Document:

Exhibit 4.22

  

   

  

  
    COLBY TRADING LTD

    EUROSEAS LTD

    September 30, 2019

    Dear Sirs

    US$2,500,000 LOAN FACILITY

    In accordance with our recent discussions, COLBY TRADING LTD, a Marshall Islands corporation (the `Lender’), is pleased to confirm that it will make available
      to EUROSEAS LTD, a Marshall Islands corporation (the “Borrower”), a loan facility of two million and five hundred thousand United States Dollars (US$2,500,000): for the purpose of financing the special survey and water ballast treatment (“WBT”) plant
      installation of M/V Akinada Bridge which is owned by a subsidiary of the Borrower and providing working capital financing upon and subject to the terms and conditions contained in this facility letter (the “Agreement”).

    ARTICLE 1

    DEFINITIONS AND INTERPRETATION

    1.1            In this Agreement:

    “Availability Period” means the period commencing on the date of this Agreement and terminating on
      the earlier of (a) October 31, 2019 and (b) the date on which the Commitment is fully drawn, terminated or cancelled.

    “Business Day” means a day (not being a Saturday or Sunday) on which banks and financial markets in
      New York, New York, are open for business and, in respect of a day on which a payment is required to be made hereunder, also a day on which banks and financial markets are open for business in New York, New York, London, England and Athens, Greece.

    “Commitment” means the obligation of the Lender to make available the Loan to the Borrower up to the
      amount specified in Clause 2.1, as such amount may be reduced, terminated or cancelled in accordance with the terms of this Agreement.

    
      1

      
        

    

    “Dollars” and “$” means the lawful currency for the time
      being of the United States of America.

    “Interest Period” means a period the commencement and length of which shall be determined in
      accordance with the provisions of Clause 3.2.

    “Interest” means eight per cent (8%) per annum (365-day basis).

    “Loan” means the principal amount borrowed by the Borrower under this Agreement or (as the context
      requires) the aggregate principal amount thereof from time to time outstanding hereunder.

    “month” means a calendar month (however many days are comprised therein) save where the term is used
      to describe a period commencing on a given day, in which event the period shall commence on such day and end on the numerically corresponding day in the relevant succeeding calendar month, unless there is no such corresponding day, in which event
      such period shall be deemed to end on the last day of that succeeding calendar month.

    “Taxes” includes any present or future taxes, levies, duties, imposts, charges, fees, deductions or
      withholdings of any nature, excluding taxes imposed on or measured by the net income or capital gains of the Lender (and “tax” and “taxation” shall be construed accordingly).

    1.2            In this
        Agreement, clause headings are inserted for convenience only and shall not affect the construction of this Agreement and, unless the context otherwise requires, words denoting the singular number shall include the plural and vice versa. References
        to persons include references to bodies corporate and non-corporate.

    ARTICLE 2

    ADVANCE OF THE LOAN

    2.1            Subject to the
        terms of this Agreement, and in reliance on the representations and warranties of the Borrower set out in Clause 6, the Lender agrees to make available to the Borrower a loan facility of a principal amount of two million and five hundred thousand
        Dollars (US$2,500,000) in one advance.

    2.2            The Borrower may
        make a request for the advancing of the Loan by sending to the Lender a duly completed notice of drawing (which shall be irrevocable) by facsimile (to be confirmed in writing), email or letter. Unless if the Lender agrees otherwise, such notice of
        drawing is to be received by the Lender not later than 11.00 A.M., New York time, on the drawdown date relating to the Loan, provided that the Loan may only be made on a Business Day during the Availability Period.

    2.3            Subject to the
        terms of this Agreement, the Lender shall make the proceeds of the Loan available to the Borrower for financing the special survey and water ballast treatment

    
      2

      
        

    

    (“WBT”) plant installation of M/V Akinada Bridge which is owned by a subsidiary of the Borrower and working capital purposes.

    ARTICLE 3

    INTEREST AND INTEREST PERIODS

    3.1            Save as otherwise provided in this
        Agreement, the Borrower shall pay Interest on the unpaid principal amount of the Loan for each Interest Period relating thereto in arrears on the last day of such Interest Period until the Loan is paid in full (whether upon final maturity, by
        prepayment, acceleration or otherwise) which shall be in cash.

