated earlier pursuant to the terms of Section 7.2, Section 7.3, Section 7.4 or Section 7.5.

 

SECTION 7.2. The
Owner shall be entitled to terminate this Agreement by notice in writing to the Construction Supervisor if the Construction Supervisor
defaults in the performance of any material obligation under this Agreement, subject to a cure right of 20 Business Days following
written notice by the Owner.

 

SECTION 7.3. This Agreement shall terminate
automatically if:

    	A-II-8

    	

    

(a) the Shipbuilding
Contract is cancelled, rescinded or terminated; or

 

(b) the Framework
Agreement is terminated.

 

SECTION 7.4. The Construction
Supervisor shall be entitled to terminate this Agreement by notice in writing to the Owner if:

 

(a) any moneys
payable by the Owner under this Agreement is not paid when due or if due on demand within 10 Business Days following demand by
the Construction Supervisor; or

 

(b) the Owner
defaults in the performance of any other material obligations under this Agreement, subject to a cure right of 20 Business Days
following written notice by the Construction Supervisor.

 

SECTION 7.5. Either
party shall be entitled to terminate this Agreement immediately if:

 

(a) the other
party ceases to conduct business, or all or substantially all of the equity-interests, properties or assets of either such party
is sold, seized or appropriated; or

 

(b) (i) the
other party files a petition under any bankruptcy law, makes an assignment for the benefit of its creditors, seeks relief under
any law for the protection of debtors or adopts a plan of liquidation; (ii) a petition is filed against the other party seeking
to have it declared insolvent or bankrupt and such petition is not dismissed or stayed within 40 Business Days of its filing;
(iii) the other party shall admit in writing its insolvency or its inability to pay its debts as they mature; (iv) an order is
made for the appointment of a liquidator, manager, receiver or trustee of the other party of all or a substantial part of its
assets; (v) an encumbrancer takes possession of or a receiver or trustee is appointed over the whole or any part of the other
party’s undertaking, property or assets; or (vi) an order is made or a resolution is passed for the other party’s
winding up;

 

(c) a distress,
execution, sequestration or other process is levied or enforced upon or sued out against the other party’s property which
is not discharged within 20 Business Days;

 

(d) the other
party ceases or threatens to cease wholly or substantially to carry on its business otherwise than for the purpose of a reconstruction
or amalgamation without insolvency previously approved by the terminating party;

 

or

    	A-II-9

    	

    

(e) the other
party is prevented from performing its obligations hereunder by reasons of Force Majeure for a period of two or more consecutive
months.

 

SECTION 7.6. In the
event of termination due to the Construction Supervisor’s default, then it shall not be entitled to receive any payment
in respect of the fees and other amounts described in Article VI becoming due and payable after the date of such termination.

 

ARTICLE VIII

 

EMPLOYEES

 

SECTION 8.1. None of
the employees and/or sub-contractors of the Construction Supervisor shall constitute, for the purposes of this Agreement, sub-agents
of the Owner. The Construction Supervisor, in its capacity as employer and contractor (and not in its capacity as agent for the
Owner), shall (a) be responsible for the salaries, expenses and costs in respect of each of its employees and sub-contractors
(not in its capacity as agent for the Owner) and (b) save for the provisions of Article V, indemnify its employees and sub-contractors
for any liabilities and losses incurred by such employees and sub-contractors.

 

ARTICLE IX

 

GOVERNING LAW - ARBITRATION

 

SECTION 9.1. This Agreement
and any non-contractual matters connected with it shall be governed by and be construed in accordance with the laws of England.

 

SECTION 9.2. All disputes
arising out of this Agreement shall be arbitrated in London in the following manner. One arbitrator is to be appointed by each
of the parties hereto and a third by the two so chosen. Their decision or that of any two of them shall be final and, for the
purpose of enforcing any award, this Agreement may be made a rule of the court. The arbitrators shall be commercial persons, conversant
with shipping matters. Such arbitration is to be conducted in accordance with the rules of the London Maritime Arbitration Association
terms current at the time when the arbitration proceedings are commenced and in accordance with the Arbitration Act 1996 or any
statutory modification or re-enactment thereof.

