Document:

EX-10.2

 Exhibit 10.2 

Private and Confidential 
 Date 30th December 2015 
 IRIS SHIPPING CORPORATION 

and 
 JASMINE SHIPPING
CORPORATION 
 as Borrowers 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Lender 
 and 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Agent, Account Bank and Security Trustee 
  

 
 THIRD

 SUPPLEMENTAL AGREEMENT 
  

 
 in relation
to a Loan Agreement 
 dated 20 December 2013 (as amended by a letter dated 13 May 2015 and a second supplemental 

agreement dated 3 December 2015) 

for a term loan facility of up to USD22,500,000 

INCE & CO 
 PIRAEUS

 Index 
  

							
	Clause	  	Page No	 
			
	 1
	 	 INTERPRETATION
	  	 	1	  
			
	 2
	 	 AGREEMENT OF THE BANKS
	  	 	2	  
			
	 3
	 	 CONDITIONS PRECEDENT
	  	 	3	  
			
	 4
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	3	  
			
	 5
	 	 AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS
	  	 	4	  
			
	 6
	 	 FURTHER ASSURANCES
	  	 	5	  
			
	 7
	 	 FEES AND EXPENSES
	  	 	6	  
			
	 8
	 	 NOTICES
	  	 	6	  
			
	 9
	 	 SUPPLEMENTAL
	  	 	6	  
			
	 10
	 	 LAW AND JURISDICTION
	  	 	6	  
		
	 Schedule
	  	 	8	  

 THIS THIRD SUPPLEMENTAL AGREEMENT is made on
30th December 2015 
 BETWEEN 

 

	(1)	IRIS SHIPPING CORPORATION and JASMINE SHIPPING CORPORATION as Borrowers; 

  

	(2)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK as Lender; and 

  

	(3)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK as Agent, Account Bank and Security Trustee. 

BACKGROUND 
  

	(A)	By a Loan Agreement dated 20 December 2013 (as amended by a letter dated 13 May 2015 and a second supplemental agreement dated 3 December 2015) and made between the parties hereto, the Lender made
available to the Borrowers a term loan of up to USD22,500,000. 

  

	(B)	The Banks have made a request to the Borrowers that the Borrowers provide security additional to the security already provided to the Banks pursuant to the Loan Agreement. 

 

	(C)	This Agreement sets out the terms and conditions on which the Borrowers agree, with effect on and from the Effective Date, at the request of the Banks, to provide security additional and sets out the consequential
amendments to the Loan Agreement. 

 IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Defined expressions. Words and expressions defined in the Loan Agreement shall have the same meanings when used in this Agreement unless the context otherwise requires. 

 

	1.2	Definitions. In this Agreement, unless the contrary intention appears: 

 “Aramis
Facility Agreement” means the loan agreement dated 30 September 2010 (as amended by a supplemental agreement dated 28 January 2011 and as transferred to Crédit Agricole Corporate and Investment Bank pursuant to an
assignment and assumption agreement dated 14 December 2012 made between Emporiki Bank of Greece S.A. and Crédit Agricole Corporate and Investment Bank and as amended by supplemental agreements dated 19 March 2013 and 3 December
2015) made between the Collateral Owner as borrower and Crédit Agricole Corporate and Investment Bank as lender in respect of a loan facility of up to USD40,000,000; 

“Collateral General Assignment” means, in respect of the Collateral Vessel, the second priority deed of assignment of its
earnings, insurances and requisition compensation executed or to be executed by the Collateral Owner in favour of the Security Trustee in such form as the Agent and the Majority Lenders may require in their sole discretion; 

“Collateral Guarantee” means the unconditional, irrevocable and on demand guarantee of the obligations of the Borrowers under
the Loan Agreement and the other Security Documents executed or to be executed by the Collateral Owner in such form as the Agent and the Majority Lenders may require in their sole discretion; 

  
 1 

 “Collateral Manager” means, as at the date of this Agreement, Navios
Shipmanagement Inc., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 or any other person approved in writing by the Agent as the
manager of the Collateral Vessel; 
 “Collateral Manager’s Undertaking” means the second priority undertaking and
assignment executed or to be executed by the Collateral Manager in favour of the Security Trustee in respect of the Collateral Vessel, in such form as the Agent and the Majority Lenders may require in their sole discretion; 

“Collateral Mortgage” means the second preferred mortgage of the Collateral Vessel executed or to be executed by the
Collateral Owner in favour of the Security Trustee in such form as the Agent and the Majority Lenders may require in their sole discretion; 

“Collateral Security Documents” means, together: 
  

	 	(a)	the Collateral Guarantee; 

  

	 	(b)	the Collateral Mortgage; 

  

	 	(c)	the Collateral General Assignments; and 

  

	 	(d)	the Collateral Manager’s Undertakings 

 and, in the singular, means any of them; 

“Effective Date” means the Banking Day on which all the conditions precedent referred to in Clause 3.1 have been fulfilled (or
such other date as the Banks may agree with the Borrower); and 
 “Loan Agreement” means the Loan Agreement dated
20 December 2013 (as amended) referred to in Recital (A). 
 Words and expressions defined in the Schedule to this Agreement shall have
the meanings given to them therein as if set out in full in this Clause 1.2. 
  

