Document:

Exhibit 10.2

 

EXECUTION VERSION

 

 

  

OMNIBUS AGREEMENT

AMONG

COSTAMARE INC.

COSTAMARE VENTURES INC.

COSTAMARE PARTNERS LP

COSTAMARE PARTNERS GP LLC

COSTAMARE PARTNERS HOLDINGS LLC

SPARROW HOLDINGS, L.P.

BLUEBIRD HOLDINGS, L.P.

AND

YORK CAPITAL MANAGEMENT
GLOBAL ADVISORS LLC

  

 

    	 

    	

    

TABLE OF CONTENTS

 

	Section 1.1.	Definitions	4
	 	 	 
	
        ARTICLE II

        FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES

	 
	Section 2.1.	Five-Year Vessel Restricted Businesses	11
	Section 2.2.	Permitted Exceptions	11
	Section 2.3.	Permitted Transactions	12
	 	 	 
	
        ARTICLE III

        NON-FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES

	 
	Section 3.1.	Non-Five-Year Vessel Restricted Businesses	12
	Section 3.2.	Permitted Exceptions	12
	 	 	 
	
        ARTICLE IV

        BUSINESS OPPORTUNITIES PROCEDURES

	 
	Section 4.1.	Procedures for Existing Non-Compete Vessels	13
	Section 4.2.	Procedures for New Non-Compete Vessels	15
	Section 4.3.	Scope of Prohibition	17
	Section 4.4.	Enforcement; Consents	17
	 	 	 
	
        ARTICLE V

        RIGHTS OF FIRST OFFER

	 
	Section 5.1.	Rights of First Offer	18
	Section 5.2.	Procedures for Rights of First Offer	18
	 	 	 
	
        ARTICLE VI

        EXISTING VESSEL INTERESTS PURCHASE OPTION

	 
	Section 6.1.	Option to Purchase the Valence Interests	18
	Section 6.2.	Procedures	19
	 	 	 
	
        ARTICLE VII

        NEW BUILD INTERESTS PURCHASE OPTION

	 
	Section 7.1.	Option to Purchase the New Build Interests	20
	Section 7.2.	Procedures	20
	 	 	 
	
        ARTICLE VIII

        INDEMNIFICATION

	 
	Section 8.1.	CMRE Indemnification	21
	Section 8.2.	Limitation Regarding Indemnification	22
	Section 8.3.	Indemnification Procedures	22
	 	 	 
	
        ARTICLE IX

        MISCELLANEOUS

	 
	Section 9.1.	Choice of Law; Submission To Jurisdiction	23
	Section 9.2.	Notice	23
	Section 9.3.	Entire Agreement	23
	Section 9.4.	Termination	23

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	Section 9.5.	Waiver; Effect of Waiver or Consent	23
	Section 9.6.	Amendment or Modification	23
	Section 9.7.	Assignment	23
	Section 9.8.	Counterparts	24
	Section 9.9.	Severability	24
	Section 9.10.	Gender, Parts, Articles and Sections	24
	Section 9.11.	Further Assurances	24
	Section 9.12.	Withholding or Granting of Consent	24
	Section 9.13.	Laws and Regulations	24
	Section 9.14.	Negotiation of Rights of CMRE, Limited Partners, Assignees and Third Parties	24
	Section 9.15.	Conflict with Framework Agreement	24
	Section 9.16.	Conflicts Committee Determinations	24
	Section 9.17.	Restrictive Covenant Agreement	24
	Section 9.18.	Delegation of Management of MLP	24
	Section 9.19.	Effectiveness	25
	Section 9.20.	Transfer Restrictions	25
	Section 9.21.	York Capital Covenant	25

 

SCHEDULES

Schedule I

 

ANNEXES

Annex A – Form Purchase and Sale Agreement

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OMNIBUS AGREEMENT

 

THIS OMNIBUS AGREEMENT has been executed
and delivered on October 1, 2014, and will automatically become effective concurrent with and as of the Closing Date (as defined
herein), among COSTAMARE VENTURES INC., a Marshall Islands corporation and a wholly-owned subsidiary of CMRE (as defined herein),
COSTAMARE INC., a Marshall Islands corporation (“CMRE”), COSTAMARE PARTNERS LP, a Marshall Islands limited
partnership (the “MLP”), COSTAMARE PARTNERS GP LLC, a Marshall Islands limited liability company (including
any permitted successors and assigns under the MLP Agreement (as defined herein)) (the “General Partner”),
COSTAMARE PARTNERS HOLDINGS LLC, a Marshall Islands limited liability corporation, SPARROW HOLDINGS, L.P., a Cayman Islands exempted
limited partnership (“Sparrow”), BLUEBIRD HOLDINGS, L.P., a Cayman Islands exempted limited partnership
(“Bluebird” and, together with Sparrow, “York”), and YORK CAPITAL MANAGEMENT
GLOBAL ADVISORS LLC, a limited liability company incorporated under the laws of the State of New York (“York Capital”),
on behalf of itself and the York Funds (as defined below).

 

RECITALS:

 

1. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Articles II and IV, with respect to
(a) those business opportunities that the CMRE Entities (as defined herein) and York will not pursue during the term of this Agreement
and (b) the procedures whereby such business opportunities are to be offered to the Partnership Group (as defined herein) and accepted
or declined.

 

2. Costamare Ventures Inc., CMRE, Sparrow
and York Capital (as defined below) are parties to a Framework Agreement (as defined herein), pursuant to which certain jointly
owned companies (“JV Entities”) may acquire containership vessels (“JV Vessels”).

 

3. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Articles III and IV, with respect to
(a) those business opportunities that the Partnership Group (as defined herein) will not pursue during the term of this Agreement
and (b) the procedures whereby such business opportunities are to be offered to CMRE and accepted or declined (and, if accepted,
may, pursuant to the Framework Agreement, be acquired by a JV Entity).

 

4. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Article V, with respect to the MLP’s
right of first offer relating to Five-Year Vessel Interests that CMRE might own, including any JV Vessel Interests (as defined
herein) that CMRE, York or a JV Entity might own, to the extent that they constitute Five-Year-Vessel Interests.

 

5. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Articles VI and VII, with respect to
the rights of the MLP to purchase the Valence Interests or the Substitute Vessel Interests (each as defined herein) from CMRE and
the agreement by CMRE and York to offer the General Partner the right to purchase the Hull NCP0113 Interests, Hull NCP0114 Interests,
Hull NCP0115 Interests, Hull NCP0116 Interests, Hull S2121 Interests, Hull S2122 Interests, Hull S2123 Interests, Hull S2124 Interests
and Hull S2125 Interests (in each case, as defined herein).

 

6. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Article VIII and, with respect to any vessels
acquired by the MLP pursuant to Article IV, Article VI or Article VII, as more fully set forth in Annex
A, with respect to certain indemnification obligations of CMRE.

 

In consideration of the premises and the
covenants, conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

    	 

    	

    

DEFINITIONS

 

Section 1.1. Definitions.
As used in this Agreement, the following terms shall have the respective meanings set forth below:

 

“Acquiring Party”
has the meaning given such term in Section 4.1.

 

“Affiliate” means,
with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled
by or is under common control with, the Person in question. As used herein, the term “control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise.

 

“Agreement” means
this Omnibus Agreement, as it may be amended, modified, or supplemented from time to time in accordance with Section 10.6
hereof.

 

“Break-up Costs”
means the aggregate amount of any and all additional taxes, flag administration, financing, legal and other similar costs (except
with respect to Section 2.2(b) where Break-up Costs shall be deemed to include only administrative costs associated with
transfer and re-flagging, including related legal costs) to (a) the CMRE Entities and, with respect to a JV Vessel, a York Entity,
or a JV Entity, as applicable, that would be required to transfer Five-Year Vessels acquired by the CMRE Entities and, with respect
to JV Vessels, JV Entities, as applicable, as part of a larger transaction to a Partnership Group Member pursuant to Sections
2.2(b) or 2.2(d)(i), or (b) the Partnership Group that would be required to transfer Non-Five-Year Vessels acquired
by the Partnership Group as part of a larger transaction to a CMRE Entity pursuant to Section 3.2(b)(i).

 

“business day” means
a day (other than a Saturday or a Sunday) on which banks are open for commercial business in New York, United States and London,
England.

 

“Change of Control”
means, with respect to any Person (the “Applicable Person”), any of the following events: (a) any sale,
lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable
Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other transfer such assets
are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into
another Person pursuant to a transaction in which the outstanding Voting Securities of the Applicable Person are changed into or
exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding Voting Securities of
the Applicable Person are changed into or exchanged for Voting Securities of the surviving Person or its parent and (ii) the holders
of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than
a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and (c)
a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of
the Exchange Act or any successor provision), other than CMRE, York or their Affiliates with respect to the General Partner or
the MLP or a Permitted Holder with respect to CMRE, being or becoming the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting Securities of the Applicable
Person, except in a merger or consolidation which would not constitute a Change of Control under clause (b) above.

 

“Closing Date” means
the date of the closing of the initial public offering of common units representing limited partner interests and the issue of
the incentive distribution rights in the MLP.

 

“CMRE” is defined
in the introduction to this Agreement.

 

“CMRE Entities”
means CMRE and any Person controlled, directly or indirectly, by CMRE, other than the Partnership Entities.

 

“Conflicts Committee”
means the Conflicts Committee of the board of directors of the General Partner.

 

“Contribution Assets”
has the meaning given such term in Section 8.1.

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“Covered Environmental Losses”
means all Losses suffered or incurred by the Partnership Group by reason of, arising out of or resulting from:

 

(a) any violation or correction
of violation of Environmental Laws by a CMRE Entity; or

 

(b) any event or condition relating
to environmental or human health and safety matters, in each case, associated with the ownership or operation by the Partnership
Group or the CMRE Entities of the Contribution Assets (including, without limitation, the presence of Hazardous Substances on,
under, about or migrating to or from the Contribution Assets or the disposal or release of, or exposure to, Hazardous Substances
generated by or otherwise related to operation of the Contribution Assets), including, without limitation, the reasonable and documented
cost and expense of (i) any investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation
or other corrective action required or necessary under Environmental Laws, (ii) the preparation and implementation of any closure,
remedial, corrective action or other plans required or necessary under Environmental Laws and (iii) any environmental or toxic
tort (including, without limitation, personal injury or property damage claims) pre-trial, trial or appellate legal or litigation
support work;

 

but only to the extent that such violation complained of under
clause (a), or such events or conditions included in clause (b), occurred before the Closing Date; and, provided,
that in no event shall Losses to the extent arising from a change in any Environmental Law after the Closing Date be deemed “Covered
Environmental Losses.”

 

“Election Notice”
has the meaning given such term in Section 4.1(b).

 

“Election Period”
has the meaning given such term in Section 4.1(b)(i).

 

“Environmental Laws”
means all international, federal, state, foreign and local laws, statutes, rules, regulations, treaties, conventions, orders, judgments
and ordinances having the force and effect of law and relating to protection of natural resources, health and safety and the environment,
each in effect and as amended through the Closing Date.

 

“Evergreen” means
the Evergreen Group and its members, which are the charterers of the Valence, each Substitute Vessel, Hull S2121, Hull S2122,
Hull S2123, Hull S2124 and Hull S2125.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Existing Non-Compete Notice Period”
has the meaning given such term in Section 4.1.

 

“Existing Non-Compete Vessel”
has the meaning given such term in Section 4.1.

 

“Existing Non-Compete Vessel Interests”
means all of CMRE’s and, with respect to any JV Vessel, CMRE’s and York’s respective rights, title and interests
in the Existing Non-Compete Vessel, including the shares of capital stock, limited liability company interests, limited partnership
interests or joint venture interests in any entity owning such Existing Non-Compete Vessel and any leasehold interests to the extent
that such Existing Non-Compete Vessel is subject to a financing lease, or any other interests in any of the CMRE Entities or, with
respect to any JV Vessel that is an Existing Non-Compete Vessel, any of the JV Entities or York Entities holding JV Vessel Interests,
and including any charters or other agreements relating to the operation of such Existing Non-Compete Vessel then in effect.

 

“Existing Option Exercise Notice”
has the meaning given such term in Section 6.2(a).

 

“Existing Option Exercise Period”
has the meaning given such term in Section 6.2(a).

 

“First Offer Negotiation Period”
has the meaning given such term in Section 5.2(c).

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“Five-Year Vessel”
means any containership vessel, which at the time of determination, is less than seven years-old with a cargo capacity greater
than 8,000 TEU and under a charter for five full years or more, which for charters that are existing at the time of such determination
shall mean charters with a remaining term of five full years or more, together with the related charter (including, to the extent
such a containership vessel is subject to a financing lease, the interests in the charter or other agreements relating to such
containership vessel).

 

“Five-Year Vessel Interests”
means all of the rights, title and interests of CMRE, a York Entity or a JV Entity, as applicable, in the relevant Five-Year Vessel,
including the shares of capital stock, limited liability company interests, limited partnership interests or joint venture interests
in any entity owning such Five-Year Vessel and any leasehold or bareboat charter interests to the extent that such Five-Year Vessel
is subject to a financing lease, or any other interests in such Five-Year Vessel and including any charters or other agreements
relating to the operation of such Five-Year Vessel then in effect.

 

“Framework Agreement”
means the Framework Deed between CMRE and its wholly-owned subsidiary, Costamare Ventures Inc., on the one hand, and York Capital
and its affiliated fund, Sparrow Holdings L.P., on the other, pursuant to which CMRE and York Capital agreed to invest in JV Vessels
through JV Entities, as the same may be amended from time to time, including pursuant to an amendment deed effective as of the
Closing Date between the parties to the Framework Agreement.

 

“General Partner”
is defined in the introduction to this Agreement.

 

“Hanjin Subic Bay”
means HHIC-Phil Inc., which is building the Hull NCP0113, Hull NCP0114, Hull NCP0115 and Hull NCP0116.

 

“Hull NCP0113” means
the containership vessel currently designated NCP0113 being built by Hanjin Subic Bay pursuant to a related shipbuilding contract
between Kemp Maritime Co., as buyer, and Hanjin Subic Bay, as builder, dated July 31, 2013, as the same may be amended, restated
or novated from time to time.

 

“Hull NCP0113 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull NCP0113, including the shares
of capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull NCP0113 is subject to a financing lease, or
any other interests in Hull NCP0113 and including any charters or other agreements relating to the operation of Hull NCP0113 then
in effect.

 

“Hull NCP0114” means
the containership vessel currently designated NCP0114 being built by Hanjin Subic Bay pursuant to a related shipbuilding contract
between Hyde Maritime Co., as buyer, and Hanjin Subic Bay, as builder, dated July 31, 2013, as the same may be amended, restated
or novated from time to time.

 

“Hull NCP0114 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull NCP0114, including the shares
of capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull NCP0114 is subject to a financing lease, or
any other interests in Hull NCP0114 and including any charters or other agreements relating to the operation of Hull NCP0114 then
in effect.

 

“Hull NCP0115” means
the containership vessel currently designated NCP0115 being built by Hanjin Subic Bay pursuant to a related shipbuilding contract
between Ainsley Maritime Co., as buyer, and Hanjin Subic Bay, as builder, dated December 6, 2013, as the same may be amended, restated
or novated from time to time.

 

“Hull NCP0115 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull NCP0115, including the shares
of capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull NCP0115 is subject to a financing lease, or
any other interests in Hull NCP0115 and including any charters or other agreements relating to the operation of Hull NCP0115 then
in effect.

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“Hull NCP0116” means
the containership vessel currently designated NCP0116 being built by Hanjin Subic Bay pursuant to a related shipbuilding contract
between Ambrose Maritime Co., as buyer, and Hanjin Subic Bay, as builder, dated December 6, 2013, as the same may be amended, restated
or novated from time to time.

 

“Hull NCP0116 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull NCP0116, including the shares
of capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull NCP0116 is subject to a financing lease, or
any other interests in Hull NCP0116 and including any charters or other agreements relating to the operation of Hull NCP0116 then
in effect.

 

“Hull S2121” means
the containership vessel currently designated S2121 being built by Samsung pursuant to a related shipbuilding contract between
Benedict Maritime Co., as buyer, and Samsung, as builder, dated January 7, 2014, as the same may be amended, restated or novated
from time to time.

 

“Hull S2121 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull S2121, including the shares of
capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull S2121 is subject to a financing lease, or any
other interests in Hull S2121 and including any charters or other agreements relating to the operation of Hull S2121 then in effect.

 

“Hull S2122” means
the containership vessel currently designated S2122 being built by Samsung pursuant to a related shipbuilding contract between
Bertrand Maritime Co., as buyer, and Samsung, as builder, dated January 7, 2014, as the same may be amended, restated or novated
from time to time.

 

“Hull S2122 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull S2122, including the shares of
capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull S2122 is subject to a financing lease, or any
other interests in Hull S2122 and including any charters or other agreements relating to the operation of Hull S2122 then in effect.

 

“Hull S2123” means
the containership vessel currently designated S2123 being built by Samsung pursuant to a related shipbuilding contract between
Beardmore Maritime Co., as buyer, and Samsung, as builder, dated January 7, 2014, as the same may be amended, restated or novated
from time to time.

 

“Hull S2123 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull S2123, including the shares of
capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull S2123 is subject to a financing lease, or any
other interests in Hull S2123 and including any charters or other agreements relating to the operation of Hull S2123 then in effect.

