Document:

exv10w2

Exhibit 10.2

FORM OF BUSINESS OPPORTUNITIES AGREEMENT

THIS BUSINESS OPPORTUNITIES AGREEMENT (the “Agreement”) is entered into on, and effective
as of                     , 2010 (the “Closing Date”), among Capital Maritime &
Trading Corp., a Marshall Islands corporation (“Capital Maritime”) and Crude Carriers
Corp., a Marshall Islands corporation (“Crude Carriers”).

RECITALS:

WHEREAS, Capital Maritime, Crude Carriers and their respective affiliates are engaged in the
shipping business;

WHEREAS, Capital Ship Management Corp., a subsidiary of Capital Maritime, will serve as Crude
Carriers’ manager pursuant to a Management Agreement dated as of the Closing Date (the
“Management Agreement”);

WHEREAS, Crude Carriers and Capital Maritime wish to identify the circumstances under which, and
the procedures pursuant to which, Business Opportunities (as defined below) of which a Capital
Maritime Entity (as defined below) becomes aware are to be communicated to Crude Carriers and
related protocols for pursuit of those Business Opportunities by Crude Carriers on the one hand and the
Capital Maritime Entities on the other hand;

WHEREAS, Crude Carriers and Capital Maritime also wish to clarify that, subject to complying with
applicable laws and regulations and the provisions of this Agreement and the Management Agreement,
the Capital Maritime Entities shall not be restricted in the activities and lines of businesses
that they may engage in as a result of the Management Agreement, this Agreement or any other
relationship they may have with Crude Carriers;

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations
hereinafter set forth, the parties hereto hereby agree as follows:

ARTICLE I

DEFINITIONS

          “Bareboat Charter Agreement” means a contract to charter a tanker vessel of the type
then owned or controlled by Crude Carriers for an agreed period of time at a set rate per day under
which all voyage related costs, such as fuel and port dues, and all operating expenses, including
maintenance, crewing and insurance, are for the charterer’s account.

          “Bareboat Charter Opportunity” means a potential opportunity to enter into a Bareboat
Charter Agreement.

          “Board” means the board of directors of Crude Carriers.

          “Business Opportunity” means a Spot Charter Opportunity, a Period Charter Opportunity,
a Bareboat Charter Opportunity, a Vessel Acquisition Opportunity or any other business opportunity
that

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Crude Carriers would reasonably be expected to be capable of pursuing, but excluding the
opportunity to enter a tanker vessel into a tanker pool.

          “Capital Maritime Entity” means Capital Maritime, its officers and directors and any
Person controlled, directly or indirectly, by Capital Maritime, including, without limitation,
Capital Ship Management Corp.

          “Change of Control” means, with respect to any Person (the “Applicable Person”), any
of the following events: (a) any sale, lease, exchange or other transfer (in one transaction or a
series of related transactions) of all or substantially all of the Applicable Person’s assets to
any other Person, unless immediately following such sale, lease, exchange or other transfer such
assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger
of the Applicable Person with or into another Person pursuant to a transaction in which the
outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash,
securities or other property, other than any such transaction where (i) the outstanding Voting
Securities of the Applicable Person are changed into or exchanged for Voting Securities of the
surviving Person or its parent and (ii) the holders of the Voting Securities of the Applicable
Person immediately prior to such transaction own, directly or indirectly, not less than a majority
of the outstanding Voting Securities of the surviving Person or its parent immediately after such
transaction; and (c) a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the
Exchange Act), other than a Capital Maritime Entity with respect to Capital Maritime or Crude
Carriers Investments Corp. and its affiliates with respect to Crude Carriers, being or becoming the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of
all of the then outstanding Voting Securities of the Applicable Person, except in a merger or
consolidation which would not constitute a Change of Control under clause (b) above.

          “Control” (including the terms “controlled by” and “under common control
with”), with respect to the relationship between or among two or more Persons, means that the
Person directly or indirectly exercises a controlling influence over the management or policies of
another Person.

          “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

          “Independent Directors’ Committee” means the independent directors’ committee of the
Board.

          “Opportunity Period” means:

	 	•	 	with respect to a Period Charter Opportunity or Bareboat Charter
Opportunity, 48 hours from the time a Capital Maritime Entity notifies Crude
Carriers of such Period Charter Opportunity or Bareboat Charter Opportunity;
	 
	 	•	 	with respect to a Spot Charter Opportunity, a reasonable period of time in
light of the circumstances (including without limitation the time period the
Spot Charter Opportunity is expected to be available) from the time a Capital
Maritime Entity informs Crude Carriers of such Spot Charter Opportunity;
	 
	 	•	 	with respect to a Vessel Acquisition Opportunity, 120 hours from the time a
Capital Maritime Entity notifies Crude Carriers of such Vessel Acquisition
Opportunity, unless Crude Carriers notifies Capital Maritime that it wishes to
extend the Opportunity Period for such Vessel Acquisition Opportunity, in which
case the Opportunity Period for such Vessel Acquisition Opportunity shall be

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	 	 	 	192 hours from the time a Capital Maritime Entity notifies Crude Carriers of
such Vessel Acquisition Opportunity; and
	 
	 	•	 	with respect to any other Business Opportunity, 120 hours from the time a
Capital Maritime Entity notifies Crude Carriers of such Business Opportunity.

          “Period Charter Agreement” means a contract to charter a tanker vessel of the type
then owned or controlled by Crude Carriers for an agreed period of time in excess of three months
at a set rate per day under which the charterer pays for the vessel’s voyage expenses, such as fuel
and port dues, and the owner is responsible for providing crew and paying operating expenses.

          “Period Charter Opportunity” means a potential opportunity to enter into a Period
Charter Agreement.

          “Person” means an individual, corporation, partnership, joint venture, trust, limited
liability company, unincorporated organization or any other entity.

          “Spot Charter Agreement” means a contract to charter a tanker vessel of the type then
owned or controlled by Crude Carriers for an agreed period of time of up to three months at a set
rate per day under which the vessel operator pays for the vessel’s voyage expenses, such as fuel
and port dues, and the owner is responsible for providing crew and paying operating expenses.

          “Spot Charter Opportunity” means a potential opportunity to enter into a Spot Charter
Agreement.

          “Vessel Acquisition Opportunity” means a potential opportunity to acquire a crude
tanker vessel.

          “Voting Securities” means securities of any class of Person entitling the holders
thereof to vote in the election of members of the board of directors or other similar governing
body of the Person.

ARTICLE II

BUSINESS OPPORTUNITIES

          Section 2.1. Except as otherwise provided by this agreement, Capital Maritime shall have the
right to engage (and shall have no duty to refrain from engaging) in the same or similar activities
or lines of business as Crude Carriers, and Crude Carriers shall not be deemed to have an interest
or expectancy in any business opportunity, other than a Business
Opportunity, in which Capital Maritime engages or seeks to engage
merely because Crude Carriers engages in the same or similar activities or lines of business as
that involved in or implicated by such Business Opportunity.

