Document:

Exhibit 10.15

 

QT

STELIOS-ARIS/NICK

REF IRENES LOGOS/CCNI
amended recap

----

 

ACCORDING TO YOUR
AUTHORITIES WE ARE NOW FULLY FIXED ASPER FOLL RECAP:

* NEGO + FIXTURE TO REMAIN
P+C

* MV IRENES LOGOS AS
DESCRIBED BELOW

BUT INSERT IN TC DESC ‘TANKS
TOP SURFACES IN HOLDS 3,4,5, AND 6 ARE FULLY FLAT FOR LOADING BREAKBULK CARGOES
’

 

* A/C CCNI

* DELIVERY: ON DLOSP SETUBAL
EX DD

* LAYCAN: 19-31 AUGUST 08,
TO BE NARROWED TO 7 DAYS ON 30 DAYS AND TO 4 DAYS ON 15 DAYS RESP DELY NOTICES

* PERIOD: MIN 24 MAX 26 MTHS
T/C EXACT PERIOD IN CHOPT

* REDELIVERY: DLOSP 1SP
C.PASSERO-HAMBURG RANGE OR IN CHOPT SHANGHAI - SINGAPORE RANGE PORT IN CHOPT
ATDNSHINC

* HIRE: USD 16900 DAILY
INCLOT

* 2.5PC TOTAL COMMISSION

* CVE: USD 1000/ MONTH

* LDLM: USD 1250/ MONTH

 

 

++

 

VESSEL DESCRIBED AS FOLLOWS:

C/V CMA CGM LIMON

================= EX IRENES
LOGOS, EX ISE GEARED /FULLY CELLULAR CONTAINER VESSEL WITH HOLD STOPPERS BLT
1995 - FLAG PANAMA - CLASS NK DWAT 24970 MT ON 9.62 M DRFT GRT 18716 / NRT
9827

LOA: 194.18 M / BEAM : 28.00
M

ENGINE-BRIDGE AFT

BOWTHRUSTER FITTED

ANTI HEELING AUTOMATIC
SYSTEM

 

CARGO GEAR

--------------------

2 X 40/36 MT X 32/33 MR
TYPE: JSW-HAGLUNDS DECK CRANES

1 X 30      MT
X 34      MR TYPE: JSW-HAGLUNDS DECK CRANE

SPREADERS: 3 X 20FT AND 2 X
40FT FOR SERVING DECK CRANES HOLDS/HATCHES:7/10

------------------

6 HOLDS FORE OF BRIDGE AND 1
HOLD AFT

EACH BAY CABABLE FOR 1X40’
OR ALT. 2X20’(EXCEPT BAY 42-ONLY 40’) 10 HATCHES WITH 2 PONTOON COVERS EACH
(EXCEPT HATCH NO.1 SINGLE PONTOON).

EACH PONTOON CAN BE
OPENED/CLOSED INDEPENDENTLY- DIMENSIONS:

NO 1:             12.800 X   8.020 M (EACH HATCH)

NO 2 TO 10   12.800 X 11.130 M (PORT+STARBOARD)

 

 

CONTAINER INTAKE : 1625 TEUS

-------------------------------

1551 UNITS  20/8/8’6” + 37 UNITS  40/8/8’6”

STOWAGE: HOLDS      618 UNITS 
20 X 8 X 8’6” - UP TO 5 TIERS

DISTRIBUTION:

NO 1   :                                 2/ 6/10      
   - 1ST TO 3RD TIER - 18 UNITS

 

 

NO 2   :                                   4/ 6/10/12/14 
- 1ST TO 5TH TIER - 46 UNITS

NO 3   :                                   7/11/13/15/15 
- 1ST TO 5TH TIER - 61 UNITS

NO 4A:                                12/16/16/16/16  - 1ST TO 5TH TIER - 76 UNITS

4B: 16/16/16/16/16  - 1ST TO 5TH TIER - 80 UNITS NO 5A:
16/16/16/16/16  - 1ST TO 5TH TIER - 80
UNITS

5B: 15/15/15/15/15  - 1ST TO 5TH TIER - 75 UNITS NO 6A:
14/16/16/16/16  - 1ST TO 5TH TIER - 78
UNITS

6B: 10/16/16/16/16  - 1ST TO 5TH TIER - 74 UNITS

NO 7 : 14/16           - 1ST TO 2TH TIER - 30 UNITS

 

STOWAGE: DECK        933 UNITS  20 X 8 X 8’6” - UP TO 5 TIERS

DISTRIBUTION:

NO 1 :               16/16/14/ 7                                       - 1ST TO 4TH TIER -  53 UNITS

NO 2 :               20/20/20/20                                    - 1ST TO 4TH TIER -  80 UNITS

NO 3 :               20/20/20/20                                    - 1ST TO 4TH TIER -  80 UNITS

NO 4 :               22/22/22/22                                    - 1ST TO 5TH TIER -  88 UNITS

NO 5 :               22/22/22/22/22                    - 1ST TO 5TH TIER -110 UNITS

NO 6 :               22/22/22/22/22                    - 1ST TO 5TH TIER -110 UNITS

NO 7 :               20/20/20/20/20                    - 1ST TO 5TH TIER -100 UNITS

NO 8 :               22/22/22/22/18                    - 1ST TO 5TH TIER -106 UNITS

NO 9 :               22/22/22/22/18                    - 1ST TO 5TH TIER -106 UNITS

 

AFT OF ACCOMODATION

NO10 : 22/22/22/22/12  - 1ST TO 5TH TIER -100 UNITS

STOWAGE: ON POOPDECK  37 UNITS 
40 X 8 X 8’6” - UP TO 5 TIERS

DISTRIBUTION:

8/ 8/ 8/ 8/ 5  - 1ST TO 5TH TIER - 37 UNITS ALTERNATIVELY

------------------------------

785 UNITS 40/8/8’6” + 55
UNITS 20/8/8’6”

STOWAGE: HOLDS 295/FEUS +
28/TEUS UP TO 5 TIERS DECK 490/FEUS + 27/TEUS UP TO 5 TIERS.