 

“Hull S2124” means
the containership vessel currently designated S2124 being built by Samsung pursuant to a related shipbuilding contract between
Schofield Maritime Co., as buyer, and Samsung, as builder, dated January 7, 2014, as the same may be amended, restated or novated
from time to time.

 

“Hull S2124 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull S2124, including the shares of
capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such vessel and any leasehold or bareboat charter interests to the extent that Hull S2124 is subject to a financing lease, or any
other interests in Hull S2124 and including any charters or other agreements relating to the operation of Hull S2124 then in effect.

 

“Hull S2125” means
the containership vessel currently designated S2125 being built by Samsung pursuant to a related shipbuilding contract between
Fairbank Maritime Co., as buyer, and Samsung, as builder, dated January 7, 2014, as the same may be amended, restated or novated
from time to time.

 

“Hull S2125 Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in Hull S2125, including the shares of
capital stock, limited liability company interests, limited

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partnership interests or joint venture interests in any entity
owning such vessel and any leasehold or bareboat charter interests to the extent that Hull S2125 is subject to a financing lease,
or any other interests in Hull S2125 and including any charters or other agreements relating to the operation of Hull S2125 then
in effect.

 

“Hazardous Substances”
means (a) each substance defined, designated or classified as a hazardous waste, hazardous substance, hazardous material, solid
waste, contaminant or toxic substance under Environmental Laws; (b) petroleum and petroleum products, including crude oil and any
fractions thereof; (c) natural gas, synthetic gas and any mixtures thereof; (d) any radioactive material; and (e) any asbestos-containing
materials in a friable condition.

 

“JV Entity” has
the meaning given such term in the Recitals.

 

“JV Vessel” is defined
in the introduction to this Agreement, including, as of the date of this Agreement, Hull NCP0113, Hull NCP0114, Hull NCP0115, Hull
NCP0116, Hull S2121, Hull S2122, Hull S2123, Hull S2124 and Hull S2125.

 

“JV Vessel Interests”
means all of the rights, title and interests of CMRE, York or a JV Entity, as applicable, in a JV Vessel, including the shares
of capital stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning
such JV Vessel and any leasehold or bareboat charter interests to the extent that such JV Vessel is subject to a financing lease,
or any other interests in such JV Vessel and including any charters or other agreements relating to the operation of such JV Vessel
then in effect, including, as of the date of this Agreement.

 

“Losses” means losses,
damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses (including,
without limitation, court costs and reasonable attorneys’ and experts’ fees) of any and every kind or character; provided,
however, that such term shall not include any special, indirect, incidental, exemplary, punitive or consequential damages.

 

“Management” means
the executive officers of the General Partner.

 

“MLP” is defined
in the introduction to this Agreement.

 

“MLP Agreement”
means the First Amended and Restated Agreement of Limited Partnership of the MLP, dated as of the Closing Date, to which reference
is hereby made for all purposes of this Agreement. No amendment or modification to the MLP Agreement subsequent to the Closing
Date shall be given effect for purposes of this Agreement unless consented to by each of the Parties to this Agreement.

 

“New Build Interest Option Period”
has the meaning given such term in Section 7.1(a).

 

“New Build Option Exercise Notice”
has the meaning given such term in Section 7.2(b).

 

“New Build Option Exercise Period”
has the meaning given such term in Section 7.2(b).

 

“New Non-Compete Vessel”
has the meaning given such term in Section 4.2.

 

“New Non-Compete Vessel Interests”
means all of the rights, title and interests of CMRE in a New Non-Compete Vessel and, with respect to a New Non-Compete Vessel
which is a JV Vessel, CMRE, York or a JV Entity, as applicable, including the shares of capital stock, limited liability company
interests, limited partnership interests or joint venture interests in any entity owning such New Non-Compete Vessel and any leasehold
or bareboat charter interests to the extent that such New Non-Compete Vessel is subject to a financing lease, or any other interests
in such New Non-Compete Vessel and including any charters or other agreements relating to the operation of such New Non-Compete
Vessel then in effect.

 

“Non-Compete Commencement Date”
means the earliest date on which the options provided for under Article VII are no longer exercisable, either as a result of (x)
the expiration of the last of the New Build Interest Option Periods as provided under Article VII or (y) the Partnership
Entities having made elections with respect to each of the Hull NCP0113 Interests, Hull NCP0114 Interests, Hull NCP0115 Interests,
Hull NCP0116 Interests, Hull S2121 Interests, Hull S2122 Interests, Hull S2123 Interests, Hull S2124 Interests and Hull S2125

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Interests as to whether the Partnership Entities will exercise
or not exercise the option to purchase such interests under Article VII.

 

“New Non-Compete Notice Period”
has the meaning given such term in Section 4.2.

 

“Non-Five-Year Vessel”
means any containership vessel that is not a Five-Year Vessel.

 

“Non-Five-Year Vessel Interests”
means all of the rights, title and interests of a Partnership Group Member, CMRE, a York Entity or a JV Entity, as applicable,
in the relevant Non-Five-Year Vessel, including the shares of capital stock, limited liability company interests, limited partnership
interests or joint venture interests in any entity owning such Non-Five-Year Vessel and any leasehold or bareboat charter interests
to the extent that a Non-Five-Year Vessel is subject to a financing lease, or any other interests in a Non-Five-Year Vessel and
including any charters or other agreements relating to the operation of a Non-Five-Year Vessel then in effect.

 

“Offer” has the
meaning given such term in Section 4.2.

 

“Offered Assets”
has the meaning given such term in Section 4.2.

 

“Offeree” has the
meaning given such term in Section 4.2.

 

“Offer Period” has
the meaning given such term in Section 4.2(b)(i).

 

“Parties” means
the parties to this Agreement and their successors and permitted assigns.

 

“Partnership Entities”
means the General Partner, the MLP and any Person controlled by the General Partner or the MLP.

 

“Partnership Group”
means the MLP and any Person controlled by the MLP.

 

“Partnership Group Member”
means any Person in the Partnership Group.

 

“Permitted Holder”
means (i) Achillefs Konstantakopoulos, his descendants and his Affiliates, (ii) Christos Konstantakopoulos, his descendants and
his Affiliates, (iii) Konstantinos Konstantakopoulos, his descendants and his Affiliates and (iv) any group (within the meaning
of Sections 13(d) or 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members.

 

“Permitted Transaction”
has the meaning given to such term in Section 2.3.

 

“Person” means an
individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or any other
entity.

 

“Potential Transferee”
has the meaning given such term in Section 5.2(a).

 

“Restrictive Covenant Agreement”
means the Restrictive Covenant Agreement between CMRE and Konstantinos Konstantakopoulos, dated November 3, 2010, as amended from
time to time, pursuant to which CMRE and Konstantinos Konstantakopoulos agreed to limit the activities of Konstantinos Konstantakopoulos,
because of his capacity as a director and officer of CMRE, to prohibit certain activities that may compete with the business of
CMRE.

 

“Sale Assets” has
the meaning given such term in Section 5.2(a).

 

“Samsung” means
Samsung Heavy Industries Co., Ltd., which is building the Hull S2121, Hull S2122, Hull S2123, Hull S2124 and Hull S2125.

 

“Shipbroker” means
Arrow Research Ltd. of London, England, Braemar Seascope of London, England, Maersk Brokers of London, England and Howe Robinson
of London, England.

    	9

    	

    

“Substitute Vessel”
means any one of the Valor (currently registered under Quentin Shipping Co. as the owner and with IMO No. 9628154), the
Valiant (currently registered under Sander Shipping Co. as the owner and with IMO No. 9628178), or the Vantage (currently
registered under Undine Shipping Co. as the owner and with IMO No. 9628192), which were delivered in 2013; provided that such vessels
are chartered to the same charterer, and subject to the same charter rate (or no lower) and charter length (or no more than three
months shorter remaining duration) as those applicable to the Valence.

 

“Substitute Vessel Interests”
means all of CMRE’s rights, title and interests in any one particular Substitute Vessel, including the shares of capital
stock, limited liability company interests, limited partnership interests or joint venture interests in any entity owning such
Substitute Vessel and any leasehold interests to the extent that such Substitute Vessel is subject to a financing lease, or any
other interests in any CMRE Entity holding interests in such Substitute Vessel and including any charters or other agreements relating
to the operation of such Substitute Vessel then in effect.

 

“Transfer” means
any transfer, assignment, sale or other disposition of any Five-Year Vessel Interests by a CMRE Entity and, with respect to any
JV Vessel Interests, a York Entity or a JV Entity, as applicable; provided, however, that such term shall not include:
(a) transfers, assignments, sales or other dispositions from a CMRE Entity to another CMRE Entity, from a Partnership Group Member
to another Partnership Group Member, from a York Entity to another York Entity (subject to Section 9.20), from a York Entity
to a CMRE Entity, or from a CMRE Entity to a York Entity; (b) transfers, assignments, sales or other dispositions pursuant to the
terms of any related charter or other agreement with a charter party or pursuant to a financing lease; (c) transfers, assignments,
sales or other dispositions pursuant to Articles II or III of this Agreement; or (d) grants of security interests
in or mortgages or liens on such Five-Year Vessel Interests in favor of a bona fide third party lender (but not the foreclosing
of any such security interest, mortgage or lien).

 

“Transfer Notice”
has the meaning given such term in Section 5.2(a).

 

“Transferring Party”
has the meaning given such term in Section 5.2(a).

 

“Valence” means
the containership vessel named the Valence currently registered under Terance Shipping Co. as the owner and with IMO No.
9628180.

 

“Valence Interests”
means all of CMRE’s rights, title and interests in the Valence, including the shares of capital stock, limited liability
company interests, limited partnership interests or joint venture interests in any entity owning the Valence and any leasehold
interests to the extent that the Valence is subject to a financing lease, or any other interests in any CMRE Entity holding
interests in the Valence and including any charters or other agreements relating to the operation of the Valence
then in effect.

 

“Voting Securities”
means securities of any class of a Person entitling the holders thereof to vote in the election of members of the board of directors
or other similar governing body of such Person.

 

“York Capital” is
defined in the introduction to this Agreement.

 

“York Entity” means
any person included in the definition of “York”, any York Fund or any of their respective Affiliates.

 

“York Funds” means
together the investment funds formed or to be formed in the future for the purpose of holding JV Vessel Interests, which funds
are managed or advised by York Capital or one of its Affiliates and being detailed in Schedule I, as amended from time to time.

 

For the avoidance of doubt, references in
this Agreement to the “fair market value” of a vessel or interests in a vessel shall, where the context so admits,
include any charter or other agreements relating to the applicable vessel or interest that are in effect at the time of such valuation.

    	10

    	

    

ARTICLE
II

 

FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES

 

Section 2.1. Five-Year
Vessel Restricted Businesses. Following the Non-Compete Commencement Date, subject to Section 9.4 and except as permitted
by Section 2.2 or pursuant to Section 4.1(a), each of the CMRE Entities and, during the Commitment Period (as such
term is defined in the Framework Agreement), the York Entities and any JV Entity shall be prohibited from acquiring, owning, operating
or chartering Five-Year Vessels or acquiring or owning Five-Year Vessel Interests.

 

Section 2.2. Permitted
Exceptions. Notwithstanding any provision of Section 2.1 to the contrary, the restrictions in this Agreement shall not
prevent any CMRE Entity, York Entity or any JV Entity, in each case, subject to the terms of the Framework Agreement, from:

 

(a) acquiring,
owning, operating or chartering (i) any containership vessel owned, operated or chartered in, or contracted for, by a CMRE Entity,
York Entity or JV Entity prior to the Non-Compete Commencement Date, subject, however, to Section 4.1 and Article V
or (ii) any Non-Five-Year Vessel;

 

(b) acquiring
one or more Five-Year Vessels if such CMRE Entity, or with respect to a JV Vessel, such York Entity or JV Entity, as applicable,
offers to sell the applicable Five-Year Vessel Interests in question to the Partnership Group in accordance with the procedures
set forth in Section 4.2;

 

(c) putting
a Non-Five-Year Vessel under charter for five full years or more if either (i) it does not result in the vessel becoming a Five-Year
Vessel or (ii) it results in the vessel becoming a Five-Year Vessel and such CMRE Entity, or with respect to a JV Vessel, such
York Entity or JV Entity, as applicable, offers to sell the applicable Non-Five-Year Vessel Interests in question to the Partnership
Group, in accordance with the procedures set forth in Section 4.2;

 

(d) acquiring
Five-Year Vessel Interests as part of the acquisition of a controlling interest in a business or package of assets which includes
owning, operating or chartering the applicable Five-Year Vessel(s); provided, however, that:

 

(i) 
if less than a majority of the value of the business or assets acquired is attributable to Five-Year Vessel Interests, as determined
in good faith by CMRE’s or York’s (as applicable) board of directors, the CMRE Entity or with respect to JV Vessel
Interests, the York Entity or the JV Entity, as applicable, must offer to sell such Five-Year Vessel Interests to the Partnership
Group for their fair market value plus any Break-up Costs in accordance with the procedures set forth in Section 4.2; and

 

(ii)
 if a majority or more of the value of the business or assets acquired is attributable to Five-Year Vessel Interests, as
determined in good faith by CMRE’s or York’s (as applicable) board of directors, CMRE, or with respect to JV Vessel
Interests, the York Entity or the JV Entity, as applicable, shall notify the General Partner of the proposed acquisition in writing.
The General Partner shall, not later than the 30th calendar day following receipt of such notice, notify CMRE, the York Entity
or the JV Entity, as applicable, if it or any other Partnership Group Member wishes to acquire such Five-Year Vessel Interests
forming part of that business or package of assets in cooperation and simultaneously with the CMRE Entity, the York Entity or JV
Entity acquiring the Non-Five-Year Vessel Interests forming part of that business or package of assets. If the General Partner
does not notify CMRE, the York Entity or the JV Entity of its intent to pursue the acquisition within such 30 calendar days, the
CMRE Entity, the York Entity or JV Entity may proceed with the acquisition and then offer to sell such Five-Year Vessel Interests
to the Partnership Group as provided in subsection (i) above;

 

(e) acquiring
up to a non-controlling equity ownership, voting or profit participation interest in any company, business or pool of assets or
lending to or investing in the debt of any company, business or pool of assets;

    	11

    	

    

(f)  acquiring,
owning, operating or chartering any Five-Year Vessel if the General Partner does not fulfill its obligation to purchase the applicable
Five-Year Vessel Interests in accordance with the terms of any existing or future agreement;

 

(g) acquiring,
owning, operating or chartering any Five-Year Vessel that is subject to an offer to purchase by a Partnership Group Member as described
in paragraphs (b), (c) and (d) above, in each case pending the offer of the applicable Five-Year Vessel Interests
to the General Partner and the General Partner’s determination pursuant to Section 4.2, whether to purchase the Five-Year
Vessel Interests and, if the General Partner has determined to cause any Partnership Group Member to purchase such Five-Year Vessel
Interests, pending the closing of such purchase;

 

(h) providing
ship management services relating to any containership vessel;

 

(i) prior
to the Non-Compete Commencement Date, owning, operating or chartering any Five-Year Vessel that CMRE, or with respect to a JV Vessel,
a York Entity or a JV Entity, as applicable, owns or is under contract to purchase or charter in on the Closing Date and that is
not part of the Partnership Group’s initial fleet on the Closing Date; or

 

(j) acquiring,
owning, operating or chartering any Five-Year Vessel if the General Partner has previously advised CMRE or with respect to a JV
Vessel, a York Entity or a JV Entity, as applicable, that it consents to such acquisition, ownership, operation or charter.

 

Section
2.3. Permitted Transactions. Nothing in this Agreement shall be interpreted to preclude any York Entity or, for the
avoidance of doubt, York Capital or any of the funds managed or advised by York Capital or one of its Affiliates, from (a) investing
in the debt of any container shipping company or any other person (whether as part of a loan-to-own strategy, with the aim to enter
into debt-to-equity swaps or other forms of debt or capital restructuring of that business or person and the entry into any related
transactions), (b) acquiring an interest in any containership vessel (whether or not a Five-Year Vessel or a Non-Five-Year Vessel)
or an interest in a containership vessel owning entity (i) upon enforcement of security or in satisfaction of a judgment;
(ii) following the exercise or realisation of any of its rights as a creditor to a business or any person (including, without
limitation, by way of, or as a result of, debt-to-equity swaps; loan-to-own strategies or any other form of debt or capital restructuring);
or (iii) by way of any other arrangement or transaction having a similar effect, but in the case of (a) and (b)(ii) and (iii),
subject to Section 16.2 of the Framework Agreement (each a “Permitted Transaction”).

 

ARTICLE
III

NON-FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES

 

Section 3.1. Non-Five-Year
Vessel Restricted Businesses. Following the Non-Compete Commencement Date, subject to Section 9.4 and except as permitted
by Section 3.2, each Partnership Group Member shall be prohibited from acquiring, owning, operating or chartering Non-Five-Year
Vessels or acquiring or owning Non-Five-Year Vessel Interests.