          Section 2.2 (a) If Capital Maritime (or another Capital Maritime Entity) becomes aware of a
Business Opportunity, whether through an officer or director shared with Crude Carriers or
otherwise, then Capital Maritime shall inform (or cause the relevant Capital Maritime Entity to
inform) Crude Carriers of such Business Opportunity by communicating with Andreas C. Konialidis or
Jerry G. Kalogiratos as set forth in Section 3.5(a) below.

          (b) Capital Maritime shall refrain, and shall cause all other Capital Maritime Entities to
refrain, from pursuing or acquiring such Business Opportunity from the date a Capital Maritime
Entity becomes aware of such Business Opportunity until Crude Carriers has been notified of the
Business Opportunity and the earlier of (i) the time the Opportunity Period for such Business
Opportunity has lapsed without Crude Carriers informing the applicable Capital Maritime Entity that
it elects to pursue or acquire the applicable Business Opportunity and (ii) the time Crude Carriers
informs a Capital Maritime Entitiy that it does not intend to pursue such Business Opportunity.

          (c) After being informed of a Business Opportunity, Crude Carriers shall inform the Capital
Maritime Entity that provided such notice, as promptly as practicable, of its election to (i)
pursue

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or acquire such Business Opportunity, (ii) direct such Business Opportunity to another Person,
or (iii) refrain from doing the foregoing.

          Section 2.3 If Crude Carriers elects, within the Opportunity Period, to pursue or acquire such
Business Opportunity or to direct such Business Opportunity to another Person, then Capital
Maritime shall refrain, and shall cause all other Capital Maritime Entities to refrain, from
pursuing or acquiring such Business Opportunity until such time as Crude Carriers abandons its
pursuit of such Business Opportunity. If Crude Carries does not elect, within the Opportunity
Period, to pursue or acquire such Business Opportunity or to direct such Business Opportunity to
another Person, then any Capital Maritime Entity may pursue or acquire such Business Opportunity.

          Section 2.4 Notwithstanding the foregoing: (a) if Crude Carriers notifies a Capital Maritime
Entity that it will not pursue or acquire a particular Business Opportunity or direct such Business
Opportunity to another Person, thereafter any Capital Maritime Entity may pursue or acquire such
Business Opportunity; and (b) the Capital Maritime Entities shall not be restricted in any way in
pursuing business opportunities that are not Business Opportunities.

ARTICLE III

MISCELLANEOUS

          Section 3.1 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

          Section 3.2 Submission to Jurisdiction. Each of the parties hereto hereby irrevocably
and unconditionally consents to submit to the exclusive jurisdiction and venue of the United States
District Court for the Southern District of New York and in the courts hearing appeals therefrom
unless no basis for federal jurisdiction exists, in which event each party hereto irrevocably
consents to the exclusive jurisdiction and venue of the Supreme Court of the State of New York, New
York County, and the courts hearing appeals therefrom, for any action, suit or proceeding arising
out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties
hereto irrevocably and unconditionally waives, and agrees not to assert, by way of motion, as a
defense, counterclaim or otherwise, in any such action, suit or proceeding, any claim that such
party is not personally subject to the jurisdiction of the aforesaid courts for any reason, other
than the failure to serve process in accordance with this Section 3.2, that it or its property is
exempt or immune from jurisdiction of any such court or from any legal process commenced in such
courts (whether through service of notice, attachment prior to judgment, attachment in aid of
execution of judgment, execution of judgment or otherwise), and to the fullest extent permitted by
applicable law, that the action, suit or proceeding in any such court is brought in an inconvenient
forum, that the venue of such action, suit or proceeding is improper, or that this Agreement, or
the subject matter hereof, may not be enforced in or by such courts and further irrevocably waives,
to the fullest extent permitted by applicable law, the benefit of any defense that would hinder,
fetter or delay the levy, execution or collection of any amount to which the party is entitled
pursuant to the final judgment of any court having jurisdiction. Each of the parties hereto
expressly acknowledges

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that the foregoing waivers are intended to be irrevocable under the laws of the State of New
York and of the United States of America; provided, that consent by the parties hereto to
jurisdiction and service contained in this Section 3.2 is solely for the purpose referred to in
this Section 3.2 and shall not be deemed to be a general submission to said courts or in the State
of New York other than for such purpose.

          Section 3.3 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE
OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE
TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN
CONTRACT, TORT, EQUITY, OR OTHERWISE.

          Section 3.4 Resolution of Disputes.

          (a) Any dispute, claim, or controversy arising out of or relating to this Agreement (a
“Dispute”) shall be resolved in accordance with the procedures set forth in this Section
3.4. These procedures shall be the sole and exclusive process for the resolution of any such
Dispute.

          (b) Upon the written request of either party, the parties shall endeavor to settle the Dispute
in an amicable manner by mediation administered by the American Arbitration Association under its
Commercial Mediation Rules then in effect, except as modified herein. The mediator shall be
selected by the parties hereto within five (5) days of the request for mediation. If the parties
are unable to agree upon a mediator within five (5) days of the request for mediation, the mediator
shall be selected by the American Arbitration Association. If the Dispute has not been resolved by
mediation within ten (10) days of appointment of a mediator, either party may initiate arbitration
as provided in this Section 3.4.

          (c) Any Dispute not resolved through the procedures set forth in Section 3.4(b) shall be
finally settled by arbitration administered by the American Arbitration Association under its
Commercial Arbitration Rules then in effect, except as modified herein. However, if a party has
requested the other to participate in the procedures set forth in Section 3.4(b) above and the
other has failed to participate, the requesting party may initiate arbitration immediately.

          (d) The arbitration shall be held, and the award rendered in, New York, New York. The
language of the arbitration shall be English, but documents or testimony may be submitted in other
language if a translation is provided. There shall be one arbitrator selected jointly by the
parties within ten (10) days of respondent’s receipt of claimant’s demand for arbitration. If an
arbitrator is not jointly selected by the parties within such ten-day period, such arbitrator will
be selected within ten (10) days by the American Arbitration Association under its Commercial
Arbitration Rules. The hearing shall be held no later than ninety (90) days following the
appointment of the arbitrator. The arbitrator shall have no authority to amend or modify any of
the terms of this Agreement. The arbitrator shall have ten (10) business days from the closing
statements or submission of post-hearing briefs by the parties to render his or her decision.
Either party may apply to any court having jurisdiction hereof and seek injunctive relief in order
to maintain the status quo until such time as the arbitration award is rendered or the controversy
is otherwise resolved. The award shall be final and binding. The arbitration shall be governed by
the United States Arbitration Act, 9 U.S.C. §§ 1-16. Judgment upon any award may be entered by any
court having jurisdiction thereof.

          (e) Except to the extent necessary in connection with a proceeding relating to the arbitration
or an arbitration award contemplated by this Section 3.4, information concerning (1) any
documentary or other evidence given by a party or witness in the arbitration or (2) the arbitration
award

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may not be disclosed by the arbitral tribunal, the administrator, any party, its counsel, or
any other person or entity connected to the proceeding or related arbitration or judicial
proceeding unless required to do so by contract, by law, or by a competent court or regulatory
body, and then only to the extent of disclosing no more than that which is contractually or legally
required. Any arbitrator shall be required to agree to treat as confidential the information
outlined in clauses (1) and (2) of this Section 3.4(e) to the extent set forth in this Section
3.4(e). Following the resolution of or final arbitral decision made with respect to any Dispute,
each party shall in good faith cooperate with the other party if such other party requires
documentation to demonstrate to a third party that any Dispute that has been resolved.