 

SECTION 9.3. In the
event that a party hereto shall state a dispute and designate an arbitrator in writing, the other party shall have 20 Business
Days to designate its own arbitrator. If such other party fails to designate its own arbitrator within such period, the arbitrator
appointed by the first party can render an award hereunder.

    	A-II-10

    	

    

SECTION 9.4. Until
such time as the arbitrators finally close the hearings, either party shall have the right by written notice served on the arbitrators
and on the other party to specify further disputes or differences under this Agreement for hearing and determination.

 

SECTION 9.5. The arbitrators
may grant any relief, and render an award, which they or a majority of them deem just and equitable and within the scope of this
Agreement, including but not limited to the posting of security. Awards pursuant to this Article IX may include costs, including
a reasonable allowance for attorneys’ fees, and judgments may be entered upon any award made herein in any court having
jurisdiction.

 

ARTICLE X

 

COUNTERPARTS

 

SECTION 10.1. This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

ARTICLE XI

 

NOTICES

 

SECTION 11.1. Every notice or other communication
under this Agreement shall:

 

(a) be in
writing delivered personally or by first-class prepaid letter (airmail if available) or facsimile transmission or other means
of telecommunication (other than telex) in permanent written form;

 

(b) be deemed
to have been received, in the case of a letter, when delivered personally or three (3) days after it has been put into the post
and, in the case of a facsimile transmission or other means of telecommunication (other than telex) in permanent written form,
at the time of dispatch (provided that if the date of dispatch is a Saturday or Sunday or a public holiday in the country of the
addressee or if the time of dispatch is after the close of business in the country of the addressee it shall be deemed to have
been received at the opening of business on the next day which is not a Saturday or Sunday or public holiday); and

 

(c) be
sent to:

 

(i)  the
Construction Supervisor at:

 

Costamare  Shipping  Company
S.A.

60
Zephyrou Street & Syngrou Avenue

    	A-II-11

    	

    

Athens,
Greece

 
 

Facsimile
No.: +30 210 940 9051

Attention:
Chief Executive Officer

 
 

(ii) the
Owner at:

 
 

c/o
Costamare Inc.

Guildo
Pastor Center

7
rue de Gabian

Monaco
98000

 
 

Facsimile
No.: to be advissed

Attention:
Gerant

 

or to such other address and/or numbers for a party as is notified
by such party to the other party under this Agreement.

 

SECTION 11.2. Each
communication and document made or delivered by one party to another pursuant to this Agreement shall be in the English language.

 

SECTION 11.3. This
Agreement shall not create benefits on behalf of any other person not a party to this Agreement, and this Agreement shall be effective
only as between the parties hereto, their successors and permitted assigns.

    	A-II-12

    	

    

IN WITNESS of which
this Agreement has been duly executed the day and year first before written.

 

For the Owner

 

For the Construction Supervisor

    	A-II-13

    	

    

SCHEDULE 1

 

FORM OF CONSTRUCTION CERTIFICATE

[On the letterhead of the Construction
Supervisor]

 

[Vessel Owner] (the “Owner”)

[Address]

Facsimile: [  ]

Attention: [  ]

 

	 	Date: 	 

 

Dear Sirs,

 

[Name of Builder] (the “Builder”), [Name
of Vessel] (the “Vessel”)

 

We refer to the construction
supervision agreement dated [                ]
between the Owner and us (the “Supervision Agreement”).

 

Words and expressions
defined in the Supervision Agreement (whether expressly or by incorporation by reference to another document) shall have the same
meaning where used in this certificate.

 

We hereby certify,
pursuant to Section 3.1(d) of the Supervision Agreement, as follows:

 

	(1)        	the Vessel has been duly completed
    and is ready for delivery to and acceptance by the Owner in or substantially in accordance with the Shipbuilding Contract
    and the Specifications and Plans; and
	 	 
	(2)        	the Vessel is recommended for classification
    by [Name of the classification society] (the “Classification Society”).

 

With respect to paragraph
(ii) above, please find attached to this certificate the provisional certificate of the Classification Society recommending such
classification of the Vessel / a duplicate or photocopy of the provisional certificate of the Classification Society recommending
such classification of the Vessel / the following evidence of the Classification Society’s recommendation of such classification
of the Vessel [   ].