	1.3	Application of construction and interpretation provisions of Loan Agreement. Clauses 1.3 to 1.6 (inclusive) of the Loan Agreement apply, with any necessary modifications, to this Agreement. 

 

	2	AGREEMENT OF THE BANKS 

  

	2.1	Agreement. The Banks agree to the amendments to the Loan Agreement set out in Clause 5.1 on condition that the Security Trustee, or its authorised representative, has received the documents and evidence specified
in Clause 3.1 in form and substance satisfactory to the Security Trustee. 

  

	2.2	Effective Date. The agreement of the Banks contained in Clause 2.1 shall have effect on and from the Effective Date. 

  
 2 

	3	CONDITIONS PRECEDENT 

  

	3.1	Conditions precedent. The conditions referred to in Clause 2.1 are that the Security Trustee, or its authorized representative, shall have received the following documents: 

 

	(a)	Certified Copies of all documents which evidence or relate to the constitution of each Borrower and the Collateral Owner and its current corporate existence; 

 

					
	(b)      	 	(i)    	  	Certified Copies of resolutions of the directors of each Borrower and the Collateral Owner approving such of this Agreement and the Collateral Security Documents to which such Borrower or the Collateral Owner is a party and
authorising the execution and delivery thereof and performance of the relevant Borrower’s or the Collateral Owner’s obligations thereunder, additionally certified by an officer of the relevant Borrower or the Collateral Owner as having
been duly passed at a duly convened meeting of the directors of the relevant Borrower or the Collateral Owner and not having been amended, modified or revoked and being in full force and effect; and
			
		 	(ii)	  	originals or Certified Copies of any powers of attorney issued by the Borrowers or the Collateral Owner pursuant to such resolutions;

  

	(c)	a list of directors and officers of each Borrower and the Collateral Owner specifying the names and positions of such persons, certified by an officer of the relevant Borrower or the Collateral Owner to be true,
complete and up to date; 

  

	(d)	the Collateral Security Documents duly executed and delivered; 

  

	(e)	duly executed notices of assignment required by the terms of the Collateral Security Documents and in the forms prescribed by those Collateral Security Documents and any other documents required to be delivered pursuant
thereto; 

  

	(f)	evidence that the Collateral Mortgage has been duly registered against the Collateral Vessel as a valid second preferred Panamanian ship mortgage in accordance with the laws of Panama; 

 

	(g)	opinions of the Agent’s nominated special legal advisers in respect of the laws of the Marshall Islands; 

  

	(h)	opinions of the Agent’s nominated special legal advisers in respect of the laws Panama; 

  

	(i)	documentary evidence that the agent for service of process named in clause 20.2.1 of the Loan Agreement has accepted its appointment in respect of the Collateral Security Documents; 

 

	(j)	any further opinions, consents, agreements and documents in connection with this Agreement and the Security Documents which the Agent may request by notice to the Borrowers; and 

 

	(k)	the endorsement at the end of this Agreement signed by each Security Party (other than the Borrowers and the Collateral Owner). 

  

	4	REPRESENTATIONS AND WARRANTIES 

  

	4.1	Repetition of Loan Agreement representations and warranties. Each Borrower represents and warrants to each Bank that the representations and warranties in Clause 7 of the Loan Agreement, as amended and
supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, remain true and not misleading if repeated on the date of this Agreement with reference to the circumstances now existing. 

