Document:

Amended and Restated 2008 Equity Incentive Plan of the Company

 Exhibit 4.1 
 DRYSHIPS INC. 
 2008 EQUITY INCENTIVE PLAN,

 AS AMENDED AND RESTATED 
 ARTICLE I. 
 General 
  

	1.1.	Purpose 

 The DryShips
Inc. 2008 Equity Incentive Plan (the “Plan”) is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the successful conduct of the business of DryShips Inc.
(the “Company”), with incentives to (a) enter into and remain in the service of the Company or its Affiliates (as defined below), (b) acquire a proprietary interest in the success of the Company, (c) maximize their
performance and (d) enhance the long-term performance of the Company. 
 Upon adoption of the Plan, no further awards will
be issued under the Company’s 2005 Stock Incentive Plan. 
  

	1.2.	Administration 

 (a)
Administration. The Plan shall be administered by the Company’s Board of Directors (referred to herein as the “Board”) or such committee of the Board as may be designated by the Board to administer the Plan (the Board or such
committee, as applicable, the ”Administrator”); provided that (i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”), the
Administrator shall be composed of two or more directors, each of whom is a “Non-Employee Director” under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission under the 1934 Act, or any successor
rule or regulation thereto as in effect from time to time), and (ii) to the extent the Administrator, in its discretion, determines that the limitations of Section 162(m) of the Internal Revenue Code of 1986, as amended
(the “Code”), may be relevant to Awards under the Plan, the Administrator shall be composed solely of two or more directors who are “outside” directors for purposes of Section 162(m) of the Code. Subject to the terms of
the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1) designate the persons to receive Awards (as
defined below) under the Plan; (2) determine the types of Awards granted to a participant under the Plan; (3) determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated
with respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether, and to what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or
other property, or cancelled, forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to what extent, and under what circumstances cash, shares, other
securities, other Awards, other property and other amounts payable with respect to an Award shall be deferred, either automatically or at the election of the holder thereof or the

  

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Administrator; (7) construe, interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations relating to the
Plan, including rules governing its operation; (9) make all determinations necessary or advisable in administering the Plan; (10) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement;
and (11) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final, conclusive and binding upon all persons. 
 (b) General Right of Delegation. 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 Administrator, the Administrator may delegate all or any part of its responsibilities to any person or persons selected by it and may revoke any such allocation or delegation at any time. 

(c) Indemnification. No member of the Board, the Administrator or any employee of the Company or its Affiliates (each such person,
a ”Covered Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Covered Person shall be indemnified and held harmless by the
Company against and from (i) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such
Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the
Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that the Company shall have the right, at its own
expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing
right of indemnification shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or
omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the
Company’s Articles of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company’s Articles of Incorporation or
Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless. 
 (d) Delegation of Authority to Senior Officers. The Administrator may delegate, on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make
grants of Awards to key employees (other than officers) of the Company and its Subsidiaries (including any such prospective key employee) and consultants of the Company and its Subsidiaries. 
  

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 (e) Awards to Non-Employee Directors. Notwithstanding anything to the contrary
contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority and
responsibility granted to the Administrator herein. 
  

	1.3.	Persons Eligible for Awards 

 The persons eligible to receive Awards under the Plan are those officers, directors, and key employees (including any such prospective officer or employee) of the Company and its Subsidiaries and Affiliates and consultants and service
providers (including individuals who are employed by or provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries an Affiliates (collectively, “Key Persons”) as the
Administrator shall select. 
  

	1.4.	Types of Awards 

 Awards
may be made under the Plan in the form of (a) stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) phantom stock units and (f) unrestricted stock, all as more fully set
forth in the Plan. The term “Award” means any of the foregoing that are granted under the Plan. 
  

	1.5.	Shares Available for Awards; Adjustments for Changes in Capitalization 

 (a) Maximum Number. Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock of the
Company, par value $0.01 (“Common Stock”), with respect to which Awards may at any time be granted under the Plan shall be 21,834,055 (Twenty One Million Eight Hundred Thirty Four Thousand Fifty Five). The following shares of Common
Stock shall again become available for Awards under the Plan: (i) any shares that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii) any shares
of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; provided that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited;
and (iii) any shares in respect of which a stock appreciation right, restricted stock unit or phantom stock unit is settled for cash. 
 (b) Source of Shares; Certificate Legends. Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares. The Administrator may direct that any stock certificate
evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares. 
 (c) Adjustments. (i) In the event that the Administrator determines that any dividend or other distribution (whether in the form of cash, Company shares, other securities or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants

  