    3.2            The duration of each Interest Period
        shall be 3 months and will coincide with calendar quarters except for the first Interest Period that will end on December 31, 2019 and the last Interest Period that will end on the date falling 365 days after the completion of the special survey
        and drydocking of MN Akinada Bridge. As a result the first Interest Period shall commence on the drawdown date relating to the Loan and will end on December 31, 2019 and each subsequent Interest Period shall commence on the last day of the
        preceding Interest Period but:

    (a)            if an Interest Period would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day, unless such Business Day falls in the next calendar month, in which case such
        Interest Period shall end on the immediately preceding Business Day; and

    (b)            an Interest Period shall end on the repayment date specified in Clause 4.1 (last Interest Period).

    3.3            In the event that the Lender does not
        receive within three Business Days of a due date any sum due under this Agreement, the Borrower shall pay to the Lender on demand default interest on such sum from and including the due date therefor to the date of actual payment (as well after as
        before judgement) at the rate per annum equal to[ the aggregate of (a) three per cent (3%), plus (b) Interest, such rate to be recalculated on the same basis at the end of each such period until such sum is received by the Lender.

    3.4            By written notice to the Lender at
        least five Business Days prior to any Interest Period, the Borrower may elect the add the amount of Interest due for such Interest Period to the outstanding principal amount of the Loan (the accreted amount of which shall thereafter bear interest
        at Interest Rate or the Default Rate, as applicable).

    ARTICLE 4

    REPAYMENT AND PREPAYMENT

    4.1            Subject to the terms of this
        Agreement the Borrower will repay the Loan to the Lender on a calendar quarter basis, the first and the last repayment installments will be of a

    
      3

      
        

    

    principal amount of US$312,500 each and the other three repayment installments will be of a principal amount of US$625,000 each. The first repayment installment will be due on December 31, 2019 and the
      Loan will be paid in full on the date falling 365 days after completion of the drydocking of M/V Akinada Bridge.

    4.2            The Borrower may prepay the whole or
        part of the Loan at any Interest Period provided it gives the Lender not less than five Business Days prior written notice.

    4.3            Any notice of prepayment given under
        this clause shall be irrevocable and shall specify the date or dates when the relevant prepayment is to be made and the amount of that prepayment.

    4.4            Any prepayment under this clause
        shall be made together with accrued interest on the amount prepaid and without premium or penalty.

    4.5            Notwithstanding the foregoing, and
        only if the Borrowers working capital is not sufficient to make quarterly principal and interest payments to the Lender pursuant to the Loan whilst still maintaining at least US$500,000 in working capital, the Borrower at their option within three
        Business Days of the date when the Loan is due to be repaid may elect to convert whatever part of the outstanding principal amount of the Loan is required to ascertain that at least US$500,000 remain as working capital, into shares of stock of the
        Borrower at a rate equal to 75% of the lowest closing share price of the Borrower for the prior last fifteen Business Days

    4.6            By written notice to the Borrower at
        least five Business Days prior to any Interest Period, the Lender may elect to convert the outstanding principal amount of the Loan, or part of it, into shares of stock of the Borrower at a rate equal to the lowest closing share price of the
        Borrower for the prior last fifteen Business Days.

    ARTICLE 5

    CONDITIONS PRECEDENT

    5.1            Unless the Lender agrees otherwise
        (and then on such terms and conditions as the Lender may determine it his sole discretion) the Borrower may not serve a notice of drawing, and the Lender shall not be under any obligation to advance the Loan hereunder, until the Lender has
        received, and found to be reasonably satisfactory, each of the following documents:

    (a)            a certified copy of a resolution of the Board of Directors of the Borrower approving this Agreement; and

    (b)            certified copies of all governmental and other consents, licenses, approval and authorizations required with respect to this Agreement; and

    (c)            the obligation of the Lender hereunder to make the Loan available is subject to the following further condition precedent that, both at the date of the notice of drawing and the drawdown date of the Loan, the representations
        and warranties of the Borrower in

    
      4

      
        

    

    

    

    Clause 6 are true and accurate as of each such date, as if made on each such date with reference to the facts then subsisting at the relevant date.

