Document:

Exhibit 10.130

 

STOCK OPTION GRANT AGREEMENT

NAVIG8 CRUDE TANKERS INC

 

THIS STOCK OPTION GRANT AGREEMENT (this “Agreement”) dated as of 8th July 2014 (the “Grant Date”) sets forth the agreement of Navig8 Crude Tankers Inc (the “Company”) to grant stock options to L. Spencer Wells (the “Grantee”), a prospective member of the Company’s Board of Directors (the “Board”), to purchase shares of the Company’s common stock, par value $0.01 (the “Common Stock”), on the terms and subject to the conditions hereinafter provided.

 

The stock options to be granted pursuant hereto shall not be “incentive stock options” for purposes of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).

 

1.                                      Grant of Option. The Company hereby grants to the Grantee the right and option to purchase a total of 15,000 shares of Common Stock (the “Stock Options”).

 

2.                                      Exercise Price. The per share exercise price of the Stock Options is $13.50(the “Exercise Price”). The Exercise Price may be adjusted as provided in Section 6 below.

 

3.                                      Method of Exercise. Subject to the terms and conditions of this Agreement, the exercisable portion of the Stock Options may be exercised upon (a) notice to the Company on such form, as in such manner, as provided by the Board, setting forth the number of shares of Common Stock for which the Stock Options are being exercised, and signed by the Grantee, and (b) delivery of the Exercise Price with respect to the exercised portion of the Stock Options in accordance with the terms of this Agreement. The Stock Options may be exercised for whole shares only.

 

The Exercise Price with respect to the exercised Stock Options shall be paid in full at the time the Stock Options are exercised. The full Exercise Price shall be paid by certified or official bank check or, in the sole discretion of the Board, in such other form as may be consented to by the Board and permissible under applicable law (including by the withholding of shares of Common Stock for which the Stock Options are exercised). A valid exercise requires that the Grantee deliver the form of exercise notice and full payment for the Exercise Price of the Stock Options to be exercised to the Company.

 

4.                                      Exercisability. Subject to and conditioned upon the Grantee’s continued service as a member of the Board from the Grant Date through the third anniversary of the Grant Date, and subject to the provisions of Section 5 of this Agreement, the Stock Options shall become exercisable on the third anniversary of the Grant Date (the “Vesting Date”).

 

Subject to earlier termination and forfeiture as provided in Section 5 of this Agreement, the Stock Option shall not be exercisable after, and shall expire on, the date falling three (3) months after the Vesting Date (the “Scheduled Termination Date”).

 

The Stock Options awarded hereunder shall not be transferable, and shall be exercisable during the Grantee’s lifetime only by the Grantee.

 

During the term of the Stock Options, any exercisable portion of the Stock Options not previously theretofore exercised may be exercised in part or in whole, subject to the early termination of the Stock Options as provided in Section 5 of this Agreement. The Board, in its sole discretion, may accelerate the exercisability of all or any portion of the Stock Options at such times and under such circumstances as the Board deems appropriate.

 

5.                                      Cessation of Board Service; Treatment Upon IPO or Company Sale. The Stock Options granted under this Agreement shall terminate and be of no further force or effect from and after the date the Grantee ceases to be a member of the Board, save in the case of the Grantee’s continuous service as a member of the Board from the Grant Date through the IPO Date (if earlier than the Vesting Date) where the Grantee is required to terminate his service as a member of the Board at the time of the IPO, in which case the Stock Options will remain outstanding following his ceasing to serve as a member of the Board and shall become exercisable by the Grantee (a) on the Vesting Date and

 

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remain exercisable thereafter through the Scheduled Termination Date or (b) if earlier, on the date following the IPO Date on which there is no longer any Company shareholder who is subject to any lock-up period or other transfer restriction period imposed in connection with the IPO, in which case the Stock Options shall remain exercisable for a period of 90 days thereafter.

 

In the event the Grantee continues to serve as a member of the Board following an IPO, the Stock Options shall become exercisable prior to the Vesting Date in the event the Grantee is thereafter removed from the Board involuntarily without cause prior to the Vesting Date, in which event the Stock Options shall become exercisable on the date of such removal from the Board and remain exercisable for a period of 90 days thereafter; it being understood, for the avoidance of doubt, that the Grantee’s ceasing to serve on the Board following an IPO for any other reason (including removal for cause or voluntary resignation) shall result in the Stock Options being terminated and of no further force or effect from and after the date of such cessation of Board membership.

 

If, prior to an IPO, there occurs a coordinated private sale in which Company shareholders collectively sell more than 50% of the Common Stock of the Company to a third-party purchaser in a single transaction (a “Company Sale”), and after the consummation of a Company Sale the Grantee is removed from the Board involuntarily without cause prior to the Vesting Date, then the Stock Options shall become exercisable on the date of such removal from the Board and remain exercisable for a period of 90 days thereafter; it being understood, for the avoidance of doubt, that the Grantee’s ceasing to serve on the Board after the consummation of a Company Sale for any other reason (including removal for cause or voluntary resignation) shall result in the Stock Options being terminated and of no further force or effect from and after the date of such cessation of Board membership.