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or other rights to purchase Company shares or other securities of the Company, or other corporate transaction or event affects the Company shares such that an adjustment is determined by the
Administrator to be appropriate or desirable, then the Administrator shall, in such manner as it may deem equitable or desirable, adjust the number of shares or other securities of the Company (or number and kind of other securities or property)
with respect to which Awards may be granted under the Plan. 
 (ii) The Administrator is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined below))
affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles
or law, whenever the Administrator determines that such adjustments are appropriate or desirable, including providing for (A) adjustment to (1) the number of shares or other securities of the Company (or number and kind of other securities
or property) subject to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or assumption of Awards, accelerating the exercisability or
vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards 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 holder of an outstanding Award in consideration for the cancellation of such Award (it being understood that, in such event, (x) any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair
Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor and (y) any phantom stock unit that by its terms may be cancelled
without payment therefor may be cancelled and terminated without any payment or consideration therefor to the extent so provided in the applicable Award Agreement). 
 (iii) In the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the
Company’s assets or (C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries (as defined below), the Administrator shall have the power to: 
 (1) provide that outstanding options, stock appreciation rights, phantom stock units and/or restricted stock units
(including any related dividend equivalent right) shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor corporation or a parent corporation or subsidiary corporation; 
 (2) cancel, effective immediately prior to the occurrence of such event, options, stock appreciation rights, phantom
stock units and/or restricted stock units (including each dividend equivalent right related thereto) outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such cancellation, pay to the holder of
such Award a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate Exercise Price of such Award (it being understood that,
in such event, (x) any option or stock appreciation right having a

  

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per share Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or
consideration therefor and (y) any phantom stock unit that by its terms may be cancelled without payment therefor may be cancelled and terminated without any payment or consideration therefor to the extent so provided in the applicable Award
Agreement); or 
 (3) notify the holder of an option or stock appreciation right in writing or
electronically that each option and stock appreciation right shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or
stock appreciation right shall terminate upon the expiration of such period (which period shall expire no later than immediately prior to the consummation of the corporate transaction). 
  

	1.6.	Definitions of Certain Terms 

 (a) The “Fair Market Value” of a share of Common Stock on any day shall be the closing price on the Nasdaq National Market (or the Over-the-Counter Bulletin Board or such other market on which the Common Stock is trading, if not
trading on the Nasdaq National Market), as reported for such day in The Wall Street Journal. 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 that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator, 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 Administrator. 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 Administrator. 
 (b) Unless otherwise set forth in an Award Agreement, in connection with a termination of employment or service or a dismissal from Board membership, for purposes of the Plan, the term “for
Cause” shall be defined as follows: 
 (i) if there is an employment, severance, consulting, service, change
in control or other agreement governing the relationship between the grantee, on the one hand, and the Company or a Subsidiary or Affiliate, on the other hand, that contains a definition of “cause” (or similar phrase), for purposes of the
Plan, the term “for Cause” shall mean those acts or omissions that would constitute “cause” under such agreement; or 
 (ii) if the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term “for Cause” shall mean any of the following: 
 (A) any failure by the grantee substantially to perform the grantee’s employment or consultancy/service or Board
membership duties; 
 (B) any excessive unauthorized absenteeism by the grantee; 
  

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 (C) any refusal by the grantee to obey the lawful orders of the Board or any
other person to whom the grantee reports; 
 (D) any act or omission by the grantee that is or may be injurious
to the Company or any Affiliate, whether monetarily, reputationally or otherwise; 
 (E) any act by the grantee
that is inconsistent with the best interests of the Company or any Affiliate; 
 (F) the grantee’s gross
negligence that is injurious to the Company or any Affiliate, whether monetarily, reputationally or otherwise; 
 (G) the grantee’s material violation of any of the policies of the Company, a Subsidiary or Affiliate, as applicable, including, without limitation, those policies relating to discrimination or sexual harassment; 
 (H) the grantee’s material breach of his or her employment or service contract with the Company or any Affiliate;

 (I) the grantee’s unauthorized (1) removal from the premises of the Company or an Affiliate of any
document (in any medium or form) relating to the Company or an Affiliate or the customers or clients of the Company or an Affiliate or (2) disclosure to any person or entity of any of the Company’s, or any Affiliate’s, confidential or
proprietary information; 
 (J) the grantee’s being convicted of, or entering a plea of guilty or nolo
contendere to, any crime that constitutes a felony or involves moral turpitude; and 
 (K) the grantee’s
commission of any act involving dishonesty or fraud. 
 Any rights the Company or its Affiliates may have under the Plan in respect of the
events giving rise to a termination or dismissal “for Cause” shall be in addition to any other rights the Company or its Affiliates may have under any other agreement with a grantee or at law or in equity. Any determination of whether a
grantee’s employment, consultancy/service relationship or Board membership is (or is deemed to have been) terminated “for Cause” shall be made by the Administrator. If, subsequent to a grantee’s voluntary termination of
employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary termination of employment or consultancy/service relationship without Cause or removal from the Board other than “for Cause”, it is
discovered that the grantee’s employment or consultancy/service relationship or Board membership could have been terminated “for Cause”, the Administrator may deem such grantee’s employment or consultancy/service relationship or
Board membership to have been terminated “for Cause” upon such discovery and determination by the Administrator. 
 (c) “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 Administrator. 
  

