Document:

Exhibit 10.4

 

APPENDIX I

 

FORM OF SHIP MANAGEMENT
AGREEMENT

 

 

 

 

 

 

 

 

	1.	
        Date of Agreement

        [to be dated the date of execution]
	
     

     

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

[name of relevant member of the Partnership Group]
	 	
        Name

Costamare Shipping Company S.A.

	 	
        Place of registered office

        [to be completed]
	 	
        Place of registered office

        Panama City, Republic of Panama

	 	
        Law of registry

        [to be completed]
	 	
        Law of registry

        Republic of Panama

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

        [to be completed on execution]

	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)

(Cl. 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$[  ]
	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 Partners LP

        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)

        [name of relevant member of the Partnership Group]

	Signature(s) (Managers)

        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 the computer generated document.

    	 

    	

    

PART II
 “SHIPMAN 98” Standard Ship Management Agreement

 

	1. 	Definitions	1	 	 	practice.	49
	 	 In this Agreement save where the context otherwise requires, 	2	 	 	 	 	 
	 	 the following words and expressions shall have the meanings	3	 	 	3.1 Crew Management	50
	 	 hereby assigned to them.	4	 	 	(only applicable if agreed according to Box 5) 	51
	 	 “Owners” means the party identified in Box 2.	5	 	 	The Managers shall provide suitably qualified Crew for the Vessel	52
	 	 “Managers” means the party identified in Box 3.	6	 	 	as required by the Owners in accordance with the STCW 95	53
	 	 “Vessel” means the vessel or vessels details of which are set out 	7	 	 	requirements, provision of which includes but is not limited to	54
	 	 in Annex “A” attached hereto.	8	 	 	the following functions:	55
	 	 “Business Day” shall have the same meaning as ascribed thereto 	 	 	 	(i)	selecting and engaging the Vessel’s Crew, including payroll 	56
	 	 In Section 1.1 of the Partnership Management Agreement.	8	 	 	 	 arrangements, pension administration, and insurances for 	57
	 	 “Crew” means the Master, officers and ratings employed on the 	9	 	 	 	 the Crew other than those mentioned in Clause 6; 	58
	 	 Vessel from time to time of the numbers,	 	 	 	(ii)	ensuring that the applicable requirements of the law of the	58
	 	rank and nationally specified in Annex “B” attached hereto.	10	 	 	 	 flag of the Vessel are satisfied in respect of manning levels, 	60
	 	 “Crew support Code” means all expenses of a general nature	11	 	 	 	 rank, qualification and certification of the Crew and 	61
	 	 which are not particularly referable to any individual vessel for	12	 	 	 	 employment regulations including Crew’s tax, social 	62
	 	 the time being managed by the Managers and which are incurred	13	 	 	 	 insurance, discipline and other requirements; 	63
	 	 by the Managers for the purpose of providing an efficient and	14	 	 	(iii)	ensuring that all members of the Crew have passed a medical 	64
