Document:

Exhibit 10.20

 

TERMINATION AGREEMENT

 

This Termination Agreement (this “Termination Agreement”) is entered into as of August 7, 2015, by and among Genco Shipping & Trading Limited, a Marshall Islands corporation (“Genco”), Genco Investments LLC, a Marshall Islands limited liability company (“Genco Investments”), and Baltic Trading limited, a Marshall Islands corporation (“Baltic Trading”).  Genco and Baltic Trading are sometimes each referred to herein as a “Party” and collectively as the “Parties.”

 

RECITALS

 

A.            Genco and Baltic Trading are party to a Management Agreement dated as of March 15, 2010 (as amended to date, the “Management Agreement”), pursuant to which Genco has provided certain management services to Baltic Trading.

 

B.            Genco and Baltic Trading are also party to an Omnibus Agreement dated as of March 15, 2010 (the “Omnibus Agreement”) pertaining, among other things, to the allocation of business opportunities and compliance with the terms of a prior credit facility of Genco.

 

C.            Genco Investments and Baltic Trading are party to a Subscription Agreement (the “Subscription Agreement” and, together with the Management Agreement and the Omnibus Agreement, the “Subject Agreements”) for the Class B Stock, par value $0.01 per share, of Baltic Trading (“Class B Stock”).

 

D.            On July 17, 2015, pursuant to an Agreement and Plan of Merger dated as of April 7, 2015 by and among Baltic Trading, Genco and Poseidon Merger Sub Limited, a Marshall Islands corporation (“Merger Sub”), (as amended to date, the “Merger Agreement”), Merger Sub merged with and into Baltic Trading with Baltic Trading continuing as the surviving corporation and an indirect wholly owned subsidiary of Genco, Baltic Trading’s outstanding Class B Stock was canceled, and Baltic Trading’s Amended and Restated Articles of Incorporation were further amended and restated to eliminate the Class B Stock.

 

E.            As a result of the foregoing transactions consummated pursuant to the Merger Agreement, the Parties wish to terminate the Subject Agreements.

 

NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.             Termination. Subject to the terms and conditions of this Termination Agreement, the Subject Agreements are hereby terminated effective as of July 18, 2015 (the “Termination Date”).  From and after the Termination Date, the Subject Agreements shall be deemed to be of no further force or effect, and the rights and obligations of each of the Parties thereunder shall be terminated, except that any right of Genco to payment for

 

 

services rendered under the Management Agreement prior to the Termination Date shall survive such termination.

 

2.             Miscellaneous.

 

(a)           This Agreement contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes any and all prior agreements, understandings or undertakings, written or oral. This Agreement may be amended or modified only by the written agreement of all the Parties hereto.   No waiver of any provision hereof shall be effective unless set forth in a writing signed by the party to be charged.

 

(b)           This Agreement shall be governed by and construed under the law of the State of New York without regard to its choice of law provisions to the extent the same would direct the application of the laws of another jurisdiction.

 

(c)           The provisions of this Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns.

 

(d)           If any of the provisions of this Agreement is held by any court of competent jurisdiction to contravene, or to be invalid under, the laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and necessary provision added so as to give effect, as nearly as possible, to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement.

 

(e)           This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement binding on the parties hereto.

 

[Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the Parties have executed this Termination Agreement as of the date first set forth above.

 

	
GENCO   SHIPPING & TRADING LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Apostolos Zafolias
    	
 
    
	
Name:
    	
Apostolos Zafolias
    	
 
    
	
Title:
    	
Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
GENCO INVESTMENTS LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ John C. Wobensmith
    	
 
    
	
Name:
    	
John C. Wobensmith
    	
 
    
	
Title:
    	
Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
BALTIC TRADING LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Apostolos Zafolias
    	
 
    
	
Name:
    	
Apostolos Zafolias
    	
 
    
	
Title:
    	
Chief Financial Officer
    	
 
    

 

[Signature Page to the Termination Agreement]Exhibit 10.4

 

SECOND
AMENDMENT TO LICENSE AND SUPPLY AGREEMENT

 

This SECOND AMENDMENT
TO LICENSE AND SUPPLY AGREEMENT (this “Amendment”) is entered into as of May 4, 2015, by and between Nephros,
Inc., a Delaware corporation (“Nephros”), and Medica S.p.A. (“Medica”), and sometimes referred
to individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

A.           Nephros and Medica
are parties to that certain License and Supply Agreement entered into as of April 23, 2012, as amended as of April 10, 2013 (collectively,
the “Agreement”), whereby the Parties agreed to an exclusive supply arrangement for the Medica Products and
Nephros Products.