          Section 3.5 Notices. (a) All notices required or permitted hereunder, if given in
writing, shall be deemed effective (i) upon personal delivery to the party to be notified, (ii)
when sent by confirmed facsimile or email if sent during normal business hours of the recipient, if
not, then at the start of the recipient’s next business day. All communications shall be sent to
the addresses set forth below or such other address or as a party may from time to time specify by
notice to the other party hereto:

          If to Capital Maritime, at

Capital Maritime & Trading Corp.

3 Iassonos Street

Piraeus 185 37

Greece

Telephone: +30 210 428 4879

Fax: +30 210 428 4285

Email: i.lazaridis@capitalmaritime.com

Attention: Ioannis E. Lazaridis

          If to the Crude Carriers, at:

Crude Carriers Corp.

3 Iassonos Street

Piraeus 185 37

Greece

Telephone: +30 210 458 4900

Fax: +30 210 4285 679

Email: crude@crudecarrierscorp.com

Attention: Crude Carriers Corp

          To inform Crude Carriers of a Business Opportunity:

Telephone: +44 207 488 1208

Email: a.konialidis@crudecarrierscorp.com

With a copy to: chartering@crudecarrierscorp.com, sandp@crudecarrierscorp.com

Attention: Andreas C. Konialidis or Jerry G. Kalogiratos

Any communications made to inform Crude Carriers of a Business Opportunity that are
not initially transmitted in writing must be confirmed in writing promptly
thereafter.

          (b) All notices required or permitted hereunder, if given orally, shall be deemed effective
upon the oral communication of the notice, whether in person or via telephone, to the officer
listed in Section 3.5(a) of the party to be notified.

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          Section 3.6 Entire Agreement. This Agreement constitutes the entire agreement of the
parties relating to the matters contained herein, superseding all prior contracts or agreements,
whether oral or written, relating to the matters contained herein.

          Section 3.7 Termination. This Agreement shall terminate immediately upon a Change of
Control of Capital Maritime or Crude Carriers. Capital Maritime may terminate this Agreement upon
the termination of the Management Agreement, provided that (A) if the Management Agreement is
terminated by Capital Maritime, other than as a result of (i) a material breach by the Company,
(ii) a Change in Control of the Company or a sale of all or substantially all of the assets to a
third party or (iii) the dissolution, insolvency or bankruptcy of the Company, then Capital
Maritime may not terminate this Agreement until the earlier of (x) and (y) where (x) is the later
of (1) the date that is 12 months from the date of termination of the Management Agreement and (2)
the date that neither a majority of the executive officers nor a majority of the directors of the
Company are also officers or directors of a Capital Maritime Entity and (y) is the first date that
any event provided in clause (i) through (iii) above occurs.

          Section 3.8 Waiver; Effect Of Waiver Or Consent. Any party hereto may (a) extend the
time for the performance of any obligation or other act of any other party hereto or (b) waive
compliance with any agreement or condition contained herein. Except as otherwise specifically
provided herein, any such extension or waiver shall be valid only if set forth in a written
instrument duly executed by the party or parties to be bound thereby; provided,
however, that the Independent Directors’ Committee must agree to any extension or waiver of
this Agreement that, in the reasonable discretion of the Board, will adversely affect the holders
of Crude Carriers’ Common Stock. No waiver or consent, express or implied, by any party of or to
any breach or default by any Person in the performance by such Person of its obligations hereunder
shall be deemed or construed to be a waiver or consent of or to any other breach or default in the
performance by such Person of the same or any other obligations of such Person hereunder. Failure
on the part of a party to complain of any act of any Person or to declare any Person in default,
irrespective of how long such failure continues, shall not constitute a waiver by such party of its
rights hereunder until the applicable statute of limitations period has run.

          Section 3.9 Amendment Or Modification. This Agreement may be amended or modified from
time to time only by the written agreement of all the parties hereto; provided,
however, that the Independent Directors’ Committee must agree to any amendment or
modification of this Agreement that, in the reasonable discretion of the Board, would reasonably be
expected to adversely affect the holders of Crude Carriers’ Common Stock.

          Section 3.10 Assignment. No party shall have the right to assign its rights or
obligations under this Agreement without the consent of the other party hereto, and any purported
assignment without the consent of the other party hereto shall be void.

          Section 3.11 Counterparts. This Agreement may be executed in any number of
counterparts with the same effect as if all signatory parties had signed the same document. All
counterparts shall be construed together and shall constitute one and the same instrument.

          Section 3.12 Severability. If any provision of this Agreement or the application
thereof to any Person or circumstance shall be held invalid or unenforceable to any extent, the
remainder of this Agreement and the application of such provision to other Persons or circumstances
shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

          Section 3.13 Gender, Parts, Articles And Sections. Whenever the context requires, the
gender of all words used in this Agreement shall include the masculine, feminine and neuter, and
the

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number of all words shall include the singular and plural. All references to Article numbers
and Section numbers refer to Articles and Sections of this Agreement.

          Section 3.14 Further Assurances. In connection with this Agreement and all
transactions contemplated by this Agreement, each signatory party hereto agrees to execute and
deliver such additional documents and instruments and to perform such additional acts as may be
necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and
conditions of this Agreement and all such transactions.

          Section 3.15 Withholding Or Granting Of Consent. Each party may, with respect to any
consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such
consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to
such conditions as it may deem appropriate.

          Section 3.16 Laws And Regulations. Notwithstanding any provision of this Agreement to
the contrary, no party to this Agreement shall be required to take any act, or fail to take any
act, under this Agreement if the effect thereof would be to cause such party to violate or be in
violation of any applicable law, statute, rule or regulation.

          Section 3.17 Rights of Third Parties. The provisions of this Agreement are
enforceable solely by the parties to this Agreement, and no shareholder of Capital Maritime or
Crude Carriers shall have the right, separate and apart from Capital Maritime or Crude Carriers (as
the case may be), to enforce any provision of this Agreement or to compel any party to this
Agreement to comply with the terms of this Agreement.

          Section 3.18 Headings. The headings and other captions in this Agreement are for
convenience and reference only; they are not part of this Agreement and shall not be used in
interpreting, construing or enforcing any provision of this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Closing
Date.

CAPITAL MARITIME & TRADING CORP.

By:                                                                    
        

Name:

Title:

CRUDE CARRIERS CORP.

By:                                                                    
        

Name:

Title:

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Exhibit 10.3

FORM OF SHARE PURCHASE AGREEMENT

 

SHARE PURCHASE AGREEMENT

Dated [•]

between

CAPITAL MARITIME & TRADING CORP.

and

CRUDE CARRIERS CORP.