ONE (1) TIER OF HIGH
CUBE 9’6” BOXES CAN BE STOWED IN HOLDS WITHOUT AFFECTING CAPACITY.

45’ BOXES CAN BE STOWED ON
DECK (JUMPING LOAD) FORE OF BRIDGE BUT NOT AFT.

STOWAGE ON DECK 45’ BOXES :
146 UNITS (2ND TO 5TH TIER -JUMP LOAD)

84 UNITS (3RD TO 5TH TIER
-JUMP LOAD).

40’ (9’6” HC): 300 UNITS ON
DECK.

ONE (1)TIER OF HIGH CUBE 9’06”
BOXES CAN BE STOWED IN HOLDS WITHOUT AFFECTING CAPACITY.

STABILITY (IMO CONDITIONS):

---------- ---------------------------------

12 MT/TEU HOMG LOADED WEIGHT
: 1373 TEUS

14 MT/TEU HOMG LOADED WEIGHT
: 1250 TEUS INTAKES ALWAYS SUBJECT TO VSL’S STABILITY/TRIM/BUNKER QUANTITIES/
VISIBILITY AND PERMISSIBLE WEIGHTS.

SPEEDS AND CONSUMPTIONS:

-------------------------------------------

ALWAYS BASIS DESIGNED DRAFT
OF 9.15 M,CLEAN HULL,CLEAN FUEL,GOOD WEATHER AND SEA CONDITION I.E. WINDS NOT
EXCEEDING B/FORT SCALE MAX 2 AND NO NEGATIVE INFLUENCE BY SWELL,SEA
STATE,ADVERSE CURRENTS AND/OR TIDAL STREAMS:

ABT 20 KNOTS ON ABT 53 MT
HFO MAX RMG 380 ABT 19 KNOTS ON ABT 45 MT HFO MAX RMG 380 ABT 18 KNOTS ON ABT
37 MT HFO MAX RMG 380 ABT 17 KNOTS ON ABT 31 MT HFO MAX RMG 380

 

ALWAYS PLUS ON ABT 3 MT HFO
MAX RMG 380 FOR AUX.ENGINE.

 

 

CONSUMPTION IN PORT PER DAY
:

A) IDLE                                        2.5 MT HFO MAX RMG 380

B) CARGO GEAR WORKING   5.0 MT HFO MAX RMG 380

 

ALL CONSUMPTIONS PER DAY AND
WITHOUT REEFERS CONNECTED.

CONSUMPTION FOR BOILER TO
START UP IGNITORS ABT:10 MT MDO PER MONTH CONSUMPTION WHILE
MANEUVERING,NAVIGATING IN SHALLOW WATERS, RIVERS, CANALS, ENTERING/LEAVING
PORTS ETC.:ABT 1.8 MT DO FOR M.ENGINE PER HOUR.

VSL TO BE SUPPLIED WITH BUNKERS
OF MIN 1.5 PCT SULPHUR CONTENT AND NOT INFERIOR TO:

HFO GRADE RMG 380 IN
ACCORDANCE WITH ISO 8217:2005 MDO GRADE DMB IN ACCORDANCE WITH ISO 8217:2005 IN
VIEW THAT MARPOL ANNEX VI IN FORCE AS FROM 19 MAY 2006 CHARTERERS SHALL
ENSURE THAT PRIOR VSL’S ENTERING AT PLACES APPLICABLE (SECA) TO SUPPLY VESSEL
WITH SUFFICIENT LOW SULPHUR BUNKERS TO MEET MARPOL ANNEX VI REQUIREMENTS TO BE
CONSUMED DURING TRADING IN SUCH EMISSION CONTROLED ZONES AT CHARTERERS RISK,
TIME AND EXPENSES WITHOUT MIXING UP WITH OTHER BUNKER ON BOARD.

IT IS UNDERSTOOD THAT IN
CASE VSL REQUIRES TIME FOR FLUSHING BUNKER LINES PRIOR THE CONSUMPTION OF LOW
SULPHUR FUEL MAY USE MDO ON CHRTS ACCT FITTINGS

--------------

FULLY FITTED WITH LOOSE
LASHING MATERIAL/FITTINGS/STACKING CONES FOR 20’ AND 40’ UNITS, UNDER AND ON
DECK.

REEFER CONTAINERS: 200 TEUS
(88 TEUS ON DECK + 112 IN HOLDS) HOLD STOPPERS: HOLDS NO.4(FWD/AFT),
5(FWD/AFT), 6(FWD) MAXIMUM PERMISSIBLE LOAD ON TANK TOPS UNIFORMLY SPREAD IS 15
M/T PER SQM MECHANICAL VENTILATION

-----------------------------------------

 

TYPE               :
ELECTRIC MOTOR DRIVEN, AXIAL FLOW FAN

NO. 4 HOLD   : 450 M3/MIN X 30 MMAQ X 5.5 KW X 2
SETS(EXH)

NO. 5 HOLD   : 450 M3/MIN X 30 MMAQ X 5.5 KW X 2
SETS(SUP)

NO. 6 HOLD   : 550 M3/MIN X 55 MMAQ X 11.0 KW X 2
SETS(SUP)

NO. 7 HOLD   : 125 M3/MIN X 30 MMAQ X 1.5 KW X 2
SETS(EXH)

 

STRENGTH - STACKWEIGHTS

-----------------------------------------

TANK TOP           :    120MT/TEU,    150MT/FEU

DECK                    :   60MT/TEU,      90MT/FEU

HATCH COVERS:   60MT/TEU,
     90MT/FEU

TANK CAPACITIES (100PCT
FULL)

------------------------------------------------

BALLAST:             6,252.36 M3

FRESH WATER:      324.32 M3

FUEL OIL:             2,374.50 M3

DIESEL OIL:            424.49 M3

 

ALL DETAILS ABT AND WOG

 

+

 

OWISE APER IRENES LOGOS /
CCNI C/P DD 04/04/03 AND ADDENDUM NO.1 WITH LOGICAL ALTERATIONS AND FOLLOWING
AMENDMENTS:

MAIN BODY

-----------------

 

* LINE 45

 

 

ADDITIONAL WORDING TO READ: “CHARTERERS,
HOWEVER, HAVE THE OPTION TO LOAD PART CARGOES OF BREAKBULK CARGOES
COMPATIBLE WITH CONTAINERS, ONLY APPLICABLE TO CARGO HOLDS, HATCHES SUITABLE TO
DO IT.