 

6.                                      Adjustment Provisions. The Stock Options and the terms of this Agreement may be subject to adjustment in recognition of unusual or nonrecurring events (including any extraordinary dividend or other distribution (whether in the form of cash, Company shares, other securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company shares or other securities of the Company, dissolution or liquidation of the Company, sale of all or substantially all the Company’s assets, or other similar corporate transaction or event, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law), other than an Equity Restructuring (as defined below), affecting the Company, any Affiliate, the financial statements of the Company or any Affiliate, or shares of Common Stock, whenever the Board determines that such that an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Stock Options and this Agreement, and then the Board shall, in such manner as it may deem equitable, adjust the Stock Option and the terms of this Agreement, including providing for (a) adjustment to (i) the number of shares or other securities of the Company (or number and kind of other securities or property) subject to the Stock Options and (ii) the Exercise Price and (b) a substitution or assumption of the Stock Options, accelerating the exercisability of the Stock Options, or accelerating the termination of the Stock Options by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate or desirable, providing for a cash payment to the Grantee in consideration for the cancellation of the outstanding Stock Options (it being understood that, in such event, if the Stock Options’ per share Exercise Price is equal to, or in excess of, the Fair Market Value of a share subject to the Stock Options, then the Stock Options may be cancelled and terminated without any payment or consideration therefor).

 

In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 6, the number and type of shares of Common Stock or other property subject to the outstanding Stock Options and the Exercise Price shall be equitably adjusted, and the adjustments provided under this paragraph shall be nondiscretionary and shall be final and binding on the Grantee and the Company in the event of an Equity Restructuring.

 

7.                                      Taxes/Withholding. All payments or distributions of the Stock Options made hereunder or of shares of Common Stock covered by the Stock Options shall be net of any amounts required to be withheld pursuant to applicable federal, national, state, local or other applicable tax withholding requirements. The Company may require the Grantee to remit to it an amount sufficient to satisfy such tax withholding requirements prior to the delivery of any Stock Options or certificates for such shares of Common Stock. In lieu thereof, the Company shall have the right and is hereby authorized to withhold the amount of such taxes from any other sums due or to become due from

 

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such corporation or its Affiliates to the Grantee as the Company shall determine, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment of such taxes. The Company may, in its discretion and subject to such rules as it may adopt (including any as may be required to satisfy applicable tax and/or non-tax regulatory requirements), permit the Grantee to pay all or a portion of the federal, national, state, local or other applicable withholding taxes arising in connection with the Stock Options or shares of Common Stock by electing to have the Company withhold shares of Common Stock having a Fair Market Value equal to the amount to be withheld, provided that such withholding shall only be at rates required by applicable statutes or regulations. Fractional share amounts shall be settled in cash.

 

The Grantee is solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with the Stock Options and this Agreement (including, without limitation, any taxes arising under Sections 409A and 457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold the Grantee from any or all of such taxes. The Board shall have the discretion, notwithstanding anything to the contrary in this Agreement, to unilaterally modify this Agreement and the Stock Options in a manner that conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable). The Board shall have the sole discretion to interpret the requirements of the Code, including, without limitation, Sections 409A and 457A, for purposes of this Agreement and the Stock Options.

 

To the extent applicable, this Agreement and the Stock Options shall be interpreted in accordance with Sections 409A and 457A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of this Agreement to the contrary, in the event that the Board determines that this Agreement and the Stock Options granted hereunder may be subject to Section 409A or 457A of the Code, the Board may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (a) exempt this Agreement and the Stock Options granted hereunder from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Stock Options, or (b) comply with the requirements of Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code.

 

8.                                      Definitions. The following terms shall have the meanings ascribed below:

 

A.                                    “Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Board.

 

B.                                    “Equity Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value of the shares underlying outstanding the Stock Options.

 

C.                                    The “Fair Market Value” of a share of Common Stock on any day shall be the closing price on the primary stock exchange upon which such shares are then listed, or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day. If no quotation is made for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding sentence for the next preceding trading day. Notwithstanding the foregoing, if there is no reported closing price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Board, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall be established from time to time by the Board. The “Fair Market Value” of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be established from time to time by the Board.

 

D.                                    “IPO” shall mean the initial public offering of the Company’s Common Stock on an international stock exchange

 

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E.                                    “IPO Date” shall mean the consummation date of an IPO, if any.

 

9.                                      Tenure. The Grantee’s right to continue to serve the Company or any of its subsidiaries or Affiliates as a director, or otherwise, shall not be enlarged or otherwise affected by the award hereunder.

 

10.                               Grantee Representations and Restrictions Upon Option Shares. The Grantee hereby agrees with the Company as follows:

 

A.                                    The Grantee shall acquire shares of Common Stock hereunder for investment purposes only and not with a view to resale or other distribution thereof to the public in violation of the U.S. Securities Act of 1933, as amended (the “1933 Act”), and shall not dispose of any such shares in transactions which violate the 1933 Act or the rules and regulations thereunder, or any applicable state or national securities or “blue sky” laws;

 

B.                                    If any shares of Common Stock that are shares subject to the Stock Options shall be registered under the 1933 Act, no public offering (otherwise than on a national securities exchange, as defined in the U.S. Securities Exchange Act of 1934, as amended) of any shares acquired hereunder shall be made by the Grantee (or any other person) under such circumstances that he or she (or such person) may be deemed an underwriter, as defined in the 1933 Act;

 

C.                                    Prior to the issuance of any shares pursuant to the exercise of the Stock Options hereunder, at the request of the Board, the Grantee shall represent in writing to the Company (a) that he or she shall comply with such restrictions on the subsequent transfer of such shares as the Company or the Board shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation thereof and (b) the Grantee’s acknowledgment that all share certificates delivered under the Stock Options and this Agreement shall be subject to such stop transfer orders and other restrictions as the Company or the Board may deem advisable under this Agreement or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares are listed, and any applicable securities or other laws;

