Document:

Form of Stock Certificate

 Exhibit 4.1 

 

 

 

  
 016570|
003590|127C|RESTRICTED||4|057-423 COMMON STOCK 
 PAR VALUE $0.01 COMMON STOCK THIS CERTIFICATE IS TRANSFERABLE
IN 
 CANTON, MA AND NEW YORK, NY 
 Certificate Number ZQ 000000 
 Shares 

* * 000000* * * * * * 
 * * * 000000* * * * * 
 * * * * 000000* * * *

 * * * * * 000000* * * 
 * * * * * * 000000* * 
 BOX SHIPS INC. 

INCORPORATED UNDER THE LAWS OF THE STATE OF MARSHALL ISLANDS 

THIS CERTIFIES THAT 
 ** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample MR. **** Mr. Alexander SAMPLE David Sample **** Mr. Alexander David &Sample MRS. **** Mr. Alexander David SAMPLE
Sample **** Mr. Alexander David & Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander MR. David Sample SAMPLE **** Mr. Alexander David Sample & **** Mr. Alexander MRS. David Sample
**** SAMPLE Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample **** Mr. Sample 
 CUSIP XXXXXX XX X 
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
 is the owner of 
 **000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares***
*000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****
000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0
00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00 ***ZERO HUNDRED THOUSAND
0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000
000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000
00**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00000
0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000* ZERO HUNDRED AND ZERO***
*Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**
Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S 
 FULLY-PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF 
 Box Ships Inc. (hereinafter called the “Company”), transferable on the books of the Company in person or by duly authorized attorney, upon surrender of this Certificate properly
endorsed. This Certificate and the shares represented hereby, are issued and shall be held subject to all of the provisions of the Articles of Incorporation, as amended and restated, and the Bylaws, as amended and restated, of the Company (copies of
which are on file with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. 

Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers. 

President 
 Secretary 
 Box Ships Inc. 

DATED <<Month Day, Year>> 
 COUNTERSIGNED AND REGISTERED: 
 COMPUTERSHARE TRUST
COMPANY, N.A. 
 TRANSFER AGENT AND REGISTRAR, 

By 
 AUTHORIZED SIGNATURE 
 1234567 

PO BOX 43004, Providence, RI 02940-3004 
 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 
 CUSIP XXXXXX XX X 
 Holder ID XXXXXXXXXX

 Insurance Value 1,000,000.00 
 Number of Shares 123456 
 DTC 12345678
123456789012345 
 Certificate Numbers Num/No. Denom. Total 

1234567890/1234567890 1 1 1 
 1234567890/1234567890 2 2 2 
 1234567890/1234567890
3 3 3 
 1234567890/1234567890 4 4 4 
 1234567890/1234567890 5 5 5 
 1234567890/1234567890
6 6 6 
 Total Transaction 7 

 

 

  
 BOX SHIPS INC.

 THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN A 

STOCKHOLDERS RIGHTS AGREEMENT BETWEEN BOX SHIPS INC. AND COMPUTERSHARE TRUST COMPANY N.A., AS 

THE RIGHTS AGENT, DATED AS OF XXXXX XX, 2011, (THE “RIGHTS AGREEMENT”), THE TERMS OF WHICH ARE HEREBY

 INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES 

OF BOX SHIPS INC. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS 

WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. BOX 

SHIPS INC. WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE 

AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS 

AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR 

ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER 

CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL 

AND VOID. 
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full 

according to applicable laws or regulations: 
 TEN COM - as tenants in common UNIF GIFT MIN ACT - Custodian 
 (Cust) (Minor) 
 TEN ENT - as tenants by the
entireties under Uniform Gifts to Minors Act 
 (State) 

JT TEN - as joint tenants with right of survivorship UNIF TRF MIN ACT - Custodian (until age) 

and not as tenants in common (Cust) 
 under Uniform Transfers to Minors Act 
 (Minor)
(State) 
 Additional abbreviations may also be used though not in the above list. 

THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS,

 PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE
COMPANY AND THE 
 QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS
IN RIGHTS, PREFERENCES AND 
 LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE ARTICLES OF
INCORPORATION OF THE COMPANY, AS AMENDED, AND THE 
 RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND
THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS 
 FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO
THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE 
 BOARD OF DIRECTORS MAY REQUIRE THE
OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE 
 THE COMPANY A BOND TO
INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM 
 ON ACCOUNT
OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. 
 For value received, hereby sell, assign and
transfer unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 (PLEASE PRINT OR TYPEWRITE
NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) 
 of the common stock represented by the within
Certificate, and do hereby irrevocably constitute and appoint 
 Shares 

to transfer the said stock on the books of the within-named Company with full power of substitution in the premises.

