Document:

Exhibit 10.18

 

Private & confidential

 

 

 

 

 

 

 

 

 

 

Dated: 28th July, 2016

 

ALPHA
BANK A.E. 

(as Lender)

 

- and -

 

LEADER SHIPPING CO.

(as borrower)

 

	
         

        SECOND SUPPLEMENTAL AGREEMENT

         

        in relation to a Loan Agreement
dated 6th March, 2015 

        for a loan facility of (initially) US$8,750,000

         

 

 

 

 

 

 

 

 

 

 

Theo
V. Sioufas & Co. 

Law
Offices

Piraeus

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	CLAUSE	HEADINGS	PAGE
	1.	Definitions	2
	2.	Representations and warranties	3
	3.	Agreement of the Lender	5
	4.	Conditions	5
	5.	Variations to the Principal Agreement	6
	6.	Continuance of Principal Agreement and the Security Documents	10
	7.	Entire agreement and amendment	11
	8.	Fees and expenses	11
	9.	Miscellaneous	11
	10.	Applicable law and jurisdiction	12

 

    	 

    	 

    

 

THIS AGREEMENT (hereinafter called
“this Agreement”) is made this 28th day of July, 2016;

 

B E T W E E N

 

		(1)	ALPHA Bank
A.E., a banking société anonyme incorporated in and pursuant to the laws of the Hellenic Republic with
its head office at 40 Stadiou Street, Athens GR 102 52, Greece, acting, except as otherwise herein provided through its office
at 93 Akti Miaouli, Piraeus, Greece (hereinafter called the “Lender”, which expression shall include its successors
and assigns); and

 

		(2)	LEADER SHIPPING CO., a company duly incorporated and validly existing under the laws of
the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH 96960 (hereinafter called the “Borrower”, which expression shall include its successors);

 

IS SUPPLEMENTAL to a loan agreement dated
6th March, 2015 made between (i) the Lender as lender, and (ii) the Borrower, as borrower, as amended and/or supplemented
by a first supplemental agreement (the “First Supplemental Agreement”) dated 23rd December, 2015
(the said loan agreement as amended and/or supplemented by the First Supplemental Agreement is hereinafter called the “Principal
Agreement”), on the terms and conditions of which the Lender agreed to advance and has advanced to the Borrower a loan
of up to United States Dollars Eight million seven hundred fifty thousand Dollars (US$8,750,000), for the purpose therein
specified (the Principal Agreement as hereby amended and/or supplemented and as the same may hereinafter be amended and/or supplemented
called the “Loan Agreement”).

 

W H E R E A S
:

 

		(A)	the Borrower hereby acknowledges and confirms that (a) the Lender has advanced to the Borrower
the full amount of the Loan in the principal amount of United States Dollars Eight million seven hundred fifty thousand Dollars
(US$8,750,000) and (b) as of the Effective Date the principal amount of United States Dollars Seven million seven
hundred thousand (US$7,700,000) in respect of the Loan remains outstanding;

 

		(B)	pursuant to a guarantee dated 17th March 2015 as amended and/or supplemented by a deed
of amendment of guarantee (the “Guarantee Deed of Amendment No. 1”) dated 23rd December, 2015 (the
said guarantee as amended and/or supplemented by the Guarantee Deed of Amendment No. 1 is hereinafter called the “Corporate
Guarantee”) Seanergy Maritime Holdings Corp., of the Marshall Islands (the
“Corporate Guarantor”) irrevocably and unconditionally guaranteed the due and timely repayment of the Loan and
interest and default interest accrued thereon and the performance of all the obligations of the Borrower under the Loan Agreement
and the Security Documents executed in accordance thereto;

 

    	1

    	 

    

 

		(C)	the Borrower has requested the Lender to grant its consent to (inter alia):

 

		(a)	the amendment of the repayment schedule of the Loan;
	 	 	 
	 	(b)	the
amendment of Clause 8.1(j) (Liquidity) of the Principal Agreement;
	 	 	 
	 	(c)	the
waiver of the “liquidity” covenants set out in Clause 8.1(j) (Liquidity) and Clause 8.6(a) (Liquidity)
of the Principal Agreement; and
	 	 	 
	 	(d)	the
waiver of the obligation of the Borrower under Clause 8.5(a) (Security Shortfall)

  

			and the Lender has agreed thereto conditionally upon terms that the Principal Agreement shall be
amended in the manner hereinafter set out in Clause 5 of this Agreement.

 

NOW THEREFORE
IT IS HEREBY AGREED AS FOLLOWS:

 

		1.	Definitions

 

		1.1	Words and expressions defined in the Principal Agreement and not otherwise defined herein (including
the Recitals hereto) shall have the same meanings when used in this Agreement.

 

		1.2	In addition, in this Agreement the words and expressions specified below shall have the meanings
attributed to them below:

 

“Applicable
Sanctions" means any Sanctions by which any Security Party is bound or to which it is subject
(which shall include, without limitation, any extra-territorial sanctions imposed by law or regulation of the United States of
America) or, regards a regulation, compliance with which is reasonable in the ordinary course of business of any Security Party;

 

“DOC Amendment No.
1” means the amendment No. 1 to the Deed of Covenants supplemental to the first priority Bahamian ship mortgage dated
19th March, 2015 registered over the Vessel in favour of the Lender, whereby such Deed of Covenants shall be amended,
executed or (as the context may require) to be executed by the Owner thereof in favour of the Lender, in form and substance satisfactory
to the Lender.

 

“Effective Date”
means the date hereof or such earlier or later date as the Lender may agree in writing, upon which all the conditions contained
in Clause 4 shall have been satisfied and this Agreement shall become effective;

 

“Guarantee Deed of Amendment
No. 2” means the second deed of amendment of the Corporate Guarantee to be executed by the Corporate Guarantor in favour
of the Lender in form and substance satisfactory to the Lender;

 

“Loan Agreement”
means the Principal Agreement as hereby amended and as the same may from time to time be further amended and/or supplemented;

 

    	2

    	 

    

 

“Prohibited
Person” means any person (whether designated by name or by reason of being included in a class of persons) against whom
Sanctions are directed;

 

“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;

 

		(b)	imposed by CISADA; or

 

		(c)	otherwise imposed by any law or regulation by which the relevant Security Party is bound or, as
regards a regulation, compliance with which is reasonable in the ordinary course of business of the relevant Security Party and
for which a waiver or suspension has not been obtained; and

 

		1.3	(a) Where the context so admits words importing the singular number only shall include the plural
and vice versa and words importing persons shall include firms and corporations, (b) clause headings are inserted for convenience
of reference only and shall be ignored in construing this Agreement, (c) references to Clauses are to clauses of this Agreement
save as may be otherwise expressly provided in this Agreement and (d) all capitalised terms used herein and not otherwise defined
herein shall have the meanings ascribed to them in the Loan Agreement.

 

		2.	Representations and warranties

 

		2.1	The Borrower hereby represents and warrants to the Lender as at the date hereof that the representations
and warranties set forth in the Principal Agreement and the Security Documents (updated mutatis mutandis to the date of this Agreement)
are (and will be on the Effective Date) true and correct as if all references therein to “this Agreement” were
references to the Principal Agreement as amended and supplemented by this Agreement.

 

		2.2	In addition to the above, the Borrower hereby represents and warrants to the Lender as at the date
of this Agreement that:

 

		a.	the Borrower is duly formed, is validly existing and in good standing under the laws of the place
of its incorporation and has full power to carry on its business as it is now being conducted and to enter into and perform its
obligations under the Principal Agreement and this Agreement and has complied with all statutory and other requirements relative
to its business and does not have an established place of business in any part of the United Kingdom or the USA;

 

    	3

    	 

    

 

		b.	all necessary licences, consents and authorities, governmental or otherwise under this Agreement
and the Principal Agreement have been obtained and, as of the date of this Agreement, no further consents or authorities are necessary
for any of the Security Parties to enter into this Agreement or otherwise perform its obligations hereunder;

 

		c.	this Agreement constitutes the legal, valid and binding obligations of the Security Parties thereto
enforceable in accordance with its terms;

 

		d.	the execution and delivery of, and the performance of the provisions of this Agreement do not,
and will not contravene any applicable law or regulation existing at the date hereof or any contractual restriction binding on
any of the Security Parties or its respective constitutional documents;

 

		e.	no action, suit or proceeding is pending or threatened against the Borrower or its assets before
any court, board of arbitration or administrative agency which could or might result in any material adverse change in the business
or condition (financial or otherwise) of any of the Borrower or the other Security Parties;

 

		f.	the Borrower is not and at the Effective Date will not be in default under any agreement by which
it is or will be at the Effective Date bound or in respect of any financial commitment, or obligation;

 

		g.	FATCA: Neither the Borrower nor the Corporate Guarantor is a FATCA FFI or a US Tax Obligor;
and

 

		h.	Sanctions:

 

		(i)	neither the Borrower nor the Corporate Guarantor is a Prohibited Person nor is owned or controlled
by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and none of the Borrower or the Corporate
Guarantor owns nor controls a Prohibited Person; and

 

		(ii)	no proceeds of the Loan have been made available, directly or indirectly, to or for the benefit
of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Applicable
Sanctions; and

 

		2.3	The representations and warranties of the Borrower in this Agreement shall survive the execution
of this Agreement and shall be deemed to be repeated at the commencement of each Interest Period.