	 	 economic management service and, without prejudice to the	15	 	 	 	 examination with a qualified doctor certifying that they are fit 	65
	 	 generality of the foregoing, shall include the cost of crew standby	16	 	 	 	 for the duties for which they are engaged and are in possession 	66
	 	 pay, training schemes for officers and ratings, cadet training	17	 	 	 	 of valid medical certificates issued in accordance with 	67
	 	 schemes, sick pay, study pay, recruitment and interviews.	18	 	 	 	 appropriate flag State requirements. In the absence of 	68
	 	 “Related Manager” shall have the meaning as ascribed thereto 	19	 	 	 	 applicable flag State requirements the medical certificate shall 	69
	 	 in Section 1.1 of the Partnership Management Agreement. 	 	 	 	 	 be dated not more than three months prior to the respective 	70
	 	 “Severance Costs” means the costs which the employers are 	 	 	 	 	 Crew members leaving their country of domicile and 	71
	 	 legally obliged to pay to or in respect of the Crew as a result of	20	 	 	 	 maintained for the duration of their service on board the Vessel; 	72
	 	 the early termination of any employment contract for service on 	21	 	 	(iv)	ensuring that the Crew shall have a command of the English 	73
	 	 the Vessel.	22	 	 	 	 language of a sufficient standard to enable them to perform 	74
	 	 “Crew Insurances” means insurances against crew risks which 	23	 	 	 	 their duties safely; 	75
	 	 shall include but not be limited to death, sickness, repatriation, 	24	 	 	(v)	arranging transportation of the Crew, including 	76
	 	 injury, shipwreck unemployment indemnity and loss of personal 	25	 	 	 	repatriation, board and lodging as and when required at rates and	 
	 	 effects.	26	 	 	 	types of accommodations as customary in the industry;	 
	 	 “Partnership Management Agreement” means the agreement dated 	 	 	 	(vi)	training of the Crew and supervising their efficiency; 	77
	 	 [  ] 2015 made between the Partnership and the Managers.	 	 	 	(vii)	keeping and maintaining full and complete records of any 	78
	 	 “Management Services” means the services specified in sub-	27	 	 	 	labor agreements which may be entered into with the Crew and,  	 
	 	 clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.	28	 	 	 	if applicable, conducting union negotiations;	 
	 	 “ISM Code” means the International Management Code for the	29	 	 	(viii)	operating the Managers’ drug and alcohol policy unless 	79
	 	 Safe Operation of Ships and for Pollution Prevention as adopted	30	 	 	 	otherwise agreed in writing. 	80
	 	 by the International Maritime Organization (IMO) by resolution	31	 	 	 	 	 
	 	 A.741(18) or any subsequent amendment thereto.	32	 	 	3.2 Technical Management	81
	 	 “ISPS Code” means the International Ship and Port Facility.	 	 	 	(only applicable if agreed according to Box 6)	82
	 	 Security Code constituted pursuant to resolution A.924(22) of 	 	 	 	The Managers shall provide technical management which	83
	 	 the International Maritime Organisation now set out in Chapter 	 	 	 	includes, but is not limited to, the following functions:	84
	 	 XI-2 of the International Convention for the Safety of Life at Sea 	 	 	 	(i)	 provision of competent personnel to supervise the	85