 Attorney 
 Dated: 20 
 Signature: 

Signature: 
 Notice: The signature to this assignment must correspond with the name 
 as written upon the face of the certificate, in every particular, 
 without alteration or enlargement, or any change whatever. 
 Signature(s) Guaranteed: Medallion Guarantee Stamp 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, 

Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED 

SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15. 

The IRS requires that we report the cost basis of certain shares 

acquired after January 1, 2011. If your shares were covered by 

the legislation and you have sold or transferred the shares and 

requested a specific cost basis calculation method, we have 

processed as requested. If you did not specify a cost basis 

calculation method, we have defaulted to the first in, first out 

(FIFO) method. Please visit our website or consult your tax 

advisor if you need additional information about cost basis. 

If you do not keep in contact with us or do not have any 

activity in your account for the time periods specified by state 

law, your property could become subject to state unclaimed 

property laws and transferred to the appropriate state. 

SECURITY INSTRUCTIONS 
 THIS IS WATERMARKED PAPER, DO NOT ACCEPT 
 WITHOUT
NOTING WATERMARK. HOLD TO 
 LIGHT TO VERIFY WATERMARK.Form of Administrative Services Agreement

 Exhibit 10.2 
 ADMINISTRATIVE SERVICES AGREEMENT 
 Made this
             day of                , 20     by and between 

BOX SHIPS INC., a Marshall Islands corporation having its registered office at Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the
“Company” or “Box”), 
 and 
 Allseas Marine S.A., a Liberian corporation having its registered office at 80 Broad Street, Monrovia, Liberia and having established a branch office in Greece at 15 Karamanli Ave. 166 73 Voula, Athens,
Greece (“Allseas”). 
 In consideration of the mutual covenants and agreements set forth herein, the parties hereto agree as follows:

 1. The Company. The Company is engaged directly and/or through its subsidiaries (collectively the “Box Group”) primarily in
the ownership, operation, management and chartering of containership vessels. 
 2. Engagement. The Company hereby engages Allseas to act
as Administrative Service Provider. 
 3. Duration. The duration of the engagement shall commence as of the date of this Agreement (the
“Effective Date”) and shall continue for as long as Allseas remains in the premises of 15 Karamanli Ave. in Voula, Greece as tenant, or under any other capacity, (unless sooner terminated as hereinafter provided) (the “Term”).
The engagement may be terminated, at any time, by either party giving to the other a sixty (60) days written notice of termination. Notwithstanding the foregoing, this Agreement shall terminate if any party terminates the engagement hereunder
in accordance with the terms of Paragraph 6 below. 
 4. Services. Allseas shall provide to Box the following services, which are
numerated herein below: 
  

	 	a)	Telecommunication expenses 

  

	 	b)	Security facilities for Box’s offices 

  

	 	c)	Sufficient secretarial personnel and equipment 

  

	 	d)	Reception personnel and equipment 

  

	 	e)	Cleaning services for Box’s office space 

  

	 	f)	Provide, or arrange for the provision of, IT services including; 

  

	 	(i)	Purchasing and configuration of IT related equipment including computers, printers, handheld mobile phones, Blackberrys), telephone devices; 

 

	 	(ii)	User installation and configuration at domain (network) level; 

  

	 	(iii)	Use configuration regarding access to the office premises 

  

	 	(iv)	Provide necessary space on the file server for documents 

  

	 	(v)	Provide adequate security for all equipment 

  

	 	(vi)	Data back up facilities 

  

	 	(vii)	Website maintenance including: 

  

	 	•	 	 Subscription renewal 

  

	 	•	 	 User email configuration 

  

	 	•	 	 Content updating 

  
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	 	•	 	 Notifications to subscribed investors (e-mail alerts) 

 

	 	•	 	 General maintenance tasks 

[Include Accounting and Financial Reporting Services?] 
 5. Fee. Within 10 days after the end of each calendar quarter, Allseas shall submit to Box for payment a statement for reimbursement of all costs and expenses reasonably incurred by Allseas (the
“Costs and Expenses”) in connection with the provision of the Services listed in Clause 4. above for the previous calendar quarter. Each statement shall contain such supporting detail as may be reasonably required to validate such
amounts due. 
 Box shall make payment within 15 days of the date of each invoice submitted in accordance with this Agreement and in particular
with this Clause 5. All invoices for Services are payable in U.S. dollars. 
 6. Termination. 