VESSEL ALWAYS TO BE LOADED
TO VESSEL’S SPECIFIC STABILITY AND LONGITUDINAL STRENGTH LIMITS. ALL BULK
CARGOS ARE SPECIFICALLY EXCLUDED. SEE CLAUSES 33 & 34”

* LINE 62  DELETE ‘ IRAN’

* LINE 111 INSERT OWNERS
NOMINATED BANK ACCOUNT:

 

BAYERISCHE HYPO - UND
VEREINSBANK AG

ATHENS BRANCH GREECE

7 HERAKLITOU STR

10673 ATHENS

GREECE

SWIFT: HYVEGRAA

ACCOUNT NO: 123021 USD 2811
20

IBAN NO: GR 4 0720 5650 1230
48US D281 120 C/O TANGO SHIPPING S.A.

USD CORRESPONDED: JP MORGAN
CHASE BANK, NY, USA (SWIFT:CHASUS33)

 

* LINE 252 DELETE “APRIL
2003” AND INSERT “JULY - AUGUST 2008”.

ALSO INSERT HERE THE WORDING
OF ADDENDUM NO1 DELETING THE WORDING “AND CHARTERERS TO MAKE VESSEL AVAILABLE
IN CHINA LATEST WITHIN MARCH-MAY 2005”

* L 379 DELETE FROM ‘
PAYMENT —... TILL END OF PARAGRAPH.

* LINE 410 ADD AT THE END “SEE
ALSO CLAUSE 81”

 

ADDITIONAL CLAUSES

--------------------------------

 

* CL 28 INSERT VESSEL’S T/C
DESCRIPTION AS PER RECAP.

* CL 33  FIRST PARAGRAPH TO REMAIN AS PER C/P EXCEPT
DELETE “CHARTERERS ARE ALLOWED TO REMOVE ... UPTO ... AND BEFORE REDELIVERY”

SECOND PARAGRAPH TO READ AS
FOLLOWS:

“IT IS AGREED THAT
CHARTERERS ARE ALLOWED TO LOAD NON-CONTAINERISED BREAKBULK CARGOES ALWAYS
PROVIDED THAT THESE CARGOES ARE SAFELY STOWED / LASHED / SECURED / DUNNAGED BY
CHARTERERS AND/OR THEIR SERVANTS AND NOT DAMAGING THE VESSEL, ITS CELL GUIDES
AND EQUIPMENT AND THAT THEY ARE LOADED WITHIN THE LIMITATIONS OF THE VESSEL’S
DECK, HATCH COVER AND TANK TOP STRENGTHS AND STACK WEIGHTS AND FULLY IN
ACCORDANCE WITH THE APPLICABLE CARGO AND CONTAINER LOADING AND SECURING MANUALS
AS WELL AS VESSEL’S CLASSIFICATION SOCIETY REQUIREMENTS AS THE VESSEL IS
CLASSED AS “CONTAINER VESSEL” AS PER VESSEL’S DESCRIPTION.

ALL STEVEDORING LASHING /
SECURING / DUNNAGING / UNLASHING / UNSECURING AND DISPOSAL OF DUNNAGE TO BE FOR
CHARTERERS’ ACCOUNT / RISK / EXPENSE BUT UNDER THE SUPERVISION AND DISCRETION
OF THE MASTER.

 

CARGOES PERMITTED IN HOLDS:

METALLIC COPPER IN BUNDLES

STEEL PRODUCTS

LEAD INGOTS

MACHINERY /EQUIPMENTS

BAGGED CARGOES

 

ANY OTHER NON-CONTAINERISED
CARGO WHICH CHARTERERS INTEND TO LOAD UNDER DECK IS SUBJECT TO OWNERS’ PRIOR
APPROVAL, WHICH NOT TO BE UNREASONABLY WITHHELD.

 

 

CARGOES PERMITTED ON DECK:

ANY BREAKBULK CARGOES
CARRIED ON DECK ALWAYS TO BE LOADED ON SUITABLE PLATFORMS AND/OR FLATRACKS.

STEEL PRODUCTS AND ANY KIND
OF CARGO WHICH IS SENSITIVE TO BE EXPOSED TO WEATHER ARE EXCLUDED FROM CARRIAGE
ON DECK.

DECK CARGO ALWAYS TO BE
CARRIED AT CHARETRERS / SHIPPERS / RECEIVERS RISK AND EXPENSE, RESPONSIBILITY
WITHOUT ANY LIABILITY ON THE VESSEL OR HER OWNERS FOR ANY LOSS, DAMAGE, EXPENSE
OR BY VESSEL’S STENGTH, STABILITY AND ALWAYS AT MASTER’S DISCRETION, WHICH
HOWEVER NOT TO BE UNREASONABLYY WITHHELD AND TO BE ALWAYS IN ACCORDANCE WITH
VESSEL’S STABILITY PLAN. ALL BILLS OF LADING COVERING DECK CARGO TO BEAR THE
FOLLOWING REMARKS ‘CARRIED IN DECK WITH SHIPPERS CONSENT AT SHIPPERS /
CHARTERERS’ RISK WITHOUT MESTER’S / OWNERS’ RESPONSIBILITY FOR LOSS OR DAMAGE
WHATSOEVER / HOWSOEVER CAUSED. THIS CLAUSE DOES NOT APPLY FOR ISO CONTAINERS ON
DECK”

* CL 34 TO REMAIN AS PER C/P
BUT ADD AT THE END OF THE CLAUSE FOLL:

 

‘NOTWITHSTANDING ABOVE CARGO
EXCLUSIONS, CHARTERERS ARE PERMITTED TO CARRY AT THEIR RISK AND EXPENSE
GOVERNMENT CARGOES OF ARMS/ AMMUNITIONS, AND UPTO MAXIMUM QUANTITY AS SPECIFIED
IN THIS CLAUSE, IN PROPER CONTAINERS AND TANKS FOR THE CHILEAN ARMY. THE
CARGOES MUST BE LAWFUL / LEGAL MERCHANDISE, PROPERLY DOCUMENTED AND NOT BE
CONTRADICTIONARY TO THE GERMAN KRIEGSWAFFENKONTROLLGESETZ (WAR WEAPON CONTROL
ACT) OR EQUIVALENT GOVERNMENTAL OFFICES AT LOADING AND DISCHARGE WHICH IS
HEREBY WARRANTED BY CHARTERERS. OWNERS’ PRIOR APPROVAL FOR THE CARRIAGE THEREOF
TO BE OBTAINED FOR EACH PARTICULAR SHIPMENT WHICH NOT TO BE UNRESONABLY
WITHHELD. ANY ADDITIONAL INSURANCE PREMIUM ON VESSEL’S HULL AND MACHINERY AND
CREW TO BE FOR CHARTERERS’ ACCOUNT.