  
 3 

	5	AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS 

  

	5.1	Specific amendments to Loan Agreement. With effect on and from the Effective Date the Loan Agreement shall be, and shall be deemed by this Agreement to be, amended as follows: 

 

	 	(a)	by adding in Clause 1.2 thereof each of the definitions in Clause 1.2 of this Agreement (other than the definitions of “Effective Date” and “Loan Agreement”); 

 

	 	(b)	by deleting in the definition of “Owner” in Clause 1.2 thereof, the words “and in the plural means both of them” and adding, after the words “(ii) Vessel B, Jasmine”, the words:

 “and (iii) the Collateral Vessel, the Collateral Owner, 

and in the plural means all of them;”; 
  

	 	(c)	by adding in the definition of “Security Party” in Clause 1.2 thereof, after the words “the Shareholder” the words “, the Collateral Owner”; 

 

	 	(d)	by deleting in the definition of “Vessel” in Clause 1.2 thereof, the words “and in the plural means both of them” and adding, after the words “the Vessel B” the words “the
Collateral Vessel and in the plural means all of them”; 

  

	 	(e)	by construing the definitions of “Mortgage”, “General Assignment”, “Corporate Guarantee” and “Manager’s Undertakings” to include the Collateral
Mortgage, the Collateral General Assignment, the Collateral Guarantee and the Collateral Manager’s Undertaking respectively; 

  

	 	(f)	by adding in clause 8.2.2 after the words “or other engagement concerning the Relevant Vessel” the words “and, in relation to the Collateral Vessel, by deducting the amounts secured by any mortgage
ranking above the Collateral Mortgage; 

  

	 	(g)	by adding a new clause 10.1.29 as follows: 

 “10.1.29 Aramis Facility Agreement:
there shall occur a default (howsoever therein defined) under the Aramis Facility Agreement.”; and 
  

	 	(h)	by construing references throughout to “this Agreement”, “hereunder” and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this Agreement.

  

	5.2	Amendments to Security Documents. With effect on and from the date hereof each of the Security Documents other than the Loan Agreement, shall be, and shall be deemed by this Agreement to be, amended as follows:

  

	 	(a)	the definition of, and references throughout each of the Security Documents to, the Loan Agreement and any of the other Security Documents shall be construed as if the same referred to the Loan Agreement and those
Security Documents as amended and supplemented by this Agreement; and 

  

	 	(b)	by construing references throughout each of the Security Documents to “this Agreement”, “this Deed”, “hereunder” and other like expressions as if the same referred to such Security
Documents as amended and supplemented by this Agreement. 

  
 4 

	5.3	Security Documents to remain in full force and effect. The Security Documents shall remain in full force and effect as amended and supplemented by: 

 

	 	(a)	the amendments to the Security Documents contained or referred to in Clauses 5.1 and 5.2; and 

  

	 	(b)	such further or consequential modifications as may be necessary to give full effect to the terms of this Agreement. 

  

	6	FURTHER ASSURANCES 

  

	6.1	Borrowers’ obligation to execute further documents etc. The Borrowers shall, and shall procure that any other party to any Security Document shall: 

 

	 	(a)	execute and deliver to the Agent (or as it may direct) any assignment, mortgage, power of attorney, proxy or other document, governed by the law of England or such other country as the Agent may, in any particular case,
specify; and 

  

	 	(b)	effect any registration or notarisation, give any notice or take any other step, which the Agent may, by notice to the Borrowers or other party, specify, 

for any of the purposes described in Clause 6.2. 
  

	6.2	Purposes of further assurances. Those purposes are: 

  

	 	(a)	validly and effectively to create any Security Interest or right of any kind which the Lender intended should be created by or pursuant to the Loan Agreement or any other Security Document, each as amended and
supplemented by this Agreement; and 

  

	 	(b)	implementing the terms and provisions of this Agreement. 

  

	6.3	Terms of further assurances. The Agent may specify the terms of any document to be executed by the Borrowers or any other party under Clause 6.1, and those terms may include any covenants, powers and provisions
which the Agent considers appropriate to protect its interests. 

  

	6.4	Obligation to comply with notice. The Borrowers shall comply with a notice under Clause 6.1 by the date specified in the notice. 

 

	6.5	Additional corporate action. At the same time as the Borrowers or any other party delivers to the Agent any document executed under Clause 6.1(a), that Borrower or such other party shall also deliver to the Agent
a certificate signed by 2 of that Borrower’s or that other party’s directors which shall: 

  

	 	(a)	set out the text of a resolution of that Borrower’s or that other party’s directors specifically authorising the execution of the document specified by the Agent, and 

 

	 	(b)	state that either the resolution was duly passed at a meeting of the directors validly convened and held throughout which a quorum of directors entitled to vote on the resolution was present or that the resolution has
been signed by all the directors and is valid under that Borrower’s or that other party’s articles of association or other constitutional documents. 

  
 5 

	7	FEES AND EXPENSES 

  

	7.1	Expenses. The provisions of clause 5 (Fees and Expenses) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this
Agreement with any necessary modifications. 