	 	 (SOLAS) 1974 (as amended) and the mandatory ISPS Code as 	 	 	 	 	 maintenance and general efficiency of the Vessel;	86
	 	 adopted by a Diplomatic Conference of the International 	 	 	 	(ii)	arrangement and supervision of dry dockings, repairs,	87
	 	 Maritime Organisation on Maritime Security in December 2002 	 	 	 	 	 alterations and the upkeep of the Vessel to the standards	88
	 	 and includes any amendments or extensions to it and any 	 	 	 	 	 required by the Owners provided that the Managers shall	89
	 	 regulation issued pursuant to it.	 	 	 	 	 be entitled to incur the necessary expenditure to ensure	90
	 	 “Partnership” means Costamare Partners LP of Trust Company 	 	 	 	 	 that the Vessel will comply with the law of the flag of the	91
	 	 Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the 	 	 	 	 	 Vessel and of the places where she trades, and all	92
	 	 Marshall Islands MH96960.	 	 	 	 	 requirements and recommendations of the classification	93
	 	 “STCW 95” means the International Convention on Standards	33	 	 	 	 society;	94
	 	 of Training, Certification and Watchkeeping for Seafarers, 1978, 	34	 	 	(iii)	arrangement of the supply of necessary stores, spares and 	95
	 	 as amended in 1995 or any subsequent amendment thereto.	35	 	 	 	 lubricating oil;	96
	 	 	 	 	 	(iv)	appointment of surveyors and technical consultants as the 	97
	2. 	Appointment of Managers	36	 	 	 	 Managers may consider from time to time to be necessary;	98
	 	 With effect from the day and year stated in Box 4 and continuing 	37	 	 	(v)	development, implementation and maintenance of a Safety	99
	 	 unless and until terminated as provided herein, the Owners 	38	 	 	 	 Management System (SMS) in accordance with the ISM	100
	 	 hereby appoint the Managers as the technical and commercial 	39	 	 	 	 Code (see sub-clauses 4.2 and 5.3) and of a security system in 	101
	 	 managers of the Vessel and the Managers hereby agree 	 	 	 	 	 accordance with the ISPS Code;	 
	 	 to act as the technical and commercial Mmanagers of the Vessel.	40	 	 	(vi)	handling any claims against the builder of the Vessel 	 
	 	 	 	 	 	 	 arising out of the relevant shipbuilding contract, 	 
	3. 	Basis of Agreement	 	 	 	 	 if applicable; and	 
	 	 Subject to the terms and conditions herein provided, during the	42	 	 	(vii)	on request by the Owners, providing the
    Owners with a 	 
	 	 period of this Agreement, the Managers shall carry out	43	 	 	 	 copy of any inspection report, survey, valuation or any other 	 
	 	 Management Services in respect of the Vessel as agents for	44	 	 	 	 similar report prepared by any shipbrokers, surveyors, the 	 
	 	 and on behalf of the Owners. Subject to Section 4.6 of the Partnership	45	 	 	 	 Class etc..	 
	 	 Management Agreement, Tthe Managers shall have authority 	 	 	 	 	 	 
	 	 to take such actions as they may from time to time in their absolute 	46	 	 	3.3 Commercial Management	102
	 	 discretion consider to be necessary to enable them to perform 	47	 	 	(only applicable if agreed according to Box 7)	103
	 	 this Agreement in accordance with sound ship management	48	 	 	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 the computer generated document.