NOTWITHSTANDING ABOVE, ANY
CARGOES/TRADING APPLICABLE TO U.N. BOYCOTT AND/OR VESSEL’S FLAG STATE BOYCOTT
ARE SPECIFICALLY EXCLUDED UNDER THIS CHARTER PARTY.”

* CL 36 ITEM 6  TO READ:

“CREW IF REQUIRED BY
CHARTERERS TO PERFORM BETWEEN VOYAGES SWEEPING OF HOLDS AND REMOVAL OF
DANNUGE PROVIDED SUCH WORKS CAN BE UNDERTAKEN BY THE CREW, TIME, SAFETY AND
WEATHER PERMITTING. FOR EACH OPERATION CHARTERERS SHALL PAY OWNERS USD 500 PER
HOLD.

ITEM 8 ADD AT THE END

“ PLUGGING/UNPLUGGING OF
REEFER CONTAINERS: SHOULD SAME BE REQUIRED BY CHARTRERERS AND SUBJECT TO
AVAILABILITY TO BE PERFOMED BY CREW AGAINST PAYMENT TO THE OWNERS USD 2 PER
HANDLED REEFER.

ITEM 9. -LASHING/ UNLASHING
OF CNTRS  :USD 5 PER BOX PROVIDED PORT
REGULATION PERMIT’

* CLAUSE 41 DELETE “USD 15
MIO” AND INSERT “USD 30 MIO”. ALSO ADD AT THE

END:

 

“OWNERS RESERVE THEIR RIGHT
TO REVIEW AND ADJUST H+M VALUE TO REFLECT THE VESSEL’S CURRENT H+M MARKET VALUE
AND CHARTERERS HEREBY UNDERTAKE TO AMEND

H+M VALUE AND WAR RISK VALUE
TO REFLECT THE VESSEL’S H+M/WR MARKET VALUE

H+AND

ANY ADDITIONAL PREMIUM
ARISING THEREFROM TO BE FOR CHARTERERS’ ACCOUNT.”

* CLAUSE 44 DELETE LAST PARA
AND INSERT

 

 

“CHARTERERS TO PAY TOGETHER
WITH HIRE INSTALMENTS A LUMPSUM OF USD 1250 PER 30 DAYS OR PRO RATA TO OWNERS
FOR LOSS OR DAMAGE TO LASHING MATERIALS.

CL 48 DELETE IN FULL INSERT
BIMCO STEVEDORES DANMAGE CLAUSE ASF

 

‘ANY DAMAGE CAUSED BY
STEVEDORES DURING THE CURRENCY OF THIS CHARTER PARTY SHALL BE REPORTED BY THE
MASTER TO THE CHARTERERS OR THEIR AGENTS, IN WRITING, WITHIN 24 HOURS OF THE
OCCURRENCE OR AS SOON AS POSSIBLE THEREAFTER BUT LATEST WHEN THE DAMAGE COULD
HAVE BEEN DISCOVERED BY THE EXERCISE OF DUE DILIGENCE.  THE MASTER SHALL USE HIS BEST EFFORTS TO
OBTAIN WRITTEN ACKNOWLEDGEMENT BY RESPONSIBLE PARTIES CAUSING DAMAGE UNLESS
DAMAGE SHOULD HAVE BEEN MADE GOOD IN THE MEANTIME.

STEVEDORE DAMAGE AFFECTING
SEAWORTHINESS OR THE PROPER WORKING OF THE VESSEL AND/OR HER EQUIPMENT, SHALL
BE REPAIRED WITHOUT DELAY TO THE VESSEL AFTER EACH OCCURRENCE IN THE CHARTERERS’
TIME AND SHALL BE PAID FOR BY THE CHARTERERS. 
OTHER REPAIRS SHALL BE DONE AT THE SAME TIME, BUT IF THIS IS NOT POSSIBLE,
SAME SHALL BE REPAIRED WHILST VESSEL IS IN DRYDOCK IN THE OWNERS’ TIME,
PROVIDED THIS DOES NOT INTERFERE WITH THE OWNERS’ REPAIR WORK, OR BY VESSEL’S
CREW AT THE OWNERS’ CONVENIENCE.  ALL
COSTS OF SUCH REPAIRS SHALL BE FOR THE CHARTERERS’ ACCOUNT.  ANY TIME SPENT IN REPAIRING STEVEDORE DAMAGE
SHALL BE FOR THE CHARTERERS’ ACCOUNT.

THE CHARTERERS SHALL PAY FOR
STEVEDORE DAMAGE WHETHER OR NOT PAYMENT HAS BEEN MADE BY STEVEDORES TO THE
CHARTERERS.’

* CLAUSE 51

VESSEL ESTIMATED TO BE
DELIVERED WITH ABOUT 500-700 MT IFO AND ABOUT 90-110 MT MDO. PLATT’S OILGRAM
MEAN PRICES AT ROTTERDAM TO APPLY ON THE DAY OF DELIVERY AND REDELIVERY
RESPECTIVELY.

