Document:

Exhibit 10.13

 

EXECUTION VERSION

 

Churchill Capital Corp IV

640 Fifth Avenue, 12th Floor

New York, NY 10019

 

July 29, 2020

 

M. Klein Associates, Inc.

640 Fifth Avenue, 12th Floor

New York, NY 10019

 

Re: Administrative Services Agreement

 

Ladies and Gentlemen:

 

This letter agreement by and between Churchill Capital Corp
IV, a Delaware corporation (the “Company”) and M. Klein Associates, Inc., a New York corporation
(the “Services Provider”), dated as of the date hereof, will confirm our agreement that, commencing on
the date that securities of the Company are first listed on the New York Stock Exchange (the “Listing Date”)
and continuing until the earlier of the consummation by the Company of an initial business combination and the Company’s
liquidation (in each case as described in the Registration Statement on Form S-1 (File No. 333-239856) filed with the
Securities and Exchange Commission) (such earlier date hereinafter referred to as the “Termination Date”):

 

		1.	The Services Provider (and/or any of its affiliates designated by the Services Provider) shall make available to the Company,
at the address of the Services Provider referred to above (or any successor location or other existing office locations of the
Services Provider or any of its affiliates), office space and administrative and support services as may be reasonably requested
by the Company. In exchange therefor, the Company shall pay to the Services Provider, on the first day of each month, the sum of
$50,000 per month commencing on the Listing Date and continuing monthly thereafter until the Termination Date; and

 

		2.	The Services Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind
or nature whatsoever (each, a “Claim”) in or to, and any and all right to seek payment of any amounts
due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which substantially
all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”),
and hereby irrevocably waives any Claim it presently has or may have in the future as a result of, or arising out of, this letter
agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in
the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust
Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

    

     

    

 

This letter agreement constitutes the entire agreement and understanding
of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby.

 

This letter agreement may not be amended, modified or waived
as to any particular provision, except by a written instrument executed by all parties hereto.

 

No party hereto may assign either this letter agreement or any
of its rights, interests, or obligations hereunder without the prior written approval of the other party, provided that the Services
Provider may assign this letter agreement or any of its rights, interests, or obligations hereunder to an affiliate without the
prior written approval of the Company. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee.

 

This letter agreement constitutes the entire relationship of
the parties hereto with respect to the subject matter described herein and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by and construed in accordance with the laws of the State of New York.

 

This letter 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 letter
agreement.

 

[Signature page follows]

 

    2

     

    

 

		 	Very truly yours,

 

		 	Churchill
Capital Corp IV

 

		 	By:	/s/ Jay Taragin
		 	 	Name: Jay Taragin
		 	 	Title: Chief Financial Officer

 

AGREED TO AND ACCEPTED BY:

 

M. KLEIN ASSOCIATES, INC.

 

		By:	/s/ Jay Taragin	 
		 	Name: Jay Taragin	 
		 	Title: Authorized Person	 

 

[Signature Page to Administrative Services Agreement]Exhibit 10.1
​
Execution Version
​
July 14, 2020
To: DORIAN LPG FINANCE LLC, as Borrower,
       DORIAN LPG LTD., as Facility Guarantor,
and
      The UPSTREAM GUARANTORS named below
​
Amended and restated facility agreement dated April 29, 2020 (the “Facility Agreement”) made among (i) Dorian LPG Finance LLC as borrower, (ii) the entities listed in Schedule 1 (The original parties) Part B thereto as owners and upstream guarantors, (iii) Dorian LPG Ltd., as facility guarantor, (iv) ABN AMRO Capital USA LLC, Citibank N.A., London Branch, ING Bank N.V., London Branch, Crédit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB (publ), as bookrunners, (v) ABN AMRO Capital USA LLC and ING Bank N.V., London Branch, as joint syndication agents, (vi) ABN AMRO Capital USA LLC, Citibank N.A., London Branch, ING Bank N.V., London Branch, Banco Santander, S.A. and the Export-Import Bank of Korea, as mandated lead arrangers, (vii) the banks and financial institutions listed in Schedule 1 (The original parties) Part F thereto, as commercial lenders, (viii) the banks and financial institutions listed in Schedule 1 (The original parties) Part G thereto, as KEXIM lenders, (ix) the Export-Import Bank of Korea, as KEXIM, (x) the banks and financial institutions listed in Schedule 1 (The original parties) Part I thereto, as K-sure lenders, (xi) the banks and financial institutions listed in Schedule 1 (The original parties) Part J thereto, as swap banks, (xii) the banks and financial institutions listed in Schedule 1 (The original parties) Part P thereto, as new facilities lenders, (xiii) ABN AMRO Capital USA LLC, as global coordinator, sustainability coordinator, agent and security agent for and on behalf of the finance parties, (xiv) Citibank N.A., London Branch or any of its holding companies, subsidiaries or affiliates, as ECA coordinator, and  (xv) Citibank N.A., London Branch as ECA agent.
Ladies and Gentlemen:
We refer to the Facility Agreement. Words and expressions defined in the Facility Agreement shall, unless otherwise defined herein, have the same meaning when used herein.
We further refer to Clause 28.19 (Arrest of Ship) of the Facility Agreement.  We hereby agree to delete Clause 28.19 (Arrest of Ship) from the Facility Agreement in its entirety and replace it with “28.19. Intentionally Omitted” with effect on and from the date hereof.
​
We further refer to Clause 19.2 (b)(i) (Minimum Liquidity). We hereby agree to amend and restate Clause 19.2(b)(i) (Minimum Liquidity) as follows with effect on and from the date hereof:
​
“(i) Minimum Liquidity: Notwithstanding the provisions in Clause 25.1(d)(ii) hereof, at all times it maintains Consolidated Liquidity at least equal to the higher of (A) $27,500,000 (as the amount agreed between (x) the Facility Guarantor and (y) the parties whose approval is required for the financial covenants set out in this paragraph (b) of Clause 19.2 (Financial Condition) to become effective) and (B) 5% of consolidated interest bearing debt outstanding of the Facility
​