 

Section 3.2. Permitted
Exceptions. Notwithstanding any provision of Section 3.1 to the contrary, the restrictions in this Agreement shall not
prevent any Partnership Group Member from:

 

(a) owning,
operating or chartering any Non-Five-Year Vessel that was previously a Five-Year Vessel owned, operated or chartered by any Partnership
Group Member or a vessel forming part of the Partnership Group’s initial fleet on the Closing Date;

 

(b) acquiring
Non-Five-Year Vessel Interests as part of the acquisition of a controlling interest in a business or package of assets and owning,
operating or chartering the applicable Non-Five-Year Vessels; provided, however, that:

 

(i) if
less than a majority of the value of the business or assets acquired is attributable to Non-Five-Year Vessel Interests, as determined
in good faith by the General Partner, such

    	12

    	

    

Partnership Group Member must offer to sell such Non-Five-Year
Vessel Interests to CMRE for their fair market value plus any applicable Break-up Costs in accordance with the procedures set forth
in Section 4.2; and

 

(ii)
if a majority or more of the value of the business or assets acquired is attributable to Non-Five-Year Vessel Interests,
as determined in good faith by the General Partner, the MLP shall notify CMRE of the proposed acquisition in writing. CMRE shall,
not later than the 30th calendar day following receipt of such notice, notify the General Partner if it or any other CMRE Entity
wishes to acquire such Non-Five-Year Vessel Interests forming part of that business or package of assets in cooperation and simultaneously
with the Partnership Group Member acquiring the Five-Year Vessels forming part of that business or package of assets. If CMRE does
not notify the General Partner of its intent to pursue the acquisition within such 30 calendar days, the Partnership Group
Member may proceed with the acquisition and then offer to sell such Non-Five-Year Vessel Interests to CMRE as provided in subsection
(i) above;

 

(c) acquiring,
owning, operating or chartering any Non-Five-Year Vessel that is subject to an offer to purchase by a CMRE Entity as described
in paragraph (b) above pending the offer of the applicable Non-Five-Year Vessel Interests to CMRE and CMRE’s determination
pursuant to Section 4.2 whether to purchase the Non-Five-Year Vessel Interests and, if CMRE has determined to purchase
or cause any CMRE Entity to purchase such Non-Five-Year Vessel Interests, pending the closing of such purchase; or

 

(d) acquiring,
owning, operating or chartering Non-Five-Year Vessels if CMRE has previously advised the General Partner that it consents to such
acquisition, ownership, operation or charter.

 

The parties acknowledge that any acquisition
of a containership vessel by CMRE pursuant to this Section 3.2 may be subject to the applicable provisions of the Framework
Agreement.

 

ARTICLE
IV

BUSINESS OPPORTUNITIES PROCEDURES

 

Section 4.1. Procedures
for Existing Non-Compete Vessels. Subject to Section 2.3 above, in the event that a CMRE Entity and, with respect to
JV Vessels, a JV Entity, as applicable, owns or operates any containership vessel that constitutes a Five-Year Vessel as of the
Non-Compete Commencement Date (each such containership vessel, a “Existing Non-Compete Vessel”), then
at any time and from time to time within 36 months after (x) the Non-Compete Commencement Date or, if later, (y) the date of delivery
to and acceptance by the charterer (in each case, the “Existing Non-Compete Notice Period”), CMRE and,
with respect to any JV Vessel Interests, York shall notify the General Partner and offer the General Partner the right for a Partnership
Group Member to purchase the relevant Existing Non-Compete Vessel Interests at fair market value; provided, however
that, during the Existing Non-Compete Notice Period, CMRE and York will be subject to such requirement to provide notice and offer
for purchase any Existing Non-Compete Vessel Interests only if, at the time of such notice and offer, the relevant Existing Non-Compete
Vessel constitutes a Five-Year Vessel; provided, further that if, at the end of the Existing Non-Compete Notice Period,
any Existing Non-Compete Vessel constitutes a Five-Year Vessel and CMRE and, with respect to a JV Vessel which is an Existing Non-Compete
Vessel that constitutes a Five-Year Vessel, York have not previously notified the General Partner and offered the Partnership Group
the right to purchase the applicable Existing Non-Compete Vessel Interests, the Partnership Group shall have the right to purchase
such Existing Non-Compete Vessel Interests at the end of the Existing Non-Compete Notice Period. The Partnership Group will then
provide, within 30 calendar days of receipt of notice pursuant to this section (or of the end of the Existing Non-Compete Notice
Period pursuant to the second proviso to the immediately foregoing sentence) (with such 30 calendar days being the “Election
Confirmation Period”), written notice to CMRE and, as applicable, York that either:

 

(a) the
General Partner has elected not to cause any Partnership Group Member to purchase, as applicable, such Existing Non-Compete Vessel
Interests, in which event CMRE, York or such York Entity or JV Entity, as applicable, and their respective Affiliates shall, subject
to Section 2.2(c) and to the other terms of this Agreement which expressly continue to apply to such Existing Non-Compete
Vessel Interest following the lapse or

    	13

    	

    

non-exercise (or deemed non-exercise) of such option (including
any purchase rights that may arise under Article V) and any applicable provisions of the Framework Agreement, be forever
free, to continue to own, operate, charter and dispose of (in accordance with Article V and Section 9.20) such Existing
Non-Compete Vessel; or

 

(b) the
General Partner has elected to cause any Partnership Group Member to purchase, as applicable, such Existing Non-Compete Vessel
Interests (the “Election Notice”), in which event the following procedures shall be followed:

 

(i) After
the receipt of the Election Notice by CMRE and, with respect to any JV Vessel Interests, York, as applicable, the Partnership Group,
CMRE and, with respect to any JV Vessel Interests, York, shall negotiate in good faith regarding the fair market value of the Existing
Non-Compete Vessel Interests that are subject to the Election Notice and the terms that are not specified in the form of the purchase
agreement attached hereto as Annex A (the “unspecified terms”) of the Election Notice on which
the Existing Non-Compete Vessel Interests will be sold to the applicable Partnership Group Member. If CMRE, the Partnership Group
and, if applicable, York agree on the fair market value of the Existing Non-Compete Vessel Interests that are subject to the Election
Notice and the unspecified terms of the Election Notice during the 30 calendar-day period (the “Election Period”)
after receipt by CMRE, and, as applicable, York of the Election Notice, the General Partner shall cause any Partnership Group Member
to purchase, as applicable, the Existing Non-Compete Vessel Interests on such terms as soon as commercially practicable after such
agreement has been reached. The Parties agree to and accept the terms of the form of the purchase agreement attached hereto as
Annex A, and such terms shall apply to the sale and purchase of any Existing Non-Compete Vessel Interests pursuant to this
Section 4.1, except to the extent otherwise mutually agreed by the applicable Parties.

 

(ii)
If CMRE, the Partnership Group and, as applicable, York are unable to agree on the fair market value of the Existing Non-Compete
Vessel Interests that are subject to the Election Notice or the unspecified terms of the Election Notice during the Election Period,
the General Partner shall appoint a Shipbroker prior to the fifth business day following the end of the Election Period to determine
the fair market value of the Existing Non-Compete Vessel Interests and/or the unspecified terms on which the CMRE, the Partnership
Group and, with respect to any JV Vessel Interests, York are unable to agree. Unless otherwise agreed by the parties, the consideration
shall be 100% cash. In determining the fair market value of the Existing Non-Compete Vessel Interests and the unspecified terms
on which the Existing Non-Compete Vessel Interests are to be sold, the Shipbroker will have access to the proposed sale and purchase
values and terms for the Election Notice submitted by CMRE, the Partnership Group and, with respect to any JV Vessel Interests,
York, and to all information prepared by or on behalf of the Partnership Group relating to the Existing Non-Compete Vessel Interests
and reasonably requested by such Shipbroker.

 

Such Shipbroker shall be required to determine the fair
market value of the Existing Non-Compete Vessel Interests and/or the unspecified terms on which the CMRE, the Partnership Group
and, with respect to any JV Vessel Interests, York are unable to agree within 30 calendar days of its engagement and furnish CMRE,
the Partnership Group and, with respect to JV Vessels, York its determination. The fees and expenses of the Shipbroker will be
divided equally between CMRE, the Partnership Group and, with respect to any JV Vessel Interests, York. Upon receipt of such determination,
the General Partner will have the option, but not the obligation:

 

(A)
to cause any Partnership Group Member to purchase the Existing Non-Compete Vessel Interests for the fair market value, and
on the unspecified terms determined by the Shipbroker, as soon as commercially practicable after determinations have been made;
or

 

(B)
to elect not to cause any Partnership Group Member to purchase such Existing Non-Compete Vessel Interests, in which event
CMRE or, the York Entity or the JV Entity, as applicable, and their respective Affiliates shall, subject to the other terms of
this Agreement which expressly continue to apply to such Existing Non-Compete Vessel

    	14

    	

    

Interests following the lapse or the non-exercise
(or deemed non-exercise) of such option (including Article V) and any applicable provisions of the Framework Agreement,
be forever free to continue to own, operate, charter and dispose of (in accordance with Article V and Section 9.20)
such Existing Non-Compete Vessel. If the General Partner does not provide a notice of such election to CMRE or, as applicable,
to the JV Entity, within 10 business days of the Shipbroker’s determination, it shall be deemed to have elected not to cause
any Partnership Group Member to purchase such Existing Non-Compete Vessel Interests.

 

(iii)
If the General Partner chooses to exercise the option for a Partnership Group Member to purchase the Existing Non-Compete
Vessel Interests, the applicable parties shall enter into a purchase and sale agreement for the purchase and sale of Existing Non-Compete
Vessel Interests substantially in the form of the agreement attached hereto as Annex A. Pursuant to such purchase and sale
agreement, CMRE, and with respect to any JV Vessel Interests, York shall be obligated to sell the Existing Non-Compete Vessel Interests
to the Partnership Group Member and the Partnership Group Member shall be obligated to purchase the Existing Non-Compete Vessel
Interests from CMRE and, with respect to any JV Vessel Interests, York.

 

(iv)
The decision to purchase the Existing Non-Compete Vessel Interests that are subject to the Election Notice, the fair market
value to be paid for the Existing Non-Compete Vessel Interests that are subject to the Election Notice, and the other terms of
the purchase shall be initiated and proposed by Management but shall be subject to approval by the Conflicts Committee.

 

(c) If the
General Partner does not provide an Election Notice to CMRE and, with respect to any JV Vessel Interests, York within the Election
Confirmation Period, the General Partner shall be deemed to have chosen not to cause any Partnership Group Member to purchase,
as applicable, the relevant Existing Non-Compete Vessel Interests and the provisions of Section 4.1(a) above shall apply.

 

Section 4.2. 
Procedures for New Non-Compete Vessels. Subject to Section 2.3 above, following the Non-Compete Commencement Date, in the event
that (a) a Partnership Group Member acquires, operates or puts under charter Non-Five-Year Vessels in accordance with Section
3.2(b)(i), or (b) a CMRE Entity or, with respect to any JV Vessel, a JV Entity, as applicable, acquires, operates or puts under
charter Five-Year Vessels in accordance with Section 2.2(b), (c) or (d)(i), in any such case “New
Non-Compete Vessels”, then not later than (i) 36 months after delivery to the charterer, with respect to newbuild
New-Non-Compete Vessels or (ii) 24 months after the consummation of the acquisition or the commencement of operations or charter,
with respect to secondhand New-Non-Compete Vessels (the “New Non-Compete Notice Period”), such acquiring
entity (the “Acquiring Party”) shall notify (i) CMRE, in the case of an acquisition by a Partnership
Group Member or (ii) the General Partner, in the case of an acquisition by a CMRE Entity and, with respect to any potential JV
Vessel, a JV Entity, and offer such party to be notified (each an “Offeree”) the right for any CMRE Entity,
JV Entity or Partnership Group Member, as applicable, to purchase the relevant New Non-Compete Vessel Interests, as applicable
(the “Offered Assets”), for their fair market value (or, in the case of an acquisition in accordance
with Section 2.2(b), if the offer is given substantially simultaneously with the acquisition giving rise to the option in
this Section 4.2, the acquisition price) plus, in the case of an acquisition in accordance with Sections 2.2(b),
2.2(d)(i) or 3.2(b)(i), if the offer is given substantially simultaneously with the acquisition giving rise to the
option in this Section 4.2, any applicable Break-up Costs, in each case on commercially reasonable terms in accordance with
this Section 4.2 (the “Offer”); provided, however that, during the New Non-Compete
Notice Period, (a) a Partnership Group Member will be subject to such requirement to provide the Offer to CMRE for purchase any
New Non-Compete Vessel Interests only if, at the time of such Offer, the relevant New Non-Compete Vessel is a Non-Five-Year Vessel
and (b) CMRE and, with respect to any JV Vessel Interests, York and any JV Entity will be subject to such requirement to provide
the Offer to the General Partner for purchase any New Non-Compete Vessel Interests only if, at the time of such Offer, the relevant
New Non-Compete Vessel is a Five-Year Vessel; provided, further that if, at the end of the New Non-Compete Notice
Period, any New Non-Compete Vessel is a Five-Year Vessel and CMRE and York have not previously notified the General Partner and
offered the Partnership Group the right to purchase the applicable New Non-Compete Vessel Interests, the Partnership Group shall
have the right to purchase such New Non-Compete Vessel Interests at the end of the New Non-Compete Notice Period and the Acquiring
Party shall at that time

    	15

    	

    

provide the Offer. The Offer shall set forth the Acquiring Party’s
proposed terms relating to the purchase of the Offered Assets by the applicable CMRE Entity and, with respect to any potential
JV Vessel Interests, a JV Entity agreed by York and CMRE or Partnership Group Member, including any liabilities to be assumed by
the applicable CMRE Entity and, with respect to any potential JV Vessel Interests, JV Entity, as applicable, or Partnership Group
Member as part of the Offer. As soon as practicable after the Offer is made, the Acquiring Party will deliver to the Offeree all
information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered Assets and reasonably
requested by the Offeree. As soon as practicable, but in any event, within 30 calendar days after receipt of the Offer, the Offeree
shall notify the Acquiring Party in writing that either:

 

(a) CMRE
and, with respect to any potential JV Vessel Interests, a JV Entity, as applicable, have elected not to purchase (or not to cause
any of their respective permitted Affiliates to purchase) or the General Partner has elected not to cause any Partnership Group
Member to purchase, as applicable, such Offered Assets, in which event the Acquiring Party and its Affiliates shall, subject to
Section 2.2(c) and to the other terms of this Agreement which expressly continue to apply to such Offered Assets following the
lapse or the non-exercise (or deemed non exercise) of such option (including any purchase rights that may arise under Article
V) and any applicable provisions of the Framework Agreement, be forever free to continue to own, operate, charter and
dispose of (in accordance with Article V and Section 9.20) such Offered Assets. If no notice is provided by the Offeree
under this clause (a) within 30 calendar days after receipt of the Offer, it shall be deemed to have notified of its election not
to purchase, and not to cause any other person to purchase, the Offered Assets; or

 

(b) CMRE
and, with respect to any potential JV Vessel Interests, a JV Entity, as applicable, have elected to purchase (or to cause any of
their respective permitted Affiliates to purchase) or the General Partner has elected to cause any Partnership Group Member to
purchase, as applicable, such Offered Assets, in which event the following procedures shall be followed:

 

(i) After
the receipt of the Offer by the Offeree, the Acquiring Party and the Offeree shall negotiate in good faith regarding the fair market
value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other unspecified terms of
the Offer on which the Offered Assets will be sold to the applicable CMRE Entity and, with respect to any potential JV Vessel Interests,
a JV Entity, or Partnership Group Member. If the Acquiring Party and the Offeree agree on the fair market value (and any applicable
Break-up Costs) of the Offered Assets that are subject to the Offer and the unspecified terms of the Offer during the 30-day period
(the “Offer Period”) after receipt by the Acquiring Party of CMRE’s and, as applicable, a JV Entity’s
election to purchase (or election to cause any of its respective permitted Affiliates to purchase) or of the General Partner’s
election to cause any Partnership Group Member to purchase, as applicable, the Offered Assets, CMRE and, with respect to any potential
JV Vessel Interests, a JV Entity, as applicable, shall purchase (or cause any of their respective permitted Affiliates to purchase)
or the General Partner shall cause any Partnership Group Member to purchase, as applicable, the Offered Assets on such terms as
soon as commercially practicable after such agreement has been reached. The Parties agree to and accept the terms of the form of
the purchase agreement attached hereto as Annex A, and such terms shall apply to the sale and purchase of any New Non-Compete
Vessel Interests pursuant to this Section 4.2, except to the extent otherwise mutually agreed by the applicable Parties.

 

(ii)
If the Acquiring Party and the Offeree are unable to agree on the fair market value (and any applicable Break-up Costs)
of the Offered Assets that are subject to the Offer or on any of the Offer terms during the Offer Period, the General Partner shall
appoint a Shipbroker prior to the fifth business day following the end of the Offer Period to determine the fair market value of
the Offered Assets and/or the unspecified terms on which the Acquiring Party and the Offeree are unable to agree. Unless otherwise
agreed by the parties, the consideration shall be 100% cash. In determining the fair market value of the Offered Assets and unspecified
terms on which the Offered Assets are to be sold, the Shipbroker will have access to the proposed sale and purchase values and
terms for the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all information prepared by or on behalf
of the Acquiring Party and the Offeree relating to the Offered Assets and reasonably requested by such Shipbroker.