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE I

	 
	 	 	 	 
	INTERPRETATION

	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	PURCHASE AND SALE OF SHARES; CLOSING

	 
	 	 	 	 
	Section 2.01 Purchase and Sale of Shares
	 	 	4	 
	Section 2.02 Closing
	 	 	4	 
	Section 2.03 Purchase Price for Shares
	 	 	4	 
	Section 2.04 Condition of the Vessel
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE BUYER

	 
	 	 	 	 
	Section 3.01 Organization and Corporate Authority
	 	 	4	 
	Section 3.02 Agreement Not in Breach of Other Instruments
	 	 	4	 
	Section 3.03 No Legal Bar
	 	 	5	 
	Section 3.04 Independent Investigation
	 	 	5	 
	ARTICLE IV

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE SELLER

	 
	 	 	 	 
	Section 4.01 Organization and Corporate Authority
	 	 	5	 
	Section 4.02 Agreement Not in Breach of Other Instruments
	 	 	5	 
	Section 4.03 No Legal Bar
	 	 	5	 
	Section 4.04 Good and Marketable Title to Shares
	 	 	5	 
	Section 4.05 The Shares
	 	 	5	 
	Section 4.06 Independent Investigation
	 	 	6	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE SELLER REGARDING THE VESSEL

OWNING SUBSIDIARY
	 
	 	 	 	 
	Section 5.01 Organization Good Standing and Authority
	 	 	6	 
	Section 5.02 Capitalization
	 	 	6	 
	Section 5.03 Organizational Documents
	 	 	6	 
	Section 5.04 Agreement Not in Breach of Other Instruments
	 	 	6	 
	Section 5.05 Litigation
	 	 	7	 
	Section 5.06 Indebtedness
	 	 	7	 

-i-

 

	 	 	 	 	 
	 	 	 	Page	 
	Section 5.07 Personnel
	 	 	7	 
	Section 5.08 Contracts and Agreements
	 	 	7	 
	Section 5.09 Compliance with Law
	 	 	7	 
	Section 5.10 No Undisclosed Liabilities
	 	 	8	 
	Section 5.11 Disclosure of Information
	 	 	8	 
	Section 5.12 Payment of Taxes
	 	 	8	 
	Section 5.13 Permits
	 	 	8	 
	Section 5.14 No Material Adverse Change in Business
	 	 	8	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE SELLER REGARDING THE VESSEL

	 
	 	 	 	 
	Section 6.01 Title to Vessel
	 	 	9	 
	Section 6.02 No Encumbrances
	 	 	9	 
	Section 6.03 Condition
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	PRE-CLOSING MATTERS

	 
	 	 	 	 
	Section 7.01 Covenants of the Seller prior to the Closing Date
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	CONDITIONS OF CLOSING

	 
	 	 	 	 
	Section 8.01 Conditions of the Seller
	 	 	10	 
	Section 8.02 Conditions of the Buyer
	 	 	11	 
	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	COVENANTS

	 
	 	 	 	 
	Section 9.01 Financial Statements
	 	 	11	 
	 
	 	 	 	 
	ARTICLE X

	 
	 	 	 	 
	TERMINATION, AMENDMENTS AND WAIVERS

	 
	 	 	 	 
	Section 10.01 Termination of Agreement
	 	 	12	 
	Section 10.02 Amendments and Waivers
	 	 	12	 
	 
	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 
	INDEMNIFICATION

	 
	 	 	 	 
	Section 11.01 Indemnity by the Seller
	 	 	12	 
	Section 11.02 Indemnity by the Buyer
	 	 	13	 
	Section 11.03 Exclusive Post-Closing Remedy
	 	 	13	 

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	 	 	 	Page	 
	ARTICLE XII

	 
	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 
	Section 12.01 Governing Law
	 	 	13	 
	Section 12.02 Submission to Jurisdiction
	 	 	13	 
	Section 12.03 Resolution of Disputes
	 	 	14	 
	Section 12.04 Waiver of Jury Trial
	 	 	15	 
	Section 12.05 Counterparts
	 	 	15	 
	Section 12.06 Complete Agreement
	 	 	15	 
	Section 12.07 Interpretation
	 	 	15	 
	Section 12.08 Severability
	 	 	15	 
	Section 12.09 Third Party Rights
	 	 	15	 
	Section 12.10 Notices
	 	 	15	 
	Section 12.11 Representations and Warranties to Survive
	 	 	16	 
	Section 12.12 Remedies
	 	 	16	 
	Section 12.13 Non-recourse
	 	 	16	 
	Section 12.14 Laws And Regulations
	 	 	16	 

-iii-

 

          SHARE PURCHASE AGREEMENT (the “Agreement”), dated as of [•], by and between CAPITAL
MARITIME & TRADING CORP. (the “Seller”), a corporation organized under the laws of the
Republic of the Marshall Islands, and CRUDE CARRIERS CORP. (the “Buyer”), a corporation
organized under the laws of the Republic of the Marshall Islands.

RECITALS

          WHEREAS, the Buyer wishes to purchase from the Seller, and the Seller wishes to sell to the
Buyer, the five hundred (500) shares of common stock (the “Shares”) representing all of the
issued and outstanding shares of common stock of Cooper Consultants Co., a corporation organized
under the laws of the Republic of the Marshall Islands (the “Vessel Owning Subsidiary”).

          WHEREAS, the Vessel Owning Subsidiary is the registered owner of the Liberian flagged motor
tanker “Miltiadis MII” (the “Vessel”), IMO number: 9311619.

          WHEREAS, the Seller wishes to transfer to the Buyer all rights, title and interest in the
Vessel and its inventory assets, and retain all assets, other than the Vessel, the Applicable
Contracts (as defined below) and any necessary Permits (as defined below), and retain all
liabilities of the Vessel Owning Subsidiary.

          WHEREAS, the Seller and Capital Ship Management Corp. (“CSM”) have executed a
Management Agreement dated as of April 19, 2006 relating to management of the Vessel (the
“Management Agreement”).

          NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE I

Interpretation

          Section 1.01 Definitions. In this Agreement, unless the context requires otherwise or
unless otherwise specifically provided herein, the following terms shall have the respective
meanings set out below and grammatical variations of such terms shall have corresponding meanings:

          “Agreement” means this Agreement, including its recitals and schedules, as amended,
supplemented, restated or otherwise modified from time to time;

          “Applicable Contracts” has the meaning given to it in Section 5.08;

          “Applicable Law” in respect of any Person, property, transaction or event, means all
laws, statutes, ordinances, regulations, municipal by-laws, treaties, judgments and decrees
applicable to that Person, property, transaction or event and, whether or not having the force of
law, all applicable official directives, rules, consents, approvals, authorizations, guidelines,
orders, codes of practice and policies of any Governmental Authority having or purporting to have
authority over that Person, property, transaction or event and all general principles of common law
and equity;

          “Business Day” means any day other than a Saturday, Sunday or any statutory holiday on
which banks in London, Greece and New York are required to close;

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          “Buyer” has the meaning given to it in the preamble;

          “Buyer Entities” means the Buyer and its subsidiaries;

          “Buyer Indemnitees” has the meaning given to it in Section 9.01;

          “Charter” means the spot charter party agreement entered into on or about January 18, 2010 and
between the Vessel Owning Subsidiary and Clearlake Shipping
Ltd BVI for a voyage that commenced on February 10,
2010.