  

	8	NOTICES 

  

	8.1	General. The provisions of clause 17 (Notices and other matters) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this
Agreement with any necessary modifications. 

  

	9	SUPPLEMENTAL 

  

	9.1	Counterparts. This Agreement may be executed in any number of counterparts. 

  

	9.2	Third party rights. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

  

	10	LAW AND JURISDICTION 

  

	10.1	Incorporation of the Loan Agreement provisions. The provisions of clauses 19 (Governing Law) and 20 (Jurisdiction) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this
Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 

 IN WITNESS whereof the parties
to this Agreement have caused this Agreement to be duly executed on the date first above written. 
  

			
	SIGNED as a deed for and on behalf of	  	)
	IRIS SHIPPING CORPORATION	  	)
	by TODD JOHNSON	  	)        /s/ Todd Johnson
	(as Borrower)	  	)
		
	 SIGNED as a deed for and on behalf of 
	  	)
	JASMINE SHIPPING CORPORATION	  	)
	By TODD JOHNSON	  	)        /s/ Todd Johnson
	(as Borrower)	  	)
		
	SIGNED by Robin Parry	  	 )

	for and on behalf of	  	)
	CRÉDIT AGRICOLE CORPORATE	  	)        /s/Robin Parry
	AND INVESTMENT BANK	  	)
	(as Lender)	  	)

  
 6 

			
	SIGNED by Robin Ray	  	)
	for and on behalf of	  	)
	CRÉDIT AGRICOLE CORPORATE	  	)        /s/Robin Parry
	AND INVESTMENT BANK	  	)
	(as Agent, Account Bank	  	)
	and Security Trustee)	  	)
		
	Witness to all the above signatures	  	)
	Name: Victoria Liaou	  	)
	Address:	  	)        /s/Victoria Liaou
	47-49 Akti Miaouli	  	)
	Piraeus, Greece	  	)

  
 7 

 We on this 30th day of December 2015 hereby confirm and
acknowledge that we have read and understood the terms and conditions of the above Third Supplemental Agreement and agree in all respects to the same and confirm that the Security Documents to which we are a party shall remain in full force and
effect and shall continue to stand as security for the obligations of the Borrowers under the Loan Agreement (as amended by the Third Supplemental Agreement) and shall, without limitation, secure the Loan. 

 

	
	 /s/ Anna Kalathakis - Chief Legal Risk Officer

	
	For and on behalf of
	NAVIOS MARITIME HOLDINGS INC.
	
	 /s/ George Achniotis - Director

	
	For and on behalf of
	NAVIOS ASIA LLC
	
	 /s/ Anna Kalathakis - Director

	
	For and on behalf of
	NAVIOS SHIPMANAGEMENT INC.

  
 8EX-10.3

 Exhibit 10.3 

FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of December 22, 2015, among Navios
Maritime Holdings Inc., a Marshall Islands corporation, (the “Company”), Navios Maritime Finance II (US) Inc., a Delaware corporation (together with the Company, the “Co-Issuers”), and Smaltite Shipping Corporation
and Roselite Shipping Corporation, each a Marshall Islands corporation and an indirect wholly owned subsidiary of the Company (each, a “Guaranteeing Subsidiary”), the other Guarantors (as defined in the Indenture referred to herein)
and Wells Fargo Bank, National Association, as trustee (the “Trustee”) under the Indenture referred to below and as collateral trustee (the “Collateral Trustee”) under the Indenture referred to below.  

WITNESSETH 
 WHEREAS, the
Co-Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of November 29, 2013 providing for the issuance of 7.375% First Priority
Ship Mortgage Notes due 2022 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain
circumstances the each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which each Guaranteeing Subsidiary shall unconditionally guarantee all of the Co-Issuers’ obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Fourth Supplemental Indenture. 
 NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders
of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and
subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof. 

3. NEW YORK LAW TO GOVERN. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

4. COUNTERPARTS. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. 
 5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall
not affect the construction hereof. 

 6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by each Guaranteeing Subsidiary and the Co-Issuers. 

7. FATCA. The Co-Issuers hereby confirm to the Trustee that they intend to treat this Fourth Supplemental Indenture as not resulting in a
material modification of the Notes for purposes of the Notes’ status as “grandfathered obligations” for Foreign Account Tax Compliance Act purposes. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
  

					
	SMALTITE SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	ROSELITE SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	NAVIOS MARITIME HOLDINGS INC.
		
	By:	 	 /s/ Vasiliki Papaefthymiou

		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Executive Vice President, Legal
	
	NAVIOS MARITIME FINANCE II (US) INC.
		
