Document:

Document

PayPal Holdings, Inc.
INDEPENDENT DIRECTOR COMPENSATION POLICY
(Effective as of January 1, 2021)

Independent Directors (as defined in the PayPal Holdings, Inc. Amended and Restated 2015 Equity Incentive Award Plan, as it may be amended and restated from time to time (the “Plan”)) of PayPal Holdings, Inc. (“PayPal”) shall be eligible to receive cash and/or equity compensation as set forth in this Independent Director Compensation Policy (this “Policy”).  The cash compensation and equity grants described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board of Directors of PayPal (the “Board”) or the Compensation Committee of the Board, to each Independent Director who may be eligible to receive such cash compensation or equity grants.  This Policy shall remain in effect until it is revised or rescinded by further action of the Board or the Compensation Committee of the Board.

Annual Equity Awards:

						
	All Independent Directors	$275,000 in PayPal common stock
	Board Chair	$75,000 in PayPal common stock

For purposes of clarity, the Board Chair receives $75,000 in PayPal common stock, in addition to the $275,000 in PayPal common stock the Board Chair receives as an Independent Director. All equity awards are subject to the PayPal Stock Ownership Guidelines.
      
If an Independent Director is appointed or elected at any time other than an Annual Meeting, the Independent Director shall be eligible to receive a prorated Annual Stock Award, in accordance with Exhibit A (the “Independent Director Equity Compensation Policy”).

Annual Retainers:    

						
	All Independent Directors	$80,000/year
	Board Chair	$75,000/year
	Lead Independent Director	$75,000/year
	Audit, Risk and Compliance Committee Chair	$40,000/year
	Compensation Committee Chair and Corporate Governance & Nominating Committee Chair	$20,000/year
	Audit, Risk and Compliance Committee Member	$20,000/year
	Compensation Committee Member	$18,000/year
	Corporate Governance & Nominating Committee Member	$10,000/year

For purposes of clarity, (i) an Independent Director who serves as the chair of a committee will be entitled to the committee chair annual retainer for that specific committee in addition to the Independent Director annual retainer but will not be entitled to the committee annual retainer for serving as a member of that specific committee and (ii) an Independent Director who serves as Board Chair will be entitled to the Board Chair annual retainer in addition to the Independent Director annual retainer.

    

Annual retainers shall be payable on the first trading day after January 1 of each year in which the Independent Director serves as an Independent Director of the Board of PayPal (the “Annual Retainer Payment Date”) and shall be paid as soon as administratively practicable following the Annual Retainer Payment Date. If an Independent Director is elected or appointed to serve as a member of the Board, or appointed to serve as a member of a committee or as a chair of a committee in which such director is not a member prior to such appointment, during a calendar year but following the Annual Retainer Payment Date for such calendar year, his or her annual retainer(s) (or additional retainer if the Independent Director is serving in a different capacity) will be prorated, by multiplying such annual retainer(s) by a fraction, the numerator of which is the number of days from the appointment or election date to December 31 of such calendar year, and the denominator of which is 365 (the “prorated annual retainer”).  The prorated annual retainer shall be paid to the Independent Director as soon as administratively practicable following such appointment or election.  An Independent Director that changes roles during a calendar year but following the Annual Retainer Payment Date for such calendar year will be entitled to a proration of the incremental increase, if any, between his or her annual retainer amount received for such calendar year and the increased retainer amount. For the avoidance of doubt, the Independent Director is not required to repay his or her annual retainer(s) or any portion thereof in the event that such Independent Director’s role is changed or service is terminated during the calendar year.  In lieu of receiving an annual retainer in cash, an Independent Director may elect to receive a fully vested Stock Payment award of PayPal common stock having a Fair Market Value equal to the forgone retainer. 

Neither this policy nor any compensation paid hereunder will confer on any Independent Director the right to continue to serve as a member of the Board or to continue providing services to PayPal in any capacity.

All capitalized terms used but not defined herein (or in Exhibit A) shall have the meaning ascribed to them in the Plan.  See Exhibit A for additional information regarding Independent Director equity compensation.

    

EXHIBIT A

PayPal Holdings, Inc.
INDEPENDENT DIRECTOR EQUITY COMPENSATION POLICY
(Effective as of January 1, 2021)

Independent Directors of the Board of Directors (the “Board”) of PayPal Holdings, Inc. (“PayPal”) are entitled to receive equity awards as part of the compensation for their service to the Board.  The Compensation Committee of the Board (the “Committee”) is responsible for reviewing and approving the equity compensation arrangements for Independent Directors.  Currently, the Committee has approved an arrangement whereby Independent Directors receive awards of PayPal common stock under the PayPal Holdings, Inc. 2015 Equity Incentive Award Plan, as it may be amended and restated from time to time (the “Plan”) according to a set, non-discretionary formula.  This memorandum shall serve as written documentation of the non-discretionary formula established by the Committee pursuant to Article 10 of the Plan and shall supersede any prior policy or description of the formula.  All awards are subject to the terms and conditions of the Plan and an award agreement in the form approved by the Committee to evidence such type of grant pursuant to this policy (the “award agreement”).

(1)Annual Award of Common Stock

Each Independent Director shall be granted a fully vested Stock Payment award of PayPal common stock under the Plan, promptly following the annual meeting of stockholders of PayPal (“Annual Meeting”). The number of shares of PayPal common stock subject to the award will be determined by dividing the amount of the annual equity award (i.e., $275,000 and, with respect to the additional equity award to the Board Chair, $75,000) by the per share Fair Market Value of PayPal common stock on the date of the Annual Meeting, rounded up to the nearest whole share (the “Annual Stock Award”).

If an Independent Director is appointed or elected at any time other than an Annual Meeting, the Independent Director shall be eligible to receive a prorated Annual Stock Award, as of the date of his or her appointment or election, for the period prior to the first Annual Meeting following his or her appointment or election, determined by (i) multiplying the amount of the annual equity award (i.e., $275,000 and, with respect to the additional equity award to the Board Chair, $75,000) by a fraction, the numerator of which is the number of days from the date of appointment or election to the first anniversary of the most recent Annual Meeting, and the denominator of which is 365, and (ii) dividing such amount by the per share Fair Market Value of PayPal common stock on the date of appointment or election, rounded up to the nearest whole share.

(2)Annual Retainer Elections

An Independent Director may elect to have all of his or her annual retainer (“Annual Retainer”) for services to the Board (and, to the extent applicable, on any committees thereof) in a particular taxable year delivered in the form of a fully vested Stock Payment award for PayPal common stock under the Plan rather than in the form of an annual cash payment (the “Elective Stock Award”).  Such an election may only be made with respect to 100% of the Annual Retainer(s) for the calendar year and may not be made for a portion of any Annual Retainer.  In the event an Independent Director receives a prorated Annual Retainer due to his or her appointment 

    

or election during a calendar year but following the Annual Retainer Payment Date (as defined in the Policy) for such calendar year, such Independent Director may elect to receive 100% of his or her prorated Annual Retainer for the calendar year as an Elective Stock Award.  An Independent Director who elects to receive an Elective Stock Award is referred to as an “Electing Director.”  

The number of shares of PayPal common stock subject to each Elective Stock Award will be determined by dividing the amount of the cash payment in lieu of which such Elective Stock Award is being made by the per share Fair Market Value of PayPal common stock on the date that the cash payment would otherwise be payable, rounded up to the nearest whole share.  For example, if an Electing Director were entitled to an Annual Retainer payment of $100,000 on January 3 and the per share Fair Market Value of PayPal common stock was $200 on such date, the Electing Director would be entitled to receive a fully vested Stock Payment award for 500 shares of PayPal common stock in lieu of the $100,000 cash payment.  The Elective Stock Award will be granted as of the date the cash payment would otherwise have been payable to the Independent Director.