 

D.                                    The Stock Options are nonassignable and nontransferable. The Grantee understands and agrees that none of the Stock Options nor the Common Shares issued under this Agreement may be offered, sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of except in compliance with this Agreement and the 1933 Act pursuant to an effective registration statement or applicable exemption from the registration requirements of the 1933 Act and applicable state securities or “blue sky” laws. The Grantee further understands that the Company has no obligation to cause or to refrain from causing the resale of any of the Common Shares issued under this Agreement or any other shares of its capital stock to be registered under the 1933 Act or to comply with any exemption under the 1933 Act which would permit the Common Shares issued under this Agreement to be sold or otherwise transferred by the Grantee;

 

E.                                    At the time of the exercise of the Stock Options, the Company or the Board may postpone the date of exercise until such time as the Company has available for delivery to the Grantee a prospectus meeting the requirements of all applicable securities laws, and no shares of Common Stock shall be issued or transferred upon the exercise of the Stock Options unless and until all legal requirements applicable to the issuance or transfer of shares of Common Stock have been complied with to the satisfaction of the Company; and

 

F.                                     The Grantee agrees that the Company shall have the authority to endorse upon the certificate or certificates representing the shares acquired hereunder such legends referring to the foregoing restrictions and any other applicable restrictions, as it may deem appropriate; and

 

G.                                   The Grantee has the legal right and capacity to enter into this Agreement and fully understands the terms and conditions of this Agreement..

 

11.                               Notices. Any notice required or permitted hereunder shall be deemed given only when delivered personally or when deposited in a U.S. Post Office as certified mail, postage prepaid, addressed, as appropriate, if to the Grantee, at such address as the Company shall maintain for the Grantee in its personnel records or such other address as he may designate in writing to the Company, and if to the Company, at Navig8 Crude Tankers Inc, c/o

 

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Navig8 Europe Limited, 2nd Floor, Kinnaird House, 1 Pall Mall East, London SW1Y 5AU, Attention: Secretary, Email: daniel@navig8group.com, Facsimile: +44-207-467-5867 or such other address as the Company may designate in writing to the Grantee.

 

12.                               Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Agreement shall in no manner be construed to be a waiver of such provision or of any other provision hereof.

 

13.                               Board Discretion, Recusal, Delegation and Determinations. The Board is hereby authorized to establish any rules and regulations as it deems necessary for the proper administration of the Stock Options and this Agreement and to make such determinations and interpretations and to take such action in connection with the Stock Options and this Agreement as it deems necessary or advisable. Without limiting the generality of the foregoing, the Board may, in its sole discretion, clarify, construe or resolve any ambiguity in any provision of this Agreement, accelerate the exercisability of the Stock Options, extend the term or period of exercisability of the Stock Options, waive any terms or conditions applicable to the Stock Options or correct any defect, supply any omission and reconcile any inconsistency in this Award Agreement. No member of the Board or any delegate of the Board and no officer or employee of the Company or any Affiliate (such Persons, a “Covered Person”) shall be liable for any act or failure to act hereunder, except in circumstances involving his or her bad faith, gross negligence or willful misconduct, or for any act or failure to act hereunder by any other member, officer or employee or by any agent to whom duties in connection with the administration of this Agreement have been delegated. The Company shall indemnify each Covered Person and any agent of the Board who is an employee of the Company or an Affiliate against any and all liabilities or expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Stock Options and this Agreement, except in circumstances involving such person’s bad faith, gross negligence or willful misconduct.

 

At no time shall the Grantee participate in respect of any decision or determination by the Board in respect of the Stock Options and/or this Agreement, and the Grantee shall recuse himself from all such decisions and determinations.

 

Except to the extent prohibited by applicable law, the applicable rules of a stock exchange or any charter, by-laws or other agreement governing the Board, the Board may delegate all or any part of its responsibilities under this Agreement to any person(s) selected by it. Any delegation hereunder shall be subject to the restrictions and limits that the Board specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegate. At all times, any delegate appointed under this Section 13 shall serve in such capacity at the pleasure of the Board.

 

Unless otherwise expressly provided in this Agreement, all designations, determinations, interpretations and other decisions under or with respect to the Stock Options and this Agreement shall be within the sole discretion of the Board (or its permissible delegate, as applicable), may be made at any time and shall be final, conclusive and binding upon all persons.

 

14.                               Amendment and Termination of the Agreement. This Agreement may be amended by the Board, provided that no amendment to this Agreement (other than an amendment in accordance with Sections 6, 7 or 10 of this Agreement) shall materially impair any rights or materially increase any obligations under this Agreement without the consent of the Grantee

 

15.                               Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. This Agreement shall expire if it is not signed by the Grantee and returned to the Company within 120 days of the Agreement Date.

 

16.                               Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and the Grantee, his executors, administrators, personal representatives and heirs. In the event that any part of this Agreement shall be held to be invalid or unenforceable, the remaining parts hereof shall nevertheless continue to be valid and enforceable as though the invalid portions were not a part hereof.

 

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17.                               Entire Agreement. This Agreement contains the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, discussions and understandings with respect to such subject matter.

 

18.                               Governing Law. The Option Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without giving effect to principles and provisions thereof relating to conflict or choice of laws.