    	16

    	

    

Such Shipbroker shall be required to determine the fair
market value (and any applicable Break-up Costs) of the Offered Assets and/or the unspecified terms on which the Acquiring Party
and the Offeree are unable to agree within 30 calendar days of its engagement and furnish the Acquiring Party and the Offeree its
determination. The fees and expenses of the Shipbroker will be divided equally between the Acquiring Party and the Offeree; provided
that with respect to any JV Vessel Interests, such fees and expenses will be divided equally between the CMRE Entity, York and
the Partnership Group Member. Upon receipt of such determination, the Offeree will have the option, but not the obligation:

 

(A)
in the case that the Offeree is CMRE and, with respect to any potential JV Vessel Interests, a JV Entity, as applicable,
to purchase or cause any of their respective/permitted Affiliates to purchase, or in the case that the Offeree is the General Partner,
to cause any Partnership Group Member to purchase the Offered Assets for the fair market value (and any applicable Break-up Costs),
and on the unspecified terms determined by the Shipbroker, as soon as commercially practicable after determinations have been made;
or

 

(B)
in the case that the Offeree is CMRE and, with respect to any potential JV Vessel Interests, a JV Entity, as applicable,
to elect not to purchase or to cause any of their respective permitted Affiliates to purchase, or in the case that the Offeree
is the General Partner, to elect not to cause any Partnership Group Member to purchase such Offered Assets, in which event the
Acquiring Party and its Affiliates shall, subject to Section 2.2(c) and to the other terms of this Agreement which expressly continue
to apply to such Offered Assets following the lapse or the non-exercise (or deemed non-exercise) of such option (including Article
V) and any applicable provisions of the Framework Agreement, be forever free to continue to own, operate and dispose of (in
accordance with Article V and Section 9.20) such Offered Assets. If the Offeree does not provide a notice of such
election to CMRE, the JV Entity or, as applicable, the General Partner, within 10 business days of the Shipbroker’s determination,
it shall be deemed to have elected not to purchase and not to cause their respective Affiliates to purchase such Offered Assets
and subject to the other terms of this Agreement and any applicable provisions of the Framework Agreement, the Acquiring Party
shall be forever free, subject to the terms of this Agreement, to continue to own, operate, charter and dispose of (in accordance
with Article V and Section 9.20) the containership vessel in question.

 

(iii)
The decision to purchase the Offered Assets, the fair market value to be paid for the Offered Assets, and the other terms
of the purchase shall be initiated and proposed by Management but shall be subject to approval by the Conflicts Committee.

 

Section 4.3. Scope
of Prohibition. If CMRE, any York Entity, any Partnership Group Member or any of their respective Affiliates engages in the
ownership or operation of Five-Year Vessels or , as applicable, Five-Year Vessel Interests in the case of a CMRE Entity, and in
the case of JV Vessels or, as applicable, JV Vessel Interests which are Five-Year Vessels or, as applicable, Five-Year Vessel Interests,
a JV Entity or York Entity, as applicable, or Non-Five-Year Vessels or, as applicable, Non-Five-Year Vessel Interests in the case
of a Partnership Group Member, pursuant to any of the exceptions described in Sections 2.2 or 3.2, as applicable,
the relevant Party and its Affiliates may not subsequently expand that portion of their business other than pursuant to the exceptions
contained in such Sections 2.2 or 3.2; provided that, notwithstanding the foregoing, the provisions of Section
2.3 shall be applicable to and binding upon the Parties. Except as otherwise expressly provided in this Agreement or the MLP
Agreement, each Party and its Affiliates shall be free to engage in any business activity whatsoever, including those that may
be in direct competition with the CMRE Entities, JV Entities, the York Entities or the Partnership Group Members.

 

Section 4.4. Enforcement;
Consents.

 

(a) Each
Party agrees and acknowledges that the other Parties do not have an adequate remedy at law for the breach by any such Party of
its covenants and agreements set forth in this Article IV, and that any breach

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by any such Party of its covenants and agreements set forth
in this Article IV would result in irreparable injury to such other Parties. Each Party further agrees and acknowledges
that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to
enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of this Article
IV.

 

(b) The
Parties acknowledge that the business opportunity procedures set forth in this Article IV are subject to obtaining any and
all written consents of governmental authorities and other third parties and to the terms of all agreements existing in respect
of the Offered Assets. Each Party hereby covenants and agrees to use its commercially reasonable efforts to obtain any such consents
required to be obtained by it in connection with giving effect to the business opportunity procedures set forth in this Article
IV.

 

ARTICLE
V

RIGHTS OF FIRST OFFER

 

Section 5.1. Rights
of First Offer.

 

(a) The
CMRE Entities, and, with respect to any JV Vessels Interests, the JV Entities and York Entities, as applicable, hereby grant the
MLP a right of first offer on any proposed Transfer of any Five-Year Vessel Interests owned or acquired by any CMRE Entity, and,
with respect to any JV Vessel Interests, any JV Entity or York Entity, as applicable.

 

(b) The
Parties acknowledge that all potential Transfers of Five-Year Vessel Interests pursuant to this Article V are subject to
obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all
existing agreements in respect of such Five-Year Vessel Interests. Each Party hereby covenants and agrees to use its commercially
reasonable efforts to obtain any such consents required to be obtained by it in connection with giving effect to the procedures
set forth in this Article V.

 

Section 5.2. Procedures
for Rights of First Offer.

 

(a) In the
event that a CMRE Entity, and, with respect to any JV Vessel Interests, a JV Entity or a York Entity, as applicable, (a “Transferring
Party”) proposes to Transfer any Five-Year Vessel Interests (the “Sale Assets”), prior
to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Sale
Assets to any non-affiliated third party, such Transferring Party shall give the General Partner (a “Potential Transferee”),
written notice setting forth all material terms and conditions (including, without limitation, the purchase price or the terms
of the charter agreement and a description of the Sale Asset(s)) on which such Transferring Party desires to Transfer the Sale
Assets (a “Transfer Notice”).

 

(b) After
delivery of a Transfer Notice, the Transferring Party then shall be obligated to negotiate in good faith for a 30-day period following
the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”)
to reach an agreement for the Transfer of such Sale Assets to the Potential Transferee or any of its Affiliates on the terms and
conditions set forth in the Transfer Notice. If no such agreement with respect to the Sale Assets is reached during the First Offer
Negotiation Period, the Transferring Party will be permitted to Transfer, or agree in writing to Transfer, such Sale Assets to
a third party within 180 calendar days after the end of the First Offer Negotiation Period, provided that the terms of such Transfer
are generally no less favorable to the Transferring Party than those included in the Transfer Notice. If no such agreement with
respect to the Sale Assets is reached during the First Offer Negotiation Period, and the Transferring Party has not Transferred,
or agreed in writing to Transfer, such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation
Period on terms generally no less favorable to the Transferring Party than those included in the Transfer Notice, then the Transferring
Party shall not thereafter Transfer any of the Sale Assets without first offering such assets to the applicable Potential Transferee
in the manner provided above.

 

ARTICLE
VI

EXISTING VESSEL INTERESTS PURCHASE OPTION

 

Section 6.1. Option
to Purchase the Valence Interests.

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(a)  CMRE
hereby grants to the Partnership Group the unconditional right and option to purchase for fair market value at any time and from
time to time within 12 months after the Closing Date, all of the Valence Interests (or, pursuant to Section 6.2, the Substitute
Vessel Interests).

 

(b) The
Parties acknowledge that the potential transfer of the Valence Interests, pursuant to this Article VI is subject to
obtaining any and all written consents of governmental authorities and other third parties and to the terms of all agreements existing
as of the date hereof in respect of the Valence Interests, including, without limitation, any rights of first refusal of the parties
to such agreements to purchase the Valence Interests and the consummation of the acquisition of such containership vessel, as applicable.
CMRE hereby covenants and agrees to use its commercially reasonable efforts to obtain any such consents required to be obtained
by it in connection with the transfer of the Valence Interests, pursuant to this Article VI.

 

Section 6.2. Procedures.

 

(a) If the
General Partner decides to exercise the option for a Partnership Group Member to purchase the Valence Interests, it will provide,
within 12 months of the Closing Date, written notice to CMRE of such exercise, the fair market value it proposes to pay for the
Valence Interests, and the other material terms of the purchase (the “Existing Option Exercise Notice”).
The decision to purchase the Valence Interests that are subject to the Existing Option Exercise Notice, the fair market value to
be paid for the Valence Interests that are subject to the Existing Option Exercise Notice, and the unspecified terms of the purchase
shall be initiated and proposed by the General Partner but shall be subject to approval by the Conflicts Committee; provided
that CMRE has the option, exercisable in its sole discretion either before or within the Existing Option Exercise Period (as defined
below), to replace the Valence Interests with the Substitute Vessel Interests, in which case the provisions of Section 6.1(b)
and the remaining provisions of this Section 6.2 shall apply to such Substitute Vessel Interests instead of the Valence
Interests. If CMRE exercises such option within the Existing Option Exercise Period, the Existing Option Exercise Period shall
be extended for a period of 30 calendar days from date of such exercise and the General Partner shall be permitted to revise the
Existing Option Exercise Notice to reflect the potential purchase of the Substitute Vessel Interests instead of the Valence Interests.
If the Partnership Group Member and CMRE are unable to agree on the fair market value of the Valence Interests that are subject
to the Existing Option Exercise Notice and/or the unspecified terms of the Existing Option Exercise Notice during the 30-day period
(the “Existing Option Exercise Period”) after receipt by CMRE of the Existing Option Exercise Notice,
the General Partner shall appoint a Shipbroker prior to the fifth business day following the end of the Existing Option Exercise
Period to determine the fair market value of the Valence Interests and/or the unspecified terms on which the Partnership Group
Member and CMRE are unable to agree. Unless otherwise agreed by the parties, the consideration shall be 100% cash. In determining
the fair market value of the Valence Interests and/or the unspecified terms on which the Valence Interests are to be sold, the
Shipbroker will have access to the proposed sale and purchase values and terms for the Existing Option Exercise Notice submitted
by the Partnership Group Member and CMRE, respectively, and to all information prepared by or on behalf of the Partnership Group
Member and CMRE with respect to the Valence Interests and reasonably requested by such Shipbroker. Such Shipbroker shall be required
to determine the fair market value of the Valence Interests and/or the unspecified terms on which the Partnership Group Member
and CMRE are unable to agree within 30 calendar days of its engagement and furnish the Partnership Group Member and CMRE its determination.
The fees and expenses of the Shipbroker will be divided equally between the Partnership Group Member and CMRE. Upon receipt of
such determination, the Partnership Group Member will have the option, but not the obligation in to purchase the Valence Interests
for the fair market value and on the unspecified terms determined by the Shipbroker, as soon as commercially practicable after
such determinations have been made.

 

(b) If the
General Partner chooses to exercise the option for a Partnership Group Member to purchase the Valence Interests, the applicable
parties shall enter into a purchase and sale agreement for the purchase and sale of the Valence Interests substantially in the
form of the agreement attached hereto as Annex A. Pursuant to such purchase and sale agreement, CMRE shall be obligated
to sell the Valence Interests to the Partnership Group Member and the Partnership Group Member shall be obligated to purchase the
Valence Interests from CMRE. The Parties agree to and accept the terms of the form of the purchase agreement attached hereto as
Annex A, and such terms shall apply to the sale and purchase of the Valence Interests pursuant to this Article VI,
except to the extent otherwise mutually agreed by the applicable Parties.

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(c)  If
the General Partner (i) chooses or is deemed to have chosen not to exercise the option for a Partnership Group Member to purchase
the Valence Interests at the price determined by the Shipbroker under Section 6.2 (a) or (ii) does not exercise the option
for a Partnership Group Member to purchase the Valence Interests within 12 months of the Closing Date, all future rights to purchase
the Valence Interests by the Partnership Group will be extinguished (subject to any purchase rights that may arise under Article
V).

 

ARTICLE
VII

NEW BUILD INTERESTS PURCHASE OPTION

 

Section 7.1. Option
to Purchase the New Build Interests

 

(a) CMRE
and York hereby agree to offer to the Partnership Group the right and option to purchase for fair market value all of the Hull
NCP0113 Interests, Hull NCP0114 Interests, Hull NCP0115 Interests, Hull NCP0116 Interests, Hull S2121 Interests, Hull S2122 Interests,
Hull S2123 Interests, Hull S2124 Interests and Hull S2125 Interests (each, a “New Build Interest” and
collectively, the “New Build Interests”) at any time within 36 months after any of Hull NCP0113, Hull
NCP0114, Hull NCP0115, Hull NCP0116, Hull S2121, Hull S2122, Hull S2123, Hull S2124 or Hull S2125 has been accepted by its charterer
(such 36-month period with respect to each New Build Interest, the “New Build Interest Option Period”)
according to the procedures set forth in Section 7.2 of this Agreement.

 

(b) The
Parties acknowledge that the potential transfer of the New Build Interests, as applicable, pursuant to this Article VII
is subject to obtaining any and all written consents of governmental authorities and other third parties and to the terms of all
agreements existing as of the date hereof in respect of the New Build Interest, as applicable, including, without limitation, any
rights of first refusal of the parties to such agreements to purchase the New Build Interest, as applicable. Each of CMRE and York
hereby covenants and agrees to use its commercially reasonable efforts to obtain any such consents required to be obtained by it
in connection with the transfer of each of the New Build Interest pursuant to this Article VII.

 

Section 7.2. Procedures.

 

(a) CMRE
and York shall, at any time and from time to time within the New Build Interest Option Period, notify the General Partner and offer
the General Partner the right to cause any Partnership Group Member to purchase the Hull NCP0113 Interests, Hull NCP0114 Interests,
Hull NCP0115 Interests, Hull NCP0116 Interests, Hull S2121 Interests, Hull S2122 Interests, Hull S2123 Interests, Hull S2124 Interests
and Hull S2125 Interests, as applicable (the “Applicable New Build Interests” and the applicable containership
vessel, the “Applicable New Build Vessel”) for fair market value pursuant to Section 7.1(a); provided,
however that, during the relevant New Build Interest Option Period, CMRE and York will be subject to such requirement to
provide notice and offer the Applicable New Build Vessel Interests only if, at the time of such notice and offer, the Applicable
New Build Vessel constitutes a Five-Year Vessel; provided, further that if, at the end of the New Build Interest
Option Period, any Applicable New Build Vessel constitutes a Five-Year Vessel and CMRE and York have not previously notified the
General Partner and offered the General Partner the right to cause any Partnership Group Member to purchase the relevant Applicable
New Build Vessel Interests, the Partnership Group shall have the right to purchase the relevant Applicable New Build Vessel Interests
at the end of the New Build Interest Option Period and CMRE and York shall at that time offer the relevant Applicable New Build
Vessel Interests.

 

(b) If the
General Partner decides to exercise the option for a Partnership Group Member to purchase the Applicable New Build Interests, it
will provide, within 10 business days of receipt of notice and offer to purchase pursuant to Section 7.2(a) (or of the last day
of the New Build Interest Option Period, if the last proviso of Section 7.2(a) applies), written notice to CMRE and York of such
exercise and the fair market value it proposes to pay for the Applicable New Build Interests (the “New Build Option
Exercise Notice”). The decision to purchase the Applicable New Build Interests subject to the New Build Option
Exercise Notice and the fair market value to be paid for the Applicable New Build Interests subject to the New Build Option Exercise
Notice shall be initiated and proposed by Management but shall be subject to approval by the Conflicts Committee. If the Partnership
Group Member, York and CMRE are unable to agree on the fair market value of the Applicable New Build Interests that are subject
to the New Build Option Exercise Notice and the unspecified terms of the New Build Option Exercise Notice during the 30-day period
(the “New Build Option Exercise Period”) after receipt by CMRE of the New

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Build Option Exercise Notice, the General Partner shall appoint
a Shipbroker prior to the fifth business day following the end of the New Build Option Exercise Period to determine the fair market
value of the Applicable New Build Interests and/or the unspecified terms on which the Partnership Group Member and CMRE are unable
to agree. Unless otherwise agreed by the parties, the consideration shall be 100% cash. In determining the fair market value of
the Applicable New Build Interests and/or the unspecified terms on which the Applicable New Build Interests are to be sold, the
Shipbroker will have access to the proposed sale and purchase values and terms for the New Build Option Exercise Notice submitted
by the Partnership Group Member, York and CMRE, respectively, and to all information prepared by or on behalf of the Partnership
Group Member, York and CMRE with respect to the Applicable New Build Interests and reasonably requested by such Shipbroker. Such
Shipbroker shall be required to determine the fair market value of the Applicable New Build Interests and/or the unspecified terms
on which the Partnership Group Member, York and CMRE are unable to agree within 30 calendar days of its engagement and furnish
the Partnership Group Member, York and CMRE its determination. The fees and expenses of the Shipbroker will be divided equally
between the Partnership Group Member, York and CMRE. Upon receipt of such determination, the Partnership Group Member will have
the option, but not the obligation to purchase the Applicable New Build Interests for the fair market value and on the other terms
determined by the Shipbroker, as soon as commercially practicable after such determinations have been made.