Each Electing Director’s election must be in a form approved by the Committee and must be delivered to the Committee (or a person designated by the Committee to receive such election) as specified by the Committee or as otherwise prescribed by law.

(3) Treatment of DSUs Previously Granted to Independent Directors

Any elections made by Independent Directors, under the terms and conditions of the eBay Inc. Independent Director Compensation policy or the PayPal Holdings, Inc. Independent Director Compensation policy at the time of election, to have their annual retainers in respect of service to the Board prior to January 1, 2016 delivered in the form of deferred stock units (“DSUs”) (rather than in cash) will continue to apply to such annual retainers and shall be administered under such policies.

All applicable terms of the Plan and the applicable award agreement shall continue to apply to all DSUs. With respect to DSUs granted prior to August 1, 2013 under the eBay Inc. Independent Director Compensation policy and assumed by PayPal, PayPal has the discretion to deliver shares of PayPal common stock subject to the vested DSU award or a lump sum payment in cash equal to the aggregate Fair Market Value of such shares on the date of distribution.  DSUs granted on or after August 1, 2013 may only be settled in shares of PayPal common stock.  

Notwithstanding anything to the contrary, for any Independent Director who ceases to be a Board member, any unvested DSUs granted prior to the effective date of such resignation or termination shall automatically vest in full. 

In addition, any unvested DSU awards previously granted to an Independent Director will automatically vest in full and become distributable immediately prior to a Change in Control (as defined under the Plan), subject to Section 409A of the Internal Revenue Code of 1986, as amended.

(4)  DSUs Held by Former Directors of eBay Inc.

In connection with the distribution of shares of PayPal common stock to the stockholders of eBay Inc., DSUs previously granted to members of the eBay Inc. Board of Directors (the “eBay Board”) were adjusted in the manner set forth in the Employee Matters Agreement by and between PayPal and eBay Inc., dated July 17, 2015, and PayPal assumed and shall deliver or pay the portion of such DSUs relating to PayPal common stock to such 

    

members upon their separation from service with the Board or, if such member continues to serve as a member of the eBay Board after such distribution, upon their separation from service with the eBay Board.Exhibit 4.3

  

  

  

  
    EXECUTION COPY

    MASTER AGREEMENT

    This master agreement is executed as a deed (the "Master Agreement") and dated 2  February           2021

    BETWEEN:

    	(A)	
            Each of the "Buyers" as defined in Clause 1, each a corporation incorporated in the location set out against its name in Clause 1 and
              having its registered offices at the address set out against its name in Clause 1;

          

    	(B)	
            Star Bulk Carriers Corp., a corporation incorporated under the laws of the Marshall Islands and having its registered offices at Trust Company Complex, Ajeltake Road,
              Ajeltake Island, Majuro, Marshall Islands, 96960 (the "Buyers' Guarantor");

          

    	(C)	
            (i) SBI Pegasus Shipping Company Limited, (ii) SBI Ursa Shipping Company Limited, (iii) SBI Subaru
                Shipping Company Limited, (iv) SBI Capoeira Shipping Company Limited, (v) SBI Carioca Shipping Company Limited, (vi) SBI
                Lambada Shipping Company Limited; and (vii) SBI Macarena Shipping Company Limited each a corporation incorporated under the laws of the Marshall Islands and having their registered offices at
              Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, 96960 (each a "Charterer" and together the "Charterers"); and

          

    	(D)	
            Scorpio Bulkers Inc., a corporation incorporated under the laws of the Marshall Islands and having its registered offices at Trust Company Complex, Ajeltake Road, Ajeltake
              Island, Majuro, Marshall Islands, 96960 (the "Guarantor"),

          

    (each a "Party" and together, the "Parties").

    	

          	1.	
            Interpretation

          

    In this Master Agreement, unless the context otherwise requires:

    "Ancillary Documentation" means, if and as applicable: (i) any Novation TMA; and/or (ii) any Sub-Charter Novation;

    "Banking Day" means any day (other than a Saturday or Sunday) on which banks are open for the transaction of normal banking business in each
      of Athens, Amsterdam, New York and Shanghai;

    "Bareboat Charterparties" means the bareboat charters entered into by the applicable Charterers and applicable Lessors for the applicable
      Vessel each dated 15 May 2019 and each shall be a "Bareboat Charterparty";

    "Buyer" means, in respect of each Vessel, the party receiving the novation of the Bareboat Charterparty for that Vessel pursuant to the
      relevant Novation Agreement as follows:

    
      1

      
        

    

    

    

    	
            Vessel Name

          	
            Buyer

          	
            Jurisdiction of Incorporation

          	
            Address

          
	
            SBI Pegasus

          	
            Star Zeus III LLC

          	
            Marshall Islands

          	
            Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, 96960

          
	
            SBI Ursa

          	
            Star Zeus V LLC

          	
            Marshall Islands

          
	
            SBI Subaru

          	
            Star Zeus IV LLC

          	
            Marshall Islands

          
	
            SBI Capoeira

          	
            Star Zeus I LLC

          	
            Marshall Islands

          
	
            SBI Carioca

          	
            Star Zeus II LLC

          	
            Marshall Islands

          
	
            SBI Lambada

          	
            Star Zeus VI LLC

          	
            Liberia

             

          	
            80 Broad Street, Monrovia, Liberia

          
	
            SBI Macarena

          	
            Star Zeus VII LLC

          	
            Liberia

             

          

    

    

    and together, the "Buyers";

    "Cash Consideration" means, in relation to each Vessel, the amount which shall be paid in cash from the Buyers' Guarantor to the relevant
      Charterer on the Delivery of such Vessel, which amount shall be the aggregate of: (i) the cash value of the bunkers, luboils and greases which are on board the Vessel and owned by the relevant Charterer at the time of Delivery as calculated in
      accordance with Clause 7; (ii) any additional items which the Buyer is to pay for as described in the Novation Agreements; (iii) any cash value difference between the Current Outstanding Costs Balance and Outstanding Costs Balance as at Delivery; 
      (iv) any Pre-Paid Interest; and (v) in respect of SBI Subaru and SBI Ursa only, if these Vessels are delivered in the Atlantic, USD 425,000 per Vessel;

    "Current Outstanding Costs Balance" shall be the amounts as set out in Schedule 1 attached hereto;

    "Delivery" means, in respect of each Vessel, the date and time on which the rights and obligations under the Charterparty for that Vessel
      are transferred from the applicable Charterer to the applicable Buyer pursuant to a Novation Agreement as evidenced by a signed, dated and timed protocol of delivery and acceptance;

    "Delivery Date Range" means, in relation to a Vessel, the period between the date of satisfaction of the Closing Conditions in relation to
      that Vessel and, in the Guarantors' option, either: (i) 16 March 2021; (ii) thirty (30) days after the Lessors' Consent for that Vessel has been granted; or (iii) as may be extended pursuant to this Master Agreement;

    "Delivery Range" means worldwide excluding any location from which the relevant Vessel is restricted from trading under the relevant
      Bareboat Charterparty or any relevant Sub-Charter;

    "Effectiveness Deadline" has the meaning given to it in Clause 3(b);

    
      2

      
        

    

    

    