 

19.                               Repricing. Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the terms of this Agreement may not be amended by the Board to (a) reduce the Exercise Price of the Stock Options or (b) cancel the Stock Options in exchange for cash, other awards or stock options with an exercise price that is less than the Exercise Price of the Stock Options, in each case without stockholder approval.

 

20.                               Rights as a Shareholder. The Grantee shall have no rights as a shareholder with respect to any shares of Common Stock covered by the Stock Options until the issuance, either in certificated or book-entry form, of the applicable shares following a valid exercise of the Stock Options under this Agreement, which shall be registered on the Company’s stock transfer books in the name of the Grantee. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such shares of Common Stock are so issued, except as provided in Section 6 of this Agreement.

 

21.                               Headings. Headings contained herein are for the purpose of convenience only and shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement.

 

IN WITNESS WHEREOF, the Company has executed this Agreement on the date and year first above written.

 

	
 
    	
NAVIG8 CRUDE TANKERS INC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Nicolas Busch
    
	
 
    	
Nicolas Busch
    
	
 
    	
President
    
	
 
    	
 
    
	
The undersigned hereby   accepts, and agrees to, all terms and provisions of the foregoing Agreement.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ L. Spencer Wells
    
	
 
    	
L. Spencer Wells
    
	
 
    	
 
    	
 
    
	
 
    	
Dated:
    	
7/15/14
    

 

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AMENDMENT AND NOVATION AGREEMENT

 

TO STOCK OPTION GRANT AGREEMENT

 

This amendment and novation agreement (this “Agreement”) is made and entered into on 7th May 2015 by and among Navig8 Crude Tankers Inc (the “Company”), General Maritime Corporation (to be renamed Gener8 Maritime, Inc.) (“Gener8”) and L. Spencer Wells (the “Grantee”) (each a “Party”, and together the “Parties”).

 

WHEREAS, on February 24, 2015, the Company, Gener8, Gener8 Maritime Acquisition, Inc. (“Merger Sub”), and each of the equityholders’ representatives named therein entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which it is intended that Merger Sub will merge with and into the Company with the Company continuing as the surviving corporation and a wholly-owned subsidiary of Gener8, and that upon consummation of the transactions contemplated by the Merger Agreement (the “Merger”), Gener8 will change its name to Gener8 Maritime, Inc.

 

WHEREAS, the Merger is intended to be consummated on 7 May 2015 by the filing with the Registrar of Corporations of the Republic of the Marshall Islands, articles of merger executed in accordance with the relevant provisions of the Business Corporations Act, as amended, of the Marshall Islands.

 

WHEREAS, pursuant to Section 3.1(b) of the Merger Agreement the Company and the Grantee wish to enter into an amendment and novation of the Stock Option Grant Agreement dated as of 8th July 2014 by and between the Company and the Grantee (the “Option Grant”) to make certain amendments to the Option Grant to reflect the Merger and so that Gener8 shall be a party to the Option Grant (as amended and novated by this Agreement) and shall be entitled to all rights, must perform all obligations and be bound by the terms thereof.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to amend and novate the Option Grant as follows:

 

1.                                      Amendment

 

Upon the consummation of the Merger (the “Effective Time”), the Option Grant shall be amended (and save where the context otherwise requires, any reference to the Option Grant in the remainder of this Agreement and elsewhere shall be read and construed as reference to the Option Grant as amended and novated by this Agreement) such that:

 

a.              Any reference in the Option Grant and this Agreement to “Stock Options” shall, as of the Effective Time, cease to represent an option to acquire shares of the Company’s common stock, par value $0.01 (the “Company Common Stock”) and shall be converted, as of the Effective Time, into an option to acquire that number of shares of Gener8’s common stock (“Parent Common Stock”) equal to the product obtained by multiplying (i) the number of shares of Company Common Stock subject to the Option Grant immediately prior to the Effective Time by (ii) the Exchange Ratio, at an exercise price per share equal to the quotient obtained by dividing (A) the per share exercise price specified in the Option Grant immediately prior to the Effective Time by (B) the Exchange Ratio; provided, however, that the exercise price and the number of shares of Parent Common Stock purchasable pursuant to the Option Grant will be determined in a manner consistent with the

 

 

requirements of Section 409A of the Code. The terms “Exchange Ratio” and “Code” as used herein shall have the meanings set forth in the Merger Agreement.

 

b.              Notwithstanding anything to the contrary set forth in the Option Grant or as a result of the consummation of the Merger and any changes in the Grantee’s position on the board of directors in connection therewith, the Stock Options, subject to the terms and conditions of the Option Grant as amended and novated in this Agreement, shall immediately vest and shall be exercisable by the Grantee at any time on or prior to July 8, 2017.

 

2.                                      Novation

 

With immediate effect from the Effective Time, Gener8 shall be a party to the Option Grant (as amended and novated by this Agreement) and shall be entitled to all rights, must perform all obligations and be bound by the terms thereof.

 

3.                                      Accredited Investor

 

The Grantee (a) has such knowledge and experience in financial and business matters as to be capable of evaluating the merits, risks and suitability of the Option Grant and this Agreement, (b) has a full understanding of all of the terms, conditions and risks and willingly assumes those terms, conditions and risks in relation to the Option Grant and this Agreement, and (c) qualifies as an “accredited investor” under Rule 501(a)(5) or (6) under the Securities Act of 1933, as amended.

 

4.                                      Governing Law

 

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without giving effect to principles and provisions thereof relating to conflict or choice of laws.

 

5.                                      Counterparts

 

This Agreement may be executed in counterparts, each of which shall constitute an original but all of which taken together shall constitute a single contract.

