Document:

EX-10.22

 

Exhibit 10.22

PROMISSORY NOTE

	 	 	 
	US$25,475.00

	 	As of January 12, 2007

     Seanergy Maritime Corp. (the “Maker”) promises to pay to the order of Panagiotis Zafet
(the “Payee”) the principal sum of Twenty Five Thousand Four Hundred and Seventy Five Dollars and
Zero Cents ($25,475.00) in lawful money of the United States of America, together with interest on
the unpaid principal balance of this Note, on the terms and conditions described below.

     1. Principal. The principal balance of this Note shall be repayable on the earlier of
(i) January 12, 2008 or (ii) the date on which Maker consummates an initial public offering of its
securities.

     2. Interest. Interest shall accrue at the rate of 4% annually (non-compounded) on the
unpaid principal balance of this Note.

     3. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the
reduction of the unpaid principal balance of this Note.

     4. Events of Default. The following shall constitute Events of Default:

          (a) Failure to Make Required Payments. Failure by Maker to pay the principal of
or accrued interest on this Note within five (5) business days following the date when due.

          (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case
under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable
federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or
the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing.

          (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive days.

     5. Remedies.

          (a) Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by
written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of
this Note, and all other amounts payable thereunder, shall become

 

 

immediately due and payable without presentment, demand, protest or other notice of any kind,
all of which are hereby expressly waived, anything contained herein or in the documents evidencing
the same to the contrary notwithstanding.

          (b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid
principal balance of, and all other sums payable with regard to, this Note shall automatically and
immediately become due and payable, in all cases without any action on the part of Payee.

     6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from
any sale of any such property, from attachment, levy or sale under execution, or providing for any
stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by Payee.

     7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or
sureties may become parties hereto without notice to them or affecting their liability hereunder.

     8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any
form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

If to Maker:

Seanergy Maritime Corp.

                                        

                                        

                                        

Attn.: Alexis Komninos, Chief Financial Officer

 

 

If to Payee:

Panagiotis Zafet

c/o Seanergy Maritime Corp.

                           
             

                                        

                                        

     Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii)
the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail
transmission was received by the receiving party’s on-line access provider, (iv) the date reflected
on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

     9. Construction. This Note shall be construed and enforced in accordance with the
domestic, internal law, but not the law of conflict of laws, of the State of Delaware.

     10. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed by its Chief Financial Officer the day and year first above written.

	 	 	 	 	 
	 	SEANERGY MARITIME CORP.

 	 
	Date: January 12, 2007 	By:  	/s/ Alexios Komninos
 	 
	 	 	Name:  	Alexios Komninos 	 
	 	 	Title:  	Chief Financial OfficerEX-10.23

 

Exhibit 10.23

February __, 2007

Seanergy Maritime Corp.

10, Amfitheas Avenue

17564 P. Faliro

Athens, Greece

Maxim Group LLC

405 Lexington Avenue

New York, New York 10174

          Re:      Initial Public Offering

Gentlemen:

     I. The undersigned, a director and stockholder of Seanergy Maritime Corp. (the “Company”), in
consideration of Maxim Group LLC entering into a letter of intent to underwrite an initial public
offering of the securities of the Company (“IPO”) and embarking on the IPO process, hereby agrees
to waive any all right to quarterly or other distributions of interest income earned on the trust
account into which the proceeds of the IPO will be placed, which interest income shall be payable
to the Company’s public shareholders of record on the last business day of each quarter until the
earlier of the consummation of a Business Combination or our liquidation.

     II. As used herein a “Business Combination” shall mean an acquisition by the Company, by
merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an
operating business or businesses in the maritime shipping or related industries.

     III. This letter agreement shall supersede any other letter agreement signed by the
undersigned with respect to the subject matter hereof.

[Signature Page to Follow]

 

 

	 	 	 
	 

	 	 
	 

	 	Name:

2EX-10.24

 

Exhibit 10.24

RIGHT OF FIRST REFUSAL AND

CORPORATE OPPORTUNITIES AGREEMENT

     This Right of First Refusal and Corporate Opportunities Agreement (this “Agreement”) is made
as of                     , 2007 by and between Seanergy Maritime Corp., a Marshall Islands corporation (the “Company”)
and
           
         ,

a                     corporation
(“                     ”) in connection with the Company’s proposed initial public offering (the
“IPO”) of units of the Company in the United States pursuant to a registration statement on Form
F-1 (as amended, the “Registration Statement”), filed by the Company with the Securities and
Exchange Commission.