    "Environmental Claim" means:

    	(a)	
            any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law; or

          

    	(b)	
            any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident,

          

    and a "claim" includes a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the
      foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset;

    "Environmental Incident" means:

    	(a)	
            any release of Environmentally Sensitive Material from a Vessel; or

          

    	(b)	
            any incident in which Environmentally Sensitive Material is released from a Vessel other than a Vessel and which involves a collision between a Vessel and such other vessel or some other incident of navigation or
              operation, in either case, in connection with which a Vessel is actually or potentially liable to be arrested, attached, detained or injuncted and/or a Vessel and/or any Charterer and/or any operator or manager of the Vessel is at fault or
              allegedly at fault or otherwise liable to any legal or administrative action; or

          

    	(c)	
            any other incident in which Environmentally Sensitive Material is released otherwise than from a Vessel and in connection with which a Vessel is actually or potentially liable to be arrested and/or where any
              Charterer and/or any operator or manager of a Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action;

          

    "Environmental Law" means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive
      Material or to actual or threatened releases of Environmentally Sensitive Material;

    "Environmentally Sensitive Material" means oil, oil products and any other substance (including any chemical, gas or other hazardous or
      noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous;

    "Excluded Items" means the items set out in Schedule 6;

    "Free Cash" means, in respect of a Vessel, the net charter revenue from that Vessel less: (a) the operating costs and management fees for
      that Vessel of USD4,900  per day; and (b) interest payable under the respective Bareboat Charterparty;

    "Inspection" has the meaning given to it in Clause 4(a);

    "Inspection Acceptance Notice" has the meaning given to it in Clause 4(a);

    
      3

      
        

    

    

    

    "Interim Charter" means, in respect of any Sub-Charter which is being performed at delivery and in respect of which a Sub-Charter Novation
      is not possible, an interim charter between the Buyer (as owner) and the Charterer (as charterer)  on substantially back to back terms to the Sub-Charter;

    "Lessors" means (i) regarding SBI Pegasus: Sea 132 Leasing Co. Limited; (ii) regarding SBI Ursa: Sea 134 Leasing Co. Limited, (iii)
      regarding SBI Subaru: Sea 133 Leasing Co. Limited; (iv) regarding SBI Capoeira: Sea 128 Leasing Co. Limited; (v) regarding SBI Carioca: Sea 129 Leasing Co. Limited; (vi) for the SBI Lambada: Sea 130 Leasing Co. Limited; and (vii) regarding SBI
      Macarena: Sea 131 Leasing Co. Limited (each a "Lessor" and, together, the "Lessors");

    "Lessors Consent" has the meaning given to it in Clause 2(b);

    "Major Casualty" means, any casualty to a Vessel in respect of which the claim or the aggregate of the claims against all insurers, before
      adjustment for any relevant franchise or deductible, exceeds USD500,000 (or the equivalent in any other currency);

    "NOR" means the notice of readiness for Delivery for a Vessel served by the relevant Charterer, which shall only be given within the
      Delivery Date Range for that Vessel and in accordance with Clause 6, once all of the Closing Conditions for that Vessel have been satisfied;

    "Novation Agreements" means the agreements to be entered into between the applicable Charterer, the Guarantor, the applicable Lessor, each
      applicable Buyer and the Buyer Guarantor pursuant to which the applicable Charterer and Guarantor will novate their rights and obligations under  the applicable Bareboat Charterparty to the applicable Buyer and Buyers' Guarantor, in consideration for
      the Novation Consideration;

    "Novation Consideration" means in respect of each Vessel: (i) the Buyers' assumption of the Outstanding Cost Balance under the relevant
      Bareboat Charterparty as at Delivery; (ii) the Warrant Shares issued upon a valid exercise of the Warrant in respect of such Vessel; and (iii) the Cash Consideration for that Vessel;

    "Novation TMA" means the novation agreement of the rights and obligations of the Charterer under the technical management agreement for the
      Vessel as at Delivery to Buyer substantially the form set out in Schedule 3;

    "Outstanding Costs Balance" shall have the same meaning as that given in each of the Bareboat Charterparties and means the principal lease
      amount under each of the Bareboat Charterparties which shall be assumed by the relevant Buyer on Delivery in respect of which the Parties shall procure that the Lessors provide an approximate amount within one (1) week of each Vessel's Delivery and
      definite amounts one (1) day before each Delivery;

    "Pre-Paid Interest" means, in the event that the relevant Charterer or the Guarantor has, under the relevant Bareboat Charterparty:

    	(a)	
            paid to the relevant Lessor the charterhire, comprising principal and interest, due on 24 February 2021 for the period ending on or around 23 May 2021 and Delivery takes place on or after 24 February 2021 but
              before 23 May 2021; or,

          

    
      4

      
        

    

    

    

    	(b)	
            paid the charterhire comprising principal and interest, due on 24 May 2021 for the period ending on or around 23 August 2021 and Delivery takes place on or after 24 May 2021 but before 23 August 2021,

          

    the amount of the interest that will be deemed earned by the relevant Lessor in the period between the Delivery of the relevant Vessel and the 23 May 2021 (in the case of (a)) or
      23 August 2021 (in the case of (b)) but at the date of Delivery has already been pre-paid by the relevant Charterer or the Guarantor, subject to the prepayment of such interest being evidenced by the invoices issued by the Lessors;

    "Prohibited Person" means a person that is:

    	(a)	
            listed on, or owned or controlled by a person listed on, a Sanctions List;

          

    	(b)	
            located in, incorporated, organized or formed under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory
              that is the target of country-wide or territory wide Sanctions ; or

          

    	(c)	
            otherwise a subject of or target of, or owned or controlled by a person that is otherwise the subject of or target of, Sanctions;

          

    "Registration Rights Agreement" means the agreement by and among the Buyers' Guarantor and the Guarantor dated as of the date hereof, a form
      of which is attached in Schedule 4 hereto;

    "Sanctions" means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business,
      investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

    	(a)	
            imposed by law or regulation of the United Kingdom, the Council of the European Union, the United Nations or its Security Council or the United States of America or their respective governmental authorities or
              agencies including, without limitation:

          

    	

          	(i)	
            the Office of Foreign Assets Control in the United States ("OFAC");

          

    	

          	(ii)	
            the U.S. Department of State;

          

    	

          	(iii)	
            the United Nations Security Council; and

          

    	

          	(iv)	
            Her Majesty's Treasury of the United Kingdom

          

    (together, the "Sanctions Authorities"); or

    	(b)	
            otherwise imposed by any law or regulation binding on a Party or to which a Party is subject;

          

    "Sanctions List" means:

    	(a)	
            the "Specially Designated Nationals and Blocked Persons List" maintained by OFAC;

          

    
      5

      
        

    

    

    

    	(b)	
            the "Investment Ban List" maintained by Her Majesty's Treasury of the United Kingdom; or

          

    	(c)	
            any similar list maintained by, or the public announcement of a Sanctions designation made by, a sanctions authority referred to in the definition of "Sanctions",

          

    each as amended, supplemented or substituted from time to time;

    "SEC" has the meaning given to it in Clause 3(a);

    "Securities Act" has the meaning given to it in Clause 3(a);

    "Selling Shareholder Questionnaire" means the questionnaire set forth in Schedule 5 hereto;

    "Sub-Charter" means any sub-charter for a Vessel for which the Delivery for that Vessel is or may fall during its charter period (always
      excluding the Bareboat Charterparties) such term to always include any sub-charter for a Vessel entered into after the date of this Master Agreement and which is still being performed on Delivery of that Vessel;