* CLAUSE 88 - QUESTIONNAIRE

 

ITEM 2) INSERT LAST THREE
CHARTERERS / EMPLOYEMENT

LAST: CMA CGM

PREV: ZIM

PREV: CCNI

ALL CARGOES CONTAINERS

 

ITEM 3A) EX NAMES:

“CMA CGM LIMON”, “IRENES
LOGOS”, “ISE”

ITEM 3B)

OWNERSHIP: NONE

MANAGEMENT: 83 VESSEL’S INCL
NEW BUILDING ORDERS ITEM 7) OWNERS P+1 

CLUB: THE LONDON P+I CLUB

H+M VALUE: USD 30 MIO

IMO NO: 9123922

 

ITEM 8B) INSERT 24/05/2010

ITEM 9

A)                                  SAFETY CERTIFICATES EQUIPMENT 15/09/2009

CONTSRUCTION 24/05/2010

RADIO 02/11/08

GEAR 20/01/09

B)                                    HULL AND MACHINERY CERT 24/05/10

C)                                    INT LOADLINE CERT 24/05/10

D)                                   RENEW EVERY 6 MONTHS

E)                                     OPA/COFR CERTIFICATE 13/12/09

 

 

ITEM 10

A)                                  LAST DD 16/07/05

B)                                    LAST SS 16/07/05

C)                                    NEXT SURVEY / DRY DOCK 15/07/08

 

ITEM 15 INSERT:

BAYERISCHE HYPO - UND
VEREINSBANK AG

ATHENS BRANCH GREECE

7 HERAKLITOU STR

10673 ATHENS

GREECE

SWIFT: HYVEGRAA

ACCOUNT NO: 123021 USD 2811
20

IBAN NO: GR 4 0720 5650 1230
48US D281 120 C/O TANGO SHIPPING S.A.

USD CORRESPONDED: JP MORGAN
CHASE BANK, NY, USA (SWIFT:CHASUS33)

 

* CL 89 TO READ:

“OWNERS GUARANTEE THAT TANK
TOPS SURFACES IN HOLD 3, 4, 5 AND 6 ARE FULLY FLAT FOR LOADING BREAKBULK
CARGOES HOWEVER HOLD NO 3 IS NOT FITTED WITH STOPPERS. ROW 4 AT BAY 22 AND ROW
2 AT BAY 30 CANNOT STOW HIGH CUBES. HOLDS’ NO3 AND NO7 MAXIMUM PERMISSIBLE LOAD
ON TANK TOPS UNIFORMLY SPREAD IS 15 M/T PER SQM. IMDG CARGOES CAN BE LOADED IN
HOLDS NO4, NO7 AND WEATHER DECK”

ADD CLAUSE (CLAUSE 90)
:  ‘ CHILEAN COASTAL TRADE’

AS FROM THE DATE OF DELIVERY
TO THE CHARTERERS AND UNTIL HER REDELIVERY TO OWNERS, THE VESSEL IS EXPRESSLY
FORBIDDEN TO PERFORM COASTAL VOYAGES BETWEEN CHILEAN PORTS OR THEIR
INSTALLATIONS.”

END RECAP

THANK YOU VERY MUCH FOR THIS
FURTHER FIXTURE.

 

UNQTExhibit 10.16

 

Execution Copy

 

September 19, 2008

 

Conbulk Corporation

c/o Palmosa Shipping Corporation

107 A. Papanastasiou Street

Kastella-Piraeus, Greece 18533

 

[                                               ]

 

EMPLOYMENT AGREEMENT
dated this 19th day of September, 2008 by and between Conbulk
Corporation, a Marshall Islands corporation (the “Company”), and                           ,
a natural person and a citizen of Greece (the “Executive”), whereby the
following are agreed:

 

By which, in consideration of the mutual covenants and agreements set
forth herein, the parties hereto agree as follows:

 

1.             The
Company. The Company will initially be engaged, directly and/or through
subsidiaries, in the ownership, operation and management of feeder sector
container vessels trading worldwide, and may in the future engage in the
ownership, operation and/or management of cargo vessels in other sectors.

 

2.             Employment. The Company hereby employs the Executive to
carry out for the Company and for any of the Company’s affiliates or
subsidiaries (collectively the “Conbulk Group Affiliates”), as directed by the
Company, the duties of the Chief Financial Officer (the “CFO”) and the
Executive hereby agrees to such employment.

 

3.             Duration. The duration of the employment shall be for
a term of five (5) years, commencing on the Effective Date, as such term
is defined in Section 19 below, and ending (unless terminated earlier on
the basis of any other provision of this Agreement) on the day before the fifth
(5th) anniversary of the Effective Date (such period as it may be extended is
referred to as the “Term”).  Thereafter
the Term shall automatically renew for successive one year terms, unless the
Executive or the Company provides written notice not less than ninety (90) days
prior to the expiration of any such Term of the Executive’s or the Company’s
intent not to renew for a successive one year Term.  Notwithstanding the foregoing, the Term shall
terminate if any party terminates the Executives employment hereunder in
accordance with the terms of Section 9, below.

 

4.             Duties.

 

(a)               The Executive shall exercise such duties,
responsibilities and authority normally incident to the office of the CFO of
the Company using all his experience, resources and due diligence. The
Executive represents that he is fully qualified, without 

 

 

the benefit of any further
training or experience to perform the duties customarily incident to such
services. The Executive shall report to the Board of Directors of the Company
(the “Board”) about the affairs of the Company and the Conbulk Group Affiliates
with which he deals, in such manner and at such times as may from time to time
be requested by the Board. The Executive’s duties and responsibilities
hereunder shall always be subject to the policies and directives of the Board
as communicated from time to time to the Executive.

 

(b)               The Executive shall serve in a managerial
position, and is expected to provide services commensurate with the high level
of service provided by the Company and the importance of the Executive’s
position.  During the Term of the
Agreement, the Executive shall be expected to devote the necessary time and
attention to the business and affairs of the Company and use his reasonable
best efforts to faithfully perform his duties and responsibilities to the
Company and the Conbulk Group Affiliates.

 

(c)               It is the role of the Executive to inform the
Board, and to carry out the Board’s instructions, regarding all matters falling
within the Executive’s responsibilities. In order to properly carry out this
job, the Executive will have the authority to direct the actions of other
employees and such employees will report directly to the Executive.