 

(c) If the
General Partner chooses to exercise the option for a Partnership Group Member to purchase the Applicable New Build Interests under
Section 7.2(b), the applicable parties shall enter into a purchase and sale agreement for the purchase and sale of the Applicable
New Build Interests substantially in the form of the agreement attached hereto as Annex A. Pursuant to such purchase and
sale agreement, CMRE shall be obligated to sell the Applicable New Build Interests to the Partnership Group Member and the Partnership
Group Member shall be obligated to purchase the Applicable New Build Interests from CMRE. The MLP, York and CMRE agree to and accept
the terms of the form of the purchase agreement attached hereto as Annex A, and such terms shall apply to any purchase and
sale of the New Build Interests pursuant to this Article VII, except to the extent otherwise mutually agreed by the applicable
Parties.

 

(d) If the
General Partner notifies CMRE and York that it chooses not to exercise the option for a Partnership Group Member to purchase the
Applicable New Build Interests at the price determined by the Shipbroker under Section 7.1(b), all future rights to purchase
the Applicable New Build Interests by the Partnership Group will be extinguished. If the General Partner (i) does not provide CMRE
and York with a New Build Option Exercise Notice within 10 business days of receipt of notice and offer to purchase pursuant to
Section 7.2(a) (or of the last day of the New Build Interest Option Period, if the last proviso of Section 7.2(a) applies), the
General Partner shall be deemed to have chosen not to exercise the option for a Partnership Group Member to purchase the Applicable
New Build Interest in accordance with this paragraph (d) and all future rights to purchase the Applicable New Build Interests by
the Partnership Group will be extinguished (subject to any purchase rights that may arise under Article V).

 

ARTICLE
VIII

INDEMNIFICATION

 

Section 8.1. CMRE
Indemnification. Subject to the provisions of Section 8.2 and Section 8.3, CMRE shall indemnify, defend and hold
harmless the Partnership Group from and against: (a) any Covered Environmental Losses relating to the assets contributed by the
CMRE Entities to the Partnership Group prior to or on the Closing Date (the “Contribution Assets”) to
the extent that CMRE is notified by the MLP of any such Covered Environmental Losses within five years after the Closing Date;
(b) Losses to the Partnership Group arising from (i) the failure of the Partnership Group, immediately after the Closing Date,
to be the owner of such valid leasehold interests or fee ownership interests in and to the Contribution Assets as are necessary
to enable the Partnership Entities to own and operate the Contribution Assets in substantially the same manner that the Contribution
Assets were owned and operated by the CMRE Entities immediately prior to the respective dates on which each such Contribution Asset
was acquired by the Partnership Entities or (ii) the failure of the Partnership Entities to have by the Closing Date any consent
or governmental permit necessary to allow the Partnership Entities to own or operate the Contribution Assets in substantially the
same manner that the Contribution Assets were owned and operated by the CMRE Entities immediately prior to the respective dates
on which each such Contribution Asset was acquired by the Partnership Entities, in each of clauses (i) and (ii) above,
to the extent that CMRE is notified by

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the MLP of such Losses within three years after the Closing
Date; and (c) all federal, state, foreign and local income tax liabilities attributable to the operation of the Contribution Assets
prior to the Closing Date, including any such income tax liabilities of the CMRE Entities that may result from the consummation
of the formation transactions for the Partnership Group and the MLP, but excluding any federal, state, foreign and local income
taxes reserved on the books of the Partnership Group on the Closing Date.

 

Section 8.2. Limitation
Regarding Indemnification. The aggregate liability of CMRE under Section 8.1(a) above shall not exceed $5,000,000 for
all relevant containership vessels. Furthermore, no claim may be made against CMRE for indemnification pursuant to Section 8.1(a),
unless the aggregate dollar amount of all claims for indemnification pursuant to such section shall exceed $500,000, in which case
CMRE shall be liable for claims for indemnification only to the extent such aggregate amount exceeds $500,000.

 

Section 8.3. Indemnification
Procedures.

 

(a) The
Partnership Group Members agree that within a reasonable period of time after they become aware of facts giving rise to a claim
for indemnification pursuant to Section 8.1, they will provide notice thereof in writing to CMRE specifying the nature of
and specific basis for such claim.

 

(b) CMRE
shall have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought against
the Partnership Group that are covered by the indemnification set forth in Section 8.1, including, without limitation, the
selection of counsel, determination of whether to appeal any decision of any court and the settling of any such matter or any issues
relating thereto; provided, however, that no such settlement shall be entered into without the consent (which consent
shall not be unreasonably withheld) of the Partnership Group unless it includes (i) a full release of the Partnership Group from
such matter or issues, as the case may be and (ii) no admission of fault or wrong doing on the part of any member of the Partnership
Group.

 

(c) The
Partnership Group Members agree to cooperate fully with CMRE with respect to all aspects of the defense of any claims covered by
the indemnification set forth in Section 8.1, including, without limitation, the prompt furnishing to CMRE of any correspondence
or other notice relating thereto that the Partnership Group may receive, permitting the names of the members of the Partnership
Group to be utilized in connection with such defense, the making available to CMRE of any files, records or other information of
the Partnership Group that CMRE considers relevant to such defense and the making available to CMRE of any employees of the Partnership
Group; provided, however, that in connection therewith CMRE agrees to use reasonable efforts to minimize the impact
thereof on the operations of the Partnership Group and further agrees to maintain the confidentiality of all files, records and
other information furnished by a Partnership Group Member pursuant to this Section 8.3 (except as the Partnership Group
may consent). In no event shall the obligation of the Partnership Group to cooperate with CMRE as set forth in the immediately
preceding sentence be construed as imposing upon the Partnership Group an obligation to hire and pay for counsel in connection
with the defense of any claims covered by the indemnification set forth in this Article VIII; provided, however,
that the Partnership Group Members may, at their own option, cost and expense, hire and pay for counsel in connection with any
such defense. CMRE agrees to keep any such counsel hired by the Partnership Group reasonably informed as to the status of any such
defense (including providing such counsel with such information related to any such defense as such counsel may reasonably request)
but CMRE shall have the right to retain sole control over such defense.

 

(d) In determining
the amount of any Loss for which any of the members of the Partnership Group is entitled to indemnification under this Agreement,
the gross amount of the indemnification will be reduced by (i) any insurance proceeds realized by the Partnership Group, and such
correlative insurance benefit shall be net of any incremental insurance premium that becomes due and payable by the Partnership
Group as a result of such claim, and (ii) all amounts recovered by the Partnership Group under contractual indemnities from third
Persons. The Partnership Group hereby agrees to use commercially reasonable efforts to realize any applicable insurance proceeds
or amounts recoverable under such contractual indemnities; provided, however, that the costs and expenses (including,
without limitation, court costs and reasonable attorneys’ fees) of the Partnership Group in connection with such efforts
shall be promptly reimbursed by CMRE in advance of any determination of whether such insurance proceeds or other amounts will be
recoverable.

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ARTICLE
IX

 

MISCELLANEOUS

 

Section 9.1. Choice
of Law; Submission To Jurisdiction. This Agreement shall be subject to and governed by the laws of the State of New York. Each
party hereby submits to the jurisdiction of the state and federal courts located in the State of New York and to venue in New York,
New York.

 

Section 9.2. Notice.
All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must
be given by depositing the same in the mail, addressed to the Person to be notified, postpaid, and registered or certified with
return receipt requested or by delivering such notice in person or by private-courier, prepaid, or by telecopier or electronic
mail to such party. Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be
deemed delivered on the date the courier represents that delivery will occur. Notice given by telecopier or by electronic mail
shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the
recipient’s next business day after receipt if not received during the recipient’s normal business hours. All notices
to be sent to a party pursuant to this Agreement shall be sent to or made at the address set forth below such party’s signature
to this Agreement, or at such other address as such party may stipulate to the other parties in the manner provided in this Section
9.2.

 

Section 9.3. Entire
Agreement. This Agreement constitutes the entire agreement of the parties relating to the matters contained herein, superseding
all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

 

Section 9.4. Termination.
Upon a Change of Control of the General Partner or of the MLP, the provisions of Articles II, III, IV and
V of this Agreement shall terminate immediately. Upon a Change of Control of CMRE, the provisions of Articles II,
III, IV and V of this Agreement applicable to any CMRE Entity, York or the JV Entities shall terminate at
the time that is the later of (a) the date on which all of the MLP’s outstanding subordinated units have converted to common
units of the MLP and (b) the date of the Change of Control of CMRE. In addition, if the General Partner exercises its right to
delegate management of the MLP to a board of directors of the MLP, then on the date on which a majority of the directors of the
MLP ceases to consist of directors that were (1) appointed by the General Partner and (2) recommended for election by a majority
of the appointed directors, the provisions of Articles II, III, IV and V applicable to CMRE and, as
applicable, York or a JV Entity shall terminate immediately.

 

Section 9.5. Waiver;
Effect of Waiver or Consent. Any party hereto may (a) extend the time for the performance of any obligation or other act of
any other party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically
provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party
or parties to be bound thereby; provided, however, that the MLP and the General Partner may not, without the prior
approval of the Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable determination of
the General Partner, will adversely affect the holders of common units of the MLP. No waiver or consent, express or implied, by
any party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be
deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same
or any other obligations of such Person hereunder. Failure on the part of a party to complain of any act of any Person or to declare
any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights.

 

Section 9.6. Amendment
or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the parties
hereto; provided, however, that the MLP and the General Partner may not, without the prior approval of the Conflicts
Committee, agree to any amendment or modification of this Agreement that, in the reasonable determination of the General Partner,
will adversely affect the holders of common units of the MLP.

 

Section 9.7. Assignment.
No party shall have the right to assign its rights or obligations under this Agreement without the consent of the other parties
hereto.

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Section 9.8. Counterparts. This Agreement
may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document. All
counterparts shall be construed together and shall constitute one and the same instrument.

 

Section 9.9. Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable
to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not
be affected thereby and shall be enforced to the greatest extent permitted by law.

 

Section 9.10. Gender,
Parts, Articles and Sections. Whenever the context requires, the gender of all words used in this Agreement shall include the
masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers
and Section numbers refer to Articles and Sections of this Agreement.

 

Section 9.11. Further
Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto
agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary
or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such
transactions.

 

Section 9.12. Withholding
or Granting of Consent. Each party may, with respect to any consent or approval that it is entitled to grant pursuant to this
Agreement, grant or withhold such consent or approval in its sole discretion, with or without cause, and subject to such conditions
as it shall deem appropriate.

 

Section 9.13. Laws
and Regulations. Notwithstanding any provision of this Agreement to the contrary, no party to this Agreement shall be required
to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such party to be in violation
of any applicable law, statute, rule or regulation.

 

Section 9.14. Negotiation
of Rights of CMRE, Limited Partners, Assignees and Third Parties. The provisions of this Agreement are enforceable solely by
the parties to this Agreement, and no shareholder of CMRE and no limited partner, member, assignee or other Person of the MLP or
York shall have the right, separate and apart from CMRE, York or the MLP, as applicable, to enforce any provision of this Agreement
or to compel any party to this Agreement to comply with the terms of this Agreement.

 

Section 9.15. Conflict
with Framework Agreement. To the extent that any express provision of this Agreement conflicts with any provision of the Framework
Agreement, the Parties agree that the provisions of this Agreement shall control.

 

Section 9.16. Conflicts
Committee Determinations. It is understood and agreed that any requirement under this Agreement
that the Conflicts Committee approve the fair market value of a containership vessel or related interests or the terms of a transaction
related thereto shall be deemed satisfied in relation to the MLP if the Conflicts Committee determines that the relevant transaction
is fair to the MLP from a financial point of view.

 

Section 9.17. Restrictive
Covenant Agreement. It is understood and agreed that if Konstantinos Konstantakopoulos is required to offer a containership
vessel or business to CMRE that CMRE in turn would be required to offer to the General Partner for purchase by the Partnership
Group under the non-competition provisions of this Agreement, the General Partner can require CMRE to exercise its right under
the Restrictive Covenant Agreement and cause such containership vessel or business to be offered to the General Partner, in accordance
with the provisions of Articles II, III and IV of this Agreement. Furthermore,
it is understood and agreed that if CMRE should purchase a Five-Year Vessel or a containership vessel that later becomes a Five-Year
Vessel from Konstantinos Konstantakopoulos, such acquisition and containership vessel will be subject to the provisions of Articles
II, III and IV of this Agreement.

 

Section 9.18. Delegation
of Management of MLP. It is understood and agreed that, if the General Partner exercises its right to delegate management of
the MLP to a board of directors of the MLP, then the provisions of this Agreement relating to the decision-making responsibilities
of and provision of notices to the General Partner shall be deemed to apply instead to the board of directors of the MLP.

    	24

    	

    

Section 9.19. Effectiveness. It is
understood and agreed that this Agreement has been executed and delivered to the Parties and that, without any further action
by any Party to this Agreement, this Agreement will automatically become effective concurrent with and as of the Closing Date;
provided, however, that this Agreement shall have no effect prior to the Closing Date and will automatically terminate
if the Closing Date does not occur on or prior to March 31, 2015.

 

Section 9.20. Transfer
Restrictions. Subject to any Transfer made in accordance with the provisions of Article V, York shall not sell, transfer
or otherwise dispose of any of their JV Vessel Interests, enter into any agreement in respect of any rights, title or interests
attaching to such JV Vessel Interests to the extent such JV Vessel Interests remain subject to an option which has neither been
exercised or lapsed for any Partnership Group Member to acquire such JV Vessel Interests or to any right to purchase such JV Vessel
Interests under Article V or enter into any agreement, conditional or otherwise, to do any of the foregoing, unless (a) if the
proposed transferee is not a York Entity, CMRE has provided a prior written consent and (b) an agreement from the proposed transferee,
in a form reasonably satisfactory to the General Partner, to become party to this Agreement and to be bound by the terms of Article
VII of this Agreement has been obtained.

 

Section 9.21. York
Capital Covenant. York Capital, on behalf of itself and the York Funds, shall cause York to perform its obligations under this
Agreement and to take any and all steps necessary or reasonably desirable to perform such obligations.

 

[Signature Pages Follow]

    	25

    	

    

IN WITNESS WHEREOF, the Parties have
executed this Agreement on October 1, 2014, to be automatically effective as of the Closing Date.

 

	 	COSTAMARE INC.,
	 	 	 
	 	By:	/s/ Anastassios Gabrielides
	 	 	Name: Anastassios Gabrielides
	 	 	Title:   General Counsel and Secretary 

 

	 	Address for Notice:
	 	 
	 	Costamare Inc.
	 	60 Zephyrou Street &
	 	Syngrou Avenue
	 	17564 Athens Greece

	 	Telephone:	   +30-210-949-0050 
	 	Fax:	   +30-210-949-6454
	 	Attention:	   Anastassios Gabrielides
	 	 	  (General Counsel and Secretary)

 

	 	COSTAMARE ventures INC.,
	 	 	 
	 	By:	/s/ Anastassios Gabrielides
	 	 	Name: Anastassios Gabrielides 
	 	 	Title:   Secretary

 

	 	Address for Notice:
	 	 
	 	Costamare Ventures Inc.
	 	60 Zephyrou Street &
	 	Syngrou Avenue
	 	17564 Athens Greece

	 	Telephone:	   +30-210-949-0050 
	 	Fax:	   +30-210-949-6454
	 	Attention:	   Anastassios Gabrielides
	 	 	  (Secretary)

 

Signature
Page to

Omnibus
Agreement

    	 

    	

    

	 	COSTAMARE PARTNERS LP
	 	 
	 	 	By: COSTAMARE PARTNERS GP LLC, 

its general partner

 

	 	By:	/s/ Gregory Zikos
	 	 	Name: Gregory Zikos
	 	 	Title:   Chief Financial Officer

 

	 	Address for Notice:
	 	 
	 	Costamare Partners LP
	 	60 Zephyrou Street &
	 	Syngrou Avenue
	 	17564 Athens Greece

	 	Telephone:	   +30-210-949-0050
	 	Fax:	   +30-210-949-6454
	 	Attention:	   Gregory Zikos
	 	 	  (Chief Financial Officer of Costamare   Partners GP LLC)

 

	 	COSTAMARE PARTNERS GP LLC
	 	 	 
	 	By:	/s/ Gregory Zikos
	 	 	Name: Gregory Zikos
	 	 	Title:   Chief Financial Officer

 

	 	Address for Notice:
	 	 
	 	Costamare Partners GP LLC
	 	60 Zephyrou Street &
	 	Syngrou Avenue
	 	17564 Athens Greece

	 	Telephone:	   +30-210-949-0050
	 	Fax:	   +30-210-949-6454
	 	Attention:	   Gregory Zikos
	 	 	  (Chief Financial Officer)

 

Signature
Page to

Omnibus
Agreement

    	 

    	

    

	 	COSTAMARE PARTNERS HOLDINGS LLC
	 	 
	 	SOLE MEMBER: COSTAMARE 

PARTNERS LP
	 	 	 
	 	 	By: COSTAMARE PARTNERS GP LLC, 

its general partner
	 	 	 
	 	By:	/s/ Gregory Zikos
	 	 	Name: Gregory Zikos 
	 	 	Title:   Chief Financial Officer

 

	 	Address for Notice:
	 	 
	 	Costamare Partners Holdings LLC
	 	60 Zephyrou Street &
	 	Syngrou Avenue
	 	17564 Athens Greece

	 	Telephone:	   +30-210-949-0050
	 	Fax:	   +30-210-949-6454
	 	Attention:	   Gregory Zikos
	 	 	  (Chief Financial Officer of Costamare
    

  Partners GP LLC)

 

Signature
Page to

Omnibus
Agreement

    	 

    	

    