 

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their authorised representatives on the day and year first above written

 

 

	
Signed by Daniel Chu
    	
)
    	
 
    	
 
    
	
For and on behalf of
    	
)
    	
/s/ Daniel Chu
    	
 
    
	
NAVIG8 CRUDE TANKERS INC
    	
)
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signed by
    	
)
    	
 
    	
 
    
	
L. SPENCER WELLS
    	
)
    	
/s/ L. Spencer Wells
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signed by Leonidas Vrondissis
    	
)
    	
 
    	
 
    
	
For and on behalf of
    	
)
    	
/s/ Leonidas Vrondissis
    	
 
    
	
GENERAL MARITIME CORPORATION
    	
)
    	
 
    	
 
    

 

[Signature Page to Option Grant Amendment]Exhibit 10.131

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”) is made as of July 16th, 2014 by and between Navig8 Crude Tankers Inc, a Marshall Islands corporation (the “Company”), and Nicolas Busch (“Indemnitee”).

 

RECITALS

 

WHEREAS, directors, officers and other Persons in service to corporations or business enterprises are routinely subjected to expensive and time-consuming litigation in connection with such service;

 

WHEREAS, highly competent Persons are reluctant to serve as directors, officers or in other capacities with the Company unless they are provided adequate protection through insurance and adequate indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company;

 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the difficulty in attracting and retaining such Persons is detrimental to the best interests of the Company and its shareholders and that the Company should act to assure such Persons that there shall be increased certainty of such protection in the future and that the Company will attempt to maintain on an ongoing basis, at its sole cost and expense, liability insurance to protect such persons;

 

WHEREAS, (i) Indemnitee may not be willing to serve or continue to serve as a director or officer without adequate indemnity protection for the Indemnified Parties, (ii) the Company desires Indemnitee to serve in such capacity, and (iii) Indemnitee is willing to serve or continue to serve the Company on the condition that the Indemnified Parties be so indemnified;

 

WHEREAS, it is reasonable, prudent and necessary for the Company to continue to obligate itself contractually to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern  that they will not be so indemnified; and

 

WHEREAS, in light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of this Agreement be construed liberally to maximize the protections to be provided to the Indemnified Parties hereunder.

 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and the Indemnified Parties do hereby covenant and agree as follows:

 

Definitions.

 

As used in this Agreement:

 

“Affiliate” of any specified Person shall mean any other Person controlling, controlled by or under common control with such specified Person.

 

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“Claim” shall mean any threatened, asserted, pending or completed demand, action, claim, suit, arbitration, counterclaim, cross claim, mediation, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation, litigation, inquiry, administrative hearing or any other actual, threatened, pending or completed judicial, administrative or arbitration proceeding (including without limitation any such proceeding under the Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation) in any U.S. or foreign jurisdiction, including the Marshall Islands and Norway, whether brought in the right of the Company or otherwise, and whether of a civil, criminal, administrative, regulatory, legislative or investigative (formal or informal) nature, including any appeal therefrom.

 

“Company” shall include, in addition to Navig8 Crude Tankers Inc. and its Subsidiaries (as defined below), any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which Navig8 Crude Tankers Inc. (or any of its Subsidiaries) is a party which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

 

“Corporate Status” describes the status of a Person who is or was a director, officer, employee, agent or fiduciary of (i) the Company or (ii) any other Enterprise.

 

“Enterprise” shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (including any subsidiary of the Company) of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary.

 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Expenses” shall mean and include all direct and indirect costs, expenses, fees and charges of any type or nature whatsoever, including, without limitation, attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage and delivery service fees, fax transmission charges, secretarial services, any federal, state, local or foreign taxes imposed on the Indemnified Parties as a result of the actual or deemed receipt of any payments under this Agreement, ERISA or excise taxes and penalties and similar non-U.S. laws and regulations, and all other disbursements, obligations or expenses of the types customarily incurred in connection with or as a result of prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a deponent or witness in, or otherwise participating in a Proceeding, including reasonable compensation for the time spent by Indemnitee in connection with any Proceeding for which he or she is not otherwise compensated by the Company or any third party, which compensation shall be commensurate with the renumeration (not including any stock grants, options or awards) received by the Indemnitee in

 

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its capacity as officer or director of the Company or other Corporate Status, but shall not include any claim for lost wages, loss of profits or income or any claim for loss of opportunity.  In arriving at such compensation the following formula, among any other relevant factors, shall be taken into account: product of (x) (i) the monthly compensation paid by the Company to the Indemnitee in his or her role as an officer or director of the Company divided by (ii) the amount of time spent monthly by the Indemnitee in the ordinary course in his or her capacity as a director or officer of the Company, and (y) the number of hours spent by such Indemnitee in connection with a Proceeding. Expenses also shall include without limitation (i) expenses incurred in connection with any appeal resulting from, incurred by the Indemnified Parties in connection with, arising out of or in respect of or relating to any Proceeding, including without limitation the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent, (ii) expenses incurred by the Indemnified Parties in connection with the interpretation, enforcement or defense of the Indemnified Parties’ rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign taxes imposed on Indemnified Parties as a result of the actual or deemed receipt of any payments under this Agreement, (iv) expenses incurred in connection with recovery under any insurance policy described in Section 10(c) maintained by the Company, regardless of whether the Indemnified Party ultimately is determined to be entitled to such insurance recovery and (v) any interest, assessments or other charges in respect of the foregoing. “Expenses” shall not include “Liabilities.”