    "Sub-Charter Novation" means a novation of the rights and obligations of a Charterer under a Sub-Charter to the relevant Buyer, in a form to
      be agreed ;

    "Transactions" means the transactions contemplated by this Master Agreement, the Novation Agreements and any Ancillary Documentation;

    "Vessels" means:

    	
            Vessel name

          	
            Type

          	
            Year of build

          	
            Shipyard

          
	
            SBI Pegasus

          	
            Ultra

          	
            2015

          	
            Chengxi

          
	
            SBI Ursa

          	
            Ultra

          	
            2015

          	
            DACKS

          
	
            SBI Subaru

          	
            Ultra

          	
            2015

          	
            DACKS

          
	
            SBI Capoeira

          	
            Kamsa

          	
            2015

          	
            Hudong

          
	
            SBI Carioca

          	
            Kamsa

          	
            2015

          	
            Hudong

          
	
            SBI Lambada

          	
            Kamsa

          	
            2016

          	
            Hudong

          
	
            SBI Macarena

          	
            Kamsa

          	
            2016

          	
            Hudong

          

    

    

    (each "Vessel" and together the "Vessels");

    "Warrant" means the warrant in the form attached in Schedule 2 hereto; and

    
      6

      
        

    

    

    

    "Warrant Shares" means the shares of common stock of the Buyers' Guarantor underlying the Warrant and to be issued upon a valid exercise of
      the Warrant as set forth in Clause 3.

    	

          	2.	
            Closing Conditions

          

    The provisions of this Master Agreement are intended to create a binding and enforceable obligation on each Party.  The obligations of the Parties under Clauses 3, 4(c), 4(d), 6,
      7, and 8 in respect of each Vessel shall be contingent upon the satisfaction of the following conditions in respect of that Vessel (together, the "Closing Conditions"):

    	(a)	
            Buyers/Buyers' Guarantor, at their option, having carried out a physical inspection of the Vessel and its class records on or prior to 10 February 2021;

          

    	(b)	
            The relevant Lessor having provided their written consent to the Transactions (each a "Lessor's Consent") on or prior to 28 February 2021; and

          

    	(c)	
            The execution of the relevant Novation Agreement prior to 16 March 2021 or such later date as the Parties may agree in writing.

          

    	

          	3.	
            Issuance of Warrant and Warrant Shares and Registration Rights

          

    	(a)	
            Issuance of the Warrant and the Warrant Shares. Subject to the accuracy of and in reliance upon the representations and warranties of the Guarantor contained in the Warrant, the Buyers' Guarantor shall issue to the
              Guarantor or its nominee as of the date of this Master Agreement the Warrant in a transaction exempt from registration under Section 5 of the Securities Act of 1933, as amended (the "Securities Act"). 
              Upon the valid exercise of the Warrant in accordance with its terms, the Buyers' Guarantor shall issue the following number of Warrant Shares in respect of each Vessel Delivery:

          

    	
            Vessel

          	
            Number of Warrant Shares

          
	
            SBI Subaru

          	
            348,520

          
	
            SBI Pegasus

          	
            350,797

          
	
            SBI Ursa

          	
            348,519

          
	
            SBI Capoeira

          	
            494,305

          
	
            SBI Carioca

          	
            494,305

          
	
            SBI Lambada

          	
            481,777

          
	
            SBI Macarena

          	
            481,777

          

    

    

    
      7

      
        

    

    

    

    provided that, the Warrant Shares listed in the table above may only be issued to the Guarantor at such times when the Registration Statement covering the resale
      of the Warrant Shares is on file with and has been declared effective by the U.S. Securities and Exchange Commission (the "SEC"), in accordance with the rules and regulations under the Securities Act; provided
      further that the Warrant shall be non-transferable and the Warrant Shares shall be issued (upon a valid exercise of the Warrant) without a Securities Act legend.

    	(b)	
            Registration Rights.  No later than 10 February 2021  (the "Filing Deadline"), the Buyers' Guarantor agrees to file with the SEC a new Registration Statement,
              as set forth in the Registration Rights Agreement, covering the resale of such Warrant Shares that are issuable in respect of each Vessel for which an Inspection Acceptance Notice has been given and/or any Vessel in repect of which the
              Buyers' Guarantor has waived in writing the right to carry out an Inspection, and shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the Filing Deadline but in no
              event later than the earlier of (i)the 90th calendar day following the Filing Deadline if the SEC notifies the Buyers' Guarantor that it will "review" the Registration Statement) and (ii)  the 5th business day after the date the Buyers'
              Guarantor is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be "reviewed" or will not be subject to further review; (the "Effectiveness Deadline")
              provided that reasonable and documented costs, not exceeding USD50,000 actually incured by the Guarantor directly as a result of failure to meet the Effectiveness Deadline shall be borne by the Buyers' Guarantor; provided further that the
              Guarantor or its nominee (as applicable) agrees to provide the Buyers' Guarantor with a completed Selling Shareholder Questionnaire no later than two (2) Business Days prior to the Filing Deadline.

          

    	(c)	
            Compliance with Securities Laws.  The Guarantor or its nominee (as applicable) agrees to comply with the U.S. securities laws in connection with any disposition of the Warrant Shares.

          

    	(d)	
            Effectiveness Deadline. If the Registration Statement is not declared effective by the SEC by the Effectiveness Deadline then, save for Clauses 16, 19 and 21 which shall remain in force, the terms of this
              Master Agreement shall terminate immediately without further liability to any Party save as is set out in Clause 16. For the avoidance of doubt, Clause 6(e) shall not apply for any Vessels in respect of which the terms of this Master
              Agreement have been terminated in accordance with this Clause 3(d).

          

    	(e)	
            Extension of the Delivery Date Range. Without prejudice to Clause 3(d), if the Buyers' Guarantor has filed the new Registration Statement in accordance with Clause 3(b) and the Registration Statement is not
              declared effective by the end of the original Delivery Date Range (prior to any extension under sub-Clause (ii) of the definition of Delivery Date Range in Clause 1), then the Delivery Date Range shall be deemed extended to expire on the
              earlier of (i) ten  (10) Business Days immediately following the date that the Registration Statement is deemed effective or such later date as the  Guarantor and the Buyers' Guarantor  may agree in writing, such date to be extended to enable
              any notice provisions in the Novation Agreements to be complied with; and (ii) the Effectiveness Deadline.

          

    
      8

      
        

    

    

    

    	

          	4.	
            Inspections

          

    	(a)	
            The Buyers/Buyers' Guarantor shall have the right to inspect each Vessel (an "Inspection") and its classification records on or before 10 February 2021 and shall declare, in
              respect of each Vessel, whether the same are accepted or not within ten (10) Banking Days after the completion of the inspection and in all circumstances, no later than 10 February 2021 (each declaration of acceptance, an "Inspection Acceptance Notice"). If the Buyers/Buyers' Guarantor do not accept the findings of an inspection of a Vessel and its classification records within the aforementioned period, the provisions of
              this Master Agreement that relate to that Vessel shall automatically be null and void save for Clauses 16, 19 and 21.

          

    	(b)	
            The Charterers shall make each Vessel available for such inspection and during the inspection, the Vessel's deck and engine log books shall be made available for examination by
              the Buyers/Buyers' Guarantor. The Buyers/Buyers' Guarantor shall ensure that the inspections shall not cause undue delay to the Vessels.