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 (d) “Subsidiary” shall mean any entity in which the Company, directly or
indirectly, has a 50% or more equity interest. 
 (e) “Exercise Price” shall mean (i) in the case of options, the
price specified in the applicable Award Agreement as the price-per-share at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the
reference price-per-share used to calculate the amount payable to the grantee. 
 ARTICLE II. 
 Awards Under The Plan 
  

	2.1.	Agreements Evidencing Awards 

 Each Award granted under the Plan shall be evidenced by a written certificate (“Award Agreement”), which shall contain such provisions as the Administrator may deem necessary or desirable and which may, but need not, require
execution or acknowledgment by a grantee. The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement. 
  

	2.2.	Grant of Stock Options and Stock Appreciation Rights 

 (a) Stock Option Grants. The Administrator may grant stock options (“options”) to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to
such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. No option will be treated as an “incentive stock option” for purposes of the Code. The
Administrator shall not grant an Award in the form of stock options to an individual who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying such Award
does not then qualify as “service recipient stock” for purposes of Section 409A. 
 (b) Option Exercise
Price. Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a
share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of
Common Stock. 
 (c) Stock Appreciation Right Grants; Types of Stock Appreciation Rights. The Administrator may grant
stock appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. The terms of a
stock appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise exercisable. Stock appreciation rights
may be granted in connection with all or any part of, or independently of, any option granted under the Plan. The Administrator shall not grant an Award in the form

  

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of stock appreciation rights to an individual who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying
such Award does not then qualify as “service recipient stock” for purposes of Section 409A. 
 (d) Nature of
Stock Appreciation Rights. The grantee of a stock appreciation right shall have the right, subject to the terms of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market
Value of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is
exercised. Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall
equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (A) the Fair Market Value of a share of Common Stock on the date of grant and
(B) the par value of a share of Common Stock. Payment upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or any
combination of both, all as the Administrator shall determine. Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall be reduced by the number of shares with respect to
which the stock appreciation right is exercised. Upon the exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall be reduced by the number of
shares with respect to which the option is exercised. 
  

	2.3.	Exercise of Options and Stock Appreciation Rights 

 Subject to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable as follows: 
 (a) Timing and Extent of Exercise. Options and stock appreciation rights shall be exercisable at such times and under such conditions
as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was granted. Unless the
applicable Award Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award is then exercisable. 
 (b) Notice of Exercise. An option or stock appreciation right shall be exercised by the filing of a written notice with the Company
or the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the Administrator shall prescribe. 
  

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 (c) Payment of Exercise Price. Any written notice of exercise of an option shall be
accompanied by payment for the shares being purchased. Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price;
(ii) with the consent of the Administrator, which consent shall be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all
or part of the option Exercise Price and a certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion
of the Administrator and to the extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent). 
 (d) Delivery of Certificates Upon Exercise. Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of the
full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i) deliver to
the grantee, or to such other person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award has been exercised or, in the case of stock appreciation rights, for which the
Administrator determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form. If the method of payment employed upon an option exercise so requires, and if applicable law permits, an
optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s stockbroker. 
 (e) No Stockholder Rights. No grantee of an option or stock appreciation right (or other person having the right to exercise such Award) shall have any of the rights of a stockholder of the Company
with respect to shares subject to such Award until the issuance of a stock certificate to such person for such shares. Except as otherwise provided in Section 1.5(c), no adjustment shall be made for dividends, distributions or other rights
(whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued. 
  

	2.4.	Termination of Employment; Death Subsequent to a Termination of Employment 

 (a) General Rule. Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this
Section 2.4 or Section 3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board may exercise any outstanding option or stock appreciation right on the following terms and
conditions: (i) exercise may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship or dismissal from the Board, as applicable; and
(ii) exercise must occur within three months after termination of employment or consultancy/service relationship or dismissal from the Board but in no event after the original expiration date of the Award. 
  