 

	 	Yours faithfully,

	 	 
	 	for and on behalf of

COSTAMARE SHIPPING COMPANY S.A.rgnx-ex43_217.htm

EXHIBIT 4.3

Description of Registrant’s Securities 

Registered Pursuant to Section 12 of the 

Securities Exchange Act of 1934

As of December 31, 2019, REGENXBIO Inc. has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock, par value $0.0001 per share. The following is a general summary of the terms of shares of our common stock. The description below does not include all of the terms of the shares of common stock and should be read together with our restated certificate of incorporation and amended and restated bylaws, each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part. Unless the context otherwise requires, throughout this document, the words “REGENXBIO,” “we,” or “us” refer to REGENXBIO Inc.

Description of Common Stock

Authorized Capital Stock

Our authorized capital stock consists of 110,000,000 shares, with a par value of $0.0001 per share, of which 100,000,000 shares are designated as common stock and 10,000,000 shares are designated as preferred stock. The outstanding shares of our common stock are fully paid and non-assessable.

Dividend Rights

Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of assets legally available at the times and in the amounts that our board of directors may determine from time to time.

Preemptive and Conversion Rights

Holders of common stock have no preemptive or conversion rights or other subscription rights.

Redemption and Sinking Fund Rights

There are no redemption or sinking fund provisions applicable to our common stock.

Liquidation Rights

Upon our liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in all assets remaining after payment of all liabilities and the liquidation preferences of any outstanding preferred stock. 

Voting Rights

Each holder of common stock is entitled to one vote per share on all matters submitted to a vote of stockholders. Notwithstanding the previous sentence, unless otherwise provided by law holders of common stock are not entitled to vote on any amendment to our restated certificate of incorporation that relates solely to the terms of any preferred stock if the holders of such preferred stock are entitled to vote on such amendment.

We have not provided for cumulative voting in the election of directors.

The General Corporation Law of the State of Delaware, or the Delaware General Corporation Law, provides that holders of a class of stock will have the right to vote separately as a class on any proposal involving fundamental changes in the rights of the holders of that class of stock for proposals that adversely affect such holders.

 

 

Anti-Takeover Effects of Delaware Law and Our Restated Certificate of Incorporation and Amended and Restated Bylaws

Delaware law, our restated certificate of incorporation and our amended and restated bylaws contain provisions that could make it more difficult to effect an acquisition of us by means of a tender offer, proxy contest or otherwise, or to remove our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish, or could deter, transactions that stockholders otherwise consider to be in our or their best interest, including transactions which provide for payment of a premium over the market price for our shares.

These provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of the increased protection of our potential ability to negotiate with the proponent of an unsolicited or unfriendly proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms.

Delaware Business Combination Statute

We are subject to Section 203 of the Delaware General Corporation Law. Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years following the time of the transaction in which the person or entity became an interested stockholder, unless:

	
 
	
•
	
prior to that time, either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder is approved by the board of directors of the corporation;

	
 
	
•
	
upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the outstanding voting stock of the corporation, excluding for this purpose shares owned by persons who are directors and also officers of the corporation and by specified employee benefit plans; or

	
 
	
•
	
at or after such time, the business combination is approved by the board of directors of the corporation and by the affirmative vote, and not by written consent, of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

For the purposes of Section 203, a “business combination” is broadly defined to include:

	
 
	
•
	
any merger or consolidation involving the corporation and the interested stockholder;

	
 
	
•
	
any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

	
 
	
•
	
any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder, subject to limited exceptions;

	
 
	
•
	
any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

	
 
	
•
	
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

An “interested stockholder” is a person who, together with affiliates and associates, owns or within the immediately preceding three years did own 15% or more of the corporation’s voting stock.

2

 

Undesignated Preferred Stock

The ability of our board of directors, without action by the stockholders, to issue up to 10,000,000 shares of undesignated preferred stock with voting or other rights or preferences as designated by our board of directors could impede the success of any attempt to change control of us. The existence of authorized but unissued shares of preferred stock may have the effect of deferring hostile takeovers or delaying changes in control or management of our company.

Stockholder Action by Written Consent; Stockholder Meetings

Our restated certificate of incorporation and amended and restated bylaws eliminate the right of stockholders to act by written consent without a meeting. As a result, a holder controlling a majority of our capital stock would not be able to amend our bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws. Our amended and restated bylaws provide that a special meeting of stockholders may be called only by our chairman of the board or president, or by a resolution adopted by a majority of our board of directors. These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.