    	 

    	

    
PART II
 “SHIPMAN 98” Standard Ship Management Agreement

 

	 	Vessel,-as-required-by-the-Owners, which includes, but is not	105	 	 	negotiation of the same. The Managers shall, on the request of	147
	 	limited to, the following functions:	106	 	 	the Owners, either directly or by employing the services of a	 
	 	(1)	providing chartering services in-accordance-with-the-Owners’	107	 	 	broker, endeavor to procure a buyer for the Vessel at a price	 
	 	 	 institutions-which include, but are not limited to, seeking	108	 	 	and otherwise on terms acceptable to the Owners.	 
	 	 	 and negotiating employment for the Vessel and the conclusion	109	 	 	3.7 Provisions (only applicable if agreed according to Box 11)	148
	 	 	 (including the execution thereof) of charter parties or other	110	 	 	The Managers shall arrange for the supply of provisions.	149
	 	 	 contracts relating to the employment of the Vessel, whether on a 	111	 	 	 	 
	 	 	 voyage, time, demise, contract of affreightment or other	 	 	 	3.8 Bunkering (only applicable if agreed according to Box 12)	150
	 	 	 basis. If such a	 	 	 	The Managers shall arrange for the provision of bunker fuel of the	151
	 	 	 contract exceeds the period and is for a rate that is less than	112	 	 	quality specified by the Owners as required for the Vessel’s trade.	152
	 	 	 the rate, in either case, stated in Box 13, consent thereto	 	 	 	 	 
	 	 	 in writing shall first be obtained from the Owners.	113	 	4.	Managers’ Obligations	153
	 	(ii)	arranging of the proper payment to Owners or their nominees	114	 	 	4.1 Without prejudice to the relevant provisions of the Partnership	154
	 	 	 of all hire and/or freight revenues or other moneys of	115	 	 	Management Agreement and in particular, but without limitation	 
	 	 	 whatsoever nature to which Owners may be entitled arising	116	 	 	to the foregoing, the provisions of Section 2.3, Section 4.1,	 
	 	 	 out of the employment of or otherwise in connection with the	117	 	 	Section 4.5 and Section 4.7 thereof, the Managers undertake to	 
	 	 	Vessel;.	118	 	 	use their best-endeavors commercially reasonable efforts to	 
	 	(iii)	providing voyage estimates and accounts and calculating of	119	 	 	provide the agreed Management Services as agents for and on	155
	 	 	 hire, freights, demurrage and/or dispatch moneys due from	120	 	 	behalf of the Owners in accordance with sound ship management	156
	 	 	 or due to the charterers of the Vessel;	121	 	 	practice and to protect and promote the interests of the Owners in	157
	 	(iv)	issuing to the Crew ofappropriate voyage instructions and	122	 	 	all matters relating to the provision of services hereunder.	158
	 	 	monitoring voyage performance;	 	 	 	Provided, however, that the Managers in the performance of their	159
	 	(v)	appointing agents;	123	 	 	management responsibilities under this Agreement shall be entitled	160
	 	(vi)	appointing stevedores;	124	 	 	to have regard to their overall responsibility in relation to all vessels	161
	 	(vii)	arranging surveys associated with the commercial operation	125	 	 	as may from time to time be entrusted to their management and
	162
	 	 	 of the Vessel;	126	 	 	in particular, but without prejudice to the generality of the foregoing,	163
	 	(viii)	 carrying out the necessary communications with the 	 	 	 	the Managers shall be entitled to allocate available supplies,	164
	 	 	  shippers, charterers and others involved with the receiving	 	 	 	manpower and services in such manner as in the prevailing	165
	 	 	  and handling of the Vessel at the relevant loading and	 	 	 	circumstances the Managers in their absolute discretion consider	166
	 	 	  discharging ports, including sending any notices required 	 	 	 	to be fair and reasonable.	167
	 	 	  under the terms of the Vessel’s employment at the time;	 	 	 	4.2 Where the Managers are providing Technical Management	168
	 	(ix)	 invoicing on behalf of the Owners all freights, hires,	 	 	 	in accordance with sub-clause 3.2, they shall procure that the	169