     WHEREAS, the Company and                     share
certain officers and directors; and

     WHEREAS, each of the Company and
                    may be seeking business opportunities in the shipping
industry, and the parties desire to enter into this Agreement to clarify the business opportunities
for which each party shall have the right of first refusal.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements as set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Right of First Refusal.

          a. Grant of Right. For the term specified in Section 2
hereof,                     agrees to grant to the
Company (i) in its certificate of incorporation or equivalent document or (ii) by action of its
board of directors and/or shareholders, as applicable, a right of first refusal to any corporate
opportunities belonging to it that concern a Business Combination (as defined herein). Decisions
by the Company to release                     to pursue any corporate opportunity concerning a Business Combination
will be made by a majority of the Company’s independent directors.

          b. Scope of Right . As used herein, the term “Business Combination” shall mean any
acquisition, through a merger, capital stock exchange, asset acquisition, stock purchase or other
similar business combination, vessels or one or more operating businesses (each a “Target”) in the
shipping industry. Notwithstanding the above, the term “Business Combination” shall not include
any vessels or operating businesses with respect to which                     has initiated any contacts or entered
into any discussions, formal or informal, or negotiations regarding a company being acquired by                    
prior to the consummation of the Company’s IPO.

          c. General. Any directors, officers or employees
                    of that shall become aware of a
corporate opportunity subject to this Agreement shall provide written notice of the business
opportunity to the Company within five (5) business days of its identification of the corporate
opportunity.                     further agrees that it will not enter

 

 

into any agreement to purchase or invest in a Target until the Company has had a reasonable
period of time to determine whether or not to pursue the opportunity.

     2. Term. This Agreement shall become effective upon execution and shall remain in
effect for a period expiring upon the earlier of: (i) the consummation by the Company of a business
combination or (ii) the Company’s dissolution and liquidation pursuant to its amended and restated
articles of incorporation, each in the circumstances and in the manner described in the
Registration Statement.

     3. Notices. All notices or communications hereunder shall be in writing, addressed as
follows:

To the Company:

Seanergy Maritime Corp.

10, Amfitheas Avenue

175 64 P. Faliro

Athens, Greece

Attention: Board of Directors

with a copy to:

Mitchell Nussbaum

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

If to                    

[contact information]

with a copy to:

[contact  information]

     4. Headings. The headings contained herein are for the sole purpose of convenience of
reference, and shall not in any way limit or affect the meaning or interpretation of any of the
terms or provisions of this Agreement.

     5. Severability. If any provision of this Agreement shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the
remaining provisions hereof, which shall remain in full force and effect.

     6. Amendment. This Agreement may only be amended by a written instrument executed by
each of the parties hereto.

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     7. Entire Agreement. This Agreement (together with the other agreements and documents
being delivered pursuant to or in connection with this Agreement) constitute the entire agreement
of the parties hereto with respect to the subject matter hereof and thereof, and supersede all
prior agreements and understandings of the parties, oral and written, with respect to the subject
matter hereof.

     8. Governing Law, Venue, etc.

          a. This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to the conflict of laws principles thereof. The
parties: (i) agree that any legal suit, action or proceeding arising out of or relating to this
agreement and/or the transactions contemplated hereby shall be instituted exclusively in New York
Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, (ii) waive any objection which such party may have now or hereafter to the venue of
any such suit, action or proceeding and (iii) irrevocably and exclusively consent to the
jurisdiction of the New York Supreme Court, County of New York, and the United States District
Court for the Southern District of New York in any such suit, action or proceeding arising out of
this Agreement.

          b. The parties further agree to accept and acknowledge service of any and all process which
may be served in any such suit, action or proceeding in the New York Supreme Court, County of New
York, or in the United States District Court for the Southern District of New York and agrees
service of process upon the Company mailed by certified mail to the Company’s address shall be
deemed in every respect effective service of process upon the Company in any such suit, action or
proceeding, and service of process upon
                     mailed by certified mail to
                 addresses shall be deemed in
every respect effective service process upon the parties, in any such suit, action or proceeding
arising out of this Agreement.

          c. THE PARTIES HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON,
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

     9. Execution in Counterparts. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the
parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart
of this Agreement by fax or email/.pdf transmission shall constitute valid and sufficient delivery
thereof.

     10. Waiver, etc. The failure of any of the parties hereto to at any time enforce any
of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such
provision, nor to in any way effect the validity of this Agreement or any provision hereof or the
right of any of the parties hereto to thereafter enforce each and every provision of this
Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the

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provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no
waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a
waiver of any other or subsequent breach, non-compliance or non-fulfillment.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
specified above.

	 	 	 	 	 
	 	SEANERGY MARITIME CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[OTHER PARTY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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