 

“Indemnified Party” or “Indemnified Parties” shall include any or all of the Indemnitee, any Affiliate of the Indemnitee, any Person who appointed such Indemnitee to the Board, any Person who controls or materially influences the affairs of such Person who appointed the Indemnitee to the Board, each of their respective officers, directors, or employees,  and each of their respective successors and permitted assigns.

 

“Indemnity Obligations” shall mean all obligations of the Company to the Indemnified Parties under this Agreement and the Charter Documents, any applicable law or regulation or other agreement or arrangement, including the Company’s obligations to provide indemnification to the Indemnified Parties and advance Expenses to the Indemnified Parties under this Agreement.

 

“Liabilities” shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts paid or payable in connection with, arising out of, in respect of or relating to any Proceeding, including without limitation amounts paid in settlement in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.

 

“Person” shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body or any other legal entity.

 

“Proceeding” shall mean any Claim (i) in which an Indemnified Party was, is, will or might  be, or is threatened to be, involved as a party, potential-party, non-party witness or otherwise by reason of (A) the fact that an Indemnified Party is or was a director or officer of the Company and/or any other Enterprise, (B) any actual, alleged or suspected action taken (or

 

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failure to take action) by an Indemnified Party or of any action (or failure to take action) on the part of an Indemnified Party while acting pursuant to his or her Corporate Status, or (C) the fact that an Indemnified Party is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement can be provided under this Agreement, or (ii) in which an Indemnified Party was, is or will be, or is threatened to be, involved as a party, potential-party, non-party witness or otherwise that relates to, results from or arises out of, directly or indirectly, in whole or in part, any Claim in respect of any action or inaction of the Company or any of its Affiliates or any of their respective officers, directors, employees, predecessors and assignees (each, a “Company Person”), including without limitation any Claim that alleges that an Indemnified Party is liable in whole or in part in respect of any action or inaction by any Company Person under any theories of secondary liability, including without limitation as an alleged aider or abettor, co-conspirator, controlling person or principal, or under any other theories.  If an Indemnified Party believes in good faith and based on reasonable information that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall be considered a Proceeding under this paragraph.

 

For the purpose hereof, references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” and similar reference shall include any service as a director, officer, employee, fiduciary or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries.

 

Services to the Company.  Indemnitee agrees to serve, or continue to serve as a director or officer of the Company and/or, as applicable, its subsidiaries and any other Enterprise for so long as the Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation.  Indemnitee may at any time and for any reason resign from such position.  This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any other Enterprise) and Indemnitee.  The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director, officer, employee and/or agent of the Company or any of its subsidiaries or other Enterprises.

 

Indemnity in Third-Party Proceedings. The Company shall indemnify and hold harmless an Indemnified Party, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred (and, in the case of retainers, reasonably expected to be incurred) by an Indemnified Party or on an Indemnified Party’s behalf in connection with any Proceeding (except for any Proceeding for which the Indemnified Party is indemnified in accordance with and subject to Section 4 hereof), or any claim, action, discovery event, issue or matter therein or related thereto.

 

Indemnity in Proceedings By or In the Right of the Company. The Company shall indemnify and hold harmless an Indemnified Party, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by an Indemnified Party or on an Indemnified Party’s behalf in connection with any Proceeding brought by or in the right of the Company to procure a judgment in its favor, or any claim, action, discovery event, issue or matter therein or related thereto. Notwithstanding anything to the contrary herein, no

 

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indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which an Indemnified Party shall have been finally adjudged by a court in a final non-appealable decision to be liable to the Company, unless and only to the extent that the court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnified Party is fairly and reasonably entitled to indemnification.

 

Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, but subject to Section 8 hereof, and without limiting the rights of the Indemnified Parties under any other provision hereof, including any rights to indemnification pursuant to Sections 3 or 4 hereof, to the fullest extent permitted by applicable law, to the extent that an Indemnified Party is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify the Indemnified Party against all Expenses actually and reasonably incurred by the Indemnified Party or on the Indemnified Party’s behalf in connection with or related to each successfully resolved Proceeding, Claim, issue or matter.  For the avoidance of doubt, if an Indemnified Party is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters therein, the Company shall indemnify the Indemnified Party against all Expenses and Liabilities incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter.  For purposes of this Section 5 and without limitation, the resolution or disposition of any Proceeding or claim, issue or matter in any manner other than by adverse judgment (including by means of settlement with or without payment of money or other consideration) or by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Indemnification for Expenses as a Witness.   To the fullest extent permitted by applicable law and to the extent that an Indemnified Party is, by reason of his or her Corporate Status, a witness or otherwise asked to participate in any aspect of a Proceeding to which such Indemnified Party is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

 

Additional Indemnification.   Notwithstanding any limitations in Sections 3, 4 or 5 hereof, the Company shall indemnify the Indemnified Parties to the fullest extent permitted by applicable law if an Indemnified Party is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by or on behalf of  an Indemnified Party in connection with the Proceeding.