	 	SPARROW HOLDINGS, L.P.,
	 	 
	 	 	By: YORK GLOBAL FINANCE MANAGER, LLC, its general partner
	 	 	 
	 	By:	/s/ John J. Fosina
	 	 	Name: John J. Fosina
	 	 	Title:   Chief Financial Officer

 

	 	Address for Notice:
	 	 
	 	Sparrow Holdings L.P.
	 	c/o York Capital Management Europe (UK) Advisors LLP
	 	23 Saville Row, 4th Floor
	 	London W1S 2ET, United Kingdom

	 	Telephone:	 +44-207-907-5600
	 	Fax:	 +44-207-907-5601
	 	Email:	sparrow@yorkcapital.com
	 	Attention:	 Legal Department

 

	 	BLUEBIRD HOLDINGS, L.P.,
	 	 
	 	 	By: YORK EUROPEAN OPPORTUNITIES DOMESTIC HOLDINGS, LLC, its general partner
	 	 	 
	 	By:	/s/ John J. Fosina
	 	 	Name: John J. Fosina
	 	 	Title:   Chief Financial Officer

 

	 	Address for Notice:
	 	 
	 	Bluebird Holdings L.P.
	 	c/o York Capital Management Europe (UK) Advisors LLP
	 	23 Saville Row, 4th Floor
	 	London W1S 2ET, United Kingdom

	 	Telephone:	 +44-207-907-5600
	 	Fax:	 +44-207-907-5601
	 	Email:	sparrow@yorkcapital.com
	 	Attention:	Legal Department

 

Signature
Page to

Omnibus
Agreement

    	 

    	

    

	 	YORK
    CAPITAL MANAGEMENT GLOBAL ADVISORS LLC, on behalf of itself and as agent for the York Funds, 
	 	 
	 	By:	/s/ John J. Fosina
	 	 	Name: John J. Fosina
	 	 	Title:   Chief Financial Officer

 

	 	Address for Notice:
	 	 
	 	York Capital Management Global Advisors LLC
	 	c/o York Capital Management Europe (UK) Advisors LLP
	 	23 Saville Row, 4th Floor
	 	London W1S 2ET, United Kingdom

	 	Telephone:	 +44-207-907-5600
	 	Fax:	 +44-207-907-5601
	 	Email:	sparrow@yorkcapital.com
	 	Attention:	 Legal Department

 

Signature
Page to

Omnibus
Agreement

    	 

    	

    

SCHEDULE I

 

List of York Funds

 

	1.	 York Capital Management
    L.P.
	 	 
	2.	 York Multi-Strategy Master
    Fund, L.P.
	 	 
	3.	 York Credit Opportunities
    Fund, L.P.
	 	 
	4.	 York Credit Opportunities
    Investments Master Fund, L.P.
	 	 
	5.	 York European Opportunities
    Investments Master Fund, L.P.
	 	 
	6.	 York European Focus Master
    Fund, L.P.
	 	 
	7.	 York
European Distressed Credit Fund, L.P.

 
    	 

    	

    

ANNEX A

[Form of purchase and sale agreement]Exhibit 10.5

 

 

 

 

 

 

 

	1.	
        Date of Agreement

        27 October 2010
	THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 

STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: “SHIPMAN 98”

Part I

	2.	Owners
    (name, place of registered office and law of registry) (CI. 1)	3.	Managers
    (name, place of registered office and law of registry) (CI. 1)
	 	
        Name

         

        CAPETANISSA MARITIME CORPORATION
	 	
        Name

         

        Costamare Shipping Company S.A.

	 	
        Place of registered office

        Monrovia, Republic of Liberia
	 	
        Place of registered office

        Panama City, Republic of Panama

	 	
        Law of registry

        Republic of Liberia
	 	
        Law of registry

        Republic of Panama

	4.	
        Day and year of commencement
        of Agreement (Cl. 2)

        4 November 2010

	5.	
        Crew Management (state “yes” or “no”
        as agreed) (Cl. 3.1)

        YES
	6.	
        Technical Management (state “yes” or “no”
        as agreed) (Cl. 3.2)

        YES

	7.	
        Commercial Management (state “yes” or “no”
        as agreed) (Cl. 3.3)

        YES
	8.	
        Insurance Arrangements (state “yes” or
        “no” as agreed) (Cl. 3.4)

        YES

	9.	
        Accounting Services (state “yes” or “no”
        as agreed) (CI. 3.5)

        YES
	10.	
        Sale or purchase of the Vessel (state “yes”
        or “no” as agreed) (Cl. 3.6)

        YES

	11.	
        Provisions (state “yes” or “no”
        as agreed) (Cl. 3.7)

        YES
	12.	
        Bunkering (state “yes” or “no”
        as agreed) (Cl. 3.8)

        YES

	13.	
        Chartering Services Period (only to be filled in if
        “yes” stated in Box 7) 

(Cl. 3.3(i))

        36 months (including any optional extensions applicable)
        and with a gross daily rate (or time charter equivalent) of US$ 38,000
	14.	
        Owners’ Insurance (state alternative (i),
        (ii) or (iii) of Cl. 6.3)

        Clause 6.3(ii)

	15.	
        Annual Management Fee (state annual amount) (Cl. 8.1)

        See Clause 8.1
	16.	
        Severance Costs (state maximum amount) (Cl. 8.4(ii))

        not applicable

	17.	
        Day and year of termination of Agreement (Cl. 17)

        see Clause 17
	18.	
        Law and Arbitration (state alternative 19.1,
        19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19)

        see Clause 19.1

	19.	
        Notices (state postal and
        cable address, telex and telefax number for serving
        notice and communication to the Owners) (Cl. 20)

        C/o Costamare Inc.

        60 Zephyrou Street & Syngrou Avenue

        Athens, Greece

        Telefax: +30 210 940 6454

        Attention: Chief Executive Officer
	20.	
        Notices (state postal and
        cable address, telex and telefax number for serving
        notice and communication to the Managers) (Cl. 20)

        60 Zephyrou Street & Syngrou Avenue

         

        Athens, Greece

        Telefax: +30 210 940 9051

        Attention: Chief Executive Officer

	It
    is mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting
    of PART I and PART II as well as Annexes “A” (Details of Vessel),
    “B” (Details of Crew), “C” (Budget) and “D”
    (Associated vessels) attached hereto, shall be performed subject to the conditions contained herein.
    In the event of a conflict of conditions, the provisions of PART I and Annexes “A”, “B”,
    “C” and “D”  shall prevail over those of PART II
    to the extent of such conflict but no further..
	Signature(s) (Owners)

        /s/ CAPETANISSA MARITIME CORPORATION

	Signature(s) (Managers)

        /s/ COSTAMARE SHIPPING COMPANY S.A.

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

	 	
ANNEX “A”
(DETAILS OF VESSEL OR VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

Date of Agreement:

27 October 2010

Name of Vessel(s):

COSCO BEIJING

Particulars of Vessel(s):

Flag: Greek

O.N.: 14492

GT: 109,149

NT: 52,743

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

ANNEX
“B” (DETAILS OF CREW) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

Date of Agreement:

Details of Crew:

 

	Numbers	Rank	Nationality
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               
	               	               	               

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

	 	
ANNEX “C”
(BUDGET) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

Date of Agreement:

                    

 

Managers’ Budget for the first year with effect
from the Commencement Date of this Agreement:

                    

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

ANNEX “D”
(ASSOCIATED VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS
ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.

Date of Agreement:

 

Details of Associated Vessels:

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management
Agreement

 

	
1.	Definitions	1
	 	In this Agreement save where the context
    otherwise requires,	2
	 	the following words and expressions shall
    have the meanings	3
	 	hereby assigned to them.	4
	 	 	 
	 	“Owners” means the party
    identified in Box 2.	5
	 	“Managers” means the
    party identified in Box 3.	6
	 	“Vessel” means the vessel
    or vessels details of which are set	7
	 	out in Annex “A” attached
    hereto.	8
	 	“Business Day” shall have
    the same meaning as ascribed	 
	 	thereto in Section 1.1 of the Group
    Management Agreement.	 
	 	“Crew” means the Master,
    officers and ratings employed on the	9
	 	Vessel from time to timeof
    the numbers,	 
	 	rank and nationality
    specified in Annex “B” attached hereto.	10
	 	“Crew Support
    Costs” means all expenses of a general nature	11
	 	which are not particularly
    referable to any individual vessel for	12
	 	the time being managed
    by the Managers and which are incurred	13
	 	by the Managers for
    the purpose of providing an efficient and	14
	 	economic management
    service and, without prejudice to the	15
	 	generality of the
    foregoing, shall include the cost of crew standby	16
	 	pay, training schemes
    for officers and ratings, cadet training	17
	 	schemes, sick pay,
    study pay, recruitment and interviews.	18
	 	“Related Manager”
    shall have the meaning as ascribed thereto in	19
	 	Section 1.1 of the
    Group Management Agreement.	 
	 	“Severance Costs” means
    the costs which the employers are	 
	 	legally obliged to pay to or in respect
    of the Crew as a result of	20
	 	the early termination of any employment
    contract for service on	21
	 	the Vessel.	22
	 	“Crew Insurances” means
    insurances against crew risks which	23
	 	shall include but not be limited to death,
    sickness, repatriation,	24
	 	injury, shipwreck unemployment indemnity
    and loss of personal	25
	 	effects.	26
	 	“Group Management
    Agreement” means the agreement dated 13

    November 2010 made between the Parent and the Managers.	 
	 	“Management Services“
    means the services specified in sub-	27
	 	clauses 3.1 to 3.8 as indicated affirmatively
    in Boxes 5 to 12.	28
	 	“ISM Code” means the
    International Management Code for the	29
	 	Safe Operation of Ships and for Pollution
    Prevention as adopted	30
	 	by the International Maritime Organization
    (IMO) by resolution	31
	 	A.741(18) or any subsequent amendment thereto.	32
	 	“ISPS Code”
    means the International Ship and Port Facility	 
	 	Security Code constituted
    pursuant to resolution A.924(22) of	 
	 	the International Maritime
    Organisation now set out in Chapter	 
	 	XI-2 of the International
    Convention for the Safety of Life at Sea	 
	 	(SOLAS) 1974 (as amended)
    and the mandatory ISPS Code as	 
	 	adopted by a Diplomatic
    Conference of the International	 
	 	Maritime Organisation
    on Maritime Security in December 2002	 
	 	and includes any amendments
    or extensions to it and any	 
	 	regulation issued pursuant
    to it.	 
	 	“Parent” means
    Costamare Inc. of Trust Company Complex,	 
	 	Ajeltake Road, Ajeltake
    Island, Majuro, Republic of the Marshall	 
	 	Islands MH96960.	 
	 	“STCW 95” means the
    International Convention on Standards	33
	 	of Training, Certification and Watchkeeping
    for Seafarers, 1978,	34
	 	as amended in 1995 or any subsequent amendment
    thereto.	35
	 	 	 
	2.	Appointment of Managers	36
	 	With effect from the day and year stated
    in Box 4 and continuing	37
	 	unless and until terminated provided herein,
    the Owners	38
	 	hereby appoint the Managers as technical
    and commercial managers	39
	 	of the Vessel and the Managers hereby agree
    to act as the technical	 
	 	and commercial Managers of the Vessel.	40
	 	 	 
	3.	Basis of Agreement	41
	 	Subject to the terms and conditions herein
    provided, during the	42
	 	period of this Agreement, the Managers
    shall carry out	43
	 	Management Services in respect of the Vessel
    as agents for	44
	 	and on behalf of the Owners. Subject
    to Section 4.6 of the Group	45
	 	Management Agreement, Tthe
    Managers shall have authority	 
	 	to take such actions as they may from time
    to time in their absolute	46
	 	discretion consider to be necessary to
    enable them to perform	47
	 	this Agreement in accordance with sound
    ship management	48

	practice.	49
	 	 	 
	3.1	Crew Management	50
	(only applicable if agreed according to Box 5)	51
	The Managers shall provide suitably qualified Crew for the Vessel	52
	as required by the Owners in accordance with the STCW 95	53
	requirements, provision of which includes but is not limited to	54
	the following functions:	55
	(i)	selecting and engaging
    the Vessel’s Crew, including payroll	56
	 	arrangements, pension administration, and
    insurances for	57
	 	the Crew other than those mentioned in
    Clause 6;	58
	(ii)	ensuring that the
    applicable requirements of the law of the	59
	 	flag of the Vessel are satisfied in respect
    of manning levels,	60
	 	rank, qualification and certification of
    the Crew and	61
	 	employment regulations including Crew’s
    tax, social	62
	 	insurance, discipline and other requirements;	63
	(iii)	ensuring that all
    members of the Crew have passed a medical	64
	 	examination with a qualified doctor certifying
    that they are fit	65
	 	for the duties for which they are engaged
    and are in possession	66
	 	of valid medical certificates issued in
    accordance with	67
	 	appropriate flag State requirements. In
    the absence of	68
	 	applicable flag State requirements the
    medical certificate shall	69
	 	be dated not more than three months prior
    to the respective	70
	 	Crew members leaving their country of domicile
    and	71
	 	maintained for the duration of their service
    on board the Vessel;	72
	(iv)	ensuring that the
    Crew shall have a command of the English	73
	 	language of a sufficient standard to enable
    them to perform	74
	 	their duties safely;	75
	(v)	arranging transportation
    of the Crew, including repatriation,	76
	board and lodging as and when required at rates and types of	 
	accommodations as customary in the industry;	 
	(vi)	training of the Crew
    and supervising their efficiency;	77
	(vii)	keeping and maintaining
    full and complete records of any	78
	labor agreements which may be entered into with the Crew and,	 
	if applicable, conducting
    union negotiations;	 
	(viii)	operating the Managers’
    drug and alcohol policy unless	79
	 	otherwise agreed
    in writing.	80
	 	 	 
	3.2	Technical Management	81
	(only applicable if agreed according to Box 6)	82
	The Managers shall provide technical management which	83
	includes, but is not limited to, the following functions:	84
	(i)	provision of competent
    personnel to supervise the	85
	 	maintenance and general efficiency of the
    Vessel;	86
	(ii)	arrangement and supervision
    of dry dockings, repairs,	87
	 	alterations and the upkeep of the Vessel
    to the standards	88
	 	required by the Owners provided that the
    Managers shall	89
	 	be entitled to incur the necessary expenditure
    to ensure	90
	 	that the Vessel will comply with the law
    of the flag of the	91
	 	Vessel and of the places where she trades,
    and all	92
	 	requirements and recommendations of the
    classification	93
	 	society;	94
	(iii)	arrangement of the
    supply of necessary stores, spares and	95
	 	lubricating oil;	96
	(iv)	appointment of surveyors
and technical consultants as the	97
	 	Managers may consider from time to time
    to be necessary;	98
	(v)	development, implementation
and maintenance of a Safety	99
	 	Management System (SMS) in accordance with
    the ISM	100
	 	Code (see sub-clauses 4.2 and 5.3)
    and of a security system in	101
	 	accordance with the ISPS
    Code;	 
	 	(vi) handling any claims
    against the builder of the Vessel	 
	 	arising out of the relevant
    shipbuilding contract, if	 
	 	applicable; and	 
	 	(vii) on request by the
    Owners, providing the Owners with a	 
	 	copy of any inspection
    report, survey, valuation or any other	 
	 	similar report prepared
    by any shipbrokers, surveyors, the	 
	 	Class etc..	 
	 	 	 
	3.3	Commercial Management	102
	(only applicable if agreed according to Box 7)	103
	The Managers shall provide the commercial  operation of the	104

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management
Agreement

 

	Vessel, as required by the Owners, which includes, but is not	105
	limited to, the following functions:	106
	(i)	providing chartering services in accordance with the Owners’	107
	 	instructions which include, but are not limited to, seeking	108
	 	and negotiating employment for the Vessel and the conclusion	109
	 	(including the execution thereof) of charter parties or other	110
	 	contracts relating to the employment of the Vessel, whether on a

voyage, tie, demise, contract affreightment or other 

basis. If such a	111
	 	contract exceeds the period and is for a rate that is less than	112
	 	the rate, in either case, stated in Box 13, consent thereto	 
	 	in writing shall first be obtained from the Owners.	113
	(ii)	arranging of the proper payment to Owners or their nominees	114
	 	of all hire and/or freight revenues or other moneys of	115
	 	whatsoever nature to which Owners may be entitled arising	116
	 	out of the employment of or otherwise in connection with the	117
	 	Vessel;	118
	(iii)	providing voyage estimates and accounts and calculating of	119
	 	hire, freights, demurrage and/or despatch moneys due from	120
	 	or due to the charterers of the Vessel;	121
	(iv)	issuing to the Crewof appropriate voyage instructions and 

monitoring voyage performance;	122
	(v)	appointing agents;	123
	(vi)	appointing stevedores;	124
	(vii)	arranging surveys associated with the commercial operation	125
	 	of the Vessel;	126
	 	(viii) carrying out
    the necessary communications with the 	 
	 	shippers, charterers and others involved with the receiving 

and handling of the Vessel at the relevant loading and	 
	 	discharging ports, including sending any notices required 

under the terms of the Vessel’s employment at the time;	 
	 	(ix) Invoicing on behalf of the Owners all freights, hires, 

demurrages, outgoing claims, refund of taxes, balances of	 
	 	disbursements, statements of account and other sums due 

to the Owners and account receivables arising from the 	 
	 	operation of the Vessel and, upon the request of the Owners, 

Issuing releases on behalf of the Owners upon receipt of	 
	 	payment or settlement of any such amounts;	 
	 	(x) preparing off-hire statements and/or hire statements;	 
	 	(xi) procuring and arranging’ for port entrance and clearance,	 
	 	pilots, consular approvals and other services necessary for 

the management and safe operation of  the Vessel; and	 
	 	(xii) reporting to the Owners of any major casualties, 

damages received or caused by the Vessel or any major	 
	 	release or discharge of oil or other hazardous material not in compliance with any laws.	 
	3.4	Insurance Arrangements’	127
	(only applicable if agreed according to Box 8)	128
	The Managers shall arrange insurances in accordance with	129
	Clause 6, on such terms and conditions as the Owners shall	130
	have instructed or agreed, in particular regarding underwriters, 

conditions,	131
	insured values, deductibles and franchises.	132
	 	 	 
	3.5	Accounting Services	133
	(only applicable if agreed according to Box 9)	134
	Without prejudice to the relevant provisions of the Group	135
	Management Agreement and, in particular, but without	 
	limitation, Section 4.11, Section 5.1 and Section 10.6 thereof, 

Tthe Managers shall:	 
	(i)	establish an accounting system which meets the	136
	 	requirements of the Owners and provide regular accounting	137
	 	services, supply regular reports and records,	138
	(ii)	maintain the records of all costs and expenditure
incurred	139
	 	as well as data necessary or proper for the settlement of	140
	 	accounts between the parties.	 
	 	 	 