          

    	(c)	
            The Buyers/Buyers' Guarantor shall have the right at their cost and expense to arrange for an underwater inspection of each Vessel by a diver approved by that Vessel's Classification Society prior to the Delivery
              in respect of that Vessel. The Charterers at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay (and such underwater inspection shall not cause undue delay to the
              Vessels) and in the presence of a Classification Society surveyor arranged for by the Charterers and paid for by the Buyers/Buyers' Guarantor. The Buyers/Buyers' Guarantor representative(s) shall have the right to be present at the diver's
              inspection as observer only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Vessel's
              Classification Society.

          

    	(d)	
            If the rudder propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect a Vessel's class (by way of condition), then such defects shall be made
              good by the Charterers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation prior to Delivery and the Charterers shall pay for the underwater inspection and the Classification Society's
              attendance. In the Buyers/Buyers' Guarantors' option, the Charterers shall not be required to make good such defects if the Charterers make a payment on Delivery to the Buyers Guarantor (or as the Buyers Guarantor directs) of an amount
              sufficient to cover the costs and expenses in connection with the required repairs (including but not limited to the cost of labour and materials), as may be determined by the Buyers, acting reasonably. Such payment may, in the Buyers'
              Guarantors' option, be netted off against the Cash Consideration payable for the Vessels.

          

    
      9

      
        

    

    

    

    	(e)	
            The Buyers have the right to place up to two (2) representatives on board each Vessel, at the sole risk and expense of the Buyers and the relevant Charterer shall make all reasonable commercial efforts to ensure
              such representatives are able to board the Vessel after a strict quarantine/Covid-19 protocol to be agreed between the Guarantor and Buyers' Guarantor. These representatives are on board for the sole purpose of familiarisation and in the
              capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers' representatives shall sign the Charterer's P&I Club standard letter of indemnity prior to their
              embarkation. Any Buyers' representative coming on board prior to delivery of the Vessel shall take a PCR COVID-19 test 48 hours prior to boarding the Vessel.

          

    	

          	5.	
            Sub-Charters

          

    The Charterers shall procure that so long as this Master Agreement is in force in respect of a Vessel:

    	(a)	
            they shall use reasonable commercial endeavours to procure that all Sub-Charters entered into after the date of this Master Agreement for that Vessel include the following provision: "The Charterers hereby agree that the Owners shall be entitled to novate their rights and obligations under this agreement to [Name of Relevant Buyer] upon written notice to the Charterers. The Charterers shall promptly sign all
                such documents as may be necessary to give effect to such novation as the Owners may request, subject to such documents not increasing the obligations or liabilities of the Charterers hereunder.";

          

    	(b)	
            entry into any Sub-Charter for that Vessel with a duration of more than thirty (30) days shall require the prior written consent of the relevant Buyer, such consent not to be unreasonably withheld or delayed; and

          

    	(c)	
            any Sub-Charter in effect at the time of Delivery of the relevant Vessel shall be novated to the Buyer pursuant to a Sub-Charter Novation, or if the relevant sub-charterer does not agree to the Sub-Charter
              Novation, the relevant parties will discuss and agree the terms of an Interim Charter.

          

    	

          	6.	
            Delivery of Vessels

          

    	(a)	
            The Vessel shall be delivered and taken over safely afloat at a safe location within the Delivery Range in the Charterers' option. If it is intended, at the time of Delivery, that the Vessel will be at sea or
              otherwise will not be in such a place that will allow the orderly handover of the crew or technical management of the Vessel, the relevant Buyer may require, in their option, notified in writing to the Guarantor prior to Delivery, that the
              Guarantor procure the entry into of a Novation TMA by the then current technical manager of the Vessel in respect of that Vessel.

          

    	(b)	
            NOR for each Vessel shall only be tendered within the relevant Delivery Date Range after the relevant notices have been given in accordance with Clause 6(c). NOR may only be given for a Vessel once the Closing
              Conditions for that Vessel have been met and the Registration Statement in respect of the relevant Warrant Shares is declared effective by the SEC.

          

    
      10

      
        

    

    

    

    	(c)	
            The Charterers shall keep the Buyers well informed of each Vessel's itinerary and shall provide the Buyers with ten (10) and five (5) approximate days' notice, and three (3), two (2) and one (1) days' definite
              notice of the date the relevant Charterer will tender NOR and of the place of Delivery. When the Vessel is at the place of Delivery and physically ready for Delivery in accordance with this Master Agreement and the relevant Novation
              Agreement, the relevant Charterer shall give the relevant Buyer the NOR for that Vessel. If, on the date of expected tendering of NOR (as indicated by the aforementioned notices) the only fact preventing the Charterer issuing NOR is the fact
              that the Registration Statement in respect of the relevant Warrant Shares has not yet been declared effective by the SEC, then: (i) the Charterer shall continue keep the Buyers well informed of each Vessel's itinerary; (ii) the Buyers'
              Guarantor shall continue to keep the Guarantor informed of any material information regarding the efforts to have the Registration Statement declared effective; and (iii) without prejudice to the other terms of this Master Agreement, the
              Parties shall act reasonably in determining a new timeline and giving of notices by the Charterer for issuance of NOR which, at a minimum, will provide the relevant Buyer and the Buyers' Guarantor with sufficient notice to be able to meet
              their obligations and exercise their rights under the Novation Agreement and this Master Agreement and specifically, without limitation, those under Clauses 6(a) and 6(d).

          

    	(d)	
            On Delivery of each Vessel and no later than three (3) Banking Days after the date that the relevant NOR has been given: (i) the Buyers' Guarantor shall pay (or procure payment) and issue (as applicable) to the
              Guarantor, the Novation Consideration for that Vessel;  (ii) the Novation Agreements and any Ancillary Documentation must be effective and the novations contemplated thereunder (or delivery in the case of an Interim Charter) shall take place;
              and (iii) to the extent not already delivered, the Parties must exchange the documents set out in Clause 8.

          

    	(e)	
            Subject to Clause 3(d), should, following satisfaction of the Closing Conditions and the Registration Statement being declared effective, the relevant Charterer fails to serve NOR for a Vessel by the last day of
              the Delivery Date Range for that Vessel, then the relevant Buyer may, by written notice to the relevant Charterer either:

          

    	

          	a.	
            cancel the terms of this Master Agreement insofar as they relate to that Vessel whereupon the Guarantor shall make due compensation to the Buyers and Buyers' Guarantor for their respective losses and for all
              expenses incurred in respect of the Transactions that relate to that Vessel (including without limitation a proportional amount of any cost and expense that relates to the Transactions as a whole); or

          

    	

          	b.	
            without prejudice to the right of the relevant Buyer to at any time thereafter serve a notice to cancel the relevant terms of this Master Agreement that relate to that Vessel and demand compensation in accordance
              with Clause 6(e)a., extend the Delivery Date Range for up to ninety (90) days, whereupon the terms of Clause 6(g) shall apply.

          

    	(f)	
            Should the Buyer fail to be ready and/or fail to take delivery of the Vessel within three (3) Banking Days after the date that the relevant NOR has been given for a Vessel then the relevant Charterer may, by
              written notice to the relevant Buyer either:

          

    
      11

      
        

    

    

    

    	

          	a.	
            cancel the terms of this Master Agreement insofar as they relate to that Vessel whereupon the Buyers' Guarantor shall make due compensation to the Charterers and Guarantor for their respective losses and for all
              expenses incurred in respect of the Transactions that relate to that Vessel (including without limitation a proportional amount of any cost and expense that relates to the Transactions as a whole); or

          

    	

          	b.	
            without prejudice to the right of the relevant Charterer to at any time thereafter serve a notice to cancel the relevant terms of this Master Agreement that relate to that Vessel and demand compensation in
              accordance with Clause 6(f)a., extend the Delivery Date Range for up to ninety (90) days and for the avoidance of any doubt, any Free Cash shall be retained by the Charterer.