​
Guarantor and its Subsidiaries, of which at least $1,000,000 per Mortgaged Ship under this Agreement of such Consolidated Liquidity shall be held in an Earnings Account.”
Other than as set forth in this letter, the provisions of the Facility Agreement and Finance Documents shall remain unchanged and in full force and effect. It is acknowledged and agreed that this letter shall constitute a Finance Document for purposes of the Facility Agreement.
​
This letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the letter.
​
This letter shall be governed by the laws of the State of New York.
​
Sincerely,
​
​

​
ABN AMRO CAPITAL USA LLC
As Administrative Agent, Security Agent and Lender
	​

	​

	​

	​

	​

	By:
	/s/ Maria Fahey
	    
	By:
	/s/ Amit Wynalda

	Name:
	Maria Fahey
	​
	Name:
	Amit Wynalda

	Title:
	Director
	​
	Title:
	Executive Director

​
​
​
​
CITIBANK N.A., LONDON BRANCH
As Lender
	​

	​

	​

	​

	​

	By:
	/s/ Meghan O’Connor
	    
	By:
	​

	Name:
	Meghan O’Connor
	​
	Name:
	​

	Title:
	Vice President
	​
	Title:
	​

​
​
​
​

THE EXPORT-IMPORT BANK OF KOREA
As Lender
	​

	​

	​

	​

	​

	By:
	/s/ Sang-jin. Ju
	    
	By:
	​

	Name:
	Sang-jin. Ju
	​
	Name:
	​

	Title:
	Director General
	​
	Title:
	​

​
​
​
​
ING BANK N.V., LONDON BRANCH
As Lender
	​

	​

	​

	​

	​

	By:
	/s/ Stephen Fewster
	    
	By:
	/s/ Adam Byrne

	Name:
	Stephen Fewster
	​
	Name:
	Adam Byrne

	Title:
	Managing Director, Global Head of Shipping
	​
	Title:
	Managing Director

​
​
​
​
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
As Lender
	​

	​

	​

	​

	​

	By:
	/s/ Alexander Foley
	    
	By:
	/s/ Georgios Gkanasoulis

	Name:
	Alexander Foley
	​
	Name:
	Georgios Gkanasoulis

	Title:
	Senior Associate
	​
	Title:
	Director

​
​
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
As  Lender
​
	​

	​

	​

	​

	​

	By:
	/s/ Arne Juell-Skielse
	    
	By:
	/s/ Olof Kajerdt

	Name:
	Arne Juell-Skielse
	​
	Name:
	Olof Kajerdt

	Title:
	Head of Shipping & Offshore Coverage Swedem
	​
	Title:
	Head of Legal Department

​
​
​
​
​

Accepted and agreed by:
DORIAN LPG FINANCE LLC
As Borrower
	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
COMET LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
DORIAN SHANGHAI LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
​

DORIAN HOUSTON LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
DORIAN SAO PAULO LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
CONSTELLATION LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
DORIAN ULSAN LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
​

​
DORIAN AMSTERDAM LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
​
DORIAN MONACO LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
DORIAN BARCELONA LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
DORIAN TOKYO LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​

DORIAN GENEVA LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
DORIAN CAPE TOWN LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
COMMANDER LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
​
DORIAN EXPLORER LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
​

DORIAN EXPORTER LPG TRANSPORT LLC
As Upstream Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	President
	​
	​
	​

​
​
​
​
DORIAN LPG LTD.
As Facility Guarantor
	​

	​

	​

	​

	​

	By:
	/s/ Theodore Young
	    
	​
	​

	Name:
	Theodore Young
	​
	​
	​

	Title:
	Chief Financial Officer
	​
	​
	​

​

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