 

Exclusions. Notwithstanding any other provision in this Agreement, the Company shall not be obligated under this Agreement to indemnify or hold harmless an Indemnified Party:

 

for which payment has actually been made in full to or on behalf of such Indemnified Party under any insurance policy obtained by the Company except with respect to any excess beyond the amount paid under such insurance policy;

 

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for an accounting of profits made by the Indemnified Party from the purchase and sale (or sale and purchase) by such Indemnified Party of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;

 

except for compulsory counterclaims, for any Liabilities in connection with any Proceeding (or any part of any Proceeding) initiated by such Indemnified Party, including any Proceeding (or any part of any Proceeding) initiated by such Indemnified Party against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or the Company participated in such Proceeding, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) such Proceeding is being brought by such Indemnified Party to assert, interpret or enforce his or her rights under this Agreement, it being understood that for purposes of this Agreement, bona fide counterclaims, impleadings or other responses or defensive actions by such Indemnified Party shall not be deemed to be Proceedings initiated by such Indemnified Party or (iv) such Proceeding is brought by the Indemnitee to exercise his or her right to bring such Proceedings under applicable law or in the exercise of his or her fiduciary duty; or

 

if a final non-appealable decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful.

 

Advancement. Notwithstanding any provision of this Agreement to the contrary, the Company shall advance in full, to the fullest extent permitted by law, the Expenses and Liabilities reasonably incurred by an Indemnified Party in connection with any Proceeding, and such advancement shall be made within 30 days after the receipt by the Company of a statement or statements from such Indemnified Party requesting such advances from time to time together with supporting documents reasonably requested by the Company to substantiate such amounts, whether prior to or after final disposition of any Proceeding; provided, however, that, in the event that a detailed counsel invoice or other documentation could contain information as to which a privilege may be claimed by the Indemnified Party, only a general counsel invoice and supporting documentation that is reasonably requested by the Company and which does not contain such privileged information need to be provided and, if so provided, shall be at Company’s sole cost and expense. Advances shall be unsecured and interest free. All advances shall be paid without regard to such Indemnified Party’s ability to repay the Expenses and without regard to such Indemnified Party’s ultimate entitlement to indemnification under the other provisions of this Agreement or otherwise. Advances shall include any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements or any other documents requested by the Company to support the advances claimed. The Indemnified Parties shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that each Indemnified Party undertakes to repay the amounts advanced to him or her, to the extent that it is ultimately finally determined that such Indemnified Party is not entitled to be indemnified by the Company, and no other form of undertaking shall be required from an Indemnified Party other than the execution of this Agreement. This Section 9 shall not apply to any claim made by an Indemnified Party for which indemnity is excluded pursuant to Section 8 hereof.

 

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Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

The rights of indemnification and to receive advancement as provided by this Agreement (i) shall not be deemed exclusive of any other rights to which any Indemnified Party may at any time be entitled under applicable law, the Articles of Incorporation and bylaws of the Company (collectively, the “Charter Documents”), any agreement, a vote of shareholders or a resolution of directors, the Marshall Islands Business Companies Act (the “BCA”) or otherwise and (ii) shall be interpreted independently of and without reference to any other such rights to which any Indemnified Party may at any time be entitled or any limitation or constraint (whether procedural, substantive or otherwise) in the exercise by an Indemnified Party of any other rights. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of any Indemnified Party under this Agreement in respect of any action taken or omitted by such Indemnified Party in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the Marshall Islands law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the BCA, the Charter Documents or this Agreement, it is the intent of the parties hereto that the Indemnified Parties shall be granted by this Agreement the greater benefits so afforded by such change. The Company will not adopt any amendment to its Charter Documents the effect of which would be to deny, diminish or encumber an Indemnified Party’s right to indemnification or advancement that are afforded under this Agreement or any contract or otherwise. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

The Company hereby acknowledges that the Indemnified Parties may have certain rights to indemnification, advancement and insurance provided by one or more Persons with whom or which an Indemnified Party may be associated for certain expenses and liabilities for which an Indemnified Party may also be entitled to seek indemnification from the Company. The Company hereby acknowledges and agrees that (i) the Company shall be the indemnitor of first resort to the Indemnified Parties with respect to any Proceeding, Expense, Liability or matter that is the subject of the Indemnity Obligations (without regard to any rights an Indemnified Party may have against the third party indemnitors), (ii) the Company shall be primarily liable for all Indemnity Obligations and any indemnification afforded to the Indemnified Parties in respect of any Proceeding, Expense, Liability or matter that is the subject of Indemnity Obligations, whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which an Indemnified Party may be associated to indemnify an Indemnified Party or advance Expenses or Liabilities to an Indemnified Party in respect of any Proceeding shall be secondary to the obligations of the Company hereunder, (iv) the Company shall be required to indemnify the Indemnified Parties and advance Expenses or Liabilities to the Indemnified Parties hereunder to the fullest extent provided herein, without regard to any rights an Indemnified Party may have against any other Person with whom or which an Indemnified Party may be associated or insurer of any such Person, and (v) the Company irrevocably waives, relinquishes and releases any other Person with whom or which an Indemnified Party may be associated from any claim of contribution,

 

D-7

 

subrogation or any other recovery of any kind in respect of amounts paid by the Company hereunder. Without limiting the foregoing, in the event any other Person with whom or which an Indemnified Party may be associated or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by the Company or payable under any Company insurance policy, the payor shall have a right of subrogation against the Company or its insurer or insurers for all amounts so paid which would otherwise be payable by the Company or its insurer or insurers under this Agreement. In no event shall payment of an Indemnity Obligation by any other Person with whom or which an Indemnified Party may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for any Indemnity Obligation to any other Person with whom or which an Indemnified Party may be associated. Subject to Section 8(a), any indemnification, insurance or advancement provided by any other Person with whom or which an Indemnified Party may be associated with respect to any liability arising as a result of such Indemnified Party’s Corporate Status or capacity as an officer or director of any Person or otherwise is specifically in excess over any Indemnity Obligation of the Company or valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company under this Agreement.