 

5.             Titles – Right of Signing. The granting by the Company
and/or the Conbulk Group Affiliates to the Executive of any title and/or right
and/or authority to represent the Company and/or the Conbulk Group Affiliates
is made only and exclusively for serving the business needs of the Company
and/or the Conbulk Group Affiliates.

 

6.             Remuneration (Salary) of the Executive. The Executive’s base salary shall
be Euro [                 ]
per month, the Executive undertaking to pay corresponding taxes, if any.  The base salary shall be subject to review
and increase by the Board or by an appropriate committee of the Board on an
annual basis.  Such above agreed monthly
salary of the Executive shall be paid to it monthly at the end of each calendar
month.

 

7.             Additional Compensation and Fringe Benefits.

 

(a)               In addition to the
base salary set forth in Section 6 above, the Executive will be entitled
to the following at no cost to the Executive:

 

(i)            eligibility to
participate in all benefit programs of the Company as from time to time are
made generally available to other senior executive officers of the Company or
the Conbulk Group Affiliates on a basis no less favorable than as provided to
any other senior executive;

 

(ii)           an additional non-discretionary
annual cash payment in an amount equal to two month’s salary of the year in
which paid.  Such amount shall be paid in
accordance with applicable Greek Labor law, as such law may be amended from
time to time, and which as of the date hereof provides for payment in the
following manner:

 

(A)          an amount equal to one month’s salary payable
on or prior to the Christmas holiday;

 

 

(B)           an amount equal to one half of one month’s
salary payable on or prior to the Greek Easter holiday; and

 

(C)           an amount equal to one half of one
month’s salary payable in the Month of June;

 

(iii)          Coverage under an appropriate
Directors’ and Officers’ liability insurance in accordance with the Company’s
insurance plan for directors and officers;

 

(iv)          Vacation periods to be credited
and taken in accordance with the Conbulk Group’s policy, from time to time in
effect, of four (4) weeks per annum, pro rated for any calendar year in
which the Executive is not employed pursuant to this agreement for the entire
year; and

 

(v)           stock options and other equity
grants from time to time pursuant to an equity incentive plan which may be
adopted by the Company, in accordance with the terms and conditions thereof on
a basis no less favorable than provided any other senior executive of the
Company.

 

8.             Expenses. The Company shall
reimburse the Executive for all reasonable out-of pocket expenses, including
travel, incurred in the performance of his duties under this Agreement in
accordance with the Company’s expense reimbursement guidelines, as they may be
amended from time to time.

 

9.             Termination.

 

(a)               This Agreement may be
terminated in the following manner:

 

(i)            at the end of the
Term in the manner provided in Section 3 of this Agreement;

 

(ii)           by the mutual
agreement of the parties, at any time;

 

(iii)          by the Company at any
time with Cause as provided under (b) of this Section 9, below;

 

(iv)          by either party for
any material breach of its respective terms and provisions by the other party.

 

(b)               It is expressly
agreed that any of the following shall constitute Cause permitting termination
by the Company:

 

(i)            Unreasonable refusal
by the Executive to perform his duties, as fixed from time to time by the
Board, unless such duties are diminishing his managerial status or there is an
unreasonable, unilateral adverse change in the terms of his employment;

 

 

(ii)           Infringement of the
obligation of confidentiality and the obligation of non competition, as below
described, and the infringement of the duties and prohibitions mentioned below
in Sections 10, 11 and 12; or

 

(iii)          Engagement in
unacceptable activities including by way of indication and not limitation (A) willful
or deliberate failure to perform Executive’s duties, (B) material breach
of the terms of this Agreement, (C) dishonesty, willful misconduct or
fraud in connection with the performance of Executive’s duties, or in any way
related to the business of the Company or the Conbulk Group Affiliates; (D) conviction
of any crime involving moral turpitude, (E) engaging in conduct materially
injurious to the business, reputation or goodwill of the Company or the Conbulk
Group Affiliates.

 

(c)               The employment shall cease if the
Executive dies or becomes permanently disabled. In the event that the Executive’s
employment ceases because of his death or disability during the Term of this
Agreement, subject to the terms of subparagraph (e) of this Section, the
Executive (or his heirs and estate) shall be entitled to receive any payments
that have been earned and are due and payable as of the termination date, but
have not yet been paid.  For purposes of
this Agreement permanent disability shall be mean the Executive’s inability to
perform his duties and responsibilities as contemplated under this Agreement
for a period of more than 180 consecutive days, or for a period aggregating
more than 240 days, whether or not continuous, during any 360-day period, due
to physical, mental, or emotional incapacity.

 

(d)               In the event that the Executive’s
employment is terminated without cause, other than in accordance with
subparagraph (c) of this Section 9, or there is a material breach by
the Company of the terms of this Agreement, giving the right of resignation to
the Executive, the Executive shall be entitled to a lump sum compensation
payable upon termination in an amount equal to two times the annual base salary
received pursuant to Section 6, above, of the full fiscal year immediately
preceding the date of termination. The Executive shall further be entitled to
receive for a period of twelve (12) months following the date of termination
all insurance coverages and other benefits (other than cash compensation) to
which the Executive is entitled immediately prior to the date of termination
pursuant to Section 7 of this Agreement. 
It
is clearly understood that the above payments are over and above any other
grants that the Executive is entitled to under the Company’s equity incentive
plan. The parties consider that the above amounts are reasonable and in line
with the position of the Executive and his participation in the creation of the
Company. The Executive shall be entitled to the above payments provided that he
is not in default of his obligations hereunder.

 

(e)               The Executive agrees
that no payment shall be made to him (or his heirs and estate) pursuant to
subparagraphs (c) or (d) of this Section unless he (or his heirs
and estate) executes and does not revoke a release in a form reasonably
satisfactory to the Company and its counsel in favour of the Company and/or the Conbulk Group
Affiliates and all related entities and each of their current and former
officers, directors, employees and agents from any and all claims related to the
Executive’s employment or the termination of the Executive’s employment
permitted to be released by applicable law.