    ARTICLE 6

    REPRESENTATIONS

    6.1            The Borrower
        hereby represents and warrants to the Lender (and so that such representations and warranties shall survive the execution of this Agreement) that:

    (a)            it is a body corporate duly organized and validly existing under the laws of the Marshall Islands and has full corporate power and authority to enter into, and perform all its obligations under, this Agreement;

    (b)            this Agreement creates legal, valid and binding obligations enforceable against it in accordance with their respective terms; the entry into and performance by it of this Agreement does not violate in any respect any law or regulation,
        its constitutional documents or any material agreement to which it is a party;

    (d)            all consents, licenses, approvals and authorizations required by Borrower in connection with this Agreement and the transactions contemplated hereby and thereby have been obtained and are in full force and effect; and

    (e)            no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Borrower. which if adversely determined would result in a material adverse effect on Borrower.

    (f)            The Lender hereby represents and warrants to the Borrower (and so that such representations and warranties shall survive the execution of this Agreement) that:

    (g)            it is a body corporate duly organized and validly existing under the laws of the Marshall Islands and has full corporate power and authority to enter into, and perform all its obligations under, this Agreement;

    (h)            this Agreement creates legal, valid and binding obligations enforceable against it in accordance with their respective terms;

    (i)            the entry into and performance by it of this Agreement does not violate in any respect any law or regulation, its constitutional documents or any material agreement to which it is a party;

    (j)            all consents, licenses, approvals and authorizations required by Borrower in connection with this Agreement and the transactions contemplated hereby and thereby have been obtained and are in full force and effect; and

    
      5

      
        

    

    

    

    (k)            no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Lender, which if adversely determined would result in a material adverse effect on Lender.

    ARTICLE 7

    UNDERTAKINGS

    7.1            The Borrower undertakes that, so long
        as the Commitment is in force or any amount remains outstanding or payable under this Agreement, it will obtain and promptly renew from time to time to the extent required, all authorizations, approvals, consents and licenses required under any
        applicable law or regulation with respect to this Agreement and it shall comply with the terms of the same.

    ARTICLE 8

    PAYMENTS

    8.1            All payments to be made by the
        Borrower to the Lender under this Agreement shall be made on the due date therefore in Dollars and in same day funds and to such account as the Lender shall specify and shall be made (a) without set-off, counterclaim or condition and (b) free and
        clear of, and without deduction for or on account of, any present or future Taxes, unless the Borrower is required by law or regulation to make payment subject to any Taxes, in which event such payment shall be increased by such amount as may be
        necessary to ensure that the Lender receives a net amount, free and clear of all Taxes, equal to the full amount which the Lender would have received had such payment not been subject to such Taxes. The Borrower shall indemnify the Lender against
        any liability of the Lender in respect of such Taxes and shall promptly supply the Lender with copies of applicable tax receipts.

    8.2            If any sum payable by the Borrower
        under this Agreement shall become due on a day which is not a Business Day, the due date therefor shall be extended to the next succeeding Business Day, unless such Business Day falls in the next calendar month, in which event such due date shall
        be the immediately preceding Business Day.

    8.3            All payments of Interest and any
        other payments hereunder of an annual or periodic nature shall accrue from day-to-day and shall be calculated on the basis of the actual number of days elapsed in a 365 day year.

    8.4            The Borrower shall indemnify the
        Lender on demand against all costs, expenses, liabilities and losses (including loss of profit and funding losses) sustained or incurred by the Lender as a result of or in connection with: (a) the Loan not being borrowed on the date specified in
        the notice of drawing as a result of Borrower revoking its notice of drawing; and/or (b) the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period relating thereto or other
        relevant period; and/or (c) (as separate and

    
      6

      
        

    

    independent obligation) any claim, order or judgement which results in any sum payable under this Agreement being paid in a currency other than the currency due under this Agreement.