a. For Cause. The Company may immediately terminate Allseas’ engagement under this Agreement for “Cause” (as defined
herein). In such event, or if Allseas terminates engagement (other than for Good Reason or as the result of a Change of Control), the obligations of the Company shall cease immediately and Allseas shall not be entitled to any further payments of any
kind. For purposes of this Agreement, “Cause” shall include (i) material breach of the terms of this Agreement; (ii) dishonesty, willful misconduct or fraud in connection with the performance of its duties, or in any way related
to the business of Box; or (iii) violation of applicable policies, practices and standards of behavior of Box. 
 b.
Good Reason. Allseas may terminate its engagement voluntarily for Good Reason (as defined herein). For purposes of this Agreement, “Good Reason” shall mean the following: (i) the Company fails to pay Allseas any fee due and
payable hereunder within ten (10) days after Allseas provides written notice to the Company of such failure to pay; or (ii) the Company’s breach of any material provision of this Agreement, in any case without Allseas’ written
consent. 
 c. Payment Upon Termination. In the event of Allseas’ termination for Good Reason, or in the event that
its engagement is terminated by the Company, other than in accordance with subparagraph (a) of this Clause 6, Allseas shall be entitled to receive its fee through the Termination Date. Allseas’ right to these payments is expressly
conditioned on its compliance with all of its obligations to the Company under this Agreement. 
 d. Termination Date.
For purposes of this Agreement, “Termination Date” shall mean: (i) if Allseas’ engagement is terminated by the Company for Cause, the date of such termination; (ii) if Allseas’ engagement is terminated by the
Company without Cause or by Allseas without Good Reason, the date set forth in the notice of termination (which no event shall be earlier than the date such notice is effective); and (iii) if Allseas engagement is terminated by Allseas for Good
Reason, thirty (30) days after such notice is given unless the Company has cured the grounds for such termination within the applicable cure period. 
 e. Change of Control. In the event of a “Change in Control” (as defined herein), during the Term of this Agreement, the Company and Allseas have the option to terminate this Agreement
within six (6) months following such Change in Control, and Allseas shall be eligible to receive the payment specified in paragraph 6 (c), provided that the conditions of said paragraph are satisfied. For purposes of this Agreement, the term
“Change of Control” shall have the following meaning: 
 (i) the sale, lease, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets, other than a disposition to any of the Company’s affiliates; 

(ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
person (as such term is used in Section 13(d)(3) 

  
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of the United States Securities Exchange Act of 1934), other than any of the Company’s affiliates (excluding persons that may be deemed affiliates solely by virtue of their stock ownership)
becomes the beneficial owner, directly or indirectly, of more than 35% of the Company’s voting shares, measured by voting power rather than number of shares; or 
 (iii) the Company consolidates with, or merges with or into, any person (other than any of the Company’s affiliates), or any such person consolidates with, or merges with or into, the Company, in any
such event pursuant to a transaction in which any of the outstanding shares of the Company’s common stock are converted into or exchanged for cash, securities or other property, or receive a payment of cash, securities or other property, other
than any such transaction where the shares of the Company’s common stock that are outstanding immediately prior to such transaction are converted into or exchanged for voting stock of the surviving person constituting a majority of the
outstanding shares of such voting stock of such surviving person immediately after giving effect to such issuance. 
 f.
Vacation of Premises. In the event that Allseas vacates the said premises, then this agreement shall be considered terminated from the date of such vacation. 
 7. Representations by Allseas. Allseas represents and warrants the following: 
 (a) Capacity; Authority; Validity. Allseas has all necessary capacity, power and authority to enter into this Agreement and to perform all the obligations to be performed by Allseas’
hereunder; this Agreement and the consummation by Allseas of the transactions contemplated hereby has been duly and validly authorized by all necessary action of Allseas; this Agreement has been duly executed and delivered by Allseas; and assuming
the due execution and delivery of this Agreement by the Company, this Agreement constitutes the legal, valid and binding obligation of the Company enforceable against Allseas in accordance with its terms. 

(b) No Violation of Law or Agreement. Neither the execution and delivery of this Agreement by Allseas, nor the consummation of the
transactions contemplated hereby by Allseas, will violate any judgment, order, writ, decree, law, rule or regulation or agreement applicable to Allseas. Allseas is not in breach of any agreement requiring the preservation of the confidentiality of
any information, client lists, trade secrets or other confidential information or any agreement not to compete or interfere with any prior employer, and that neither the execution of this Agreement nor the performance by Allseas of its obligations
hereunder will conflict with, result in a breach of, or constitute a default under, any agreement to which Allseas is a party or to which Allseas may be subject. 
 8. Confidentiality. Except as directed in writing, Allseas will not disclose or use at any time, either during the period of this Agreement or thereafter, any Confidential Information (as defined
below) of which it is or becomes aware, except to the extent required by applicable law. Allseas will take all appropriate steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. As used
in this Agreement, the term “Confidential Information” means information relating to the vessels of the group and/or the Company that is not generally known to the public or that is used or developed by the Company including, without
limitation, all products and services, fees, costs and pricing structures, financial and trading information, accounting and business methods, analyses, reports, data bases, computer software (including operating systems, applications and program
listings), manuals and documentation, customers and clients and customer and client lists, account files, travel agents and travel agent lists, charter contracts, salesmen and salesmen lists, technology and trade secrets and all similar and related
information in whatever form relating to the business of the Company, provided however, that Allseas may disclose or use Confidential Information at the direction of the Company. 
 9. Injunctive Relief. Allseas agrees that if it breaches or attempts to breach or violate any of the provisions of this Agreement, the Company will be irreparably harmed and monetary damages will
not provide an adequate remedy. Accordingly, it is agreed that the Company may apply for and shall be entitled to temporary, preliminary and permanent injunctive relief (without the necessity of posting a bond or other security) in order to prevent
breach of this Agreement or to specifically enforce the provisions hereof, and Allseas hereby 