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 (b) Dismissal “for Cause”. If a grantee incurs a termination of employment
or consultancy/service relationship or dismissal from the Board “for Cause”, all options and stock appreciation rights not theretofore exercised shall immediately terminate upon the grantee’s termination of employment or
consultancy/service relationship or dismissal from the Board. 
 (c) Retirement. If a grantee incurs a termination of
employment or consultancy/service relationship or dismissal from the Board as the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such
retirement, remain exercisable for a period of three years after such retirement; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. For this purpose,
“retirement” shall mean a grantee’s resignation of employment or consultancy/service relationship or dismissal from the Board, with the Company’s or Affiliate’s prior consent, on or after (i) his or her 65th birthday,
(ii) the date on which he or she has attained age 60 and completed at least five years of service with the Company or Affiliate (using any method of calculation the Administrator deems appropriate) or (iii) if approved by the
Administrator, on or after his or her having completed at least 20 years of service with the Company or Affiliate (using any method of calculation the Administrator deems appropriate). 
 (d) Disability. If a grantee incurs a termination of employment or consultancy/service relationship or a dismissal from the Board by
reason of a disability (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination or dismissal, remain exercisable for a period of one year after such termination or
dismissal of employment; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. For this purpose, “disability” shall mean any physical or mental
condition that would qualify the grantee for a disability benefit under the long-term disability plan maintained by the Company or a Subsidiary or Affiliate, as applicable, or, if there is no such plan, a physical or mental condition that prevents
the grantee from performing the essential functions of the grantee’s position (with or without reasonable accommodation) for a period of six consecutive months. The existence of a disability shall be determined by the Administrator. 

(e) Death. 
 (i) Termination of Employment as a Result of Grantee’s Death. If a grantee incurs a termination of employment or consultancy/service relationship or leaves the Board as the result of his or
her death, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; provided that in no event may such option or stock
appreciation right be exercised following the original expiration date of the Award. 
 (ii) Restrictions on
Exercise Following Death. Any such exercise of an Award following a grantee’s death shall be made only by the grantee’s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless
the grantee’s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient of such specific disposition. If a grantee’s personal representative or the recipient of a specific disposition under
the

  

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grantee’s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms and conditions of the Plan and the
applicable Award Agreement which would have applied to the grantee. 
 (f) Administrator Discretion. The Administrator,
in the applicable Award Agreement, may waive or modify the application of the foregoing provisions of this Section 2.4. 
  

	2.5.	Transferability of Options and Stock Appreciation Rights 

 Except as otherwise provided in an applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a grantee shall be exercisable
only by the grantee, and no such Award shall be assignable or transferable other than by will or by the laws of descent and distribution. The Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right,
permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a trust or trusts for the exclusive benefit of
such Immediate Family Members or (c) other parties approved by the Administrator. Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions as were
applicable immediately prior to the transfer. 
  

	2.6.	Grant of Restricted Stock 

 (a) Restricted Stock Grants. The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator
shall determine, subject to the provisions of the Plan. A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting
delivery of a restricted stock Award Agreement in such form as the Administrator shall determine. 
 (b) Issuance of Stock
Certificate. Promptly after a grantee accepts a restricted stock Award in accordance with Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock
certificates for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated form. Upon the issuance of such stock certificates, or establishment of such account, the grantee
shall have the rights of a stockholder with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provision described in the Plan (including paragraphs (d) and (e) of this
Section 2.6); (ii) in the Administrator’s sole discretion, a requirement, as set forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow and, unless otherwise determined by the Administrator, shall
remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions contained in the applicable Award Agreement. 
  

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 (c) Custody of Stock Certificate. Unless the Administrator shall otherwise determine,
any stock certificates issued evidencing shares of restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in the applicable Award Agreement. The Administrator may direct that such
stock certificates bear a legend setting forth the applicable restrictions on transferability. 
 (d) Nontransferability.
Shares of restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable Award
Agreement. The Administrator at the time of grant shall specify the date or dates (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.

 (e) Consequence of Termination of Employment. A grantee’s termination of employment or consultancy/service
relationship or dismissal from the Board for any reason (including death) shall cause the immediate forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination of employment or consultancy/service
relationship or dismissal from the Board. Unless otherwise determined by the Administrator, all dividends paid on such shares that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any
escrow arrangement under which such dividends are held or otherwise. The Administrator, in the applicable Award Agreement, may waive or modify the application of the foregoing provisions of this Section 2.6(e). 
  

	2.7.	Grant of Restricted Stock Units 

 (a) Restricted Stock Unit Grants. The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator
shall determine, subject to the provisions of the Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the Company, upon the occurrence of such vesting event as shall be determined by the
Administrator and specified in the Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence of such vesting event multiplied by the Fair Market Value of a share of Common Stock on the date of vesting.
Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as the Administrator shall determine. 
 (b) Dividend Equivalents. The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend
equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, on the shares of Common Stock underlying such Award if such shares were then
outstanding. In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder of the Award, as specified in the Award Agreement, either (A) at the same
time as the underlying dividends are paid, regardless of the fact that the restricted stock unit has not theretofore vested, or (B) at the time at which the Award’s vesting event occurs, conditioned upon the occurrence of the vesting
event, (ii) made in cash, shares of Common Stock or other property and (iii) subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall set forth in the
Award Agreement. 
  