	 	 	  demurrages, outgoing claims, refund of taxes, balances of 	 	 	 	requirements of the law of the flag of the Vessel are satisfied and	170
	 	 	 disbursements, statements of account and other sums due	 	 	 	they shall in particular be deemed to be the “Company’ as defined	171
	 	 	to the Owners and account receivables arising from the 	 	 	 	by the ISM Code, assuming the responsibility for the operation of	172
	 	 	  operation of the Vessel and, upon the request of the Owners, 	 	 	 	the Vessel and taking over the duties and responsibilities imposed	173
	 	 	  issuing releases on behalf of the Owners upon receipt of 	 	 	 	by the ISM Code and/or the ISPS Code when applicable.	174
	 	 	  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	 	 	5.	Owners’ Obligations	175
	 	 	  the management and safe operation of the Vessel; and	 	 	 	5.1 Without prejudice to the relevant provisions of the Partnership	176
	 	(xii)	 reporting to the Owners of any major casualties,	 	 	 	Management Agreement, Tthe Owners shall pay all sums due to	 
	 	 	  damages received or caused by the Vessel or any major	 	 	 	the Managers punctually	 
	 	 	  release or discharge of oil or other hazardous material not in 	 	 	 	in accordance with the terms of this Agreement.	177
	 	 	  compliance with any laws.	 	 	 	5.2 Where the Managers are providing Technical Management	178
	 	3.4 Insurance Arrangements’	127	 	 	in accordance with sub-clause 3.2, the Owners shall:	179
	 	(only applicable if agreed according to Box 8)	128	 	 	(i)	 procure that all officers and ratings supplied by them or on	180
	 	The Managers shall arrange insurances in accordance with	129	 	 	 	their behalf comply with the requirements of STCW 95;	181
	 	Clause 6, on such terms and conditions as the Owners shall	130	 	 	(ii)	 instruct such officers and ratings to obey all reasonable orders	182
	 	have instructed or agreed, in particular regarding underwriters	131	 	 	 	of the Managers in connection with the operation of the	183
	 	conditions,	 	 	 	 	Managers’ safety management system.	184
	 	insured values, deductibles and franchises.	132	 	 	5.3 Where the Managers are not providing Technical Management	185
	 	 	 	 	 	in accordance with sub-clause 3.2, the Owners shall procure that	186
	 	3.5  Accounting Services	133	 	 	the requirements of the law of the flag of the Vessel are satisfied	187
	 	(only applicable if agreed according to Box 9)	134	 	 	and that they, or such other entity as may be appointed by them	188
	 	Without prejudice to the relevant provisions of the Partnership	135	 	 	and identified to the Managers, shall be deemed to be the	189
	 	Management Agreement and, in particular, but without	 	 	 	“Company” as defined by the ISM Code assuming the responsibility	190
	 	limitation, Section 4.11, Section 5.1 and Section 10.6 thereof,	 	 	 	for the operation of the Vessel and taking over the duties and	191
	 	Tthe Managers shall:	 	 	 	responsibilities imposed by the ISM Code when applicable.	192
	 	(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	 	6.	Insurance Policies	193
	 	 	as well as data necessary or proper for the settlement of	140	 	 	The Owners shall procure, whether-by instructing the Managers	194
	 	 	accounts between the parties.	141	 	 	under sub-clause 3.4 or otherwise, that throughout the period of	195
	 	 	 	 	 	 	this Agreement:	196
	 	3.6 Sale or Purchase of the Vessel	142	 	 	6.1 at the Owners’ expense, the Vessel is insured for not less	197
	 	(only applicable if agreed according to Box 10)	143	 	 	than her sound market value or entered for her full gross tonnage,	198
	 	The Managers shall, in accordance with the Owners’ instructions,	144	 	 	as the case may be for:	199
	 	supervise the sale or purchase of the Vessel, including the	145	 	 	(i)	 usual hull and machinery marine risks (including crew	200
	 	performance of any sale or purchase agreement, but not	146	 	 	 	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 the computer generated document.