    ARTICLE 9

    CHANGES IN CIRCUMSTANCES

    9.1            If the Lender
        shall at any time reasonably determine based on the advice of its counsel, that (a) the effect of any applicable law, regulation or regulatory requirements or the interpretation or application thereof or any change therein (including the imposition
        of Taxes on payments hereunder), or (b) the effect of complying with any applicable directive, request or requirement (whether or not having the force of law) of any central bank or any governmental, monetary or other authority (including any type
        or liquidity or capital adequacy controls or other banking or monetary controls) is to increase the cost to the Lender of making, funding or maintaining its commitment hereunder or being a party to this Agreement or on its capital, then the Lender
        shall notify the Borrower as soon as practicable thereof and the Borrower shall from time to time pay to the Lender within five Business Days such amounts as the Lender shall specify to be necessary to compensate the Lender for such increased cost
        or such reduction so long as such amount reflects a reasonable basis for the calculation thereof.

    ARTICLE 10

    FEES AND EXPENSES

    10.1            The Borrower
        shall pay to the Lender all costs, fees and expenses (including, but not limited to, legal fees and expenses) and Taxes thereon incurred by the Lender in connection with (a) negotiating, preparing and executing this Agreement, and (b) preserving or
        enforcing or attempting to preserve or enforce any of its rights under this Agreement. The Borrower shall also pay or indemnify the Lender against all stamp, documentary and other like duties and Taxes to which the Agreement may be subject or give
        rise.

    ARTICLE 11

    MISCELLANEOUS

    11.1            Except as
        otherwise provided for in this Agreement, all notices or other communications under or in respect of this Agreement to either party hereto shall be in writing and shall be deemed to be duly given or made when delivered (in the case of personal
        delivery or letter) and when dispatched (in the case of facsimile) to the party to which it is addressed at such address as such party may hereafter specify for such purpose to the other by notice in writing. A written notice includes a notice by
        facsimile.

    11.2            The Borrower
        hereby authorizes the Lender (without prior notice) to apply any credit balance in any currency (whether or not then due) which is at any time held by the Lender for the account of the Borrower in or towards satisfaction of any sums then due from
        the Borrower to the Lender under this Agreement and unpaid

    
      7

      
        

    

    11.3            A certificate
        or determination of the Lender as to any matter provided for in this Agreement shall be conclusive and binding on the Borrower in the absence of manifest error.

    11.4            This Agreement
        shall be binding upon and inure to the benefit of the Lender and the Borrower and their respective successors and permitted assigns and references in this Agreement to either of them shall be construed accordingly, provided that the Borrower may
        not assign or transfer any of its rights and/or obligations under this Agreement.

    11.5            No delay or
        omission on the part of the Lender in exercising any right, power or remedy under this Agreement shall impair such right, power of remedy or be construed as a waiver thereof or of any other right, power or remedy.

    11.6            If any one or
        more of the provisions in this Agreement is or becomes invalid, illegal of unenforceable in any respect under any law or regulation, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be in any way
        affected or impaired thereby.

    11.7            This Agreement
        shall be governed by, and construed in accordance with the laws of England in relation to any dispute arising out of or in connection with this agreement, and for the exclusive benefit or the Lender, the Borrower hereby irrevocably and
        unconditionally (a) submits to the jurisdiction of the High Court of Justice in England, and waives any objection to proceedings with respect to this Agreement in such Court on the grounds of venue or inconvenient forum, and (b) appoints Hill
        Dickinson International currently at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, England, as its agent for service of process in respect of proceedings before such Courts and undertakes that, throughout the term of this Agreement
        Nothing in this Clause shall affect the right of the Lender to serve process in any manner permitted by law.

    If you are in agreement with the above terms and condition, please sign and return the enclosed copy of this Agreement.

    Yours faithfully,

    COLBY TRADING LTD

    	
            By:

          	
            /s/  Nikolaos Priton

          	 
	 	
            Name:

          	
            Nikolaos Priton

          	 
	 	
            Title:

          	
            Attorney – in - fact

          	 

    
      8

      
        

    

    AGREED AND ACCEPTED

    We refer to your letter dated September 30, 2019 set out above and we confirm that we accept and agree to be bound by the terms and conditions thereof.