 12 

 (c) Consequence of Termination of Employment. A grantee’s termination of
employment or consultancy/service relationship or dismissal from the Board for any reason (including death) shall cause the immediate forfeiture of all restricted stock units that have not yet vested as of the date of such termination of employment
or consultancy/service relationship or dismissal from the Board. Unless otherwise determined by the Administrator, any dividend equivalent rights that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by
termination of any escrow arrangement under which such dividends are held or otherwise. The Administrator, in the applicable Award Agreement, may waive or modify the application of the foregoing provisions of this Section 2.7(c). 
 (d) No Stockholder Rights. No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company with
respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award (it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of
cash or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13. Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other
rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued. 
 (e) Transferability of Restricted Stock Units. Except as otherwise provided in an applicable Award Agreement evidencing a restricted
stock unit, no restricted stock unit granted under the Plan shall be assignable or transferable. The Administrator may, in any applicable Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the restricted
stock units to (i) the grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii) other parties approved by the Administrator. Following any such transfer, any
transferred restricted stock units shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer. 
  

	2.8.	Grant of Unrestricted Stock 

 The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan to such Key Persons and in such amounts and subject to such forfeiture provisions as the
Administrator shall determine. Shares may be thus granted or sold in respect of past services or other valid consideration. 
  

	2.9.	Grant of Phantom Stock Units 

 (a) Phantom Stock Unit Grants. The Administrator may grant phantom stock units to such Key Persons, in such amounts, and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall
determine, subject

  

 13 

 
to the provisions of the Plan. Each phantom stock unit shall represent a notional share of Common Stock. No grantee of a phantom stock unit shall have any rights of stockholder of the Company
with respect to such Award unless and until the Award is cancelled in exchange for shares of Common Stock, which issuance of shares shall be subject to Sections 3.2, 3.4 and 3.13. Holders of phantom stock units shall not (i) be entitled to
any voting rights with respect to any phantom stock units and (ii) be entitled, by reason of holding any phantom stock unit, to any distributions payable to shareholders of Common Stock; provided, however, that the Administrator
may provide that the phantom stock unit shall be entitled to receive dividend equivalent rights, on such terms and conditions as the Administrator shall determine. The Administrator may determine that the phantom stock unit may be cancelled on such
terms and conditions as set forth in the applicable Award Agreement, including (1) for no payment, (2) in exchange for a cash payment or (3) in exchange for shares of Common Stock. 
 (b) Other Provisions. Phantom stock units may be made independently of or in connection with any other Award under the Plan. A
grantee of a phantom stock unit Award shall have no rights with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery of a phantom stock unit Award Agreement in such
form as the Administrator shall determine. 
 (c) Nontransferability. Phantom stock units may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as otherwise specifically provided in this Plan or the applicable phantom stock unit Award Agreement. 
 (d) Grants to U.S. Taxpayers. No grant of a phantom stock unit Award to an individual who is then subject to the requirements of Section 409A of the Code shall be made under the Plan unless
the Award, by its terms, is exempt from Section 409A of the Code or otherwise complies with Section 409A. 
 ARTICLE
III. 
 Miscellaneous 
  

	3.1.	Amendment of the Plan; Modification of Awards 

 (a) Amendment of the Plan. The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights
or materially increase any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the grantee’s death, the person having the right to exercise the Award). For purposes of this Section 3.1,
any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be considered to materially impair any rights of any grantee. 
 (b) Stockholder Approval Requirement. The Company is a “foreign private issuer” as defined in the rules of the SEC. Unless
the Company continues to be a “foreign private issuer,” stockholder approval shall be required with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially increases the
number of shares which may be issued under the Plan, except as permitted pursuant to Section 1.5(c), (iii) materially increases the benefits to

  

 14 

 
participants under the Plan, including any material change to (A) permit, or that has the effect of, a “re-pricing” of any outstanding Award, (B) reduce the price at which
shares or options to purchase shares may be offered or (C) extends the duration of the Plan or (iv) materially expands the class of persons eligible to receive Awards under the Plan. 
 (c) Modification of Awards. The Administrator may cancel any Award under the Plan. The Administrator also may amend any outstanding
Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set
forth in the Award Agreement; or (iii) waive or amend the operation of Section 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination of employment or consultancy/service relationship or dismissal from the
Board. However, any such cancellation or amendment that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the grantee’s
death, the person having the right to exercise the Award). In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under Section 2.4(f),
2.6(e) or 2.7(c)), the Administrator may consider the implications under Section 409A of the Code from such modification. 
  