 

    	4

    	 

    

 

		3.	Agreement of the Lender

 

The Lender, relying upon each
of the representations and warranties set out in Clause 2 hereby agrees with the Borrower, subject to and upon the terms and conditions
of this Agreement and in particular, but without limitation, subject to the fulfilment of the conditions precedent set out in Clause
4 that the Principal Agreement be amended in the manner more particularly set out in Clause 5.

 

		4.	Conditions

 

		4.1	The agreement of the Lender contained in Clause 3 shall be expressly subject to the condition that
the Lender shall have received on or before the Effective Date in form and substance satisfactory to the Lender and its legal advisers

 

		a.	a certified true copy of the certificate of good standing or other equivalent document issued by
the competent authorities of the place of its incorporation in respect of each of the Borrower and the Corporate Guarantor;

 

		b.	certified and duly legalised copies of resolutions duly passed by the Board of Directors of the
Borrower and the Corporate Guarantor and certified and duly legalised copies of the resolutions passed at a meeting of the shareholders
of the Borrower and the Corporate Guarantor (and of any corporate shareholder thereof), if applicable, evidencing approval of this
Agreement, the DOC Amendment No. 1 or the Guarantee Deed of Amendment No. 2 (as the case may be) and authorising appropriate officers
or attorneys–in-fact to execute the same and to sign all notices required to be given under this Agreement on its behalf
or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

 

		c.	all documents evidencing any other necessary action or approvals or consents with respect to this
Agreement, including, but not limited to, certified and duly legalised Certificates of Incumbency issued by any of the Directors
of the Borrower and the Corporate Guarantor evidencing approval of this Agreement and of the DOC Amendment No. 1 and authorising
appropriate officers or attorneys-in-fact to execute the same and to sign all notices required to be given under this Agreement
on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

 

		d.	the original of any power(s) of attorney issued in favour of any person executing this Agreement
and of the DOC Amendment No. 1 on behalf of the Borrower and the Corporate Guarantor;

 

		e.	all documents evidencing any other necessary action or approvals or consents with respect to this
Agreement;

 

    	5

    	 

    

 

		f.	the DOC Amendment No.1 duly executed by the relevant parties thereto;

 

		g.	such favourable legal opinions from lawyers acceptable to the Lender and its legal advisors as
the Lender shall require; and

 

		h.	Evidence in form and substance satisfactory to the Lender that the first installment of the rescheduling
fee in the amount of Dollars Seven thousand five hundred ($7,500), as provided in Clause 11.1 herein below, has been paid to the
Lender.

 

		5.	Variations to the Principal Agreement 

 

		5.1	In consideration of the agreement of the Lender contained in
Clause 3, the Borrower hereby agrees with the Lender that (subject to the satisfaction of the conditions precedent contained in
Clause 4), the provisions of the Principal Agreement shall be varied and/or amended and/or supplemented as follows: 

 

		a.	with effect as from the Effective Date, the following definitions
of Clause 1.2 (Definitions) of the Principal Agreement shall be amended to read as follows:

 

“Balloon Instalment”
means the part of the Loan amounting to Four million five hundred fifty thousand Dollars ($4,550,000);

 

		b.	with effect as from the Effective Date, the following new definitions
shall be added to Clause 1.2 (Definitions) of the Principal Agreement reading as follows:

 

“Applicable
Sanctions” means any Sanctions by which any Security Party is bound or to which it is subject
(which shall include, without limitation, any extra-territorial sanctions imposed by law or regulation of the United States of
America) or, as regards a regulation, compliance with which is reasonable in the ordinary course of business of any Security Party;

 

“CISADA”
means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010
as it applies to non-US persons;”

 

“Deferred
Amount” means the aggregate amount of Dollars Six hundred thousand ($600,000) by which the next four (4) Repayment
Instalments shall be reduced and which shall be added to the Balloon Instalment;

 

“DOC Amendment No.
1” means the amendment No. 1 to the Deed of Covenants supplemental to the first priority Bahamian ship mortgage
dated 19th March, 2015 registered over the Vessel in favour of the Lender, whereby such Deed of Covenants shall be amended,
executed or (as the context may require) to be executed by the Owner thereof in favour of the Lender, in form and substance satisfactory
to the Lender.” 

 

“Prohibited
Person” means any person (whether designated by name or by reason of being included in a class of persons) against
whom Sanctions are directed;

 

    	6

    	 

    

 

“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
	 	 	 
	 	(b)	imposed by CISADA; or
	 	 	 
		(c)	otherwise imposed by any law or regulation by which the relevant Security Party is bound or,
as regards a regulation, compliance with which is reasonable in the ordinary course of business of the relevant Security Party
and for which a waiver or suspension has not been obtained;

 

“Second Supplemental
Agreement” means the Second Supplemental Agreement dated ... July, 2016 supplemental to this Agreement to
be executed and made between (inter alios) the Borrower and the Lender whereby this Agreement shall be amended as there in provided.;

 

		c.	with effect as from the Effective Date, the parties agree that the next four (4) Repayment Instalments
shall be reduced by the Deferred Amount which shall be added to the Balloon Instalment, as a result of which Clause 4.1 (a) (Repayment)
of the Principal Agreement shall be amended to read as follows:

 

		“4.1	Repayment. The Borrower shall and it is expressly undertaken by the Borrower to
repay the outstanding principal amount of the Loan amounting as of the date of the Second Supplemental Agreement to Dollars Seven
million seven hundred thousand ($7,700,000) by: (a) fifteen (15) consecutive quarterly Repayment Instalments, the first of which
to be repaid on the 17th September, 2016 and each of the subsequent ones consecutively falling due for payment on each
of the dates falling three (3) months after the immediately preceding Repayment Date with the last (the 15th) of such
Repayment Instalments falling due for payment on the Final Maturity Date and (b) the Balloon Installment payable together with
the last (the 15th) Repayment Instalment on the Final Maturity Date; subject to the provisions of this Agreement, the
amount of each of such Repayment Instalments shall be as follows:

 

	 	(a)	1st to 4th (both incl.) Dollars One hundred thousand ($100,000) each; and
	 	 	 
	 	(b)	5th to 15th (both incl.) Dollars Two hundred fifty thousand ($250,000) each;

 

provided that (a) if
a Repayment Date would otherwise fall after the Final Maturity Date, such last Repayment Date shall be the Final Maturity Date,
(b) there shall be no Repayment Dates after the Final Maturity Date, (c) on the Final Maturity Date the Borrower shall also pay
to the Lender any and all other monies then payable under this Agreement and the other Security Documents and (d) if any of the
Repayment Instalments shall become due on a day which is not a Banking Day, the due date therefor shall be extended to the next
succeeding Banking Day unless such Banking Day falls in the next calendar month, in which event such due date shall be the immediately
preceding Banking Day.”;

 

    	7

    	 

    

 

		d.	with effect as from the Effective Date Clause 8.1(j) (Liquidity)
of the Principal Agreement shall be amended to read as follows:

 

		“(j)	Liquidity: ensure that as from 1st July, 2017 and throughout the remainder
of the Security Period the Borrower shall maintain minimum liquidity in free deposits with the Lender in an amount equal to $500,000.
For the avoidance of any doubt the Liquidity under this Clause is included in the Liquidity of the Guarantor under Clause 8.6(a)
(Liquidity) of this Agreement and under Clause 5.3 (a) (Liquidity) of the Guarantee.” 

 

		e.	with effect as from the Effective Date the following proviso shall be added at the end of paragraph
(b) of Clause 13.2 (Earnings Account) reading as follows:

 

“Provided always that
the 80% of the Excess Earnings (if any) deriving from the Earnings of the Vessel during each financial year of the Borrower commencing
with the financial year 2016 shall be applied by the Lender on the next Interest Payment Date following the delivery of the Excess
Earnings Calculation Certificate (and the Borrower hereby irrevocably authorises and instructs the Lender so to do) towards payment
of the Deferred Amount until same is fully repaid.