    EUROSEAS LTD

    	
            By:

          	
            /s/ Aristides J. Pittas

          	 
	 	
            Name:

          	
            Aristides J. Pittas

          	 
	 	
            Title:

          	
            Attorney – in - fact

          	 

    

    

    Dated: September 30, 2019

     

    

  

  9Exhibit 4.23

   

  

   

  

   

  

  Dated 20th December 2019

  EUROSEAS LTD

    as Borrower

  and

  COLBY TRADING LTD

    as Lender

  

  

  

  

  FIRST SUPPLEMENTAL AGREEMENT

  relating to

    a loan agreement dated 30 September 2019

    in respect of a loan facility

    of U$2,500,000

   

  

   

  

  
    
      

  

  THIS FIRST SUPPLEMENTAL AGREEMENT is dated 20th December 2019 and made between

  PARTIES

  
    
      	(1)	
              EUROSEAS LTD a company incorporated under the laws of the Marshall Islands, (the “Borrower”) and

            

    

  

  
    
      	(2)	
              COLBY TRADING LTD, a company incorporated under the laws of the Marshall Islands (as “Lender”).

            

    

  

  BACKGROUND

  
    
      	(A)	
              By a loan facility dated 30 September 2019 (as from time to time amended or supplemented, the “Loan”) and made
                between (i) the Borrower and (ii) the Lender, the Lender agreed to make available to the Borrower a loan facility of $2,500,000 for the purpose of financing the special survey and water ballasting treatment ("WBT") plant installation of my
                Akinanda Bridge which is owned by a subsidiary of the Borrower and providing working capital financing on the terms and conditions contained therein.

            

    

  

  
    
      	(B)	
              Whereas for reasons beyond Borrower's control the special survey and water ballasting treatment ("WBT") plant installation delayed and a result my Akinanda Bridge was delivered to her
                charterers on 4 December 2019.

            

    

  

  
    
      	(C)	
              The Borrower has requested (the "Request") that the Lender agrees to defer payment of the first repayment instalment in the amount of US$312,500 (which was originally due on 31 December
                2019) to be repaid together with the last repayment instalment, i.e. 365 days after completion of the dry docking of my Akinada Bridge.

            

    

  

  
    
      	(D)	
              This First Supplemental Agreement sets out the terms and conditions on which the Lender agrees to:

            

    

  

  
    
      	

            	(i)	
              the Borrower's Request; and

            

    

  

  
    
      	

            	(ii)	
              the consequential amendments to the Loan.

            

    

  

  OPERATIVE PROVISIONS

  NOW THEREFORE IT IS HEREBY AGREED

  
    
      	1	
              DEFINITIONS

            

    

  

  
    
      	1.1	
              Defined Expressions

            

    

  

  Words and expressions defined in the Loan (as hereby amended) and the recitals hereto and not otherwise defined herein shall have the same
    meanings when used in this First Supplemental Agreement.

  
    
      

  

  

  

  
    
      	2	
              REPRESENTATIONS AND WARRANTIES

            

    

  

  
    
      	2.1	
              Repetition of Loan representations

            

    

  

  The Borrower hereby represents to the Lender, as at the date of this First Supplemental Agreement, that the representations and warranties
    set forth in Articles 6 and 7 of the Loan (updated mutatis mutandis to the date of this Supplemental Agreement), are true and correct as if all references therein to "this Agreement" were references to the Loan as further amended by this First
    Supplemental Agreement.