    	 

    	

    

PART II
 “SHIPMAN 98” Standard Ship Management Agreement

 

	 	 	 Crew insurances); and	203	 	 	in accordance with the provisions of Article IX of the Partnership	 
	 	(iii)	war risks (including protection and indemnity and crew risks);	204	 	 	Management Agreement.	 
	 	 	and	 	 	 	payable on the commencement of the Agreement (see Clause	247
	 	(iv) 	any other insurance that the Owners determine or the	 	 	 	2 and Box 4) and subsequent installments being payable every	248
	 	 	Managers advise them in writing that, in either case, it is 	 	 	 	month.	249
	 	 	prudent or, as the case may be, appropriate on the basis of 	 	 	 	8.2 The management fee shall be subject to an annual-review	250
	 	 	prevailing market practices to be obtained in respect of the 	 	 	 	in accordance with the provisions of Sections 9.2 and 9.3 of the	251
	 	 	Vessel, its freight/hire or any third party liabilities,	 	 	 	Partnership Management Agreement the anniversary date of the	 
	 	 	 	 	 	 	Agreement and the proposed	 
	 	 	in each case in accordance with the best practice of prudent owners	205	 	 	fee shall be presented in the annual budget referred to in sub-	252
	 	 	of	 	 	 	clause 9.1.	253
	 	 	vessels of a similar type to the Vessel, with first crass insurance	206	 	 	8.3 The Managers shall, at no extra cost to the Owners, provide	254
	 	 	companies, underwriters or associations (“the Owners’	207	 	 	their own office accommodation, office staff, facilities and	255
	 	 	Insurances”);	208	 	 	stationery.  Without limiting the generality of Clause 7 the Owners	256
	 	 	6.2 all premiums and calls and applicable deductibles and/or	209	 	 	shall reimburse the Managers for postage and communication	257
	 	 	franchises on the Owners’ Insurances are paid	 	 	 	expenses, travelling expenses, and other out of pocket	258
	 	 	promptly by their due date,	210	 	 	expenses properly incurred by the Managers in pursuance of	259
	 	 	6.3 the Owners’ Insurances name the Managers and, subject	211	 	 	the Management Services.	260
	 	 	to underwriters’ agreement, any third party designated by the	212	 	 	8.4 The provisions of Section 9.4, Section 9.5, Section 9.6 and	261
	 	 	Managers as a joint assured, with full cover, with the Owners	213	 	 	Section 9.7 of the Partnership Management Agreement shall be	 
	 	 	obtaining cover in respect of each of the insurances specified in	214	 	 	deemed as incorporated herein mutatis mutandis.	 
	 	 	sub-clause 6.1:	215	 	 	8.5 The Managers have the right to demand the payment of any	 
	 	(i)	 on terms whereby the Managers and any such third party	216	 	 	of the management fees and expenses payable under this	 
	 	 	are liable in respect of premiums or calls arising in connection	217	 	 	Agreement either from the Partnership or the Owners.  Payment of	 
	 	 	with the Owners’ Insurances; or	218	 	 	any such fees or expenses or any part thereof by either the 	 
	 	(ii)	 if reasonably obtainable, on terms such that neither the	219	 	 	Partnership or the Owners shall prevent the Managers from making a 	 
	 	 	Managers nor any such third party shall be under any	220	 	 	claim on the other person for the same amount to the extent	 
	 	 	liability in respect of premiums or calls arising in connection	221	 	 	that the same has been already paid to the Managers.	 
	 	 	with the Owners’ Insurances; or	222	 	 	in the event of the appointment of the Managers being	 
	 	(iii) 	on such other terms as may be agreed in writing.	223	 	 	terminated by the Owners of the Managers in accordance with	262
	 	Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left	224	 	 	the provisions of Clauses 17 and 18 other than by reason of 	263
	 	blank then (i) applies.	225	 	 	default by the Managers, or if the Vessel is lost, sold or otherwise	264
	 	 	6.4 written evidence is provided, to the reasonable satisfaction	226	 	 	Disposed of, the “management fee” payable to the Managers	265
	 	 	of the Managers, of their compliance with their obligations under	227	 	 	According to the provisions of sub-clause 8.1, shall continue to	266
	 	 	Clause 6 within a reasonable time of the commencement of	228	 	 	be payable for a further period of three calendar months as	267
	 	 	the Agreement, and of each renewal date and, If specifically	229	 	 	from the termination date. In addition, provided that the 	268
	 	 	requested, of each payment date of the Owners’ Insurances,	230	 	 	Managers provide Crew for the Vessel in accordance with sub-	269
	 	 	 	 	 	 	 		