	3.6	Sale or Purchase of the Vessel	142
	(only applicable if agreed according to Box 10)	143
	The Managers shall, in accordance with the Owners’ instructions,	144
	supervise the sale or purchase of  the Vessel, including the	145
	performance of any sale or purchase agreement, but not	146

	 	negotiation of the same.  The Managers shall, on the request of the 	147
	 	Owners, either directly or by employing the services of a broker,	 
	 	endeavor to procure a buyer for the Vessel at a price and	 
	 	otherwise on terms acceptable to the Owners.	 
	 	3.7	Provisions (only
    applicable if agreed according to Box 11)	148
	 	The Managers shall arrange for the supply of provisions.	149
	 	 	 	 
	 	3.8	Bunkering (only
    applicable if agreed according to Box 12)	150
	 	The Managers shall arrange for the provision of bunker fuel of the	151
	 	quality specified by the Owners as required for the Vessel’s trade.	152
	 	 	 	 
	4.	Managers’ Obligations	153
	 	4.1	Without prejudice to the relevant provisions of the Group 	154
	 	Management Agreement and in particular, but without limitation	 
	 	to the foregoing, the provisions of Section 2.3, Section 4.1,	 
	 	Section 4.5 and Section 4.7 thereof, Tthe Managers undertake to	 
	 	use their best endeavours commercially reasonable efforts to	 
	 	provide the agreed Management Services as agents for and on	155
	 	behalf of the Owners in accordance with sound ship management	156
	 	practice and to protect and promote the interests of the Owners in	157
	 	all matters relating to the provision of services hereunder.	158
	 	Provided, however, that the Managers in the performance of their	159
	 	management responsibilities under this Agreement shall be entitled	160
	 	to have regard to their overall responsibility in relation to all vessels	161
	 	as may from time to time be entrusted to their management and	162
	 	in particular, but without prejudice to the generality of the foregoing,	163
	 	the Managers shall be entitled to allocate available supplies,	164
	 	manpower and services in such manner as in the prevailing	165
	 	circumstances the Managers in their absolute discretion consider	166
	 	to be fair and reasonable.	167
	 	4.2	Where the Managers are providing Technical Management	168
	 	in accordance with sub-clause 3.2, they shall procure that the	169
	 	requirements of the law of the flag of the Vessel are satisfied and	170
	 	they shall in particular be deemed to be the “Company” as defined	171
	 	by the ISM Code, assuming the responsibility for the operation of	172
	 	the Vessel and taking over the duties and responsibilities imposed	173
	 	by the ISM Code and/or the ISPS Code when applicable.	174
	 	 	 	 
	5.	Owners’ Obligations	175
	 	5.1	Without prejudice to the relevant provisions of the
Group	176
	 	Management Agreement, Tthe
    Owner shall pay all sums due to the	 
	 	Managers punctually	 
	 	in accordance with the terms of this Agreement.	177
	 	5.2	Where the Managers are providing Technical Management	178
	 	in accordance with sub-clause 3.2, the Owners shall procure that the
 Owners shall:	179
	 	(i)	procure that all officers and ratings supplied
by them or on	180
	 	 	their behalf comply with the requirements of STCW 95;	181
	 	(ii)	instruct such officers and ratings to obey all
    reasonable orders	182
	 	 	of the Managers in connection with the operation of the	183
	 	 	Managers’ safety management system.	184
	 	5.3	Where the Managers are not providing Technical Management	185
	 	in accordance with sub-clause 3.2, the Owners shall procure that the	186
	 	requirements of the law of the flag of the Vessel are satisfied	187
	 	and that they, or such other entity as may be appointed by them	188
	 	and identified to the Managers, shall be deemed to be the	189
	 	“Company” as defined by the ISM Code assuming the responsibility	190
	 	for the operation of the Vessel and taking over the duties and	191
	 	responsibilities imposed by the ISM Code when applicable.	192
	 	 	 	 
	6	Insurance Policies	193
	 	The Owners shall procure, whether by instructing the Managers	194
	 	under sub-clause 3.4 or otherwise, that throughout the period of	195
	 	this Agreement:	196
	 	6.1	at the Owners’ expense, the Vessel is insured for not less	197
	 	than her sound market value or entered for her full gross tonnage,	198
	 	as the case may be for:	199
	 	(i)	usual hull and machinery marine risks (including
crew	200
	 	 	negligence) and excess liabilities;	201
	 	(ii)	protection and indemnity risks (including pollution
risks and	202

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98”
Standard Ship Management Agreement

 

	 	 	Crew Insurances); and	 	203
	 	(iii) war risks (including protection and indemnity and crew risks);	 	204
	 	and	 	 
	 	(iv) any other insurance that the Owners determine or the
 Managers advise them in writing that, in either case, it is
 prudent or, as the case may be, appropriate on the basis of
 prevailing market practices to be obtained in respect of the
 Vessel, its freight/hire or any third party liabilities,	 	 
	 	 	 	 	 
	 	in each case in accordance with the best practice of prudent owners	 	205
	 	of	 	 
	 	vessels of a similar type to the Vessel, with first class insurance	 	206
	 	companies, underwriters or associations (“the Owners’	 	207
	 	Insurances”);	 	208
	 	6.2 all premiums and calls and applicable deductibles and/or	 	209
	 	franchises on the Owners’ Insurances are paid	 	 
	 	promptly by their due date,	 	210
	 	6.3 the Owners’ Insurances name the Managers and, subject	 	211
	 	to underwriters’ agreement, any third party designated by the	 	212
	 	Managers as a joint assured, with full cover, with the Owners	 	213
	 	obtaining cover in respect of each of the insurances specified in	 	214
	 	sub-clause 6.1:	 	215
	 	(i) 	on terms whereby the Managers and any such third party	 	216
	 	are liable in respect of premiums or calls arising in connection	 	217
	 	with the Owners’ Insurances; or	 	218
	 	(ii) 	if reasonably obtainable, on terms such that neither the	 	219
	 	Managers nor any such third party shall be under any	 	220
	 	liability in respect of premiums or calls arising in connection	 	221
	 	with the Owners’ Insurances; or	 	222
	 	(iii)	on such
    other terms as may be agreed in writing.	 	223
	 	Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left	 	224
	 	blank then (i) applies.	 	225
	 	6.4 written evidence is provided, to the reasonable satisfaction	 	226
	 	of the Managers, of their compliance with their obligations under	 	227
	 	Clause 6 within a reasonable time of the commencement of	 	228
	 	the Agreement, and of each renewal date and, if specifically	 	229
	 	requested, of each payment date of the Owners’ Insurances.	 	230
	 	 	 	 	 
	7.	Income Collected and Expenses Paid on Behalf of Owners	 	231
	 	7.1 Without prejudice to the provisions of Section 10.7 of the
 Group Management Agreement, Aall moneys collected by the
 Managers under the terms of	 	232
	 	this Agreement (other than moneys payable by the Owners to	 	233
	 	the Managers) and any interest thereon shall be held to the	 	234
	 	credit of the Owners in a separate bank account.	 	235
	 	7.2 Without prejudice to the provisions of Section 9.7, Section
 10.5 and Section 10.8 of the Group Management Agreement, Aall
 expenses incurred by the Managers under the terms	 	236
	 	of this Agreement on behalf of the Owners (including expenses	 	237
	 	as provided in Clause 8) may be debited against the Owners	 	238
	 	in the account referred to under sub-clause 7.1 but shall in any	 	239
	 	event remain payable by the Owners to the Managers on	 	240
	 	demand. For the avoidance of doubt, the Managers can make
 such demand on the Owners as well as on the Parent as
 provided in Section 10.5 of the Group Management Agreement.
 Furthermore and without prejudice to the generality of the
 provisions of this Clause 7, the Managers shall, subject to being
 placed in funds by the Owners or the Parent, arrange for the
 payment of all ordinary charges incurred in connection with the
 Management Services, including, but not limited to, all canal
 tolls, port charges, any amounts due to any governmental
 authority with respect to the Crew and all duties and taxes In
 respect of the Vessel, the cargo, hire or freight (whether levied
 against the Owners, the Parent or the Vessel), insurance
 premiums, advances of balances of disbursements, invoices for
 bunkers, stores, spares, provisions, repairs and any other
 material and/or service In respect of the Vessel.	 	241
	8.	Management Fee	 	242
	 	8.1 The Owners shall pay to the Managers for their services	 	243
	 	as Managers under this Agreement an annualthe management	 	244
	 	fees as stated in Box 15 Section 9.1(a) and Section 9.1(b) of the
 Group Management Agreement which shall be payable by equal 	 	245
	 	monthly instalments in advance, the first instalment being monthly	 	246

 

	 	in accordance with the provisions of Article IX of the Group
 Management Agreement.	 	 
	 	payable on the commencement of this Agreement (see Clause	 	247
	 	2 and Box 4) and subsequent instalments being payable every	 	248
	 	month.	 	249
	 	 		 	
	 	8.2 The management fee shall be subject to an annualreview	 	250
	 	in accordance with the provisions of Sections 9.2 and 9.3 of the
 Group Management Agreementon the anniversary date of the
 Agreement and the proposed	 	251
	 	fee shall be presented in the annual budget referred to in sub-	 	252
	 	clause 9.1.	 	253
	 	8.3 The Managers shall, at no extra cost to the Owners, provide	 	254
	 	their own office accommodation, office staff, facilities and	 	255
	 	stationery. Without limiting the generality of Clause 7 the Owners	 	256
	 	shall reimburse the Managers for postage and communication	 	257
	 	expenses, travelling expenses, and other out of pocket	 	258
	 	expenses properly incurred by the Managers in pursuance of	 	259
	 	the Management Services.	 	260
	 	8.4 The provisions of Section 9.4, Section 9.5, Section 9.6 and
 Section 9.7 of the Group Management Agreement shall be
 deemed as incorporated herein mutatis mutandis.	 	261
	 	8.5 The Managers have the right to demand the payment of any
 of the management fees and expenses payable under this
 Agreement either from the Parent or the Owners. Payment of any
 such fees or expenses or any part thereof by either the
 Parent or the Owners shall prevent the Managers from making a
 claim on the other person for the same amount to the extent
 that the same has been already paid to the Managers.
 In the event of the appointment of the Managers being	 	 
	 	terminated by the Owners or the Managers in accordance with	 	262
	 	the provisions of Clauses 17 and 18 other than by reason of	 	263
	 	default by the Managers, or if the Vessel is lost, sold or otherwise.	 	264
	 	Disposed of, the “management fee” payable to the Managers	 	265
	 	According to the provisions of sub-clause 8.1, shall continue to	 	266
	 	be payable for a further period of three calendar months as	 	267
	 	from the termination date. In addition, provided that the	 	268
	 	Managers provide Crew for the Vessel in accordance with sub-	 	269
	 	clause-3,1:	 	270
	 	(i) 	the Owners shall continue to pay Crew Support
Costs during	 	271
	 	 	the said further period of three calendar months and	 	272
	 	(ii) 	the Owners shall pay an equitable proportion
of any	 	273
	 	 	Severance Costs which may materialize, not exceeding	 	274
	 	 	the amount stated in Box 16.	 	275
	 	 8.5 If the Owners decide to lay up the Vessel whilst this	 	276
	 	Agreement remains in force and such lay up lasts for more	 	277
	 	than three months, an appropriate reduction of the management	 	278
	 	fee for the period exceeding three months until one month	 	279
	 	before the Vessel is again put into service shall be mutually	 	280
	 	agreed between the parties.	 	281
	 	8.6 Unless otherwise agreed in writing all discounts and	 	282
	 	commissions obtained by the Managers in the course of the	 	283
	 	management of the Vessel shall be credited to the Owners.	 	284
	 	 	 	 
	9.	Budgets and Management of Funds	 	285
	 	9.1 The Owners are aware that the Managers will be preparing
 budgets In connection with, inter alia, the provision of the
 Management Services which the Managers will be submitting
 for approval to the Parent in accordance with the provisions of
 Article X of the Group Management Agreement.The Managers
 shall present to the Owners annually a	 	286
	 	budget for the following twelve months in such form as the	 	287
	 	Owners require. The budget for the first year hereof is set out	 	288
	 	in Annex “C” hereto. Subsequent annual budgets shall be	 	289
	 	prepared by the Managers and submitted to the Owners not	 	290
	 	less than three months before the anniversary date of the	 	291
	 	commencement of this Agreement (see Clause 2 and Box 4).	 	292
	 	9.2 The Owners shall indicated to the Managers their acceptance	 	293
	 	and approval of the annual budget within one month of	 	294
	 	presentation and in the absence of any such indication the	 	295
	 	Managers shall be entitled to assume that the Owners have	 	296
	 	accepted the proposed budget.	 	297
	 	9.3 Following the agreement of the budget, the Managers shall	 	298

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98”
Standard Ship Management Agreement

 

	 	prepare and present to the Owners their estimate of the working	 	299
	 	capital requirement of the Vessel and the Managers shall each	 	300
	 	month up date this estimate. Based thereon. Without prejudice to
 the right of the Managers to ask for funds in relation to the
 Management Services directly from the Parent in accordance
 with the relevant provisions of the Group Management
 Agreement, the Managers shall	 	301
	 	each month request the Owners in writing for the funds required	 	302
	 	to run the Vessel for the ensuing month, including the payment	 	303
	 	of any occasional or extraordinary item of expenditure, such as	 	304
	 	emergency repair costs, additional insurance premiums, bunkers	 	305
	 	or provisions. Such funds shall be received by the Managers	 	306
	 	within ten running days after the receipt by the Owners of the	 	307
	 	Managers’ written request and shall be held to the credit of the	 	308
	 	Owners in a separate bank account in the name of the Managers
 or, if requested by the managers, in the name of the Owners.	 	309
	 	9.4 The Managers shall produce a comparison between	 	310
	 	budgeted and actual income and expenditure of the Vessel in	 	311
	 	such form as required by the Owners monthly or at such other	 	312
	 	intervals as mutually agreed.	 	313
	 	9.5 Notwithstanding anything contained herein to
    the contrary,	 	314
	 	The Managers shall in no circumstances be required to use or	 	315
	 	commit their own funds to finance the provision of the	 	316
	 	Management Services.	 	317
	 	 	 	 	 
	10.	Managers’ Right to Sub-Contract	 	318
	 	Except to a Related Manager (where the Manager may	 	319
	 	subcontract any of their obligations hereunder, without need of	 	 
	 	obtaining the Owner’s consent for doing so), Tthe Managers
 shall not have the right to sub-contract any of	 	 
	 	their obligations hereunder, including those mentioned in sub-	 	320
	 	clause 3.1,
    without the prior written consent of the Owners which	 	321
	 	shall not be unreasonably withheld and which shall be promptly responded to. In the event of such a sub-	 	322
	 	contract the Managers shall remain fully liable for the due	 	323
	 	performance of their obligations under this Agreement.	 	324
	 	 	 	 	 
	11.	Responsibilities	 	325
	 	 	 	 	326
	 	The parties agree that the provisions of Sections 11.1 to 11.5 (inclusive) of the Group Management Agreement, shall apply to this Agreement mutatis mutandis, save that references therein 
 to “any Shipmanagement Agreement or any Supervision Agreement” shall be omitted and references to “Parent”, “any 
 member of the Group”, “Manager”, “any Submanager”, “a Vessel”, “Section”, “Management Fees”, “each 
 Shipmanagement Agreement”, “Group” and “Article XI” shall be construed as references to the Owners, the Owners, the Managers, any submanager, the Vessel, Clause, management 
 fee, this Agreement, the Owners and Clause 11, respectively, when used herein.	 	 
	 	 	 	 	 