 

For the purposes of this Clause
13.2 (c):

 

“Excess Earnings”
means in relation to any Excess Earnings Calculation Period, an amount as conclusively determined by the Lender at its reasonable
discretion in accordance with the formula: Excess Earnings = Total Income minus Operating Expenses for the Excess
Earnings Calculation Period minus Borrower’s Debt Service;

 

“Excess Earnings Calculation
Certificate” means a certificate, in a form of the approval of the Lender, signed by a Director of the Borrowers,
which shall include detailed calculation of the Excess Earnings for the relevant Excess Earnings Calculation Period and which shall
be delivered to the Lender latest within 60 days after the end of the relevant Excess Earnings Calculation Period;

 

“Excess Earnings Calculation
Period” means each successive 12-month period during the Security Period, starting from 1st January,
2016;

 

    	8

    	 

    

 

“Operating Expenses”
in relation to the Borrower means in aggregate (i) the Vessel’s operating expenses (including but not limited to crew, insurance,
stores, spares, lubricants, repairs, safety/risk, vessel administration, survey/services), (ii) the incurred costs and expenses
for Vessel dry-docking and special survey, (iii) the Vessel’s voyage expenses, if any, (iv) the Vessel’s total management
fees and (v) the Borrower’s general and administrative expenses; and

 

			“Total Income” in relation to an Excess Earnings Calculation Period
and in relation to the Vessel means the total income of the Vessel for that Excess Earnings Calculation Period less brokerage
fees and commissions and withholding taxes (if any).”

 

		f.	With effect as from the Effective Date, a new clause numbered 8.9 under the heading “Sanctions”
will be added in Clause 8 (Undertakings) reading as follows:

  

	 	“8.9	Sanctions.
The Borrower shall ensure that the Vessel will not be employed, and will not suffer the Vessel to be employed, and will not and
will ensure that the Borrower does not conduct or undertake any business:

 

	 	(a)	(i)	in breach of any embargo or sanction or prohibited order (or any similar order or directive) of:

  

	 	(ii)	the
United Nations Security Council;
	 	 	 
	 	(iii)	the
European Union;
	 	 	 
	 	(iv)	the
United Kingdom;
	 	 	 
	 	(v)	the
United States of America;
	 	 	 
	 	(vi)	the
Flag State;
	 	 	 
		(vii)	any state of which any officer or crew member of the Vessel is a national as they apply to their
members or nationals; or

 

		(b)	in any trade, carriage of goods or business which is forbidden by the laws of the United Kingdom
or the European Union or the United States of America or the Flag State as they apply to their members or nationals, or any law
applicable to the Borrower, the Manager, any charterer of the Vessel or any country which the Vessel may visit; or
	 	 	 
	 	(c)	in carrying illicit or prohibited goods; or

  

		(d)	in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated;
or

 

		(e)	in any manner contrary to any law or regulation in any relevant jurisdiction including but not
limited to the any Applicable Sanctions; 

 

and the
Borrower shall generally, comply, or procure compliance with any Applicable Sanctions.

 

    	9

    	 

    

 

		g.	by amending paragraph (c)(i) of Clause 16.1(Notices) reading as follows:

 

	 	“(i)	if
to be sent to any Security Party, to:
	 	 	 
	 	 	c/o Seanergy Maritime Holdings Corp.

16 G. Lambraki str., Premiera Mall – 2nd floor, 

16674 Glyfada, Greece

Facsimile No: +30 210 9638404

Attention:
Chief Executive Officer”;

 

		h.	With effect as from the Effective Date the definition “Security Documents”
shall be deemed to include the Security Documents as amended and/or supplemented in pursuance to the terms hereof and any document
or documents (including if the context requires the Loan Agreement) that may now or hereafter be executed as security for the repayment
of the Loan, interest thereon and any other moneys payable by the Borrower under the Principal Agreement and the Security Documents
(as herein defined) as well as for the performance by the Borrower and the other Security Parties as defined in the Loan Agreement
all obligations, covenants and agreements pursuant to the Principal Agreement, this Agreement and/or the Security Documents.

 

		5.2	All references in the Principal Agreement to “this
Agreement”, “hereunder”
and the like and all references in the Security Documents to the “Loan
Agreement” shall be construed as references to the Principal Agreement as amended
and/or supplemented by this Agreement.

 

		6.	Waiver of certain covenants

 

		6.1	The Lender hereby agrees that with effect as from the 31st
day of December, 2015 until the 1st day of July, 2017 the obligation of the Borrower under Clause 8.1(j) (Liquidity)
shall be waived and is hereby waived for the duration of the said period.

 

		6.2	The Lender hereby agrees that with effect as from the 31st day
of December, 2015 until the 1st day of July, 2017 the obligation of the Guarantor under Clause 8.6(a) (Liquidity)
shall be waived and is hereby waived for the duration of the said period.

 

		6.3	The Lender hereby agrees that with effect as from the 31st day
of December, 2015 until the 1st day of July, 2017 the obligation of the Borrower under Clause 8.5(a) (Security
Shortfall) of the Principal Agreement shall be waived and is hereby waived for the duration of the said period.

 

		7.	Continuance of Principal Agreement and the Security Documents

 

		7.1	Save for the alterations to the Principal Agreement, and the
Security Document made or to be made pursuant to this Agreement, and such further modifications (if any) thereto as may be necessary
to make the same consistent with the terms of this Agreement, the Principal Agreement shall remain in full force and effect and
the security constituted by the Security Documents executed by the Borrower shall continue to remain valid and enforceable and
the Borrower hereby reconfirms its obligations under the Principal Agreement as hereby amended and under the Security Documents
to which it is a party.

 

    	10

    	 

    

 

		8.	Entire agreement and amendment

 

		8.1	The Principal Agreement, the other Security Documents, and this Agreement represent the entire
agreement among the parties hereto with respect to the subject matter hereof and supersede any prior expressions of intent or understanding
with respect to this transaction and may be amended only by an instrument in writing executed by the parties to be bound or burdened
thereby.

 

		8.2	This Agreement is supplementary to and incorporated in the Principal Agreement, all terms and conditions
whereof, including, but not limited to, provisions on payments, calculation of interest and Events of Default, shall apply to the
performance and interpretation of this Agreement.

 

		9.	Fees and expenses

 

		9.1	The Borrower shall pay to the Lender a rescheduling fee in the amount of Dollars Fifteen thousand
($15,000) payable as follows: (i) Dollars Seven thousand five hundred ($7,500) on the signing of this Agreement and (ii) Dollars
Seven thousand five hundred ($7,500) payable within 30 days from the date hereof.

 

		9.2	The Borrower agrees to pay to the Lender upon demand on a full indemnity basis and from time to
time all costs, charges and expenses (including legal fees) incurred by the Lender in connection with the negotiation, preparation,
execution and enforcement or attempted enforcement of this Agreement and any document executed pursuant thereto and/or in preserving
or protecting or attempting to preserve or protect the security created hereunder and/or under the Security Documents.

 

		9.3	The Borrower covenants and agrees to pay and discharge all stamp duties, registration and recording
fees and charges and any other charges whatsoever and wheresoever payable or due in respect of this Agreement and/or any document
executed pursuant hereto.

 

		10.	Miscellaneous

 

		10.1	The provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office)
and Clause 16.1 (Notices) (as hereby amended) of the Principal Agreement shall apply to this Agreement as if the
same were set out herein in full.

 

    	11

    	 

    

 

		11.	Entire agreement and amendment; effect on Principal Agreement

 

		11.1	Except to the extent that the Principal Agreement is expressly amended or supplemented by this
Agreement, all terms and conditions of the Principal Agreement remain in full force and effect. This Agreement is supplementary
to and incorporated in the Principal Agreement, all terms and conditions whereof, including, but not limited to, provisions on
payments, calculation of interest and Events of Default, shall apply to the performance and interpretation of this Agreement.

 

		11.2	The Principal Agreement, the other Security Documents, and this Agreement represent the entire
agreement among the parties hereto with respect to the subject matter hereof and supersede any prior expressions of intent or understanding
with respect to this transaction and may be amended only by an instrument in writing executed by the parties to be bound or burdened
thereby.

 

		12.	Applicable law and jurisdiction

 

		12.1	This Agreement and any non-contractual obligations arising out or connected with it are governed
by and shall be construed in accordance with English law and the provisions of Clause 17 (Law and Jurisdiction) of
the Principal Agreement shall apply mutatis mutandis to this Agreement as if the same were set out herein in full.

 

		12.2	No term of this Agreement is enforceable under the Contracts
(Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement.