          

    	(g)	
            If the Delivery for a Vessel occurs within the extended period set out in Clause 6(e)b., the Cash Consideration for that Vessel shall be adjusted such that the Free Cash (if any) accrued from the expiry of the
              original Delivery Date Range to the date of actual Delivery (if any) shall be for the relevant Buyer. If this results in the Cash Consideration being a negative number, the relevant Charterer (or the Guarantor) shall pay the Buyers' Guarantor
              such amount in order to give effect to the spirit of this Clause 6(g).

          

    	

          	7.	
            Bunkers and other items

          

    	(a)	
             Upon Delivery of a Vessel, the relevant Charterers shall deliver to the relevant Buyers everything belonging to that Vessel which is in the Charterers' possession or control (save for any Excluded Items), on board
              and on shore, including but not limited to depot spares that are compatible with the Vessels but are not assigned to a specific Vessel (on a pro rata basis across the Guarantor's fleet), any spare parts and spare equipment, spare tail end
              shaft(s) and/or spare propeller blade(s), used or unused, whether on board or not, and any such items owned by the Charterers shall become the relevant Buyers' property without additional payment. The Charterers are not required to replace
              spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. The Charterers shall
              make reasonable efforts to remove all Excluded Items from the Vessel promptly after to Delivery. To the extent that Excluded Items are not removed from the Vessel at Delivery due to the Vessel not being in port at the time of Delivery and/or
              a Novation TMA, the Buyer shall make such Excluded Items available for collection by the Charterers at the first port after Delivery. Any additional cost incurred by the Buyer shall be for the account of the Charterer/Guarantor.

          

    	(b)	
            The relevant Buyer shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums which are owned by the relevant Charterer at the time of Delivery (the
              "Fuels") and the value of the Fuels for the purpose of calculating the Cash Consideration shall be determined by multiplying the quantities determined pursuant to Clause 7(c) by the actual price paid
              for the same (excluding barging prices but including discounts) as evidenced by invoices and/or vouchers .

          

    
      12

      
        

    

    

    

    	(c)	
            The quantities of Fuels as at Delivery will be measured by Verifuel, the cost of which will be shared by the Buyer and the Charterer. If the Vessel is to be delivered at sea, such  measurement will take place in
              the last port prior to commencing the last voyage before Delivery and for the purposes of determining the Cash Consideration payable, the Parties shall take the surveyors measurement for the quantities and agree a reduction in such quantities
              to account for the estimated consumption between measurement and the time of Delivery. If the Vessel is to be delivered at a port, the measurement will take place in the delivery port and such measurement will be the basis for assessing the
              value of the Fuels.

          

    	(d)	
            The Charterers and Guarantor each undertake to each Buyer and the Buyers' Guarantor that for any Vessel not carrying cargo under a Sub-Charter at Delivery, the cargo holds of that Vessel shall be swept clean upon
              Delivery. Any failure to comply with the undertaking in this Clause 7(d) shall result in compensation of USD4,000 per Vessel in non-compliance which may be settled, in the Buyers' Guarantor's option, by deduction from the Cash Consideration
              for that Vessel.

          

    	

          	8.	
            Delivery Documentation

          

    Upon or before the Delivery of each Vessel, the relevant Charterer shall provide the relevant Buyer with the following delivery documents:

    	(a)	
            Evidence acceptable to the Buyer (acting reasonably) that all necessary corporate action has been taken by the Charterer to authorise the execution, delivery and performance of this Master Agreement, the relevant
              Novation Agreement, any relevant Ancillary Documentation and all other documents to be provided or executed by the Charterers under any of them;

          

    	(b)	
            a Certificate of Transcript of Registry issued by the competent authorities of the flag state no earlier than three (3) Banking Days prior to the Delivery evidencing the relevant Lessor's ownership of the Vessel
              and any registered mortgages;

          

    	(c)	
            a Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued no earlier than three (3) Banking Days prior to Delivery confirming that the Vessel is in Class free from
              condition/recommendation. In the event of a recommendation on Delivery,  a compensation equivalent to the direct costs of repair, which shall be the average of quotes from two (2) reputable shipyards, in the vicinity of the delivery place, 
              obtained from the relevant Charterer and the relevant Buyer, promptly, without delay, by way of deduction from the Cash Consideration for that Vessel;

          

    	(d)	
            a complete and accurate copy of any Sub-Charter in force for that Vessel as at Delivery;

          

    	(e)	
            if required by the Buyer in accordance with Clause 6(a), a signed original of the relevant Novation TMA executed by the relevant technical manager;

          

    	(f)	
            the classification certificate(s) as well as all plans, drawings and manuals, which are on board the Vessel in the possession of the Charterers with other certificates which are on board the Vessel being handed
              over to the Buyer unless the Charterer is required to retain or does not have the power to provide the same, in which case the Charterer shall procure that the Buyer has the right to take copies; and

          

    
      13

      
        

    

    

    

    	(g)	
            confirmation that they have satisfied (or will satisfy immediately after Delivery) all conditions precedent  that they are required to satisfy under the relevant Novation Agreement unless such conditions precedent
              are waived in accordance with the terms of the Novation Agreement.

          

    Other technical documentation and records which are in the Charterers' possession in relation to the Vessel shall promptly after Delivery be forwarded to the Buyers at their
      expense save that the Charterers shall be entitled to retain copies thereof subject to Clause 19.

    Upon or before the Delivery of each Vessel, the relevant Buyer shall provide the relevant Charterer with:

    	(a)	
            evidence acceptable to the Charterer (acting reasonably) that all necessary corporate action has been taken by the Buyer to authorise the execution, delivery and performance of this Master Agreement, the relevant
              Novation Agreement, any relevant Ancillary Documentation and all other documents to be provided or executed by the Buyer under any of them;

          

    	(b)	
            in respect of that Delivery, a confirmation that the relevant Registration Statement has been declared effective by the SEC and no stop order suspending the effectiveness of the Registration Statement shall have
              been issued; and

          

    	(c)	
            confirmation that they have satisfied (or will satisfy immediately after Delivery) all conditions precedent  that they are required to satisfy under the relevant Novation Agreement unless such conditions precedent
              are waived in accordance with the terms of the Novation Agreement.

          

    The Parties shall procure that upon Delivery of a Vessel, the relevant Charterer and the relevant Buyer shall sign and deliver to each other a protocol of delivery and acceptance
      confirming the date and time of Delivery for that Vessel.

    	

          	9.	
            Total Loss and Major Casualty

          

    Should a Vessel become an actual, constructive or compromised total loss before Delivery the provisions of this Master Agreement that relate to that Vessel shall automatically be
      null and void save for Clauses 16, 19 and 21.

    Should a Vessel suffer a Major Casualty before Delivery then the relevant Buyer may at their option:

    	(a)	
            terminate the provisions of this Master Agreement that relate to that Vessel save for Clauses 16, 19 and 21; or

          

    	(b)	
            affirm that the provisions of this Master Agreement that relate to that Vessel shall remain in force subject to such conditions as the Buyer may reasonably impose (which may include a reduction in the Novation
              Consideration for that Vessel in an amount equal to the Major Casualty).