		11.1 Force Majeure - Neither the Owners nor the Managers	 	 
	 	shall be under any liability for any failure to perform any of their	 	327
	 	obligations hereunder by reason of any cause whatsoever of	 	328
	 	any nature or kind beyond their reasonable control.	 	329
	 	11.2 Liability to Owners - (i) Without prejudice to sub-clause	 	330
	 	11.1, the Managers shall be under no liability whatsoever to the	 	331
	 	Owners for any loss, damage, delay or expense of whatsoever	 	332
	 	nature, whether direct or indirect, (including but not limited to	 	333
	 	lose of profit arising out of or in connection with detention of or	 	334
	 	delay to the Vessel) and howsoever arising in the course of	 	335
	 	performance of the Management Services UNLESS same is	 	336
	 	proved to have resulted solely from the negligence, gross	 	337
	 	negligence or wilful default of the Managers or their employees,	 	338
	 	or agents or sub-contractors employed by them in connection	 	339
	 	with the Vessel, in which case (save where loss, damage, delay	 	340
	 	or expense has resulted from the Managers’ personal act or	 	341
	 	omission committed with the intent to cause same or recklessly	 	342
	 	and with knowledge that such loss, damage, delay or expense	 	343
	 	would probably result) the Managers’ liability for each incident	 	344
	 	or series of incidents giving rise to a claim or claims shall never	 	345
	 	Exceed a total of ten times the annual management fee payable	 	346

 

	 	hereunder.	 	347
	 	(ii) Notwithstanding anything that may appear to the contrary in	 	348
	 	this Agreement, the Managers shall not be liable for any of the	 	349
	 	actions of the Crew, even if such actions are negligent, grossly	 	350
	 	negligent or wilful, except only to the extent that they are shown	 	351
	 	to have resulted from a failure by the Managers to discharge	 	352
	 	their obligations under sub-clause 3.1, in which case their liability	 	353
	 	shall be limited in accordance with the terms of this Clause 11.	 	354
	 	11.3 Indemnity - Except to the extent and solely for the amount	 	355
	 	therein set out that the Managers would be liable under sub-	 	356
	 	clause 11.2, the Owners hereby undertake to keep the Managers	 	357
	 	and their employees, agents and sub-contractors indemnified	 	358
	 	and to hold them harmless against all actions, proceedings,	 	359
	 	claims, demands or liabilities whatsoever or howsoever arising	 	360
	 	which may be brought against them or incurred or suffered by	 	361
	 	them arising out of or in connection with the performance of the	 	362
	 	Agreement, and against and in respect of all costs, losses,	 	363
	 	damages and expenses (including legal costs and expenses on	 	364
	 	a full indemnity basis) which the Managers may suffer or incur	 	365
	 	(either directly or indirectly) in the course of the performance of	 	366
	 	this Agreement.	 	367
	 	11.4 “Himalaya” - It is hereby expressly agreed that no	 	368
	 	employee or agent of the Managers (including every sub-	 	369
	 	contractor from time to time employed by the Managers) shall in	 	370
	 	Any circumstances whatsoever be under any liability whatsoever	 	371
	 	to the Owners for any loss, damage or delay of whatsoever kind	 	372
	 	arising or resulting directly or indirectly from any act, neglect or	 	373
	 	default on his part while acting in the course of or in connection	 	374
	 	with his employment and, without prejudice to the generality of	 	375
	 	the foregoing provisions in this Clause 11, every exemption,	 	376
	 	limitation, condition and liberty herein contained and every right,	 	377
	 	exemption from liability, defence and immunity of whatsoever	 	378
	 	nature applicable to the Managers or to which the Managers are	 	379
	 	entitled hereunder shall also be available and shall extend to	 	380
	 	protect every such employee or agent of the Managers acting	 	381
	 	as aforesaid and for the purpose of all the foregoing provisions	 	382
	 	of this Clause 11 the Managers are or shall be deemed to be	 	383
	 	acting as agent or trustee on behalf of and for the benefit of all	 	384
	 	persons who are or might be their servants or agents from time	 	385
	 	to time (including sub-contractors as aforesaid) and all such	 	386
	 	persons shall to this extent be or be deemed to be parties to this	 	387
	 	Agreement.	 	388
	 	 	 	 	 
	12.	Documentation	 	389
	 	Without prejudice to the relevant provisions of the Group 
 Management Agreement, Wwhere the Managers are providing Technical Management in	 	390
	 	accordance with sub-clause 3.2 and/or Crew Management in	 	391
	 	accordance with sub-clause 3.1,
    they shall make available,	 	392
	 	upon Owners’ request, all documentation and records related	 	393
	 	to the Safety Management System (SMS) and/or the Crew	 	394
	 	which the Owners need in order to demonstrate compliance	 	395
	 	with the ISM Code, the ISPS Code and STCW 95 or to defend a	 	396
	 	claim against	 	 
	 	a third party.	 	397
	 	 	 	 	 
	13.	General Administration	 	398
	 	13.1 Without prejudice to the provisions of Article V of the
    
 Group Management Agreement, but subject to the provisions of Section 4.6 of the
    Group Management Agreement, Tthe
    
 Managers shall handle and settle all claims arising	 	399
	 	out of the Management Services hereunder and keep the Owners	 	400
	 	informed regarding any incident of which the Managers become	 	401
	 	aware which gives or may give rise to material claims or disputes involving	 	402
	 	third parties.	 	403
	 	13.2 The Managers shall, as instructed by the Owners under this Agreement and/or, as the case may be, Section 4.6 of the Group Management Agreement, bring	 	404
	 	or defend actions, suits or proceedings in connection with matters	 	405
	 	entrusted to the Managers according to this Agreement.	 	406

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management
Agreement

 

	 	13.3 The Managers shall also have power to obtain legal or	407
	 	technical or other outside expert advice in relation to
    the handling	408
	 	and settlement of claims and disputes or all other matters	409
	 	affecting the interests of the Owners in respect of the
    Vessel.	410
	 	13.4	The Owners shall arrange
    for the provision of any	411
	 	necessary guarantee bond or other security.	412
	 	13.5	Any costs reasonably incurred by the Managers in	413
	 	carrying out their
    obligations according to Clause 13 shall be	414
	 	reimbursed by the Owners.	415
	 	 	 
	14.	Auditing	416
	 	The Managers shall at all times maintain and keep true and	417
	 	correct accounts and shall make the same available for inspection	418
	 	and auditing by the Owners at such times as may be mutually	419
	 	agreed. On the termination, for whatever reasons, of this	420
	 	Agreement, the Managers shall release to the Owners, if
    so	421
	 	requested, the originals where possible, or otherwise certified	422
	 	copies, of all such accounts and all documents specifically
    relating	423
	 	to the Vessel and her operation. For the avoidance of
    any doubt,

    this Clause is in addition to and not in substitution of the 
 relevant provisions of the Group Management Agreement.	424
	15.	Inspection of Vessel	425
	 	The Owners shall have the right at any time after giving	426
	 	reasonable notice to the Managers to inspect the Vessel
    for any	427
	 	reason they consider necessary.	428
	 	 	 
	16.	Compliance with Laws and Regulations	429
	 	The Managers will not do or permit to be done anything which	430
	 	might cause any breach or infringement of the laws and	431
	 	regulations of the Vessel’s flag, or of the places
    where she trades.	432
	 	 	 	 	 
	17.	Duration of the Agreement	433
	 	This Agreement shall come into effect on the day and year
    stated	434
	 	in Box 4
and shall continue until the date the Group

Management Agreement is terminated in accordance with the provisions of Article XIII thereof, unless this Agreement is terminated
earlier 

in accordance with the provision of Clause 18 hereofthe date 

stated in Box 17.	435
	 	Thereafter it shall continue until terminated by
    either party giving	436
	 	to the other notice in writing, in which event the
    Agreement shall	437
	 	terminate upon the expiration of a period of two
    months from the	438
	 	date upon which such notice was given.	439
	 	 	 	 	 
	18.	Termination	440
	 	18.1	Owners’ default	441
	 	(i)	The Managers shall be entitled to terminate the Agreement	442
	 		with immediate effect by notice in writing if any moneys	443
	 		payable by the Owners under this Agreement and/or
    the	444
	 		owners of any associated vessel, details of which
    are listed	445
	 		in Annex “D”,
shall not have been received in the Managers’	446
	 		nominated account within ten20 running
    Business dDays 

of receipt by	447
	 	 	 	 	 
	 		the Owners of the Managers written request or if the Vessel	448
	 		is repossessed by the Mortgagees.	449
	 	(ii)	If the Owners:	450
	 		(a)	fail
    to meet their obligations under sub-clauses 5.2	451
	 		 	and 5.3 of this Agreement
    for any reason within their	452
	 		 	control, or	453
	 		(b)	proceed with the employment of or
    continue to employ	454
	 		 	the Vessel in the carriage of contraband, blockade	455
	 		 	running, or in an unlawful trade, or on a voyage which	456
	 		 	in the reasonable opinion of the Managers is unduly	457
	 		 	hazardous or improper,	458
	 		the Managers may give notice of the default to the Owners,	459
	 		requiring them to remedy it as soon as practically possible.	460
	 		In the event that the Owners fail to remedy it within a	461
	 		reasonable time20 Business Days of receipt
    by the Owners of 

    the Managers’ written request to the satisfaction of the 

    Managers, the	462
	 		Managers shall be entitled to terminate the Agreement	463

	 		with immediate effect by notice in writing.	464
	 	18.2	Managers’ Default	465
	 	If the Managers
    fail to meet their obligations under Clauses 3	466
	 	and 4 of
    this Agreement for any reason within the control of the	467
	 	Managers, the Owners may give notice to the Managers of
    the	468
	 	default, requiring them to remedy it within 20 Business
    Daysas 
 soon as practically	469
	 	possible. In the event that the Managers
    fail to remedy it within a	470
	 	reasonable timesuch period to the
    satisfaction of the Owners, the Owners	471
	 	shall be entitled to terminate the Agreement with immediate
    effect	472
	 	by notice in writing.	473
	 	18.3	Extraordinary Termination	474
	 	This Agreement shall be deemed to be terminated in the case
    of	475
	 	the sale of the Vessel or if the Vessel becomes a total
    loss or is	476
	 	declared as a constructive or compromised or arranged total	477
	 	loss or is requisitioned.	478
	 	18.4	For
    the purpose of sub-clause 18.3 hereof	479
	 	(i)	the date upon which the Vessel is to be treated as having	480
	 		been sold or otherwise disposed of shall be the date on	481
	 		which the Owners cease to be registered as Owners of	482
	 		the Vessel;	483
	 	(ii)	the Vessel shall not be deemed to be lost unless either	484
	 		she has become an actual total loss or agreement has	485
	 		been reached with her underwriters in respect of her	486
	 		constructive, compromised or arranged total loss or if such	487
	 		agreement with her underwriters is not reached it is	488
	 		adjudged by a competent tribunal that a constructive loss	489
	 		of the Vessel has occurred.	490
	 	18.5 The parties agree that the provisions of Sections 13.4(a) 
 to 13.4(d) (inclusive) of the Group Management Agreement, shall 
 apply to this Agreement mutatis mutandis. This Agreement shall 
 terminate forthwith in the event of	491
	 	an order being made or resolution passed for the
    winding up,	492
	 	dissolution, liquidation or bankruptcy of either
    party (otherwise	493
	 	than for the purpose of reconstruction or amalgamation)
    or if a	494
	 	receiver is appointed, or if it suspends payment,
    ceases to carry	495
	 	on business or makes any special arrangement or
    composition	496
	 	with its creditors.	497
	 	18.6	The termination of this Agreement shall be without	498
	 	prejudice to all rights accrued due between the parties
    prior to	499
	 	the date of termination.	500
	 	 	 	 
	19.	Law and Arbitration	501
	 	19.1 This Agreement and any non-contractual obligations connected with it shall be governed by and construed in	502
	 	accordance
                                         with English law. All disputes arising out of this 

                                         Agreement and/or any non-contractual obligations connected 

                                         with it shall be arbitrated in London in the following manner. 
 One arbitrator
                                         is to be appointed by each of the parties hereto 
 and a third by the two so
                                         chosen. Their decision or that of any 
 two of them shall be final. The arbitrators
                                         shall be commercial 

                                         persons, conversant with shipping matters. Such arbitration is 
 to be conducted
                                         in accordance with the London Maritime 

                                         Arbitration Association (LMAA) Terms current at the time when 

                                         the arbitration proceedings are commenced and in accordance 

                                         with the Arbitration Act 1996 or any statutory modification or re-

                                         enactment thereof. In the event that a party hereto shall state a 

                                         dispute and designate an arbitrator in writing, the other party 

                                         shall have 10 Business Days to designate its own arbitrator. If 

                                         such other party fails to designate its own arbitrator within such 

                                         period, the arbitrator appointed by the first party can render an 

                                         award hereunder. Until such time as the arbitrators finally close 

                                         the hearings, either party shall have the right by written notice 

                                         served on the arbitrators and on the other party to specify 
 further disputes
                                         or differences under this Agreement for hearing 

                                         and determination. The arbitrators may grant any relief, and 

                                         render an award, which they or a majority of them deem just and 

                                         equitable and within the scope of this Agreement, including but 

                                         not limited to the posting of security. Awards pursuant to this 

                                         Clause 19.1 may include costs and judgments may be entered 

                                         upon any award made herein in any court having jurisdiction.

and any dispute arising out of or 

	503
	 	 	 
	 	in connection with this Agreement shall be referred
    to arbitration	504

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management
Agreement

 

	 	 	in London in accordance with the Arbitration Act 1996-or	505
	 	 	any statutory modification or re-enactment thereof save to	506
	 	 	the extent necessary to give effect to the provisions of this	507
	 	 	Clause.	508
	 	 	The arbitration shall be conducted in accordance with the	509
	 	 	London Maritime Arbitrators Association (LMAA) Terms	510
	 	 	current at the time when the arbitration proceedings are	511
	 	 	commenced.	512
	 	 	The reference shall be to three arbitrators. A party wishing	513
	 	 	to refer a dispute to arbitration shall appoint its arbitrator	514
	 	 	and send notice of such appointment in writing to the other	515
	 	 	party requiring the other party to appoint its own arbitrator	516
	 	 	within 14 calendar days of that notice and stating that it will	517
	 	 	appoint its arbitrator as solo arbitrator unless the other party	518
	 	 	appoints its own arbitrator and gives notice that it has done	519
	 	 	so within the 14 days specified. If the other party does not	520
	 	 	appoint its own arbitrator and give notice that it has done
    so	521
	 	 	within the 14 days specified, the party referring a dispute
    to	522
	 	 	arbitration may, without the requirement of any further prior	523
	 	 	notice to the other party, appoint its arbitrator as sole	524
	 	 	arbitrator and shall advice the other party accordingly. The	525
	 	 	award of a sole arbitrator shall be binding on both parties	526
	 	 	as if he had been appointed by agreement.	527
	 	 	Nothing herein shall prevent the parties agreeing in writing	528
	 	 	to vary these provisions to provide for the appointment of a	529
	 	 	sole arbitrator.	530
	 	 	In cases where neither the claim nor any counterclaim	531
	 	 	exceeds the sum of USD50,000 (or such other sum as the	532
	 	 	parties may agree) the arbitration shall be conducted in	533
	 	 	accordance with the LMAA Small Claims Procedure current	534
	 	 	at the time when the arbitration proceedings are commenced.	535
	 	 	19.2This Agreement shall be governed by and construed	536
	 	 	in accordance with Title 9 of the United States Code and 	537
	 	 	the Maritime Law of the United States and any dispute	538

	 	arising out of or in connection with this Agreement
    shall be	539
	 	referred to three persons at New York, one to be
    appointed	540
	 	by each of the parties hereto, and the third by
    the two so	541
	 	chosen; their decision or that of any two of them
    shall be	542
	 	final, and for the purposes of enforcing any award,	543
	 	judgement may be entered on an award by any court
    of	544
	 	competent jurisdiction. The proceedings shall be
    conducted	545
	 	in accordance with the rules of the Society of Maritime	546
	 	Arbitrators, Inc.	547
	 	In cases where neither the claim nor any counterclaim	548
	 	exceeds the sum of USD50,000 (or such other sum
    as the	549
	 	parties may agree) the arbitration shall be conducted
    in	550
	 	accordance with the Shortened Arbitration Procedure
    of the	551
	 	Society of Maritime Arbitrators, Inc. current at
    the time when	552
	 	the arbitration proceedings are commenced.	553
	 	19.3 This Agreement shall be governed by and construed	554
	 	in accordance with the laws of the place mutually
    agreed by	555
	 	the parties and any dispute arising out of or in
    connection	556
	 	with this Agreement shall be referred to arbitration
    at a	557
	 	mutually agreed place, subject to the procedures
    applicable	558
	 	there.	 	559
	 	19.4	If
    Box 18 in Part I is not appropriately filled in, sub-	560
	 	clause 19.1
    of this Clause shall apply.	561
	 	 	 	 
	 	Note: 19.1,
    19.2 and 19.3 are alternatives; indicate	562
	 	alternative agreed
    in Box 18.	563
	 	 	 	 
	20.	Notices	564
	 	20.1	Any notice to be given by either party
    to the other	565
	 	party shall be in writing and may be sent by fax, telex,	566
	 	registered or recorded mail or by personal service.	567
	 	20.2	The address of the Parties for service
    of such	568
	 	communication shall
    be as stated in Boxes 19 and 20,	569
	 	respectively.	570

 

This document is a computer generated SHIPMAN
98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification
made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document.

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