	3.2.	Consent Requirement 

 (a)
No Plan Action Without Required Consent. If the Administrator shall at any time determine that any Consent (as defined below) is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the
issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part,
unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator. 
 (b)
Consent Defined. The term “Consent” as used herein with respect to any Plan Action means (i) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or
local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to
comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in
respect of a Plan Action by any governmental or other regulatory bodies. 
  

	3.3.	Nonassignability 

 Except
as provided in Section 2.4(e), 2.5, 2.6(d), 2.7(e) or 2.9(c), (a) no Award or right granted to any person under the Plan or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and
distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee’s legal representative or the grantee’s permissible successors or
assigns (as authorized and determined by the Administrator). All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns. 
  

 15 

	3.4.	Taxes 

 (a)
Withholding. A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or
transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any
payment or transfer under an Award or under the Plan, 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. Whenever shares of Common Stock are to be delivered pursuant
to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery
shares having a value equal to the amount of minimum tax required to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be
settled in cash. Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion. 
 (b) Liability for Taxes. Grantees and holders of Awards are solely responsible and liable for the satisfaction of all taxes and
penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Section 409A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such person harmless from any
or all of such taxes. The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally
modify any Award in a manner that (i) conforms with the requirements of Section 409A of the Code (to the extent applicable), (ii) voids any participant election to the extent it would violate Section 409A of the Code (to the
extent applicable) and (iii) for any distribution event or election that could be expected to violate Section 409A of the Code, make the distribution only upon the earliest of the first to occur of a “permissible distribution
event” within the meaning of Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code. Notwithstanding anything to the contrary contained in the Plan or in any Award
Agreement, to the extent the Administrator determines that the Plan or any Award is subject to Section 409A of the Code and fails to comply with the requirements of Section 409A of the Code, the Administrator reserves the right to amend or
terminate the Plan and/or amend, restructure, terminate or replace the Award in order to cause the Award to either not be subject to Section 409A of the Code or to comply with the applicable provisions of such section. The Administrator shall
have the sole discretion to interpret the requirements of the Code, including, without limitation, Section 409A, for purposes of the Plan and all Awards. 
  

 16 

	3.5.	Change in Control 

 (a)
Change in Control Defined. For purposes of the Plan, “Change in Control” shall mean the occurrence of any of the following: 
 (i) any “person” (as defined in Section 13(d)(3) of the 1934 Act), corporation or other entity (other than (A) the Company, (B) any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or an Affiliate, (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company in substantially the same proportions as their ownership
of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company or (D) George Economou or any entity which George Economou directly or indirectly “controls” (as defined in Rule 12b-2 under
the 1934 Act)) acquires “beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors
of the Company; 
 (ii) the sale of all or substantially all the Company’s assets in one or more related
transactions to any “person” (as defined in Section 13(d)(3) of the 1934 Act), other than such a sale (A) to a Subsidiary which does not involve a change in the equity holdings of the Company, (B) to an entity which George
Economou directly or indirectly controls or (C) to an entity which has acquired all or substantially all the Company’s assets (any such entity described in clause (A), (B) or (C), the “Acquiring Entity”) if, immediately
following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of
more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders of the voting stock of the Company, and such voting power among the persons who
were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors
of the Company immediately prior to such sale; 
 (iii) any merger, consolidation, reorganization or similar
event of the Company or any Subsidiary as a result of which the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold 50% or more of the
aggregate voting power of the capital stock of the surviving entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily
entitled to elect directors of the surviving entity) and such voting power among the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same
proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such sale; 
 (iv) the approval by the Company’s stockholders of a plan of complete liquidation or dissolution of the Company; or 
  

 17 

 (v) during any period of 24 consecutive calendar months, individuals:

  

	 	(A)	who were directors of the Company on the first day of such period, or 

  

	 	(B)	whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in office who were directors of
the Company on the first day of such period, or whose election or nomination for election were so approved, 

 shall cease to constitute a majority of the Board. 
 Notwithstanding the foregoing, for each Award subject to Section 409A of the
Code, a Change in Control shall be deemed to occur under this Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company
shall also be deemed to have occurred under Section 409A, provided that such limitation shall apply to such Award only to the extent necessary to avoid adverse tax effects under Section 409A of the Code. 
 (b) Effect of a Change in Control. Unless the Administrator provides otherwise in a Award Agreement, upon the occurrence of a Change
in Control: 
 (i) notwithstanding any other provision of this Plan, any Award then outstanding shall become
fully vested and any Award in the form of an option or stock appreciation right shall be immediately exercisable; 
 (ii) to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in such manner as it deems appropriate; 
 (iii) a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for
any reason, other than a termination or dismissal “for Cause”, concurrent with or within one year following the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was
entitled to exercise the Award on the date of his or her termination of employment or consultancy/service relationship or dismissal from the Board, until the earlier of (A) the original expiration date of the Award and (B) the later of
(x) the date provided for under the terms of Section 2.4 without reference to this Section 3.5(b)(iii) and (y) the first anniversary of the grantee’s termination of employment or consultancy/service relationship or dismissal
from the Board. 
 (c) Miscellaneous. Whenever deemed appropriate by the Administrator, any action referred to in
paragraph (b)(ii) of this Section 3.5 may be made conditional upon the consummation of the applicable Change in Control transaction. 
  