 

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

 

 

 

 

 

 

 

 

[Intentionally
left blank]

 

 

    	12

    	 

    

 

EXECUTION PAGE

 

the
borrower

 

	SIGNED by	)	 
	Mrs. Theodora Mitropetrou	)	 
	for and on behalf of	)	 
	LEADER SHIPPING CO.	) 	/s/ Theodora Mitropetrou
	of Marshall Islands, in the presence of:	)	Attorney-in-fact

 

	Witness: 	/s/ Panagiota Sdrolia
	Name:	Panagiota Sdrolia
	Address: 	13 Defteras Merarchias Str.,

Piraeus, Greece
	Occupation: 	Attorney-at-law 

 

THE
LENDER

 

	SIGNED by	)	 
	Mrs. Aikaterini Daivianida 	) 	/s/ Aikaterini Daivianida
	and Mrs. Chrysanthi Papathanasopoulou	)	Attorney-in-fact
	for and on behalf of	)	 
	ALPHA BANK A.E.	)	 
	in the presence of:	) 	/s/ Chrysanthi Papathanasopoulou 
	 	 	Attorney-in-fact

 

	Witness: 	/s/ Panagiota Sdrolia
	Name:	Panagiota Sdrolia
	Address: 	13 Defteras Merarchias Str., 

Piraeus, Greece
	Occupation: 	Attorney-at-law 

 

    	13Exhibit 10.41

 

Dated: 6 August 2015

 

	
        Cape May Marine Inc., of the British Virgin
Islands

        hereinafter called the Sellers, have agreed to sell,
and
	
        1

         

 

	
        CHAMPION OCEAN NAVIGATION CO., of Liberia

        hereinafter called the Buyers, have agreed to buy the
	2

  

	Name: MAXIMUS	3

  

	Classification Society/Class:	BV	4
	Built:  2011	By: Sundong Shipbuilding & Marine Eng., South Korea	5
	Flag: Isle of Man 	Place of Registration: Douglas	6
	Call sign: 2CPB2	Grt/Nrt: 93.196/59.298	7
	Register IMO Number: 9403516	8
	hereinafter called the Vessel, on the following terms and conditions:	9
	Definitions	10

  

	“Banking days” are days on which banks are open in the country of the currency	11
	Stipulated for the Purchase Price in Clause 1, and in the place of closing stipulated in Clause 8, in the country of the Vessel’s flag, Greece, USA, UK and in the country of the Vessel’s mortgagee bank.	12

  

	“in writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa,	13
	a registered letter, telefax or other modern form of written communication.	14

  

	
        “Classification Society” or “Class”
        means the Society referred to in line 4.

         

        “Purchase Agreement” means the purchase agreement
        dated 6 August 2015 made by and among, inter alios, Seanergy (as defined in Clause 21 hereof) and the Sellers.

         
	15
	1.	Purchase Price:	USD 41,662,334 (United States Dollars forty one million six hundred sixty two thousand three hundred thirty four) only	16
	
        
	
	2.	Deposit	 	17

  

	As security for the correct fulfilment of this Agreement  the  Buyers shall pay a deposit of 10%	18
	(ten per cent) of the Purchase Price within banking days from the date of this	19
	Agreement. This deposit shall be placed with 	20
	and held  by them in a joint  account  for the  Sellers  and  the  Buyers, to be released in accordance	21
	with joint written instructions of the  Sellers  and   the  Buyers.  Interest, if any, to  be  credited to  the	22
	Buyers. Any fee charged  for holding  the said deposit  shall  be  borne  equally  by  the  Sellers  and  the	23
	Buyers.	24

  

	
        3.Payment

         
	25
	The said Purchase Price shall be paid in full free of bank charges to Sellers’ bank account at Natixis S.A., Account No.: USD A/C NO:                         , IBAN:                        , Swift No.:                           , Correspondent Bank:                        , ADDRESS                          , Swift No.:                                   	26
	on delivery of the Vessel, but not later than 3 (three) Banking days after the Vessel is in every respect	27
	physically ready for delivery in accordance with the terms and conditions of this Agreement and	28
	
        Notice of Readiness (“NOR”) has been
        given in accordance with Clause 5.

         
	29
	4Inspections	30
	 	 

    	 

    	 

    

 

	a)*	The Buyers have waived the physical inspection for the Vessel and have accepted her. The Buyers have inspected and accepted the Vessel’s classification records. Therefore the sale is outright and definite, subject only to the terms and conditions of this Agreement. The Buyers	31
	 	have also inspected the Vessel at/in [               ] on [               ]	32
	 	and have accepted the Vessel following this inspection and the sale is outright and definite,	33
	 	subject only to the terms and conditions of this Agreement.	34

 

	b)*	The  Buyers  shall  have  the right  to  inspect  the  Vessel’s   classification  records   and   declare	35
	 	whether same are accepted  or  not  within 	36

 

	 	The Sellers shall provide for inspections of the Vessel at/in 	37

 

	 	The  Buyers  shall  undertake  the  inspection   without  undue  delay  to  the  Vessel.   Should  the	38
	 	Buyers  cause  undue  delay  they  shall  compensate  the  Sellers  for the losses thereby incurred.	39
	 	The  Buyers  shall  inspect  the  Vessel without opening up   and without    cost  to  the  Sellers	40
	 	During  the  inspection,  the  Vessel’s  deck  and  engine  log  books  shall  be  made  available for	41
	 	examination  by  the  Buyers. If the  Vessel  is  accepted  after  such  inspection,  the  sale shall	42
	 	become outright and definite, subject  only  to  the  terms  and  conditions  of  this  Agreement,	43
	 	provided the  Sellers receive   written notice  of  acceptance  from  the  Buyers  within  72 hours	44
	 	after  completion  of  such  inspection.	45
	 	Should  notice  of  acceptance  of   the  Vessel’s classification  records  and  of  the Vessel not be	46
	 	received  by  the  Sellers  as  aforesaid, the deposit together  with   interest earned   shall  be	47
	 	released  immediately to the  Buyers, whereafter  this  Agreement shall be   null and void.	48

 

	*	4 a) and 4b) are alternatives; delete whichever is not applicable. In the absence of deletions,	49
	 	alternative 4a) to apply.	50

 

	5.Notices, time and place of delivery	51

 

	a)	The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall	52
	 	provide the Buyers with 30/20/15/10/7/5/3 approximate and 2 and 1 definite days notices of the expected time and place of arrival at the	53
	 	intended time and place of drydocking/underwater inspection/delivery. When the Vessel is at the 	54
	 	place of delivery and in every respect physically ready for delivery in accordance with this	55
	 	
        Agreement, the Sellers shall give the Buyers a written
NOR for delivery.
	56
	 	 	 
	b)	The Vessel shall be delivered to the Buyers free of stowaways, free of cargo, with clean swept holds 	57
	 	safely afloat at a safe and accessible berth, port or anchorage worldwide.	58
	 	 	59
	 	
        Expected time of delivery: 30 September 2015 – 31
        December 2015 or such later date at Buyers’ option.

         
	60
	 	Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 31 December 2015 or such later date at Buyers’ option.	61

 

	c)	If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the	62
	 	Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in	63
	 	writing stating the date when they anticipate that the Vessel will be ready for delivery and	64
	 	propose a new cancelling date. Upon receipt of such notification the Buyers shall have the	65
	 	option of either cancelling this Agreement in accordance with Clause 14 within 4 7 running	66
	 	days of receipt of the notice or of accepting the new date as the new cancelling date. If the 	67
	 	Buyers have not declared their option within 4 7 running days of receipt of the Sellers’	68
	 	notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification	69
	 	shall be deemed to be the new cancelling date and shall be substituted for the cancelling	70
	 	date stipulated in line 61.	71

 

	 	If this Agreement is maintained with the new cancelling date all other terms and conditions	72
	 	hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full	73
	 	force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any	74
	 	claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by	75
	 	the original cancelling date.	76

 

	d)	Should the Vessel become an actual, constructive or compromised total loss before delivery	77
	 	the deposit together  with  interest  earned shall be released immediately to the Buyers	78
	 	whereafter this Agreement shall be null and void.	79

 

    	 

    	 

    

 

	6.Drydocking / Divers Inspection - SEE CLAUSE 18 of this Agreement.	80

 

	a)**	The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the	81
	 	Classification Society of the Vessel’s underwater parts below the deepest load line, the	82
	 	extent of the inspection being in accordance with the Classification Society’s rules.  If the	83
	 	rudder, propeller, bottom or other underwater parts below the deepest load line are found	84
	 	broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made	85
	 	good at the Sellers’ expense to the satisfaction of the Classification Society without	86
	 	condition/recommendation*.	87

 

	b)**	(i)The Vessel is to be delivered without drydocking.  However, the Buyers shall	88
	 	have the right at their expense to arrange for an underwater inspection by a diver approved	89
	 	by the Classification Society prior to the delivery of the Vessel.  The Sellers shall at their	90
	 	cost make the Vessel available for such inspection. The extent of the inspection and the	91
	 	conditions under which it is performed shall be to the satisfaction of the Classification	92
	 	Society. If the conditions at the port of delivery are unsuitable for such inspection, the	93
	 	Sellers shall make the Vessel available at a suitable alternative place near to the delivery	94
	 	port.	95