 

B.           The Parties have
agreed to make certain amendments to the Agreement relating to the scope of the Territory, certain minimum purchase requirements
and royalties on certain Medica Products.

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual representations, warranties and covenants contained herein, the Parties agree
as follows:

 

1.           Territory.
Notwithstanding Section 2.5 of the Agreement, the Parties agree that Italy shall be excluded from the Territory for the duration
of the Term.

 

2.           2015 Minimum
Purchase Requirement. Section 3.2 of the Agreement is hereby amended to provide that the total minimum amount of purchases
by Nephros from Medica for calendar year 2015 shall be €1,000,000.

 

3.           Individual
Water Purifier Royalties. Section 4.2 of the Agreement shall be amended and restated in its entirety, as follows:

 

“4.2           Royalties.
As further consideration for the license and other rights granted to Nephros under this Agreement, for the period beginning on
April 23, 2014 through and including December 31, 2022 (the “Royalty Term”), in addition to any payments set
forth in this Section 4, Nephros shall pay to Medica a royalty at the rate of 3% of Net Sales, subject to reduction as set forth
in Section 5.6. Notwithstanding the foregoing, in the event Nephros sub-licenses to a Third Party its right to market and
sell its Individual Water Purifier (also known as HydraGuard) products, then no such royalty shall be owed to Medica solely with
respect to Net Sales of such Individual Water Purifier products, and in lieu thereof, Medica shall charge a fee of €2.00 for
each unit of Individual Water Purifier product that is Supplied by Medica pursuant to Section 5 of this Agreement.”

 

4.           Pricing Summary.
Notwithstanding anything to the contrary contained in the Agreement, the parties agree that for purposes of Section 5.8 of the
Agreement the terms of pricing for supply of Individual Water Purifier (HydraGuard) products shall be as set forth on Schedule
B attached hereto.

 

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5.           No Further
Amendment. Except as expressly modified hereby, the Agreement remains in full force and effect. In the event that any provision
of this Amendment, or any provision of the Agreement as amended hereby, is or becomes legally ineffective, this shall not affect
the validity of the remaining provisions hereof or thereof, and in lieu of the invalid provisions, the Parties shall agree upon
a valid provision that approaches best the commercial purposes of the intended provision.

 

6.           Counterparts;
Facsimile Signatures. This Amendment may be executed in multiple counterparts, all of which, when executed, shall be deemed
to be an original and all of which together shall constitute one and the same document. Signatures provided by facsimile transmission
shall be deemed to be original signatures.

 

7.           Capitalized
Terms. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in
the Agreement.

 

IN WITNESS WHEREOF,
each Party has executed this Amendment as of the date first set forth above.

 

	NEPHROS, INC.	MEDICA S.p.A.
	 	 
	 	 
	By:	/s/ Daron Evans	 	By:	/s/ Luciano Fecondini	 
	 	Daron Evans	 	Luciano Fecondini
	 	Chief Executive Officer	 	Chief Executive Officer

 

 

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Schedule B

 

Medica HydraGuard Pricing Agreement Summary

Medica per filter (ex-works Medolla):

 

- price includes cost for Medica (DDP-Medolla) for the accessories
(straw, flush ports, bite-valve, etc.), assuming current cost of 6 euro

 

- price includes Medica’s tooling investment paid back
with 5 euro overcharge on the first 100k filters

 

	Quantities1 	Price to Nephros Ex Works Medolla (€)	Fixed price royalty (€)	Investment (€)	Medica  (€)	Accessories DDP Medolla (€)2
	0 to 50k	47	2	5	34	6
	50k to 100k (-10%)	43	2	5	30.6	5.4
	more than 100k (-15%)	37	2	0	28.9	5.1

 

 

Notes:

 

		1.	Quantities are cumulative and are not on yearly bases. Full price to be paid for the first 50k, and decreasing after.

 

		2.	Accessories cost is based on original low volume price of 6 Euro, discounts are estimated using 10% and 15% volume discount,
however much larger discounts are possible with large volumes.  Medica will adjust the total cost based on the decrease of
accessories cost to encourage support in lowering accessories cost.  Accessories are currently provided to Medica by Nephros.

 

    	 	Schedule B

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