          “Closing” has the meaning given to it in Section 2.02;

          “Closing Date” has the meaning given to it in Section 2.02;

          “Commitment” means (a) options, warrants, convertible securities, exchangeable
securities, subscription rights, conversion rights, exchange rights or other contracts that could
require a Person to issue any of its equity interests or to sell any equity interests it owns in
another Person (other than this Agreement and the related transaction documents); (b) any other
securities convertible into, exchangeable or exercisable for, or representing the right to
subscribe for any equity interest of a Person or owned by a Person; and (c) stock appreciation
rights, phantom stock, profit participation, or other similar rights with respect to a Person;

          “Contracts” means contracts, agreements or legally binding arrangements, written or
oral;

          “Credit Facility” means the US$187 million credit facility agreement dated June 26,
2006 among the Seller, Deutsche Schiffsbank AG, Alpha Bank A.E., National Bank of Greece S.A., ING
Bank N.V. and Bremer Landesbank Keditanstalt Oldenburg Girozentrale;

          “CSM” has the meaning given to it in the recitals;

          “Encumbrance” means any mortgage, lien, charge, assignment, adverse claim,
hypothecation, restriction, option, covenant, condition or encumbrance, whether fixed or floating,
on, or any security interest in, any property whether real, personal or mixed, tangible or
intangible, any pledge or hypothecation of any property, any deposit arrangement, priority,
conditional sale agreement, other title retention agreement or equipment trust, capital lease or
other security arrangements of any kind;

          “Equity Interest” means (a) with respect to any entity, any and all shares of capital
stock or other ownership interest and any Commitments with respect thereto, (b) any other direct
equity ownership or participation in a Person and (c) any Commitments with respect to the interests
described in (a) or (b);

          “Governmental Authority” means any domestic or foreign government, including federal,
provincial, state, municipal, county or regional government or governmental or regulatory
authority, domestic or foreign, and includes any department, commission, bureau, board,
administrative agency or regulatory body of any of the foregoing and any multinational or
supranational organization;

          “Initial Public Offering” means the initial public offering of the Buyer’s common
stock;

          “IPO Closing Date” means the settlement date of the Initial Public Offering;

          “Losses” means, with respect to any matter, all losses, claims, damages, liabilities,
deficiencies, costs, expenses (including all costs of investigation, legal and other professional
fees and

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disbursements, interest, penalties and amounts paid in settlement) or diminution of value,
whether or not involving a claim from a third party, however specifically excluding consequential,
special and indirect losses, loss of profit and loss of opportunity;

          “Management Agreement” has the meaning given to it in the recitals;

          “Notice” means any notice, citation, directive, order, claim, litigation,
investigation, proceeding, judgment, letter or other communication, written or oral, actual or
threatened, from any Person;

          “Organizational Documents” has the meaning given to it in Section 5.03;

          “Parties” means all parties to this Agreement and “Party” means any one of
them;

          “Person” means an individual, entity or association, including any legal personal
representative, corporation, body corporate, firm, partnership, trust, trustee, syndicate, joint
venture, unincorporated organization or Governmental Authority;

          “Permits” has the meaning given to it in Section 5.13;

          “Purchase Price” has the meaning given to it in Section 2.04;

          “Registration Statement” means the registration statement on Form F-1, Registration
No. [•], as it may be amended from time to time, filed by the Buyer in connection with the Initial
Public Offering.

          “Securities Act” means the Securities Act of 1933, as amended from time to time;

          “Seller” has the meaning given to it in the preamble;

          “Seller Entities” means the Seller and its subsidiaries and affiliates other than the
Buyer Entities;

          “Seller Indemnities” has the meaning given to it in Section 9.02;

          “Shares” has the meaning given to it in the recitals;

          “Taxes” means all income, franchise, business, property, sales, use, goods and
services or value added, withholding, excise, alternate minimum capital, transfer, excise, customs,
anti-dumping, stumpage, countervail, net worth, stamp, registration, franchise, payroll,
employment, health, education, business, school, property, local improvement, development,
education development and occupation taxes, surtaxes, duties, levies, imposts, rates, fees,
assessments, dues and charges and other taxes required to be reported upon or paid to any domestic
or foreign jurisdiction and all interest and penalties thereon;

          “Vessel Owning Subsidiary” has the meaning given to it in the recitals; and

          “Vessel” has the meaning given to it in the recitals.

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ARTICLE II

Purchase and Sale of Shares; Closing

          Section 2.01 Purchase and Sale of Shares. In accordance with and subject to the terms
and conditions set forth in this Agreement, the Seller agrees to sell and transfer the Shares to
the Buyer and the Buyer agrees to purchase the Shares from the Seller for the Purchase Price, which
in turn shall result in the Buyer indirectly owning the Vessel.

          Section 2.02 Closing. On the terms and subject to the conditions of this Agreement,
the sale and transfer of the Shares and payment of the Purchase Price shall take place on the IPO
Closing Date, or if agreed by the parties, as promptly as practicable thereafter, but in any case
within 45 days from the IPO Closing Date (the “Closing Date”). The consummation of the
sale and transfer of the Shares is hereinafter referred to as the “Closing.” The Closing
shall take place at the premises of CSM at 3 Iassonos Street, Piraeus, Greece.

          Section 2.03 Purchase Price for Shares. On the Closing Date, the Buyer shall pay to
the Seller (by wire transfer of immediately available funds to such account as the Seller shall
nominate) the amount of US $71,250,000 (the “Purchase Price”) in exchange for the Shares.
The Buyer shall have no responsibility or liability hereunder for the Seller’s allocation and
distribution of the Purchase Price among the Seller Entities.

          Section 2.04 Condition of the Vessel. The Parties acknowledge and agree that the
Vessel with everything belonging to it shall be at the Sellers’ risk and expense until it is
delivered to the Buyer and that, subject to the representations and warranties in this Agreement,
the Vessel shall be delivered and taken over by the Buyer, with everything belonging to it, on an
“as is, where is” basis, but free from outstanding recommendations and average damage affecting its
present class and with all its class, national and international trading certificates clean and
valid at the time of delivery.

ARTICLE III

Representations and Warranties of the Buyer

          The Buyer represents and warrants to the Seller that:

          Section 3.01 Organization and Corporate Authority. The Buyer is duly formed, validly
existing and in good standing under the laws of the Republic of the Marshall Islands, and has all
requisite corporate power and authority to enter into this Agreement and to consummate the
transactions contemplated hereby. This Agreement has been duly executed and delivered by the Buyer,
has been effectively authorized by all necessary action, corporate or otherwise, and constitutes
legal, valid and binding obligations of the Buyer. No meeting has been convened or resolution
proposed or petition presented and no order has been made to wind up the Buyer.

          Section 3.02 Agreement Not in Breach of Other Instruments. The execution and delivery
of this Agreement, the consummation of the transactions contemplated hereby and the fulfillment of
the terms hereof will not result in a breach of any of the terms or provisions of, or constitute a
default under, or conflict with, any agreement or other instrument to which the Buyer is a party or
by which it is bound, the Articles of Incorporation and Bylaws of the Buyer, any judgment, decree,
order or award of any court, governmental body or arbitrator by which the Buyer is bound, or any
law, rule or regulation applicable to the Buyer which would have a material effect on the
transactions contemplated hereby.