 

	 	ii)If the rudder, propeller, bottom or other underwater parts below the deepest load line	96
	 	are found broken, damaged or defective so as to affect the Vessel’s class, then unless	97
	 	repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers	98
	 	shall arrange for the Vessel to be drydocked at their expense for inspection by the	99
	 	Classification Society of the Vessel’s underwater parts below the deepest load line, the	100
	 	extent of the inspection being in accordance with the Classification Society’s rules.  If the	101
	 	rudder, propeller, bottom or other underwater parts below the deepest load line are found	102
	 	broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made	103
	 	good by the Sellers at their expense to the satisfaction of the Classification Society	104
	 	without condition/recommendation*. In such event the Sellers are to pay also for the cost of	105
	 	the underwater inspection and the Classification Society’s attendance.	106

 

	 	(iii)If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry-	107
	 	docking facilities are available at the port of delivery, the Sellers shall take the Vessel	108
	 	to a port where suitable drydocking facilities are available, whether within or outside the	109
	 	delivery range as per Clause 5 b). Once drydocking has taken place the Sellers shall deliver	110
	 	the Vessel at a port within the delivery range as per Clause 5 b) which shall, for the	111
	 	purpose of this Clause, become the new port of delivery. In such event the cancelling date	112
	 	provided for in Clause 5 b) shall be extended by the additional time required for the	113
	 	drydocking and extra steaming, but limited to a maximum of 14 running days.	114

 

	c)	If the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above	115

 

	 	(i)the Classification Society may require survey of the tailshaft system, the extent of	116
	 	the survey being to the satisfaction of the Classification surveyor. If such survey is not	117
	 	required by the Classification Society, the Buyers shall have the right to require the tailshaft	118
	 	to be drawn and surveyed by the Classification Society, the extent of the survey being in	119
	 	accordance with the Classification Society’s rules for tailshaft survey and consistent with	120
	 	the current stage of the Vessel’s survey cycle. The Buyers shall declare whether they	121
	 	require the tailshaft to be drawn and surveyed not later than by the completion of the	122
	 	inspection by the Classification Society. The drawing and refitting of the tailshaft shall be	123
	 	arranged by the Sellers. Should any parts of the tailshaft system be condemned or found	124
	 	defective so as to affect the Vessel’s class, those parts shall be renewed or made good at	125
	 	the Sellers’ expense to the satisfaction of the Classification Society without	126
	 	condition/recommendation*.	127

 

	 	(ii)the expenses relating to the survey of the tailshaft system shall be borne	128
	 	by the Buyers unless the Classification  Society requires such survey to be carried out, in	129
	 	which case the Sellers shall pay these expenses. The Sellers shall also pay the expenses	130
	 	if the Buyers require the survey  and  parts of the system are condemned or found defective	131
	 	or broken so as to affect the Vessel’s class*.	132

 

	 	(iii)the expenses in connection with putting the Vessel in and taking her out of	133
	 	drydock, including the drydock dues and the Classification Society’s fees shall be paid by	134
	 	the Sellers if the Classification Society issues any condition/recommendation* as a result	135
	 	of the survey or if it requires survey of the tailshaft system. In all other cases the Buyers	136
	 	shall pay the aforesaid expenses, dues and fees.	137

 

    	 

    	 

    

 

	 	(iv)the Buyers’ representative shall have the right to be present in the drydock, but	138
	 	without interfering with the work or decisions of the Classification surveyor.	139

 

	 	(v)the Buyers shall have the right to have the underwater parts of the Vessel	140
	 	cleaned and painted at their risk and expense without interfering with the Sellers’ or the	141
	 	Classification surveyor’s work, if any, and without affecting the Vessel’s timely delivery. If,	142
	 	however, the Buyers’ work in drydock is still in progress when the Sellers have	143
	 	completed the work which the Sellers are required to do, the additional docking time	144
	 	needed to complete the Buyers’ work shall be for the Buyers’ risk and expense. In the event	145
	 	that the Buyers’ work requires such additional time, the Sellers may upon completion of the	146
	 	Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock	147
	 	and the Buyers shall be obliged to take delivery in accordance with Clause 3, whether	148
	 	the Vessel is in drydock or not and irrespective of Clause 5 b).	149

 

	*	Notes, if any, in the surveyor’s report which are accepted by the Classification Society	150
	 	without condition/recommendation are not to be taken into account.	151

 

	**	6 a) and 6 b) are alternatives; delete whichever is not applicable. In the absence of deletions,	152
	 	alternative 6 a) to apply	153

 

	7.	Spares/bunkers, etc.	154

 

	The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on	155
	shore, including broached/unbroached stores and provisions and spares without extra payment. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare	156
	propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or	157
	unused, whether on board or not shall become the Buyers’ property.	158
	Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare	159
	parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out	160
	of spare and used as replacement prior to delivery, but the replaced items shall be the property of	161
	the Buyers. The radio installation, GMDSS and navigational equipment shall be included in the sale without extra payment if they are the property of the Sellers. ECDIS (with dongle card and maps) shall be included in the sale and Buyers shall pay the Sellers 50% of the cost (Euro 12,500).	162
	Unused stores and provisions shall be included in the sale and be taken over	163
	by the Buyers without extra payment.	164

 

	The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles bearing the	165
	Sellers’ flag or name, provided they replace same with similar unmarked items. Library, forms, etc.,	166
	exclusively for use in the Sellers’ vessel(s), shall be excluded without compensation. Captain’s,	167
	Officers’ and Crew’s personal belongings including the slop chest are to be excluded from the sale,	168
	
        as well as the following additional items (including items on
        hire):

         

        -UNITOR’S OXYGEN/ACETYLENE/FREON CYLINDERS, EMPTY/FULL;

        

        -MARICHEM SYSTEM MHCS 200;

        

        -ORIGINAL FLAG CERTIFICATES (Registry – Intern.
        Tonnage – Radio Station Licence – Minimum Safe Manning – CLCertificate - MLCertificate ) – necessary for
        Ship’s deletion from the articles;

        

        -LIBRARY, FORMS, RECORDS, REPORTS, DECK and ENGINEE Log
        Books, CORRESPONDENSE exclusively used by the Sellers;

        

        -CD ROM QSEMS;

        

        -SEAGULL TRAINING CDs;

        

        -Lloyds MARINER – Risk Assessment CDs;

        

        -LR Manager (Working hours) CDs;

        

        -AMVER DISKETTE;

        

        -EST SAFETY LABELS (35);

        

        -ISPS CODE / CD / INSTRUCTIONS AND SECURITY AWARENESS
        CBT 115 AND ISPS TRAINER; 

        

        -OWNERS LISTS/ISM & ISPS system manuals / Company’s
        Soft and Hardware/PC’s etc.; and

        

        -SECURITY IDENTIFICATION BADGES (CREW AND VISITORS).

         
	169
	The Buyers shall take over the remaining bunkers and unused lubricating oils in storage tanks and 	170
	sealed drums and pay the current net market  price (excluding  barging  expenses) at the port and date	171
	of delivery of the Vessel Buyers shall take over the bunkers remaining on board with cost as per Platts prices for Singapore published three (3) banking days prior to the Vessel’s delivery. Buyers shall also take over the remaining unbroached lubricants respectively in sealed drums/tins or in designated storage tanks not having passed to the engines/equipment through Vessel’s system at Sellers’ net contract prices of last supply as evidenced by the relevant copies of invoices. Exact quantities of remaining bunkers and lubricating oils shall be measured and agreed by and between the Sellers’ and the Buyers’ representatives latest by one (1) Banking day prior to expected date of delivery of the Vessel.	172
	Payment under this Clause shall be made in cash at the same time and place 	173
	and in the same currency as the Purchase Price. 	174

 

    	 

    	 

    

 

	8.	Documentation	175
	 	 
	The place of closing: Athens, Greece	176
	 	 

 

	
        In exchange for payment of the Purchase Price and delivery of
        the Vessel the Sellers shall furnish the Buyers and the Buyers shall furnish the Sellers with the delivery documents stated in
        this Clause and in Clause 17 of this Agreement. namely:

        
	
        177 

        178

        

	a)	Legal Bill of Sale in a form recordable in           (the country in  which  the Buyers  are	179
	 	to register the Vessel),  warranting that  the  Vessel  is  free  from  all  encumbrances,  mortgages	180
	 	and  maritime   liens  or  any  other  debts   or  claims  whatsoever,  duly  notarially  attested  and	181
	 	legalized by the consul of such country or other competent  authority.	182
	 	 	 