          

    
      14

      
        

    

    

    

    	

          	10.	
            Representations and Warranties

          

    10.1 Each of the
        Charterers and the Guarantor hereby represents and warrants to each of the Buyers and the Buyers' Guarantor as at the date hereof and as at each date of Delivery:

    	(a)	
            each of the Charterers and the Guarantor has the requisite power and authority to enter into and perform this Master Agreement and the documents referred to in it (to which it is a party), and they constitute
              valid, legal and binding obligations on the Charterers and the Guarantor (as may be relevant) with their respective terms;

          

    	(b)	
            the execution and performance by the Charterers and the Guarantor of this Master Agreement and the documents referred to in it (to which it is a party) will not breach or constitute a default under their respective
              constitutional documents, or any agreement, instrument, order, judgement or other restriction which binds the them;

          

    	(c)	
            no Termination Event has occurred and is continuing under any Bareboat Charterparty for which Delivery has not already occurred;

          

    	(d)	
            to the best of their knowledge, there has been no breach by any party of any provision of any Bareboat Charterparty for which Delivery has not already occurred;

          

    	(e)	
            the Buyers' Guarantor has been provided a full, true, accurate and complete copy of each Bareboat Charterparty;

          

    	(f)	
            neither the Charterers, nor any Vessel for which Delivery has not already occurred, nor (to the best of their knowledge) any Lessor is the subject of any Sanction or is a Prohibited Person;

          

    	(g)	
            no Vessel for which Delivery has not already occurred is the subject of, or since delivery under the relevant Bareboat Charter, has been the subject of any Environmental Incident or Environmental Claim; and

          

    	(h)	
            to the best of their knowledge no Vessel for which Delivery has not already occurred has grounded or touched bottom since her last dry-docking.

          

    10.2 In respect
        of the Transactions for a particular Vessel, each of the relevant Charterer and the Guarantor hereby represents and warrants to each of the relevant Buyer and the Buyers' Guarantor that as at the date of Delivery of that Vessel:

    	(a)	
            the Vessel is free from all cargo (other than that being shipped under a Sub-Charter that has complied with the provisions of Clause 5) any charters (other than the relevant Bareboat Charterparty and any
              Sub-Charter that has complied with the provisions of Clause 5), encumbrances, mortgages, claims, maritime liens or any other debts whatsoever (other than those mentioned on the Transcript of Registry provided pursuant to Clause 8(b) or
              otherwise arising in the ordinary course of business), and is not subject to Port State or other administrative detentions;

          

    	(b)	
            is in the condition as she was at the time of Inspection, fair wear and tear excepted; and

          

    
      15

      
        

    

    

    

    	(c)	
            has her Class maintained without condition/recommendation, free of average damage affecting the Vessel's class and with her classification certificate and national certificates, as well as all other certificates
              the Vessel had at the time of inspection, valid and unextended without condition/recommendation by the Classification Society or the relevant authorities.

          

    10.3 Each of the
        warranties and representations set out in this Master Agreement shall be construed as a separate and independent warranty and representation and, save as expressly provided otherwise, shall not be limited or restricted by reference to or inference
        from any other terms of this Master Agreement or any other warranty or representation.

    10.4 Without
        limitation to the foregoing, the Guarantor shall indemnify the relevant Buyers and the Buyers' Guarantor against all losses, claims, expenses and other liabilities incurred as a result  of the warranty set out in Clause 10.2(a) not being true when
        given.

    	

          	11.	
            Anti-Corruption and Sanctions

          

    	(a)	
            Each Party represents, warrants and undertakes to each other Party that, at the date of entering into this Master Agreement and continuing until the last Delivery and thereafter if any violation of the terms of the
              present has any adverse, (actual, contingent or  retroactive), consequences for any of the Parties:

          

    	

          	a.	
            neither they nor any person, entity or body who directly or indirectly owns or controls them: (1) appears on an Sanctions List, are a Prohibited Person or are otherwise the subject of Sanctions; (2) are directly or
              indirectly owned 50% or more by, or directly or indirectly controlled by, or directly or indirectly acting on behalf of, or to the benefit of, or are engaging in any sanctionable activities involving one or more persons, that appear on a
              Sanctions List, are a Prohibited Person or are otherwise the subject of Sanctions;

          

    	

          	b.	
            they shall comply with all applicable laws in relation to Sanctions, the US Foreign Corrupt Practices Art, the UK Bribery Act and/or other similar anti-corruption/anti laundering provisions of other applicable
              legal regimes; and

          

    	

          	c.	
            in connection with the performance of this Master Agreement, they will not pay, offer, promise, or authorize, directly or indirectly, any money or thing of value to any government official or employee or any
              political party or candidate for political office, or any employee or official of a public international organization, for the purpose of inducing or rewarding any favorable action or obtaining any improper advantage in any commercial
              transaction or in any governmental matter.

          

    	(b)	
            If at any time before the last Delivery, a Party breaches the aforementioned Clause 11(a), the Guarantor (in the case of a breach by a Buyer or the Buyers' Guarantor) or the Buyers' Guarantor (in the case of a
              breach by a Charterer or the Guarantor) may cancel this Master Agreement immediately by written notice to all of the other Parties.

          

    	(c)	
            The Guarantor shall indemnify each of the Buyers and the Buyers' Guarantor and the Buyers' Guarantor shall indemnify each of the Charterers and the Guarantor  against any and all claims, losses or liability
              whatsoever (including but not limited to the reasonable costs and expenses connected with the entry into of this Master Agreement, the Novation Agreements, the Ancillary Documentation and the performance of their obligations under any of
              them) arising as a result of breach by the indemnifying party (or a Charterer or Buyer respectively) of the terms of this Clause 11, whether or not this Master Agreement is cancelled.

          

    
      16

      
        

    

    

    

    	

          	12.	
            Closing Conditions Backstop Date

          

    In the event that the Closing Conditions for a Vessel have not been satisfied prior to 18:00hrs (New York time) on 31 March 2021, the provisions of this Master Agreement that
      relate to that Vessel shall automatically be null and void save for Clauses 16, 19 and 21 and the Warrant shall automatically be null and void and shall expire worthless and no longer be exercisable at such time. In the event this Master Agreement
      becomes null and void each of the Parties shall be responsible for the fees and expenses as set out in Clause 16.

    	

          	13.	
            Entire Agreement

          

    This Master Agreement together with the Novation Agreements and Ancillary Documentation constitute the entire understanding between the Parties in relation to the subject matter
      hereof and replaces and extinguishes all prior agreements, undertakings, arrangements or understandings (oral or written) made by the Parties with respect to such subject matter.

    	

          	14.	
            Counterparts

          

    This Master Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

    	

          	15.	
            Binding Effect

          

    This Master Agreement shall be binding upon the Parties and their respective successors and assigns.

    	

          	16.	
            Fees and Expenses

          

    Each Party shall bear its own legal and other costs in connection with the preparation, negotiation and execution of this Master Agreement, Novation Agreements and Ancillary
      Documentation and the Buyers/Buyers' Guarantor shall also be responsible for the Lessors' reasonable and evidenced legal costs in connection with the preparation of the Novation Agreements.