	 	 	 	 	 	clause 3.1.	270
	7.	Income Collected and Expenses Paid on Behalf of Owners	231	 	 	(i)	the Owners shall continue to pay Crew Support Costs during	271
	 	7.1 Without prejudice to the provisions of Section 10.7 of the	232	 	 	 	the said further period of three calendar months and	272
	 	Partnership Management Agreement, Aall moneys collected by the	 	 	 	(ii)	the Owners shall pay an equitable proportion of any	273
	 	Managers under the terms of	 	 	 	 	Severance Costs which may materialize, not exceeding	274
	 	this Agreement (other than moneys payable by the Owners to	233	 	 	 	the amount stated in Box 16.	275
	 	the Managers) and any interest thereon shall be held to the	234	 	 	8.5 If the Owners decide to lay up the Vessel whilst this	276
	 	credit of the Owners in a separate bank account.	235	 	 	Agreement remain in force and such lay up lasts for more	277
	 	7.2 Without prejudice to the provisions of Section 9.7, Section	236	 	 	than three months, an appropriate reduction of the management	278
	 	10.5 and Section 10.8 of the Partnership Management Agreement, Aall	 	 	 	fee for the period exceeding three months until one month	279
	 	expenses incurred by the Managers under the terms	 	 	 	before the Vessel is again put into service shall be mutually 	280
	 	of this Agreement on behalf of the Owners (including expenses	237	 	 	agreed between the parties.	281
	 	as provided in Clause 8) may be debited against the Owners	238	 	 	8.6  Unless otherwise agreed in writing all discounts and 	282
	 	in the account referred to under sub-clause 7.1 but shall in any	239	 	 	commissions obtained by the Managers in the course of the	283
	 	event remain payable by the Owners to the Managers on	240	 	 	management of the Vessel shall be credited to the Owners	284
	 	demand. For the avoidance of doubt, the Managers can make	241	 	 	 	 	 
	 	such demand on the Owners as well as on the Partnership as	 	 	9.	 Budgets and Management of Funds	285
	 	provided in Section 10.5 of the Partnership Management Agreement.	 	 	 	9.1 The Owners are aware that the Managers will be preparing	286
	 	Furthermore and without prejudice to the generality of the	 	 	 	budgets in connection with, inter alia, the provision of the 	 
	 	provisions of this Clause 7, the Managers shall, subject to being	 	 	 	Management Services which the Managers will be submitting	 
	 	placed in funds by the Owners or the Partnership, arrange for the	 	 	 	for approval to the Partnership in accordance with the provisions of	 
	 	payment of all ordinary charges incurred in connection with the	 	 	 	Article X of the Partnership Management Agreement. The Managers	 
	 	Management Services, including, but not limited to, all canal	 	 	 	shall present to the Owners annually a	 
	 	tolls, port charges, any amounts due to any governmental	 	 	 	budget for the following twelve months in such form as the	287
	 	authority with respect to the Crew and all duties and taxes in	 	 	 	Owners require. The budget for the first year hereof is set out	288
	 	respect of the Vessel, the cargo, hire or freight (whether levied	 	 	 	in Annex “C” hereto. Subsequent annual budgets shall be	289
	 	against the Owners, the Partnership or the Vessel), insurance	 	 	 	prepared by the Managers and submitted to the Owners not	290
	 	premiums, advances of balances of disbursements, invoices for	 	 	 	less than three months before the anniversary date of the 	291
	 	bunkers, stores, spares, provisions, repairs and any other	 	 	 	commencement of this Agreement (see Clause 2 and Box 4).	292
	 	material and/or service in respect of the Vessel.	 	 	 	9.2  The Owners shall indicate to the Managers their acceptance	293
	8	Management Fee	242	 	 	and approval of the annual budget within one month of	294
	 	8.1 The Owners shall pay to the Managers for their services	243	 	 	presentation and in the absence of any such indication the	295
	 	as Managers under this Agreement an-annual the management	244	 	 	Managers shall be entitled to assume that the Owners have	296
	 	fees as stated in Box 15 Section 9.1(a) and Section 9(b) of the	245	 	 	accepted the proposed budget.	297
	 	Partnership Management Agreement -which shall be payable by-equal	 	 	 	9.3  Following the agreement of the budget, the Managers shall	298
	 	monthly installments in advance, the first installment being monthly	246	 	 	 	 	 