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          Section 3.03 No Legal Bar. The Buyer is not prohibited by any order, writ, injunction
or decree of any body of competent jurisdiction from consummating the transactions contemplated by
this Agreement and no such action or proceeding is pending or, to the best of its knowledge and
belief, threatened against the Buyer which questions the validity of this Agreement, any of the
transactions contemplated hereby or any action which has been taken by any of the parties in
connection herewith or in connection with any of the transactions contemplated hereby.

          Section 3.04 Independent Investigation. The Buyer has had the opportunity to conduct
to its own satisfaction an independent investigation, review and analysis of the business,
operations, assets, liabilities, results of operations, financial condition and prospects of the
Vessel Owning Subsidiary and, in making the determination to proceed with the transactions
contemplated hereby, has relied solely on the results of its own independent investigation and the
representations and warranties set forth in Articles IV, V and VI.

ARTICLE IV

Representations and Warranties of the Seller

          The Seller represents and warrants to the Buyer that:

          Section 4.01 Organization and Corporate Authority. The Seller is duly incorporated,
validly existing and in good standing under the laws of the Republic of the Marshall Islands, and
has all requisite corporate power and authority to enter into this Agreement and to consummate the
transactions contemplated hereby. This Agreement has been duly executed and delivered by the
Seller, has been effectively authorized by all necessary action, corporate or otherwise, and
constitutes legal, valid and binding obligations of the Seller. No meeting has been convened or
resolution proposed or petition presented and no order has been made to wind up the Seller.

          Section 4.02 Agreement Not in Breach of Other Instruments. The execution and delivery
of this Agreement, the consummation of the transactions contemplated hereby and the fulfillment of
the terms hereof will not result in a breach of any of the terms or provisions of, or constitute a
default under, or conflict with, any agreement or other instrument to which the Seller is a party
or by which it is bound, the Articles of Incorporation and Bylaws of the Seller, any judgment,
decree, order or award of any court, governmental body or arbitrator by which the Seller is bound,
or any law, rule or regulation applicable to the Seller.

          Section 4.03 No Legal Bar. The Seller is not prohibited by any order, writ,
injunction or decree of any body of competent jurisdiction from consummating the transactions
contemplated by this Agreement and no such action or proceeding is pending or, to the best of its
knowledge and belief, threatened against the Seller which questions the validity of this Agreement,
any of the transactions contemplated hereby or any action which has been taken by any of the
parties in connection herewith or in connection with any of the transactions contemplated hereby.

          Section 4.04 Good and Marketable Title to Shares. The Seller is the owner (of record
and beneficially) of all of the Shares and will convey to the Buyer good and marketable title to
the Shares, free and clear of any and all Encumbrances. The Shares constitute 100% of the issued
and outstanding Equity Interests of the Vessel Owning Subsidiary.

          Section 4.05 The Shares. Assuming the Buyer has the requisite power and authority to
be the lawful owner of the Shares, upon delivery to the Buyer at the Closing of certificates
representing the Shares, duly endorsed by the Seller for transfer to the Buyer or accompanied by
appropriate

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instruments sufficient to evidence the transfer from the Seller to the Buyer of the Shares
under the Applicable Laws of the relevant jurisdiction, or delivery of such Shares by electronic
means, and upon the Seller’s receipt of the Purchase Price, the Buyer shall own good and valid
title to the Shares, free and clear of any Encumbrances, other than those arising from acts of the
Buyer Entities. Other than this Agreement and any related transaction documents, any agreement to
which any Buyer Entity is a party, the Organizational Documents and any restrictions imposed by
Applicable Law, at the Closing the Shares will not be subject to any voting trust agreement or
other contract, agreement, arrangement, commitment or understanding restricting or otherwise
relating to the voting, dividend rights or disposition of the Shares.

          Section 4.06 Independent Investigation. The Seller has had the opportunity to conduct
to its own satisfaction an independent investigation, review and analysis of the business,
operations, assets, liabilities, results of operations, financial condition and prospects of the
Buyer and, in making the determination to proceed with the transactions contemplated hereby, has
relied solely on the results of its own independent investigation and the representations and
warranties set forth in Article III.

ARTICLE V

Representations and Warranties of the Seller Regarding the Vessel Owning Subsidiary

          The Seller represents and warrants to the Buyer that:

          Section 5.01 Organization Good Standing and Authority. The Vessel Owning Subsidiary
is a corporation duly incorporated, validly existing and in good standing under the laws of the
Republic of the Marshall Islands. The Vessel Owning Subsidiary has full corporate power and
authority to carry on its business as it is now, and has since its incorporation been, conducted,
and is entitled to own, lease or operate the properties and assets it now owns, leases or operates
and to enter into legal and binding contracts. No meeting has been convened or resolution proposed
or petition presented and no order has been made to wind up the Vessel Owning Subsidiary.

          Section 5.02 Capitalization. The Shares consist of the 500 shares of common stock
without par value and have been duly authorized and validly issued and are fully paid and
non-assessable, and constitute the total issued and outstanding capital stock of the Vessel Owning
Subsidiary. There are not, and on the Closing Date there will not be, outstanding (i) any options,
warrants or other rights to purchase from the Vessel Owning Subsidiary any capital stock of such
Vessel Owning Subsidiary, (ii) any securities convertible into or exchangeable for shares of the
capital stock of the Vessel Owning Subsidiary or (iii) any other commitments of any kind for the
issuance of additional shares of capital stock or options, warrants or other securities of the
Vessel Owning Subsidiary.

          Section 5.03 Organizational Documents. The Seller has supplied to the Buyer true and
correct copies of the organizational documents of the Vessel Owning Subsidiary, as in effect as of
the date hereof and on the Closing Date (the “Organizational Documents”).

          Section 5.04 Agreement Not in Breach of Other Instruments. Neither the execution and
delivery of this Agreement nor the consummation of the transactions contemplated hereby will
violate, or result in a breach of, any of the terms and provisions of, or constitute a default
under, or conflict with, or give any other party thereto a right to terminate any agreement or
other instrument to which the Vessel Owning Subsidiary is a party or by which it is bound
including, without limitation, any of the Organizational Documents, or any judgment, decree, order
or award of any court, governmental body or arbitrator applicable to the Vessel Owning Subsidiary.

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          Section 5.05 Litigation.

     (a) There is no action, suit or proceeding to which the Vessel Owning
Subsidiary is a party (either as a plaintiff or defendant) pending before any court
or governmental agency, authority or body or arbitrator; there is no action, suit or
proceeding threatened against the Vessel Owning Subsidiary; and, to the best
knowledge of the Seller, there is no basis for any such action, suit or proceeding;

     (b) The Vessel Owning Subsidiary has not been permanently or temporarily
enjoined by any order, judgment or decree of any court or any governmental agency,
authority or body from engaging in or continuing any conduct or practice in
connection with its respective business, assets, or properties; and

     (c) There is not in existence any order, judgment or decree of any court or
other tribunal or other agency enjoining or requiring the Vessel Owning Subsidiary
to take any action of any kind with respect to its respective business, assets or
properties.