 18 

	3.6.	Operation and Conduct of Business 

 Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any Affiliate from taking any action with respect to the operation and conduct of their business that they deem appropriate or in their
best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any Affiliate, any merger or consolidation of the Company or any Affiliate, any issuance of
Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other securities or rights thereof, any dissolution or liquidation of the
Company or any Affiliate, any sale or transfer of all or any part of the assets or business of the Company or any Affiliate, or any other corporate act or proceeding, whether of a similar character or otherwise. 
  

	3.7.	No Rights to Awards 

 No
Key Person or other person shall have any claim to be granted any Award under the Plan. 
  

	3.8.	Right of Discharge Reserved 

 Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any of its Affiliates, his or her consultancy/service relationship with the Company or any of its
Affiliates, or his or her position as a director of the Company or any of its Affiliates, or affect any right that the Company or any of its Affiliates may have to terminate such employment or consultancy/service relationship or service as a
director. 
  

	3.9.	Non-Uniform Determinations 

 The Administrator’s determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may be made and determined by the Administrator selectively among persons who receive, or
who are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Administrator shall be entitled, among other things, to make non-uniform and selective
determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan, (c) the number of shares to be covered by, or with
respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of Awards. 
  

	3.10. 	Other Payments or Awards 

 Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect.

  

	3.11. 	Headings 

 Any section,
subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define the contents of such subdivisions. 
  

 19 

	3.12. 	Effective Date and Term of Plan 

 (a) Adoption; Stockholder Approval. The Plan was adopted by the Board on January 16, 2008. The Board may, but need not, make the granting of any Awards under the Plan subject to the approval of the Company’s stockholders.

 (b) Termination of Plan. The Board may terminate the Plan at any time. All Awards made under the Plan prior to its
termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements. No Awards may be granted under the Plan following the tenth
anniversary of the date on which the Plan was adopted by the Board. 
  

	3.13. 	Restriction on Issuance of Stock Pursuant to Awards 

 The Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable under applicable law.
Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in cancellation of, any
Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in writing to the
Company that it is the Award holder’s then-intention to acquire the shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise until such time as
the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no shares shall be issued or transferred in connection with any Award unless and until all legal requirements
applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and the Administrator. The Company and the Administrator shall have the right to condition any issuance of shares to any Award holder
hereunder on such person’s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or
official interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Company or the Administrator may deem advisable under the Plan, the applicable Award
Agreement or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates representing such shares may contain a legend to reflect any
such restrictions. The Administrator may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other consideration might violate any applicable law or regulation
or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded to the
relevant grantee or other Award holder. Without limiting the generality of the foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the
Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable securities laws. 
  

 20 

	3.14. 	Requirement of Notification of Election Under Section 83(b) of the Code 

 If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the
Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the election with the
U.S. Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code. 
  

	3.15. 	Severability 

 If any
provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator,
such provision shall be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
  

	3.16. 	Governing Law 

 The Plan
will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws. 
  

 21Supplemental Letter Agreement dated May 15, 2006

 Exhibit 4.5 
 SUPPLEMENTAL LETTER 
  

	To:	DryShips Inc. 

	    	Trust Company Complex 

	    	Ajeltake Road 

	    	Ajeltake Island 

	    	Majuro 

	    	The Marshall Islands MH 96960 

  

	From:	HSH Nordbank AG 

	    	Gerhart-Hauptmann-Platz 50 

	    	D-20095 Hamburg 

	    	Germany 

 Dear Sirs 
  

					
	 1.        
	  	 Background.
	  	15 May 2006
		
	 (A)     
	  	By a loan agreement (“the Senior Loan Agreement”) dated 31 March 2006 and made between (i) DryShips Inc. as borrower (the
“Borrower”), (ii) the banks and financial institutions listed therein as lenders (the “Senior Lenders”), (iii) the banks and financial institutions listed therein as swap banks, (iv) ourselves as
agent, lead arranger, lead bookrunner and security trustee, (v) ourselves and The Governor and Company of the Bank, of Scotland (“BOS”) as joint underwriters and (vi) BOS as joint bookrunner, it was agreed that the Senior
Lenders would make available to the Borrower a term loan and short-term credit facilities of up to US $518,750,000 (the “Senior Loan”) in aggregate.
		