 

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 the 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 Partnership in accordance

with the relevant provisions of the Partnership 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 or V.Ships Greece Ltd. (where
        the

                                                       Manager may

        subcontract any of their obligations hereunder, without need
        of

        obtaining the Owners’ consent for doing so), or as
        provided in the

        Partnership Management Agreement, Tthe Managers

        shall not have the right to sub-contract any of
	319
	 	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 Partnership 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 “Partnership”,
        “any

        member of the Partnership Group”, “Manager”,
        “any Submanager”, “a

        Vessel”, “Section”, “Management Fees”,
        “each

        Shipmanagement Agreement”, “Partnership Group”
        and “Article Xl”

        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
	 	loss 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
	 	protest 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 Partnership

        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 

    claim against	396
	 	a third party.	397
	 	 	 
	13.	General Administration	398
	 	13.1 Without prejudice to the provisions of Article V of
        the

        Partnership Management Agreement, but subject to the provisions
        of

        Section 4.6 of the Partnership 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
        Partnership

        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 the 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
	 	effecting 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,	424
	 	this Clause is in addition to and not in substitution of the	 
	 	relevant provisions of the Partnership Management Agreement,.	 
	 	 	 	 	 
	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 Partnership Management	435
	 	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.	 
	 	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	447
	 	 	receipt by	 
	 	 	the Owners of the Managers written request or if the Vessel	448
	 	 	is repossessed by the Mortgagees.	449
	 	(ii)	if the Owners:	450
	 	 	(a)	fall to meet their obligations under 5 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 fall to remedy it within a	461
	 	 	reasonable time 20 Business Days of receipt by the Owners	462
	 	 	of the Managers’ written request to the satisfaction of the	 
	 	 	Managers, the	 
	 	 	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 Days as	469
	 	soon as practically	 
	 	possible. In the event that the Managers fail to remedy it within a	470
	 	Reasonable timesuch period to the satisfaction of the Owners, the	471
	 	Owners	 
	 	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	491
	 	13.4(d) (inclusive) of the Partnership Management Agreement, shall	 
	 	apply to this Agreement mutatis mutandis. This agreement shall	 
	 	terminate forthwith in the event of	 
	 	an order being made or resolution passed for the winding up,	492
	 	dissolution, liquidation or bankruptcy of other 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	495
	 	on business or makes any special arrangement or composition	496
	 	carry 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	496
	 	the date of termination.	500
	 	 	 	 	 
	19.	Law and Arbitration	501
	 	19.1 This Agreement and any non-contractual obligations	502
	 	connected with it shall be governed by and construed in	 
	 	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
the 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 sole 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 part 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 advise 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
	 	19.2
    This 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 agree 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 the computer generated document.Exhibit 10.27

 

 

FORM OF ADDENDUM TO SHIP MANAGEMENT AGREEMENT

 

THIS ADDENDUM is made the ____ day of            , 20[ • ] to the
Ship Management Agreement (the “Agreement”) dated [•] between:

 

		(1)	[name of relevant member of the Partnership Group], a company incorporated under the laws of [•] (the “Owner”);
and

 

		(2)	COSTAMARE SHIPPING COMPANY S.A., a company incorporated under the laws of the Republic of Panama (the “Managers”).

 

WHEREAS the shares of the Owner were transferred
to Costamare Partners LP, a limited partnership organized under the laws of the Republic of the Marshall Islands (the “Partnership”),
or one of its subsidiaries, pursuant to a contribution agreement dated as of [the date hereof] between Costamare Inc., Costamare
Partners Holdings LLC, Costamare Partners GP LLC (the “General Partner”) and the Partnership.

 

WHEREAS the Owner and the Managers wish
to amend certain provisions of the Agreement to reflect the change in ownership of the Owner.

 

IT IS NOW AGREED as follows:

 

Section 1. Amendments to Agreement. With
effect as of the date hereof, the Agreement shall be modified as follows:

 

(a)       The first line of box 19 of
the Agreement is replaced with the words “c/o Costamare Partners LP”.

 

(b)       Clause 1 of the Agreement is
amended by inserting the following defined terms:

 

“Partnership” means Costamare
Partners LP of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960.

 

“Partnership Management Agreement”
means the agreement dated [•], 2015 made between the Partnership, the General Partner and the Managers.

 

(c)       Clause 1 of the Agreement is
amended by deleting the defined terms for “Group Management Agreement” and “Parent”.

 

(d)       The first line of clause 10
of the Agreement is amended by adding “or V.Ships Greece Ltd.” following “Related Manager”.

 

(e)       The term “Group Management
Agreement”, wherever occurring in the Agreement, is replaced with the term “Partnership Management
Agreement”.

    	 

    		2

    

(f)       The term “Parent”,
wherever occurring in the Agreement, is replaced with the term “Partnership”.

 

Section 2. No Other Changes. Except as
specifically set forth in this Addendum, the terms and provisions of the Agreement shall remain unmodified, and the Agreement is
hereby confirmed by the parties to be in full force and effect as amended herein.

 

Section 3. Counterparts. This Addendum
may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

[signatures follow]

    	 

    	

    

IN WITNESS of which
each of the parties hereto has caused this Addendum to be signed as of the date first above written.

 

	[OWNER],	 
	 	 
	 	by	 
	 	 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

	COSTAMARE SHIPPING COMPANY S.A.,
	 	 
	 	by	 
	 	 	 	 
	 	 	Name:	 
	 	 	Title:

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