 

The Company has an existing valid, binding and enforceable policy of directors’ and officers’ liability insurance, a true and complete copy of which has been provided to the Indemnitee as of the date hereof, providing liability coverage for directors and/or officers of the Company, and will maintain such policy or an equivalent policy for the duration of Indemnitee’s service as director or officer of the Company and thereafter so long as an Indemnified Party shall be subject to any pending or possible Proceeding, and Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies and such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement or insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated to the same extent as the Company’s indemnification and advancement obligations set forth in this Agreement. The Company shall provide Indemnitee with a copy of all director and officer liability insurance applications, binders, policies, declarations, endorsements and other related materials and shall provide Indemnitee with a reasonable opportunity to review and comment on the same.  The Company shall promptly notify the Indemnitee of any lapse, amendment or failure to renew said policy or policies or any provision thereof relating to the extent or nature of coverage provided thereunder.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.  In the event that the Company does not purchase and maintain in effect said policy or policies pursuant to the provisions of this Section 10(c), the Company shall, in addition to and not in limitation of the other rights granted to Indemnitee under this Agreement, hold harmless and indemnify the Indemnitee to the full extent of coverage which would otherwise have been provided for the benefit of the Indemnitee pursuant to such policy.

 

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In the event of any payment under this Agreement, the Company shall not be subrogated to the rights of recovery of any Indemnified Party, including rights of indemnification provided to an Indemnified Party from any other Person with whom an Indemnified Party may be associated; provided, however, that the Company shall be subrogated to the extent of any such payment of all rights of recovery of an Indemnified Party under insurance policies of the Company or any of its subsidiaries.

 

Duration.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is a director or officer of the Company or of any other Enterprise and shall continue thereafter so long as an Indemnified Party shall be subject to any Proceeding or Liability by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.  The Company shall require any successor or assignee (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger, consolidation or otherwise), expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place by prior written agreement in form and substance reasonably satisfactory to the Company and to the Indemnified Parties.

 

Successors.  This Agreement shall be binding upon the Company and its successors and assigns (including any Person acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise) and shall inure to the benefit of the Indemnified Parties and their respective heirs, executors and administrators, but this Agreement shall not otherwise be assignable or delegatable by the Company.

 

Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law, (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto, and (c) to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Enforcement; Entire Agreement.

 

The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve or continue to serve as a director, officer, employee and/or agent of the Company and/or one or more other Enterprises, and the Company acknowledges that Indemnitee is relying upon this Agreement in

 

D-9

 

serving as a director, officer, employee and/or agent of the Company and/or any of such other Enterprises.

 

This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Charter Documents, the BCA and applicable law, and shall not be deemed a substitute therefor, nor diminish or abrogate any rights of Indemnitee thereunder.

 

Modification and Waiver. No supplement, modification, waiver or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.  In the event that the Company enters into an indemnification agreement with another director or officer of the Company containing a term or terms more favorable to an Indemnified Party than the terms contained herein (as determined by Indemnitee), the Indemnified Parties shall be afforded the benefit of such more favorable term or terms and such more favorable term or terms shall be deemed incorporated by reference herein as if set forth in full herein.

 

Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (iii) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed, or (iv) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

 

If to the Indemnified Parties, at the address indicated on the signature page of this Agreement, or such other address as an Indemnified Party shall provide to the Company.

 

If to the Company to:

 

Navig8 Crude Tankers Inc
 2nd Floor, Kinnaird House
 1 Pall Mall East
 London SW1Y 5AU
 Attention: Secretary
 Email: daniel@navig8group.com
 Facsimile: +44-207-467-5867

 

With a copy to:

 

Seward & Kissel LLP
 One Battery Park Plaza
 New York, New York 10004
 Attention: Gary J. Wolfe

 

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Email: wolfe@sewkis.com
 Facsimile: +1-212-480-8421

 

Contribution and Partial Indemnity. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to an Indemnified Party for any reason whatsoever, the Company, in lieu of indemnifying such Indemnified Party, shall contribute to the amount incurred by or on behalf of such Indemnified Party, whether for Liabilities or for Expenses, in connection with any Proceeding or other claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding or other claim in order to reflect (i) the relative benefits received by the Company and such Indemnified Party as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). If an Indemnified Party is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Liability or Expense, but not for all of the total amount thereof, the Company shall nevertheless indemnify such Indemnified Party for the portion thereof to which such Indemnified Party is entitled.

 

Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, United States of America, without regard to its conflict of laws rules. The Company and the Indemnified Parties each hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the United States District Court located in New York County, New York (the “New York Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the New York Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the New York Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the New York Court has been brought in an improper or inconvenient forum. The Company hereby irrevocably appoints Navig8 America LLC, a Delaware entity, at One Gorham Island, Suite 203, Westport, CT 06880 as agent for service of process.

 

Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs and Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

Third Party Beneficiaries. Each Indemnified Party shall be an express third-party beneficiary of this Agreement for all purposes.

 

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[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

 

	
 
    	
NAVIG8   CRUDE TANKERS INC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	

    
	
 
    	
Name: Daniel   Chu
    
	
 
    	
Title:   Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INDEMNITEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Nicolas   Busch
    
	
 
    	
Name:   Nicolas Busch
    
	
 
    	
Title:   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Facsimile:                    
    

 

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