Requirements for Advance Notification of Stockholder Nominations and Proposals

Our amended and restated bylaws establish advance notice procedures with respect to stockholder proposals to be brought before a stockholder meeting and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. These provisions could have the effect of delaying until the next stockholder meeting stockholder actions that are favored by the holders of a majority of our outstanding voting securities.

Staggered Board

Our board of directors is divided into three classes. The directors in each class will serve for a three-year term, one class being elected each year by our stockholders. This system of electing and removing directors may discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors.

Removal of Directors

Our restated certificate of incorporation provides that no member of our board of directors may be removed from office by our stockholders except for cause and, in addition to any other vote required by law, upon the approval of holders of at least two-thirds of the total voting power of all of our outstanding voting stock then entitled to vote in the election of directors.

Board of Directors Vacancies

Our restated certificate of incorporation and amended and restated bylaws authorize our board of directors to fill vacant directorships. In addition, the number of directors constituting our board of directors is set only by resolution adopted by a majority vote of our entire board of directors. These provisions will prevent a stockholder from increasing the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own nominees.

Stockholders Not Entitled to Cumulative Voting

Our restated certificate of incorporation does not permit stockholders to cumulate their votes in the election of directors. Accordingly, the holders of a majority of the outstanding shares of our common stock entitled to vote in any election of directors can elect all of the directors standing for election, if they choose, other than any directors that holders of our preferred stock may be entitled to elect.

3

 

Amendment of Charter Provisions

The amendment of any of the above provisions, except for the provision making it possible for our board of directors to issue preferred stock, would require approval by holders of at least two-thirds of the total voting power of all of our outstanding voting stock.

The provisions of Delaware law, our restated certificate of incorporation and our amended and restated bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the composition of our board and management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

Choice of Forum

Our restated certificate of incorporation provides that the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware) will be the exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our restated certificate of incorporation or amended and restated bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine. Additionally, if the subject matter of any action within the scope of the preceding sentence is filed in a court other than a court located with the State of Delaware, or is a “foreign action” (as defined in our restated certificate of incorporation), in the name of any stockholder, such stockholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the preceding sentence and (ii) having service of process made upon such stockholder in any such action by service upon such stockholder’s counsel in the foreign action as agent for such stockholder. The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable.

Indemnification

Our restated certificate of incorporation includes provisions that limit the liability of our directors for monetary damages for breach of their fiduciary duty as directors, except for liability that cannot be eliminated under the Delaware General Corporation Law. Accordingly, our directors will not be personally liable for monetary damages for breach of their fiduciary duty as directors, except for liabilities:

	
 
	
•
	
for any breach of the director’s duty of loyalty to us or our stockholders;

	
 
	
•
	
for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

	
 
	
•
	
for unlawful payments of dividends or unlawful stock repurchases or redemptions, as provided under Section 174 of the Delaware General Corporation Law; or

	
 
	
•
	
for any transaction from which the director derived an improper personal benefit.

Any amendment or repeal of these provisions will require the approval of the holders of shares representing at least two-thirds of the shares entitled to vote in the election of directors, voting as one class.

Our restated certificate of incorporation and amended and restated bylaws also provide that we will indemnify our directors and officers to the fullest extent permitted by Delaware law. Our restated certificate of incorporation and amended and restated bylaws also permit us to purchase insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions as our officer, director, employee or agent, regardless of whether Delaware law would permit indemnification. We have entered into separate 

4

 

indemnification agreements with our directors, including affiliates of the selling stockholders, and officers that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors and to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified. We believe that the limitation of liability provision in our restated certificate of incorporation and the indemnification agreements facilitate our ability to continue to attract and retain qualified individuals to serve as directors and officers. The limitation of liability and indemnification provisions in our restated certificate of incorporation and amended and restated bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against directors and officers, even though an action, if successful, might benefit us and our stockholders. A stockholder’s investment may be harmed to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

Stock Exchange Listing

Our common stock is listed on The Nasdaq Global Select Market under the symbol “RGNX.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

5

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