	By:	 	 /s/ Vasiliki Papaefthymiou

		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	President

  
 [Signature Page to Fourth
Supplemental Indenture] 

 
					
	LAVENDER SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	NAVIOS ASIA LLC, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	Manager
	
	JASMINE SHIPPING CORPORATION
	IRIS SHIPPING CORPORATION, as Guarantors
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	Treasurer/Director
	
	EMERY SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	NAVIOS HOLDINGS EUROPE FINANCE INC., as Guarantor
		
	By:	 	 /s/ Alexandros Laios

		 	Name:	 	Alexandros Laios
		 	Title:	 	Secretary
	
	TRIANGLE SHIPPING CORPORATION
	ESMERALDA SHIPPING CORPORATION, as Guarantors
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President

  
 [Signature Page to Fourth
Supplemental Indenture] 

 
	
	DIESIS SHIPMANAGEMENT LTD
	MANDORA SHIPPING LTD
	SOLANGE SHIPPING LTD.
	TULSI SHIPMANAGEMENT CO.
	CINTHARA SHIPPING LTD
	RAWLIN SERVICES COMPANY
	MAUVE INTERNATIONAL S.A.
	AQUIS MARINE CORP.
	FAITH MARINE LTD.
	VECTOR SHIPPING CORPORATION
	ARAMIS NAVIGATION INC.
	DUCALE MARINE INC.
	HIGHBIRD MANAGEMENT INC.
	RED ROSE SHIPPING CORP.
	GINGER SERVICES CO.
	QUENA SHIPMANAGEMENT INC.
	ASTRA MARITIME CORPORATION
	PRIMAVERA SHIPPING CORPORATION
	PUEBLO HOLDINGS LTD
	BEAUFIKS SHIPPING CORPORATION
	ROWBOAT MARINE INC.
	CORSAIR SHIPPING LTD.
	PHAROS NAVIGATION S.A.
	SIZZLING VENTURES INC.
	SHIKHAR VENTURES S.A.
	TAHARQA SPIRIT CORP.
	RHEIA ASSOCIATES CO.
	RUMER HOLDING LTD.
	KLEIMAR NV
	NAV HOLDINGS LIMITED
	NAVIOS CORPORATION
	ANEMOS MARITIME HOLDINGS INC.
	NAVIOS SHIPMANAGEMENT INC.
	AEGEAN SHIPPING CORPORATION
	ARC SHIPPING CORPORATION
	MAGELLAN SHIPPING CORPORATION
	IONIAN SHIPPING CORPORATION
	APOLLON SHIPPING CORPORATION
	HERAKLES SHIPPING CORPORATION
	ACHILLES SHIPPING CORPORATION
	KYPROS SHIPPING CORPORATION
	HIOS SHIPPING CORPORATION
	MERIDIAN SHIPPING ENTERPRISES INC.
	MERCATOR SHIPPING CORPORATION
	HORIZON SHIPPING ENTERPRISES CORPORATION
	STAR MARITIME ENTERPRISES CORPORATION
	NAVIOS HANDYBULK INC.
	NAVIOS INTERNATIONAL INC.
	NOSTOS SHIPMANAGEMENT CORP.
	PORTOROSA MARINE CORP.
	WHITE NARCISSUS MARINE S.A.
	HESTIA SHIPPING LTD.
	SERENITY SHIPPING ENTERPRISES INC., as Guarantors

  
 [Signature Page to Fourth
Supplemental Indenture] 

 
					
	By:	 	 /s/ Vasiliki Papaefthymiou

		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Director and Authorized Officer

  
 [Signature Page to Fourth
Supplemental Indenture] 

 
					
	KLEIMAR LTD., as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	Secretary and Director
	
	NAVIMAX CORPORATION, as Guarantor
		
	By:	 	 /s/ Shunji Sasada

		 	Name:	 	Shunji Sasada
		 	Title:	 	President
	
	NAVIOS TANKERS MANAGEMENT INC.
		
	By:	 	 /s/ Alexandros Laios

		 	Name:	 	Alexandros Laios
		 	Title:	 	Secretary/Director

  
 [Signature Page to Fourth
Supplemental Indenture] 

 
							
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

			
		 	By:	 	 /s/ Yana Klslenko

		 		 	Name:	 	Yana Klslenko
		 		 	Title:	 	 Vice President

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Collateral Trustee
			
		 	By:	 	 /s/ Yana Klslenko

		 		 	Name:	 	Yana Klslenko
		 		 	Title:	 	Vice President

  
 [Signature Page to Fourth
Supplemental Indenture]

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