          Section 5.06 Indebtedness. As of the Closing Date, the Vessel Owning Subsidiary will
not be indebted, directly or indirectly, to the Seller, any person who is an officer, director,
stockholder or employee of the Seller or any spouse, child, or other relative or any affiliate of
any such person. As of the Closing Date, neither the Seller nor any officer, director,
stockholder, employee, relative or affiliate of the Seller will be indebted to the Vessel Owning
Subsidiary.

          Section 5.07 Personnel. The Vessel Owning Subsidiary has no employees.

          Section 5.08 Contracts and Agreements. As of the date hereof, other than the Charter
and the Management Agreement (together, the “Applicable Contracts”), there are no Contracts
to which the Vessel Owning Subsidiary is a party or by which any of the assets of the Vessel Owning
Subsidiary are bound or are expected to be bound and no other Contracts will be entered into by the
Vessel Owning Subsidiary prior to the Closing Date without the prior written consent of the Buyer,
such consent not to be unreasonably withheld.

     (a) Each of the Applicable Contracts is a valid and binding agreement of the
Vessel Owning Subsidiary, and to the best knowledge of the Seller, of all other
parties thereto;

     (b) The Vessel Owning Subsidiary has fulfilled all material obligations
required pursuant to its Applicable Contracts to have been performed by it prior to
the date hereof and has not waived any material rights thereunder; and

     (c) There has not occurred any material default on the part of the Vessel
Owning Subsidiary under any of the Applicable Contracts, or to the best knowledge of
the Seller, on the part of any other party thereto nor has any event occurred which
with the giving of notice or the lapse of time, or both, would constitute any
material default on the part of the Vessel Owning Subsidiary under any of the
Contracts nor, to the best knowledge of the Seller, has any event occurred which
with the giving of notice or the lapse of time, or both, would constitute any
material default on the part of any other party to any of the Applicable Contracts.

          Section 5.09 Compliance with Law. The conduct of business by the Vessel Owning
Subsidiary does not and the execution and delivery of this Agreement and the consummation of the

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transactions contemplated hereby will not violate any laws, statutes, ordinances, rules,
regulations, decrees, orders, permits or other similar items in force (including, but not limited
to, any of the foregoing relating to employment discrimination, environmental protection or
conservation) of any country, province, state or other governing body, the enforcement of which
would materially and adversely affect the business, assets, condition (financial or otherwise) or
prospects of the Vessel Owning Subsidiary taken as a whole, nor has the Vessel Owning Subsidiary
received any notice of any such violation.

          Section 5.10 No Undisclosed Liabilities. Other than liabilities and obligations
arising under the Applicable Contracts, the Vessel Owning Subsidiary (and the Vessel owned by it)
has no liabilities or obligations of any nature, whether absolute, accrued, contingent or
otherwise, and whether due or to become due (including, without limitation, any liability for Taxes
and interest, penalties and other charges payable with respect to any such liability or
obligation). Notwithstanding the foregoing, the parties hereto acknowledge and agree that there
may be obligations that arise under the Contracts that are not due and payable as of the date
hereof and that will be the responsibility of the Seller pursuant to Section 11.01(c) of this
Agreement.

          Section 5.11 Disclosure of Information. The Seller has disclosed to the Buyer all
material information on, and about, the Vessel Owning Subsidiary and the Vessel and all such
information is true, accurate and not misleading in any material respect. Nothing has been withheld
from the material provided to the Buyer, the failure to disclose which would render the information
provided to the Buyer untrue or misleading.

          Section 5.12 Payment of Taxes. The Vessel Owning Subsidiary has filed all foreign,
federal, state and local income and franchise tax returns required to be filed, which
returns are correct and complete in all material respects, and has timely paid all taxes due from
it, and the Vessel is in good standing with respect to the payment of past and current Taxes, fees
and other amounts payable under the laws of the jurisdiction where it is registered as would affect
its registry with the ship registry of such jurisdiction.

          Section 5.13 Permits. The Vessel Owning Subsidiary has such permits, consents,
licenses, franchises, concessions, certificates and authorizations (“Permits”) of,
and has all declarations and filings with, and is qualified and in good standing in each
jurisdiction of, all federal, provincial, state, local or foreign Governmental Authorities and
other Persons, as are necessary to own or lease its properties and to conduct its business in the
manner that is standard and customary for a business of its nature other than such Permits the
absence of which, individually or in the aggregate, has not and could not reasonably be expected to
materially or adversely affect the Vessel Owning Subsidiary. The Vessel Owning Subsidiary has
fulfilled and performed all its obligations with respect to such Permits which are or will be due
to have been fulfilled and performed by the Closing Date and no event has occurred that would
prevent the Permits from being renewed or reissued or that allows, or after notice or lapse of time
would allow, revocation or termination thereof or results or would result in any impairment of the
rights of the holder of any such Permit, except for such non-renewals, non-issues, revocations,
terminations and impairments that would not, individually or in the aggregate, materially or
adversely affect the Vessel Owning Subsidiary, and none of such Permits contains any restriction
that is materially burdensome to the Vessel Owning Subsidiary.

          Section 5.14 No Material Adverse Change in Business. Since December 31, 2009, there
has been no material adverse change in the condition, financial or otherwise, or in the
earnings, properties, business affairs or business prospects of the Vessel Owning Subsidiary,
whether or not arising in the ordinary course of business, that would have or could reasonably be
expected to have a material adverse effect on the condition, financial or otherwise, or in the
results of operations, management, business affairs or business prospects of the Vessel Owning
Subsidiary.

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ARTICLE VI

Representations and Warranties of the Seller regarding the Vessel

          The Seller represents and warrants to the Buyer that:

          Section 6.01 Title to Vessel. The Vessel Owning Subsidiary is the owner (beneficially
and of record) of the Vessel and has good and marketable title to the Vessel.

          Section 6.02 No Encumbrances. As of the Closing Date, the Vessel Owning Subsidiary
and the Vessel are free of all Encumbrances and defects of the title of record other than the
Encumbrances arising under the Charter.

          Section 6.03 Condition. The Vessel is (i) adequate and suitable for use by the Vessel
Owning Subsidiary in the manner that is standard and customary for a vessel of its type, ordinary
wear and tear excepted; (ii) seaworthy in all material respects for hull and machinery insurance
warranty purposes and in good running order and repair; (iii) insured against all risks, and in
amounts, consistent with common industry practices; (iv) in compliance with maritime laws and
regulations; (v) in compliance in all material respects with the requirements of its class and
classification society, and (vi) duly registered as a vessel under the laws of the Republic of
Liberia under IMO Number 9311610 in the sole ownership of the Vessel Owning Subsidiary. All class
certificates of the Vessel are clean and valid and free of recommendations affecting class.