    	

          	17.	
            Variations, Waivers and Amendments

          

    No variation or amendment of this Master Agreement shall be effective unless in writing and signed by or on behalf of a duly authorized representative of each Party. No failure or delay on the part of any person in exercising any right or remedy provided by law or under this Master Agreement shall impair such right or remedy or operate as a waiver or variation of it or preclude
      its exercise at any subsequent time and no single or partial exercise of any such right or remedy shall preclude or restrict any other or further exercise of it or the exercise of any other right or remedy. A
      waiver by any person of a breach of or default under this Master Agreement shall not constitute a waiver of any other breach or default, shall not affect the other terms of this Master Agreement and shall not prevent a person from subsequently
      requiring compliance with the waived obligation. Any waiver (in whole or in part) of any right or remedy under this Master Agreement must be set out in writing, signed by or on behalf of the person granting the
      waiver and may be given subject to any conditions thought fit by the grantor and, unless otherwise expressly stated, any waiver shall be effective only in the instance and only for the purpose for, and in favour of the person to, which it is given.

    
      17

      
        

    

    

    

    	

          	18.	
            Contracts (Rights of Third Parties) Act 1999

          

    No provision of this Master Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this Master Agreement.

    	

          	19.	
            Confidentiality

          

    This Master Agreement and the transactions contemplated herein shall be treated as strictly private and confidential, unless: (i) all the Parties agree to disclose the same, or
      (ii) their existence or any of the terms are required to be disclosed by law or regulation or reported to any regulator or regulated exchange (including the NYSE and NASDAQ or in filings with the SEC ), provided always that the Parties shall be at
      liberty to disclose the Master Agreement and the Transactions to their legal advisors, lenders and financiers.

    	

          	20.	
            Notices

          

    Any notice under or in connection with this Master Agreement shall be in writing in the English language and may be served by leaving it at or sending it by pre-paid first-class
      post or recorded delivery (or registered airmail) or e-mail to the address of the relevant Party which is set out below or to such other address as that Party may have notified in writing from time to time to the Party serving the notice for the
      purposes of receiving notices under this Master Agreement:

    

    Any Buyer or the Buyers' Guarantor

    	
            Address:

          	
            C/O STAR BULK MANAGEMENT INC.

            40, Ag. Konstantinou  Street

            Marousi  151 24 Greece

          
	 	 
	
            E-mail:

          	
            legal@starbulk.com

          

    

    

    in each case marked for the attention of the Co General Counsels

    Any Charterer or the Guarantor

    	
            Address:

          	
            Scorpio Bulkers Inc. or c/o Scorpio Bulkers Inc.,

            Le Millenium, 9 Boulevard Charles III,

            98000, Monaco

          
	 	 
	
            E-mail:

          	
            legal@scorpiogroup.net

          

     

    

    in each case marked for the attention of the Legal Department

    	

          	21.	
            Governing Law and Submission to Jurisdiction

          

    This Master Agreement (including a dispute relating to its existence, validity or termination) and any non-contractual right or obligation or other matter arising out of or in
      connection with it shall be governed by and construed in accordance with English law.

    
      18

      
        

    

    

    

    Any dispute arising out of or in connection with this Master Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory
      modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association Terms current at the time when the
      arbitration proceedings are commenced.

    In cases where neither the claim nor any counterclaim exceeds the sum of US$500,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at
      the time when the arbitration proceedings are commenced.

    If any provision of this Master Agreement is, or becomes, invalid, unenforceable or illegal, in whole or in part, under the laws of any jurisdiction, such provision or part shall
      to that extent be deemed not to form part of this Master Agreement, but the validity, enforceability or legality of the remaining provisions shall not be impaired.

    In the event of any conflict between the terms of this Master Agreement and the terms of any Novation Agreement or Ancillary Documentation then, as between the Parties, the terms
      of this Master Agreement shall prevail as to the extent of such conflict.

    
      19

      
        

    

    

    

    IN WITNESS WHEREOF this Master Agreement has been executed by the Parties and delivered as a deed on the day and year first written above.

    	
            Scorpio Bulkers Inc.

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Chief Operating Officer

            

            in presence of: Laurice Oso

            

          	
            Star Bulk Carriers Corp.

             

            /s/ Simos Spyrou

            

            Name: Simos Spyrou

            

            Title: CO - CFO

            

            in presence of: Emmanouil G. Metaxas

            

          
	 	 
	
            SBI Pegasus Shipping Company Limited

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Director

            

            in presence of: Laurice Oso

            

          	
            SBI Ursa Shipping Company Limited

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Director

            

            in presence of: Laurice Oso

          
	 	 
	
            SBI Subaru Shipping Company Limited

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Director

            

            in presence of: Laurice Oso

          	
            SBI Capoeira Shipping Company Limited

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Director

            

            in presence of: Laurice Oso

          
	 	 
	
            SBI Carioca Shipping Company Limited

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Director

            

            in presence of: Laurice Oso

          	
            SBI Lambada Shipping Company Limited

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Director

            

            in presence of: Laurice Oso

          
	 	 

    
      20

      
        

    

    

    

    	
            SBI Macarena Shipping Company Limited

             

            /s/ Cameron Mackey

            

            Name: Cameron Mackey

            

            Title: Director

            

            in presence of: Laurice Oso

          	
            Star Zeus III LLC

             

            /s/ Sofia Dauigou

            

            Name: Sofia Dauigou

            

            Title: President/Secretary

            

            in presence of: Eirini Katopodi

            

          
	 	 
	
            Star Zeus V LLC

             
              /s/ Sofia Dauigou

              

              Name: Sofia Dauigou

              

              Title: President/Secretary

              

              in presence of: Eirini Katopodi

            

          	
            Star Zeus IV LLC

             

            /s/ Sofia Dauigou

            

            Name: Sofia Dauigou

            

            Title: President/Secretary

            

            in presence of: Eirini Katopodi

          
	 	 
	
            Star Zeus I LLC

             

            /s/ Sofia Dauigou

            

            Name: Sofia Dauigou

            

            Title: President/Secretary

            

            in presence of: Eirini Katopodi

          	
            Star Zeus II LLC

             

            /s/ Sofia Dauigou

            

            Name: Sofia Dauigou

            

            Title: President/Secretary

            

            in presence of: Eirini Katopodi

          
	 	 
	
            Star Zeus VI LLC

             

            /s/ Sofia Dauigou

            

            Name: Sofia Dauigou

            

            Title: President/Secretary

            

            in presence of: Eirini Katopodi

          	
            Star Zeus VII LLC

             

            /s/ Sofia Dauigou

            

            Name: Sofia Dauigou

            

            Title: President/Secretary

            

            in presence of: Eirini Katopodi

          

    

    

    
      21

      
        

    

    

    

    SCHEDULE 1

    CURRENT OUTSTANDING COSTS BALANCE

    

    

     

    

    
      22

      
        

    

    

    

    SCHEDULE 2

    AGREED FORM OF WARRANT DOCUMENTATION

    

    

    
      23

      
        

    

    

    

    SCHEDULE3

    AGREED FORM OF NOVATION TMA

    
      24

      
        

    

    

    

    

    

    SCHEDULE 4

    AGREED FORM OF REGISTRATION RIGHTS AGREEMENT

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      25

      
        

    

    

    

    SCHEDULE 5

    SELLING SHAREHOLDER QUESTIONNAIRE

    

    

    
      26

      
        

    

    

    

    SCHEDULE 6

    EXCLUDED ITEMS

    

    

    Library and forms exclusively for use in the Charterers' vessel(s) and captain's, officers' and crew's personal belongings including the slop chest are excluded from
      the transfer without compensation, as well as the following additional excluded items (including items onhire or owned by third parties):

    

    

    

    

  

  27

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