	 (B)      
	  	By a loan agreement (the “Junior Loan Agreement”) dated 31 March 2006 and made between (i) the Borrower, (ii) the banks and financial
institutions listed therein as lenders (the “Junior Lenders” and together with the Senior Lenders, the “Lenders”), (iii) the banks and financial institutions listed therein as swap banks, (iv) ourselves as
agent, lead arranger, lead bookrunner and security trustee and (v) BOS as joint bookrunner it was agreed that the Junior Lenders would-make available to the Borrower a term loan and short-term credit facilities of up to US$ 110,000,000 (the
“Junior Loan”) in aggregate.
		
	 (C)      
	  	The Borrower has requested to drawdown an amount of US$26,512,500 representing 79.38 per cent. of the Market Value of vessel “ATACAMA” (tbr
“MAGANARI”) (the “Ship”) to part-finance the acquisition of the Ship, which is one of the Additional Ships referred to in each of the Senior Loan Agreement and the Junior Loan Agreement (together, the “Loan
Agreements” and each a “Loan Agreement”). Under the terms of the Loan Agreements the amount of the Additional Advances which may be made available under the Loan Agreements to finance the acquisition of an Additional Ship
may not exceed 75 per cent. of the Market Value of that Additional Ship.
		
		  	Words and expressions defined in the Loan Agreements shall have the same meanings when used in this Letter unless otherwise defined or unless the context otherwise
requires.

  

					
	 2.        
	  	Agreement and Amendments to the Senior Loan Agreement and the Junior Loan Agreement. Subject to the satisfaction of the conditions of this Letter and your
agreement to repay the Additional Advances which shall be used to finance the Additional Ship in the manner referred to in the Schedule to this Letter, we (in our capacity as Agent for the Lenders) agree to give our consent to your request. We also
hereby confirm and agree that the terms of Clauses 8.1(a) (u) and 8.1 (b) of each Loan Agreement (dealing with the Repayment Instalments and Balloon Instalments of the Additional Advances), shall not apply to each Additional Advance in
respect of the Ship and each such Additional Advance shall be repaid in accordance with the Schedule to this Letter. Clauses 8.1(a)(ii) and 8.1(b) of each Loan Agreement shall, as they relate to the Repayment Instalments and Balloon Instalments and
the Balloon Instalment for each Additional Advance in respect of that Ship, be read and construed accordingly.
		
	 3.        
	  	Representations and Warranties. The Borrower hereby represents and warrants to the Lenders that;
		
	 (a)       
	  	the representations and warranties contained in each Loan Agreement are true and correct on the date of this Letter as if all references therein to “this
Agreement” were references to each of the Senior Loan Agreement and the Junior Loan Agreement as supplemented by this Letter; and
		
	 (b)      
	  	this Letter comprises the legal, valid and binding obligations of the Borrower enforceable in accordance with its terms.
		
	 4.        
	  	Conditions. Our agreement contained in paragraph 2 of this Letter shall be expressly subject to the condition that each Additional Advance in respect of the Ship
will be repaid in the form set out in the Schedule hereto and that we shall have received in form and substance as may be approved or required by us on or before the signature hereof:
		
	 (a)       
	  	copies of resolutions passed at a meeting of the board of directors of the Borrower evidencing approval of this Letter and authorising appropriate officers or attorneys
to execute the same;
		
	 (b)      
	  	the original of any power of attorney issued in favour of any person executing this Letter on behalf of the Borrower; and
		
	 (c)       
	  	copies of all governmental and other consents, licences, approvals and authorisations as may be necessary to authorise the performance by the Borrower of its obligations
under this Letter and the execution, validity and enforceability of this Letter.
		
	 5.        
	  	Senior Loan Agreement, Junior Loan Agreement and Finance Documents. The Borrower hereby agrees with the Lenders that the provisions of each Loan Agreement and the
Finance Documents shall be and are hereby re-affirmed and remain in full force and effect.
		
	 6.        
	  	Notices. Clause 28 (Notices) of each Loan Agreement shall extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly set
forth.
		
	 7.        
	  	Governing Law. This Letter shall be governed by and construed in accordance with English law and Clause 30 (Law and Jurisdiction) of each Loan Agreement shall
extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly set forth.

	 	

  

					
		  	2	  	

 Please confirm your acceptance to the foregoing terms and conditions by signing the acceptance at the foot
of this letter. 
  

	
	Yours faithfully
	
	 /s/ George Paleoklassas

	

	for and on behalf of
	HSH NORDBANK AG
	
	Accepted and agreed
	
	 /s/ Eugenia Papapontikou

	

	for and on behalf of
	DRYSHIPS INC.
	
	Dated 15 May 2006

  

					
		  	3

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