  
    
      	2.2	
              Further representations and warranties

            

    

  

  The Borrower hereby further represents and warrants to the Lender that as at the date of this First Supplemental Agreement:

  
    
      	(a)	
              it has all power to enter into and perform its obligations under this First Supplemental Agreement;

            

    

  

  
    
      	(b)	
              all consents, licences, approvals and authorizations required in connection with this First Supplemental Agreement and the transactions contemplated hereby and thereby have been obtained and
                are in full force and effect; and

            

    

  

  
    
      	(c)	
              no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Borrower which if adversely determined would result to a
                Material Adverse Effect on the Borrower;

            

    

  

  
    
      	3	
              AGREEMENT OF THE LENDER

            

    

  

  
    
      	3.1	
              Agreement of the Lender

            

    

  

  The Lender, relying upon each of the representations and warranties set out in Articles 2.1 and 2.2 of this First Supplemental Agreement,
    hereby agrees with the Borrower to:

  
    
      	(a)	
              the Request; and

            

    

  

  
    
      	(b)	
              the amendments/variations to the Loan referred to in Article 5.

            

    

  

  
    
      	4	
              CONDITIONS

            

    

  

  
    
      	4.1	
              Conditions precedent

            

    

  

  The agreement of the Lender contained in Clause 3.1 of this First Supplemental Agreement shall be expressly subject to the condition that the
    Lender shall have received:

  
    
      	(a)	
              in form and substance satisfactory to it and its legal advisors an original of this First Supplemental Agreement duly executed by the parties hereto; and

            

    

  

  
    
      	(b)	
              such legal opinions as the Lender may reasonably require in respect of the matters contained in this First Supplemental Agreement;

            

    

  

  

  

  

  

  
    
      

  

  
    
      	5	
              VARIATIONS TO LOAN

            

    

  

  
    
      	5.1	
              Specific amendments to Loan

            

    

  

  In consideration of the agreement of the Lender contained in Article 3.1 of this First Supplemental Agreement, the Borrower hereby agrees
    with the Lender that, the provisions of the Loan shall be varied and/or amended and/or supplemented as follows:

  
    
      	(a)	
              by deleting Article 4.1 and replacing it with the following:

            

    

  

  "4.1 Subject to the terms of this Agreement the Borrower will repay the Loan to the Lender in four repayment instalments of a principal
    amount of US$625,000 each. The first repayment instalment will be due on 31 March, 2020 and quarterly thereafter and the Loan will be paid in full on the date falling 365 days after completion of the drydocking of MN Akinada Bridge"

  
    
      	5.2	
              Loan to remain in full force and effect

            

    

  

  The Loan shall remain in full force and effect and the security provided to the Lender shall continue and remain valid and enforceable as
    amended and supplemented by:

  
    
      	(a)	
              the amendments to the Loan; and

            

    

  

  
    
      	(b)	
              such further or consequential modifications as may be necessary to make the same consistent with, and to give full effect to, the terms of this First Supplemental Agreement.

            

    

  

  
    
      	6	
              SUPPLEMENTAL

            

    

  

  
    
      	6.1	
              Counterparts

            

    

  

  This First Supplemental Agreement may be executed in any number of counterparts.

  7             LAW AND
      JURISDICTION

  
    
      	7.1	
              Governing law

            

    

  

  This First Supplemental Agreement shall be governed by and construed in accordance with English law.

  
    
      	7.2	
              Incorporation of the Loan Agreement provisions

            

    

  

  The provisions of Article 11.7 (Jurisdiction) of the Loan, as amended and supplemented by this
    First Supplemental Agreement, shall apply to this First Supplemental Agreement as if they were expressly incorporated in this First Supplemental Agreement with any necessary medications.

  This First Supplemental Agreement has been duly executed by or on behalf of the parties and has, on the date stated at the beginning of this Deed, been
    delivered as a Deed.

  
    
      

  

  	 

        

  EXECUTION PAGE

  

  

  	
          BORROWER

        	 	 
	 	 	 
	
          SIGNED by Aristides J. Pittas

        	) 

        	
          /s/ Aristides J. Pittas

        
	
          for and behalf of

        	) 

        	 
	
          EUROSEAS LTD

        	) 

        	 
	
          in the presence of:

        	) 

        	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
          LENDER

        	 	 
	 	) 

        	 
	
          SIGNED by Nikolaos Pittas

        	) 

        	
          /s/ Nikolaos Pittas

        
	
          for and behalf of

        	) 

        	 
	
          COLBY TRADING LTD

        	) 

        	 
	
          in the presence of:

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