 

	b)	Current Certificate of  Ownership  issued  by  the  competent  authorities  of  the  flag  state  of   	183
	 	the Vessel.	184

 

	c)	Confirmation of Class issued within 72 hours prior to delivery.	185

 

	d)	Current Certificate issued by the competent  authorities  stating  that  the  Vessel  is  free  from   	186
	 	registered encumbrances	187

 

	e)	Certificate of Deletion of the Vessel from the  Vessel’s  registry  or  other  official  evidence  of	188
	 	deletion appropriate to the Vessel’s registry at the time of delivery, or,  in  the  event  that  the	189
	 	registry does not  as  a  matter  of  practice  issue  such  documentation  immediately,  a  written	190
	 	undertaking by the Sellers to effect deletion from the Vessel’s  registry  forthwith  and  furnish  a	191
	 	Certificate or other official evidence of deletion to  the  Buyers  promptly  and  latest  within  4    	192
	 	(four) weeks after the  Purchase  Price  has  been paid and the  Vessel has been delivered.	193

 

	f)	Any  such  additional  documents  as  may  reasonably  be  required  by  the  competent  authorities	194
	 	for  the purpose of  registering  the  Vessel, provided  the   Buyers  notify  the  Sellers  of  any  such    	195
	 	documents as soon as possible after the date of this Agreement	196

 

	At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of	197
	Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the	198
	Buyers.	199

 

	At the time of delivery the Sellers shall hand over to the Buyers the classification certificate(s) as well as all	200
	Plans etc., which are on board the Vessel. Other certificates which are on board the Vessel shall also	201
	be handed over to the Buyers unless the Sellers are required to retain same, in which case the	202
	Buyers to have the right to take copies. Other technical documentation which may	203
	be in the Sellers’ possession shall be promptly forwarded to the Buyers at their expense, if they so	204
	request. The Sellers may keep the Vessels log books but the Buyers to have the right to take	205
	
        copies of same at Buyers’ account.

         
	206
	9.       Encumbrances	207

 

	The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances,	208
	Mortgages, taxies, levies, duties and maritime liens or other liens or any other debts whatsoever and is not subject to any port state or administrative detentions. The Sellers hereby undertake 	209
	to indemnify the Buyers against all consequences of claims made against the Vessel which have	210
	been incurred prior to the time of delivery or arising out of or with respect to events occurring prior to the time of delivery.	211

 

	10.      Taxes, etc.	212

 

	Any taxes, fees and expenses in connection with the purchase and registration under the Buyers’ flag	213
	shall be for the Buyers’ account, whereas similar charges in  connection with the closing of the Sellers’	214
	register shall be for the Sellers’ account.	215

 

    	 

    	 

    

 

	11.      Condition on delivery	216

 

	The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is	217
	delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be	218
	delivered and taken over “as is where is” as she was at the time of inspection, fair wear and tear excepted.	219
	However, the Vessel shall be delivered free of stowaways, free of cargo and with clean swept holds and with her class maintained without condition/recommendation*,	220
	free of average damage affecting the Vessels class, and with her classification certificates and 	221
	National/international/trading certificates and Continuous Survey of Machinery (CSM), as well as all other 	222
	certificates of the Vessel had at the time of inspection, 	223
	clean, valid and unextended for a minimum period of 3 (three) months from the time of the delivery without condition/recommendation* by Class or the relevant authorities at the time of delivery.	224
	“Inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4 a) or 4 b), if	225
	applicable, or the Buyers’ inspection prior to the signing of this Agreement. If the Vessel is taken over	226
	without inspection, the date of this Agreement shall be the relevant date.	227

 

	*          Notes, if any, in the surveyor’s report  which are accepted by the Classification Society	228
	            without condition/recommendation are not to be taken into account.	229

 

	12.      Name / markings	230

 

	
        Upon delivery the Buyers undertake to change the name
        of the Vessel and alter funnel markings.

         
	231
	13.      Buyers’ default	232

 

	Should the deposit not be paid in accordance with Clause 2, the Sellers have the right to cancel  this	233
	Agreement, and  they shall be entitled to  claim  compensation for their losses and for all expenses	234
	incurred together with interest.	235
	Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to	236
	cancel the Agreement, in which case the deposit  together  with interest  earned  shall  be released  to  the	237
	Sellers.  If the  deposit  does  not  cover  their  loss,  but in case of such cancellation the Sellers shall not 	238
	be entitled to claim further compensation for any losses suffered and/or for any expenses incurred together with interest.	239

 

	14.      Sellers’ default	240

 

	Should the Sellers fail to give NOR in accordance with Clause 5 a) or fail to be ready	241
	to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have	242
	the option of cancelling this Agreement provided always that the Sellers shall be granted a	243
	maximum of 3 (three) Banking days after the NOR has been given to make arrangements	244
	for the documentation set out in Clause 8 and Clause 17. If after NOR has been given but before	245
	the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not	246
	made physically ready again in every respect by the date stipulated in line 61 and new NOR	247
	given, the Buyers shall retain their option to cancel. In  the  event  that  the  Buyers  elect	248
	to  cancel this Agreement  the  deposit  together  with  interest earned shall be released to them	249
	immediately.	250
	Should the Sellers fail to give NOR by the date stipulated in line 61 or fail to be ready	251
	to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for	252
	their loss and for all expenses together with interest if their failure is due to proven	253
	negligence and whether or not the Buyers cancel this Agreement.	254

 

	15.      Buyers’ representatives	255

 

	After this Agreement has been signed by both parties and  the deposit  has  been  lodged, the Buyers	256
	have the right to place two (2) representatives on board the Vessel at their sole risk and expense upon	257
	arrival at  ________ on or about _________ immediately.	258
	These representatives/crew shall remain on board until delivery of the Vessel to, and acceptance of the Vessel by, the Buyers for the purpose of familiarisation and in the capacity of	259
	observers only, and they shall not interfere in any respect with the operation of the Vessel. The	260
	Buyers’ representatives/crew shall sign the Sellers’ letter of indemnity prior to their embarkation.	261
	 	 
	
        16. Arbitration

         
	262

 

    	 

    	 

    

 

	a)*This Agreement (and any non-contractual obligations connected with this Agreement) shall be governed by and construed in accordance with English law and any dispute arising out of this	263
	Agreement and/or any non-contractual obligations connected with this Agreement shall be referred to	264
	arbitration in London in accordance with the Arbitration Acts 1996 or any statutory modification or	265
	re-enactment thereof for the time being in force, one arbitrator being appointed by each	266
	party. The arbitrators shall be full members of the London Maritime Arbitrators Association (“LMAA”). On the receipt by one party of the nomination in writing of the other party’s arbitrator,	267
	that party shall appoint their arbitrator within fourteen days, failing which the decision of the	268
	single arbitrator appointed shall apply. If two arbitrators are properly appointed	269
	they shall appoint a third arbitrator failing which the third arbitrator shall be appointed by the President of the LMMA at the time within 21 (twenty one) days of the two arbitrators being appointed.	270

 

	b)*This  Agreement  shall  be  governed  by  and  construed  in  accordance  with  Title  9  of   the	271
	United States Code and the Law of the State of New York  and  should  any  dispute  arise  out  of	272
	this Agreement, the matter in dispute shall be referred to three  persons  at  New  York,  one  to	273
	be appointed by each  of  the  parties  hereto,  and  the  third  by  the  two  so  chosen;  their	274
	decision or that of any two of them shall be final, and for purpose of enforcing any  award,  this	275
	Agreement may be made a rule of the Court.	276
	The proceedings shall be conducted in accordance  with  the  rules  of  the  Society  of  Maritime	277
	Arbitrators, Inc.  New York.	278

 

	c)*Any dispute arising out of this Agreement shall be referred to arbitration at London in accordance with the Arbitration Act 1996 and subsequent alterations (if any), LLMAA rules to apply	279
	, subject to the procedures applicable there.	280
	The laws of England shall govern this Agreement.	281

 

	*16 a), 16 b) and 16 c) are altematives; delete whichever is not applicable.  In the absence of	282
	deletions, altemative 16 a) to apply.	283

 

Additional Clauses 17, 18, 19, 20, 21,
22, 23, 24 and 25, inclusive as herein below, are deemed to 

 

be fully incorporated into and form
an integral part of this Agreement.

 

17. Delivery Documents

 

A. In exchange of the payment
of the Purchase Price and other monies due under Clause 3 of this Agreement, the Sellers shall furnish the Buyers with the following
delivery documents, namely:

 

(a)Three originals of a
legal bill of sale in form recordable in the Buyers’ new flag in the English language (the “Bill of Sale”) in favour
of the Buyers, evidencing the transfer of all (100 percent) of the shares and interest in and title to the Vessel to the Buyers
and warranting that the Vessel is free from all mortgages, encumbrances, charters, maritime liens or other liens, claims, taxes,
levies, duties and any other debts whatsoever or any port state or administrative detentions, duly executed by the Sellers and
duly certified by a notary public and legalized by Apostille.