  
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consents to the granting of such relief, without having to prove the inadequacy of the available remedies at law or actual damages. It is understood that any such injunctive remedy shall not be
exclusive or waive any rights to seek other remedies at law or in equity. The parties further agree that the covenants and undertakings covered by this Agreement are reasonable in light of the facts as they exist on the date of this Agreement.
However, if at any time, a court or panel of arbitrators having jurisdiction over this Agreement shall determine that any of the subject matter or duration is unreasonable in any respect, it shall be reduced, and not terminated, as such court or
panel of arbitrators determines may be reasonable. 
 10. Assignments. This Agreement and Allseas rights and obligations hereunder, may
not be assigned by Allseas; any purported assignment in violation hereof shall be null and void. This Agreement, and the Company’s rights and obligations hereunder, may not be assigned by the Company it being understood that the Company’s
rights extend to the Box Group; provided, however, that in the event of any sale, transfer or other disposition of all or substantially all of the Box Group’s assets and business, whether by merger, consolidation or otherwise, the Box Group
shall assign this Agreement and its rights hereunder to the successor to its assets and business. 
 11. Entire Agreement. This Agreement
constitutes the entire and only agreement between the parties in relation to its subject matter and replaces and extinguishes all prior agreements, undertakings, arrangements, understandings or statements of any nature made by the parties or any of
them whether oral or written with respect to such subject matter. 
 12. Notices. Every notice, request, demand or other communication
under this Agreement shall: 
 (a) be in writing delivered personally, by courier or served through a process server;

 (b) be deemed to have been when delivered personally or through courier or served at the address below; and 

(c) be sent: 

(i) If to the Company, to: 
 BOX SHIPS INC. 
 15 Karamanli Ave., 

Voula 16673, 

Athens, Greece 

(ii) If to Allseas, to: 
 Allseas Marine S.A. 
 15 Karamanli Ave. 

Voula 16673, 

Athens, Greece 
 or to such
other person or address, as is notified by the relevant party to the other parties to this Agreement and such notification shall not become effective until notice of such change is actually received by the other parties. Until such change of person
or address is notified, any notification to the above addresses are agreed to be validly effected for the purposes of this Agreement. 
 13.
Amendments to this Agreement No modification, alteration or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed on behalf of each of the parties. No delay or omission by the Company in exercising any
right or power vested in it under this Agreement shall impair such right or power or be construed as a waiver of, or acquiescence in, any default or breach by Allseas of any of its obligations under this Agreement. 

  
 4 

 If any one or more provisions of these presents is, or at any time becomes, for any reason invalid, illegal,
void, voidable or otherwise unenforceable under the laws of any jurisdiction or pursuant to a decision or declaration of any court, such invalidity, illegality, voidability or non-enforceability shall not affect the validity, voidability, legality
or enforceability of any other provision or provisions of this Agreement or the validity, voidability, legality or enforceability of this Agreement as a whole or the validity, voidability, legality or enforceability of same under the laws of any
other jurisdiction. 
 The headings in this Agreement do not form part thereof. 
 14. Applicable Law This Agreement shall be governed by and construed in accordance with English Law. 
 15. Arbitration 
 15.01 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 arbitrator 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 Arbitrators Association terms current
at the time when the arbitration proceeding are commenced and in accordance with the Arbitration Act 1996 or any statutory modification or reenactment thereof. 
 15.02 In the event that either party state a dispute and designate an Arbitrator in writing, the other party shall have twenty (20) days, excluding Saturdays, Sundays and legal holidays to
designate its arbitrator, failing which the decision of the appointed arbitrator shall apply and the appointed arbitrator can render an award thereunder in accordance with this Clause 15. 
 15.03 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. 
 15.04 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 the Agreement of the parties, including but not limited to the posting of security. Awards pursuant to this Clause may include costs, including a reasonable allowance
for attorney’s fees and judgments may be entered upon any award made herein in any court having jurisdiction. 

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

For and on behalf of, 
  

			
	BOX SHIPS INC.
	
	  

	By: ROBERT PERRI
	Chief Financial Officer
	
	ALLSEAS MARINE S.A.
	
	  

	 By:
	 	GEORGE SKRIMIZEAS
		 	President/Director

  
 6

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