 

 

10.           Representations
by the Executive. The Executive represents and warrants the following:

 

(a)               Neither the execution and delivery
of this Agreement by the Executive, nor the consummation of the transactions
contemplated hereby by the Executive, will violate any judgment, order, writ,
decree, law, rule or regulation or agreement applicable to the
Executive.  The Executive is not
in breach of any agreement requiring it to preserve the confidentiality of any
information, client lists, trade secrets or other confidential information or
any agreement not to compete or interfere with any prior employer, and that
neither the execution of this Agreement nor the performance by the Executive of
his obligations hereunder will conflict with, result in a breach of, or
constitute a default under, any agreement to which the Executive is a party or
to which the Executive may be subject;

 

(b)               The Executive is not
the subject of any investigation by his current employer and is not a party in
any litigation or arbitration proceeding related in any way to his current or
prior employment; and

 

(c)               This Agreement constitutes the
legal, valid and binding obligation of the Executive enforceable against the
Executive in accordance with its terms.

 

11.           Confidentiality. Except as directed
in writing, the Executive will not disclose or use at any time, either during
the period of this Agreement or thereafter, any Confidential Information (as
defined below) of which he is or becomes aware, except to the extent required
by applicable law. The Executive will take all appropriate steps to safeguard
Confidential Information and to protect it against disclosure, misuse, espionage,
loss and theft. As used in this Agreement, the term “Confidential Information”
means information relating to the vessels of the Company and/or the Conbulk
Group Affiliates that is not generally known to the public or that is used or
developed by the Company and/or the Conbulk Group Affiliates including, without
limitation, all products and services, fees, costs and pricing structures,
financial and trading information, accounting and business methods, analyses,
reports, data bases, computer software (including operating systems,
applications and program listings), manuals and documentation, customers and
clients and customer and client lists, account files, travel agents and travel
agent lists, charter contracts, salesmen and salesmen lists, technology and
trade secrets and all similar and related information in whatever form relating
to the business of the Company and/or the Conbulk Group Affiliates, provided
however, that the Executive may disclose or use Confidential Information at the
direction of the Company.

 

12.           Obligation
of Faith and Non – Competition; Corporate opportunities.

 

(a)               The Executive, during
the Term of this Agreement and for a period of twelve (12) months following the
Term of this Agreement, shall not acquire interests or assume obligations, and
shall not activate itself or participate under any legal form and in any
capacity (whether as an employee, director, officer, partner, investor,
advisor, consultant or otherwise), either directly or indirectly, for his own
account or for the account of another person or legal entity, in any business
activity relating to the feeder 

 

 

container
vessel sector or such other sector or sectors as the Company or the Conbulk
Group Affiliates may be engaged in the future, without express specific written
permission of the Company, provided, however, that nothing contained in this Agreement shall
be deemed to preclude the Executive from:

 

(i)            engaging, consistent
with his duties and responsibilities hereunder, in charitable, educational or
community affairs, including serving on the board of directors of any
charitable, educational or community organization;

 

(ii)           managing his personal
passive investments;

 

(iii)          upon approval of the
Board, which approval shall not be unreasonably withheld, from serving as a
director of another company (other than a company operating in the feeder
container vessel sector); or

 

(iv)          engaging in other
business activities that do not conflict with his duties to the Company and/or
the Conbulk Group Affiliates.

 

(b)               The Executive
recognizes that due to the nature of his work he has an increased obligation of
good faith. More specifically:

 

(i)            No publications,
conferences, declarations, etc., having to do with the Company or the Conbulk
Group Affiliates or any other related companies shall be made by the Executive
without the previous written permission of the Board or the Executive Committee
unless in the ordinary course of business and in order to further the Company’s
goals;

 

(ii)           The Executive shall
handle with honesty and care all monetary sums, titles, checks, etc., that
would come to his possession or administration in his capacity as an Executive
of the Company;

 

(iii)          The Executive must at
all times behave in a manner that shall not offend the business image and fame
of the Company or the Conbulk Group Affiliates;

 

(iv)          The Executive shall
inform the appropriate officers of the Company about any illegal act or
irregularity that comes to his actual knowledge;

 

(v)           The Executive must
abstain from any act which would create, or that could be interpreted to
create, liens towards third parties to the detriment of the interests of the
Company or the Conbulk Group Affiliates; and

 

(vi)          The same obligations
of the Executive apply towards the Conbulk Group Affiliates as well as the
Company, whether expressly spelled out above or not.

 

(c)               The Executive further
agrees, during the Term of this Agreement and for a period of twelve (12)
months following the Term of this Agreement, not to:

 

 

(i)            with respect to deals
or transactions under consideration at the time of termination of the
employment, solicit, induce or encourage any existing or potential client or
counterparty of the Company and/or a Conbulk Group Affiliate to forego the
proposed deal or transaction or to consummate the deal or transaction instead
with another firm, company, business, partnership or enterprise, whether the
Executive is employed by that entity or not;

 

(ii)           hire, solicit,
recruit, induce, procure or attempt to hire, solicit, recruit, induce or
procure, directly or indirectly, any person who is an employee of the Company
or a Conbulk Group Affiliate or who was such an employee at any time during the
final year of the Executive’s employment;

 

(iii)          assist in hiring any
such person by any other individual, sole proprietorship, firm, company,
business, partnership, or other enterprise; or

 

(iv)          encourage any such
person to terminate his or her employment, without the express written consent
of the Company.

 

(d)               The Executive
acknowledges that the foregoing limitations are reasonable under the
circumstances and represents that the fulfillment of the obligations by the
Executive set forth in this Section shall not cause to the Executive any
substantial economic hardship or render the Executive unemployable.

 

(e)               The Executive agrees
not to take personal advantage of any business opportunities relating to the
ownership or operation of container vessels in the feeder sector, or such other
shipping sector in which the Company or the Conbulk Group Affiliates may then
be engaged, which arise during the Term of this Agreement which could
reasonably be expected to be business opportunities that the Company or a
Conbulk Group Affiliate might pursue. 
The Executive further agrees to disclose all such opportunities and the
material facts attendant thereto, to the Board for consideration by the
Company.

 

13.           Change of
Control.

 

(a)               In the event of a “Change
in Control”, during the Term, the Executive has the option to resign from his
positions with the Company within six (6) months following such Change in
Control, and shall be eligible to receive the payment specified in
sub-paragraph (b), below, provided that the conditions of said paragraph are
satisfied. If the Executive resigns from employment with the Company, the Executive
shall also promptly relinquish his position as a director or officer of the
Company and/or of any Conbulk Group Affiliate.