 

(b)Fax or email copy of
Transcript of Register issued by the Isle of Man Registry and dated the delivery date showing the Vessel to be registered
in the ownership of the Sellers and free and clean from encumbrances and mortgages to be faxed to the closing meeting in Greece.
The original of such Transcript of Register will be provided to the Buyers not later than 10 (ten) Banking days after the delivery
date of the Vessel to the Buyers and the Sellers shall provide a written undertaking to the Buyers to that end.

 

(c)A certified true copy
of the certificate of incorporation of the Sellers certified by the Sellers’ Greek counsel.

 

    	 

    	 

    

 

(d)An original set of Minutes
of all the members of the Board of Directors of the Sellers or Resolutions of the Sellers adopted by unanimous consent approving,
authorizing and confirming the entry into this Agreement and any amendments and/or addendums thereto, authorising the sale of the
Vessel in accordance with the provisions of this Agreement and authorizing persons to conclude the sale, transfer and delivery
of the Vessel to the Buyers and sign, execute and deliver on behalf of the Sellers, inter alia, the Bill of Sale, a protocol
of delivery and acceptance and any other document required to be executed by the Sellers in respect of the delivery of the Vessel
from the Sellers to the Buyers thereof pursuant to this Agreement and also authorizing the execution of Power(s) of Attorney to
a specific person or persons empowering them to execute and deliver such documents and take such steps as may be necessary or appropriate
in order to transfer and deliver the Vessel to the Buyers, such Minutes to be duly certified by a notary public and legalized by
Apostille.

 

(e)Original written resolutions
of the Shareholder(s), approving the BOD minutes or Resolutions of the Sellers under 17. A. (d) above, duly certified by a notary
public and legalized by Apostille.

 

(f)An original Power of
Attorney of the Sellers executed pursuant to the Minutes or Resolutions referred to in item 17. A. (d) hereinabove duly certified
by a notary public and legalized by Apostille.

 

(g)An original set of a
director’s certificate of incumbency of the Sellers certifying the name of all present directors/officers and shareholders
of the Sellers and attaching copies of all the correct and complete and up-to-date constitutional documents in full force and effect
of the Sellers (Memorandum and Articles of Association) with any amendments.

 

(h)An original Certificate
of Goodstanding of the Sellers dated no more than 10 (ten) Banking days prior to the delivery date showing the Sellers to be in
good standing under the laws of the British Virgin Islands.

 

(i)Two original Protocols
of Delivery and Acceptance (one for the Sellers and one for the Buyers to be exchanged at the closing in Greece) confirming the
delivery of the Vessel by the Sellers to the Buyers.

 

(j)Commercial Invoice in
three (3) copies dated the delivery date, stating the full particulars of the Vessel and the Purchase Price of the Vessel signed
and stamped by the Sellers.

 

(k)An original letter of
confirmation from the Sellers stating that to the best of their knowledge the Vessel is not blacklisted by Arab Boycott League
in Damascus or any other organisation, nation, government, state, country, political sub-division or union as of the delivery date.

 

(l) (i) A letter of undertaking
by the Sellers to effect deletion from the Vessel’s Registry forthwith and provide the Buyers with the original Transcript
of Closed Register from the Vessel’s Registry within 10 (ten) Banking days after delivery of the Vessel and to also provide
the Vessel’s new flag with a Closed Continuous Synopsis Record issued by the Vessel’s Registry within 30 (thirty) running
days after delivery of the Vessel; (ii) A copy of the Transcript of Closed Register to be provided to the Buyers on the delivery
date; and (iii) a Closed Continuous Synopsis Record from the Vessel’s Registry to be issued and delivered to the Vessel’s
new flag administration as paragraph (o)(i) above within 30 (thirty) running days after the delivery of the Vessel (unless the
Buyers waive this item (I) (i) (ii) and (iii) ).

 

    	 

    	 

    

 

(m) Original Class Maintenance
Certificate issued by the Vessel’s present Class and dated not more than 3 (three) Banking days prior to the date of delivery
of the Vessel evidencing that the Vessel is class maintained without condition/recommendation.

 

(n) An original letter of confirmation
from the Sellers addressed to the Buyers confirming that the Vessel has not traded with or called in Israel, Cuba, Iran, Syria,
North Korea or any other areas sanctioned or boycotted by the European Union and/or the United States of America and/or the United
Nations, dated the delivery date. In case however the Vessel has traded in Israel and/or Iran, Sellers to provide an original letter
of confirmation addressed to the Buyers confirming the following: i) the Vessel has not traded with or called in Cuba, Syria, North
Korea or any other areas sanctioned or boycotted by the European Union and/or the United States of America and/or the United Nations
and ii) that if the Vessel has traded Israel and/or Iran, this was with legal cargo for humanitarian purposes, dated the delivery
date.

 

(o) An original letter of confirmation
from the Sellers addressed to the Buyers confirming that the Vessel is entitled to trade worldwide within Institute Warranty Limits
without restriction or limitation.

 

(p) An original letter of confirmation
from the Sellers that to the best of their knowledge the Vessel has not touched bottom or suffered any underwater damage from her
last drydock up to the date of her delivery.

 

(q)
One original letter from the Sellers confirming that any outstanding radio accounts shall be settled
by the Sellers as soon as practically possible after the Vessel’s delivery with no liability regarding the same to be incurred
against the Buyers.

 

(r) Recent AGM free certificate
from authorized company, if available.

 

(s) Most recent original Certificate
for Chinese Tonnage Tax dues at no cost, if available.

 

(t) Any such additional documents
as may be reasonably required by the Buyers’ flag authorities for the purpose of transferring title and registering the Vessel,
provided that the Buyers notify the Sellers of any such documents as soon as possible and in no event later than 7 (seven) days
prior to the expected delivery of the Vessel.

 

B. In exchange of delivery
of the Vessel, the Buyers shall furnish the Sellers with the following delivery documents, namely:

 

		(a)	Copy of the Certificate of Incorporation of the Buyers, certified as true
by the Buyers’ Greek Legal Counsel.

 

		(b)	Original Good Standing Certificate of the Buyers dated no more than 7 (seven)
Banking prior to the delivery date showing the Buyers to be in good standing under the laws of the Marshall Islands.

 

		(c)	An original set of resolutions or minutes of the Board of Directors of the
Buyers authorising the purchase of the Vessel in accordance with the provisions of this Agreement, the ratification of this Agreement
signed and the execution on behalf of the Buyers of (inter alia) the acceptance of the Bill of Sale (if applicable), a protocol
of delivery and acceptance and any other document required to be executed by the Buyers in respect of the delivery of the Vessel
from the Sellers to the Buyers pursuant to this Agreement, and authorising further execution of a Power of Attorney authorising
the execution any and all other documents and undertakings provided in this Agreement such resolutions to be duly legalised by
Apostille.

 

    	 

    	 

    

 

		(d)	An original set of an officer’s certificate of incumbency of the Buyers
certifying the names of all present directors/officers of the Buyers and attaching copies of all correct and complete constitutional
documents in full force and effect of the Buyers (Copies of the Articles of Incorporation and By-Laws (together with any amendment
thereto up to and including the delivery date)).

 

		(e)	An original Power of Attorney of the Buyers issued in accordance with the
resolutions referred to under 17. B. (c) above authorising the persons signing the documents on their behalf such power of attorney
to be duly legalised by Apostille.

 

		(f)	Original written resolutions of the Buyers’ Shareholder, approving
the BOD minutes under 17. B. (c), such resolutions to be duly legalised by Apostille.

 

The parties undertake to exchange
drafts of the above documents and agree final formats latest 7 (seven) Banking days prior to the delivery date of the Vessel.

 

18. DRYDOCKING

 

NO DRYDOCKING CLAUSE TO APPLY
AND CLAUSE 6 OF SALESFORM 1993 IS DELETED.

 

HOWEVER, PROMPTLY BEFORE OR
AFTER THE VESSEL’S ARRIVAL AT THE DELIVERY PORT AND PRIOR TO THE VESSEL’S DELIVERY THE BUYERS HAVE THE RIGHT TO CARRY
OUT AN INSPECTION OF THE VESSEL’S UNDERWATER (BELOW SUMMER LOADLINE) PARTS BY CLASS APPROVED DIVERS WITH VIDEO LINK TO THE
ATTENDING CLASS SURVEYOR, SUCH DIVERS INSPECTION TO BE AT BUYERS’ RISK AND EXPENSE.

 

BUYERS TO ADVISE SELLERS FIVE
(5) DAYS PRIOR TO DELIVERY IF THEY INTEND TO CARRY OUT UNDERWATER INSPECTION. IF THE DECLARED BY SELLERS DELIVERY PORT IS NOT FEASIBLE
FOR AN UNDERWATER INSPECTION, BUYERS SHALL PROMPTLY ADVISE SELLERS OF AN ALTERNATIVE PLACE NEAR TO THE DELIVERY PORT, TO BE MUTUALLY
AGREED, WHERE SELLERS ARE TO MAKE THE VESSEL AVAILABLE, AT SELLERS’ COST (EXCEPT FOR THE BUNKERS’ COST WHICH SHALL
BE BORNE EQUALLY BETWEEN THE SELLERS AND THE BUYERS), FOR SUCH AN INSPECTION. THE EXTENT OF THE INSPECTION AND CONDITIONS UNDER
WHICH IT IS PERFORMED SHALL BE TO THE SATISFACTION OF THE CLASSIFICATION SOCIETY.

 

THE DIVERS INSPECTION TO BE
CARRIED OUT IN A MANNER AND UNDER CONDITIONS CONSIDERED SUITABLE BY THE ATTENDING CLASS SURVEYOR FOR SUCH UNDERWATER INSPECTION.
ATTENDANCE ARRANGEMENTS AND FEES FOR THE ATTENDING CLASS SURVEYOR SHALL BE FOR THE BUYERS’ ACCOUNT AND THE COST OF THE DIVERS
FOR THE BUYERS’ ACCOUNT.

 

    	 

    	 

    

 

A) IF ANY DAMAGE IS FOUND TO
THE VESSELS UNDERWATER PARTS WHICH LEADS TO IMPOSING RECOMMENDATION(S) AGAINST THE VESSEL, AND REQUIRES SAME TO BE REPAIRED PRIOR
TO THE VESSEL’S NEXT DUE DRYDOCKING DATE, THEN THE SELLERS SHALL REPAIR SUCH DAMAGE TO THE SATISFACTION OF CLASSIFICATION
SOCIETY AT THE SELLERS’ TIME AND EXPENSE, PRIOR TO THE VESSEL’S DELIVERY TO THE BUYERS. SHOULD THE VESSEL BE REQUIRED
TO DRYDOCK TO EFFECT SUCH REPAIRS TO CLASS SATISFACTION, THEN THE BUYERS SHALL HAVE THE RIGHT TO SCRAPE/PAINT THE VESSEL’S
UNDERWATER PARTS AT THE BUYERS’ RISK & EXPENSE WHILST THE VESSELS IS IN DRYDOCK. ALL COSTS AND MATERIALS ASSOCIATED WITH
THE BUYERS’ WORKS AND ANY EXTRA DRYDOCKING TIME REQUIRED FOR THE BUYERS TO CARRY OUT/COMPLETE THEIR WORKS SHALL BE FOR THE
BUYERS’ ACCOUNT. SUCH BUYERS’ WORKS SHALL NOT INTERFERE WITH THE SELLERS’ WORKS AND NOT TO DELAY THE DELIVERY
OF THE VESSEL. IN THE EVENT THAT THE SELLERS HAVE COMPLETED THEIR WORKS IN THE DRYDOCK TO THE SATISFACTION OF CLASS AND THE BUYERS
WORKS ARE NOT YET COMPLETED, THEN THE SELLERS HAVE THE RIGHT TO TENDER NOR FOR DELIVERY TO THE BUYERS WHILST THE VESSEL IS IN DRYDOCK.
IN THE EVENT OF THE VESSEL BEING REQUIRED TO DRYDOCK FOR REPAIRS AND THERE ARE NO SUITABLE DRYDOCKING FACILITIES AVAILABLE AT THE
DELIVERY PORT, THEN THE SELLERS SHALL TAKE THE VESSEL IN BALLAST TO THE NEAREST PORT/PLACE WHERE SUITABLE DRYDOCKING FACILITIES
ARE AVAILABLE, AND A NEW DELIVERY PORT TO BE AGREED BETWEEN THE PARTIES. IT IS HEREBY MUTUALLY AGREED BY THE SELLERS AND THE BUYERS,
THAT IN THE EVENT OF DAMAGE AFFECTING CLASS BEING FOUND DURING THE DIVERS INSPECTIONS AS MENTIONED ABOVE, THEN THE AGREED CANCELLING
DATE SHALL AUTOMATICALLY BE EXTENDED BY THE ADDITIONAL TIME REQUIRED FOR THE DRYDOCKING, REPAIRS AND EXTRA STEAMING, BUT LIMITED
TO A MAXIMUM OF FOURTEEN (14) RUNNING DAYS. CLASS ATTENDANCE FEES AND DIVERS COSTS TO BE FOR SELLERS’ ACCOUNT.

 

B) IF ANY DAMAGE(S) TO THE
VESSEL’S UNDERWATER PARTS IS FOUND WHICH LEADS TO CLASS IMPOSING A RECOMMENDATION(S) AGAINST THE VESSEL BUT AGREE
TO POSTPONE PERMANENT REPAIRS TO SAME UNTIL THE VESSEL’S NEXT DUE DRYDOCKING DATE THEN, IN LIEU OF THE SELLERS REPAIRING SUCH DAMAGE(S),
THE SELLERS TO COMPENSATE THE BUYERS BY WAY OF PAYMENT IN CASH TO THE BUYERS NOMINATED ACCOUNT AND THE BUYERS SHALL TAKE DELIVERY
OF THE VESSEL AS SHE IS WITH SUCH RECOMMENDATION(S) OUTSTANDING. THE SELLERS AND THE BUYERS SHALL EACH OBTAIN A QUOTATION FOR THE
REPAIR OF SUCH DAMAGE FROM TWO (2) SEPARATE REPUTABLE SHIP REPAIR YARDS IN THE AREA, AND THE COMPENSATION AMOUNT TO THE BUYERS
SHALL BE THE AVERAGE OF THE TWO (2) REPAIR QUOTATIONS RECEIVED BY THE BUYERS AND SELLERS RESPECTIVELY AS MENTIONED ABOVE. CLASS
ATTENDANCE FEES AND DIVERS COSTS TO BE FOR SELLERS’ ACCOUNT.

 

19. P AND C

 

The terms and conditions of
the sale to be kept strictly private and confidential by all parties involved, save as required otherwise by the Securities and
Exchange Commission or US stock listed exchange rules applicable to the Buyers.

 

    	 

    	 

    

 

20. Notices

 

Any and all notices and communication
in connection with this Agreement shall be in English in writing and shall be sent as follows:

 

		(a)	if
                                         to the Sellers at:

                                         Attention: Asteria Bagouli

                                         Telephone: +302108910288

                                         Fax: +302108910295

                                         E-mail: legal@ensh.com

                                         or such other address as the Sellers may notify the Buyers.

 

		(b)	If
                                         to the Buyers at:

                                         Attention: Stamatios Tsantanis

                                         Telephone: +30 213 0181 507

                                         Fax: +30 210 9638404

                                         E-mail: snt@seanergy.gr

                                         or such other address as the Buyers may notify the Sellers

 

21. Performance Guarantee

 

Seanergy Maritime Holdings Corp.,
of the Marshall Islands (“Seanergy”) guarantees the performance by the Buyer of all of its obligations under this Agreement.

 

22. Contracts (Rights
of Third Parties) Act 1999

 

Nothing contained in this Agreement
confers or purports to confer on any third party any benefit or any right to enforce any term hereof pursuant to the Contracts
(Rights of Third Parties) Act 1999.

 

23. Purchase Agreement
& this Agreement 

 

This Agreement is one of the
“MOAs” referred to and defined in the Purchase Agreement. If there is any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of said Purchase Agreement, then the terms and conditions of the Purchase Agreement
shall prevail.

 

24. Condition Precedent
to this Agreement

 

The obligations of the Buyer
and Seanergy’s performance guarantee under Clause 21 to consummate the transactions contemplated by this Agreement and take
delivery of the Vessel shall be subject to the fulfillment, at or prior to the delivery date of the Vessel, of the following condition:

 

The Buyer shall have secured
financing for the acquisition of the Vessel.

 

In the event that the above
condition is not fulfilled at or prior to the delivery date of the Vessel, this Agreement shall forthwith become void and null
and there shall be no liability on the part of any party hereto and Seanergy except that nothing herein shall relieve any party
hereto from liability for any willful breach of any provision hereof.

 

25. Entire Agreement

 

The written terms of this Agreement
comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel.

 

    	 

    	 

    

 

	For the Sellers	For the Buyers
	 	 
	/s/ Nikolaos Sakalaridis	/s/ Stamatios Tsantanis
	Name: Nikolaos Sakalaridis	Name: Stamatios Tsantanis
	Title: Authorized Director	Title: Authorized Director

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