 

(b)               If the Executive
resigns within six (6) months following a Change of Control and has not
received the lump sum compensation payable pursuant to Section 9(d) of
this Agreement, then the Executive shall receive a lump sum payment payable
upon termination equal to two times the annual base salary received with
respect to the most recent fiscal year immediately preceding the Executive’s
resignation pursuant to this Section 13. Receipt of the foregoing shall be
contingent upon the Executive’s 

 

 

execution
and non-revocation of a release of claims in favor of the Company and the
Conbulk Group Affiliates in a form that is reasonably satisfactory to the
Company and its counsel.

 

For purposes of this Section 13, a “Change of Control” shall be
deemed to have occur upon any of the following:

 

(i)            the sale, lease, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the Company’s
assets, other than a disposition to any Conbulk Group Affiliate that does not
result in a change in the equity holdings of the Company;

 

(ii)           the adoption by the Company’s Board of a plan
of liquidation or dissolution;

 

(iii)          The
consummation of any transaction in which any “person” (as such term is used in
Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) or “group” (within the meaning of Section 13(d)(3) of
the Exchange Act), other than the Company or a Conbulk Group Affiliate (or any
entity which the Company or a Conbulk Group Affiliate directly or indirectly
controls (as defined in Rule 12b-2 under the Exchange Act)), acquires the “beneficial
ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of thirty percent (30%) or more of the outstanding voting stock of
the Company;

 

(iv)          the
Company consolidates with, or merges into, any person (other than any Conbulk
Group Affiliate), or any such person consolidates with, or merges with or into,
the Company, in any such event pursuant to a transaction in which any of the
outstanding common shares are converted into or exchanged for cash, securities
or other property, or receive a payment of cash, securities or other property,
other than any such transaction where the Company’s common shares that are
outstanding immediately prior to such transaction are converted into or
exchanged for voting stock of the surviving person constituting a majority of
the outstanding shares of such voting stock of such surviving person
immediately after giving effect to such issuance; or

 

(v)           the
first day on which a majority of the members of the Board of Directors consists
of individuals other than “Incumbent Directors”, which term means for purposes
of this Agreement, the members of the Board of Directors on the Effective Date;
provided that any person becoming a director subsequent to such date whose election
or nomination for election was supported by a majority of the directors who
then comprised the Incumbent Directors shall be considered to be an Incumbent
Director.

 

14.           Notices. Every notice,
request, demand or other communication under this Agreement shall:

 

(a)           be in writing
delivered personally or by courier or by fax or shall be served through a
process server;

 

 

(b)           be deemed to have
been received, subject as otherwise provided in this Agreement in the case of
fax upon receipt of a successful transmission report (or –if sent after
business hours- the following business day) and in the case of a letter when
delivered personally or through courier or served at the address below; and

 

(c)           be sent:

 

(i)            If to the Company,
to:

 

Conbulk Corporation

c/o Palmosa Shipping Corporation

107 A. Papanastasiou Street

Kastella-Piraeus, Greece 18533

Attn: [                                      ]

email: [                                                       ]

 

with a copy to:

 

Seward & Kissel LLP

One Battery Park Plaza

New York, New York 10004

Attn: Derick Betts, Esq.

Facsimile:  212-480-8421

email: betts@sewkis.com

 

(ii)           If to the Executive,
to:

 

[                                                               ]

c/o Conbulk Management

107, Alex. Papanastasiou St

Piraeus 185 33, Greece

email: [                                                      ]

 

or to such other person, address or telefax, as has been provided to
the relevant party to the other party to this Agreement and such notification
shall not become effective until notice of such change is actually received by
the other party. Until the other party has received notice of such change, any
notification to the above addresses and fax numbers are agreed to be validly
effected for the purposes of this Agreement.

 

15.           Indemnification. 
The Company shall indemnify the Executive, to the fullest extent
permitted by applicable law, against all costs, charges and expenses incurred
or sustained by the Executive, including the cost and expenses of legal
counsel, in connection with any action, suit or proceeding to which the
Executive may be made a party by reason of the Executive being or having been
an officer, director, or employee of the Company or of a Conbulk Group
Affiliate.

 

 

16.           Amendments
to this Agreement. No modification, alteration or waiver of any of the provisions of this
Agreement shall be effective unless in writing and signed on behalf of each of
the parties. The headings in this Agreement do not form part thereof and have
been included for convenience only.

 

17.           Rights
under the Law. Nothing in this Agreement will deprive any party from having or
exercising any of its rights under the law, unless they may be lawfully waived
and have been waived by the terms of this Agreement.

 

18.           Counterparts. This Agreement may
be executed by the parties hereto in counterparts, each of which when executed
shall be deemed to be an original and all of such counterparts together shall
constitute but one and the same instrument.

 

19.           Effectiveness. This Agreement will only come into
effect immediately after the consummation of the merger (the “Merger”) of the
Company and Arcade Acquisition Corp., a Delaware corporation, (the “Effective
Date”).  If the Merger shall not have
occurred prior to 11:59 p.m. New York time, on January 30, 2009, this
Agreement shall be null and void and shall have no further affect on any party
hereto.

 

20.           Entire Agreement. 
This Agreement constitutes the entire and only agreement between the
parties in relation to its subject matter and replaces and extinguishes all
prior agreements, undertakings, arrangements, understandings or statements of
any nature made by the parties or any of them whether oral or written with
respect to such subject matter.

 

21.           Governing
Law and Jurisdiction.

 

(a)           This Agreement shall
be governed by and construed in accordance with Greek Law.

 

(b)           The parties hereby
irrevocably submit to the exclusive jurisdiction of the Courts of Athens,
Greece, in connection with any dispute which may arise out of or is related to
this Agreement.

 

[Signature page follows]

 

 

AS WITNESS the parties signed the present document the day and year
first above written.

 

	
   

  	
  Conbulk Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

	
  ACCEPTED AND AGREED TO:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  [                                                   ]

  	
   

  

 

 

[Signature page to [                  ]
 employment agreement]

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