ARTICLE VII

Pre-Closing Matters

          Section 7.01 Covenants of the Seller prior to the Closing Date. From the date of this
Agreement to the Closing Date, Seller shall cause the Vessel Owning Subsidiary to conduct its
business in the usual, regular and ordinary course in substantially the same manner as previously
conducted. The Seller shall not, and shall not permit the Vessel Owning Subsidiary to, take any
action that would result in any of the conditions to the purchase and sale of Shares set forth in
Article VIII not being satisfied. In addition the Seller hereby agrees and covenants that it:

     (a) shall cooperate with the Buyer and use its reasonable best efforts to
obtain, at or prior to the Closing Date, any consents required in respect of the
transfer of the rights and benefits under the Charter to the Buyer;

     (b) without prejudice to Section 5.10 and Section 8.02(d), shall use its
reasonable best efforts to take or cause to be taken promptly all actions and to do
or cause to be done all things necessary, proper and advisable to cancel and
discharge any indebtedness, liability and obligation of any nature of the Vessel
Owning Subsidiary in connection with the Credit Facility and terminate the
Management Agreement;

     (c) shall use its reasonable best efforts to take or cause to be taken promptly
all actions and to do or cause to be done all things necessary, proper and advisable
to consummate and make effective as promptly as practicable the transactions
contemplated by this Agreement and to cooperate with the Buyer in connection with
the foregoing, including using all reasonable best efforts to obtain all necessary
consents, approvals and authorizations from each Governmental Authority and each
other Person that are required to consummate the transactions contemplated under
this Agreement;

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     (d) shall take or cause to be taken all necessary corporate action, steps and
proceedings to approve or authorize validly and effectively the purchase and sale of
the Vessel Owning Subsidiary and the execution and delivery of this Agreement and
the other agreements and documents contemplated hereby;

     (e) shall not amend, terminate, alter or otherwise modify or permit any
amendment, termination, alteration or modification of any material provision of, or
exercise or permit to be exercised any option contained in, the Charter of the
Vessel Owning Subsidiary without the prior written consent of the Buyer, such
consent not to be unreasonably withheld or delayed;

     (f) shall not exercise or permit any exercise of any rights or options
contained in the Charter, without the prior written consent of the Buyer, such
consent not to be unreasonably withheld or delayed;

     (g) will not make, or allow to be made, any amendments to the Organizational
Documents prior to any Closing Date without the prior written consent of the Buyer
(such consent not to be unreasonably withheld); and

     (h) shall not cause or, to the extent reasonably within its control, permit any
Encumbrances to attach to any Vessel.

ARTICLE VIII

Conditions of Closing

          Section 8.01 Conditions of the Seller. The obligation of the Seller to sell or transfer the
Shares is subject to the satisfaction (or waiver by the Seller) on or prior to the Closing Date of
the following conditions:

     (a) the representations and warranties of the Buyer made in this Agreement
shall be true and correct in all material respects as of the Closing Date as though
made on the Closing Date, except to the extent such representations and warranties
expressly relate to an earlier date (in which case such representations and
warranties shall be true and correct in all material respects, on and as of such
earlier date);

     (b) the Buyer shall have performed or complied in all material respects with
all obligations and covenants required by this Agreement to be performed or complied
with by the Buyer by the Closing Date;

     (c) no legal or regulatory action or proceeding shall be pending or threatened
by any Governmental Authority to enjoin, restrict or prohibit the purchase and sale
of the Vessel Owning Subsidiary; and

     (d) all proceedings to be taken in connection with the transactions
contemplated by this Agreement and all documents incidental thereto shall be
reasonably satisfactory in form and substance to the Seller, and the Seller shall
have received copies of all such documents and other evidence as it may reasonably
request in order to establish the consummation of such transactions and the taking
of all proceedings in connection therewith.

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          Section 8.02 Conditions of the Buyer. The obligation of the Buyer to purchase and pay
for the Shares is subject to the satisfaction (or waiver by the Buyer) on or prior to the Closing
Date of the following conditions:

     (a) the representations and warranties of the Seller in this Agreement shall be
true and correct in all material respects as of the Closing Date as though made on
the Closing Date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties shall
be true and correct in all material respects, on and as of such earlier date);

     (b) the Seller shall have performed or complied in all material respects with
all obligations and covenants required by this Agreement to be performed or complied
with by the Seller by the Closing Date;

     (c) no legal or regulatory action or proceeding shall be pending or threatened
by any Governmental Authority to enjoin, restrict or prohibit the purchase and sale
of the Vessel Owning Subsidiary;

     (d) The Management Agreement shall have been terminated and any indebtedness,
liability or obligation of any nature of the Vessel Owning Subsidiary in connection
with the Credit Facility shall have been canceled and discharged and all liens and
Encumbrances related thereto shall have been released;

     (e) the Buyer shall have consummated the Initial Public Offering and, in
connection therewith, obtained the funds necessary to consummate the purchase and
sale of the Shares of the Vessel Owning Subsidiary, and to pay all related fees and
expenses;

     (f) the Buyer shall have received written consents from all third parties
necessary or appropriate to effect the purchase and sale of the Shares of the Vessel
Owning Subsidiary, other than such consents the absence of which, individually or in
the aggregate, could not reasonably be expected to have a material adverse effect on
the condition (financial or otherwise), assets, properties, business or prospects of
such Vessel Owning Subsidiary or prevent the consummation of the transactions
contemplated hereby; and

     (g) all proceedings to be taken in connection with the transactions
contemplated by this Agreement and all documents incidental thereto shall be
reasonably satisfactory in form and substance to the Buyer and its counsel, and the
Buyer shall have received copies of all such documents and other evidence as it or
its counsel may reasonably request in order to establish the consummation of such
transactions and the taking of all proceedings in connection therewith.

ARTICLE IX

Covenants

          Section 9.01 Financial Statements. The Seller agrees to cause the Vessel Owning
Subsidiary to provide access to the books and records of the Vessel Owning Subsidiary to allow the
Buyer’s outside auditing firm to prepare at the Buyer’s expense any information, review or audit
the Buyer reasonably believes is required to be furnished or provided by the Buyer pursuant to
applicable securities laws. The Seller will (A) direct its auditors to provide the Buyer’s
auditors access to the auditors’ work

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papers and (B) use its commercially reasonable efforts to assist the Buyer with any such
information, review or audit and to provide other financial information reasonably requested by the
Buyer or its auditors, including the delivery by the Seller Entities of any information, letters
and similar documentation, including reasonable “management representation letters” and
attestations.

ARTICLE X

Termination, Amendments and Waivers

          Section 10.01 Termination of Agreement. Notwithstanding anything to the contrary in
this Agreement, this Agreement may be terminated and the purchase and sale of the Shares and the
other transactions contemplated by this Agreement abandoned at any time prior to the Closing:

     (a) by mutual written consent of the Seller and the Buyer;

     (b) in the event the IPO Closing Date has not occurred by June 30, 2010;

     (c) by the Seller if any of the conditions set forth in Section 8.01 have
become incapable of fulfillment and have not been waived by the Seller and the
Seller is not in material breach of any of its representations, warranties,
covenants or agreements contained in this Agreement; or

     (d) by the Buyer if any of the conditions set forth in Section 8.02 have become
incapable of fulfillment and have not been waived by the Buyer and the Buyer is not
in material breach of any of its representations, warranties, covenants or
agreements contained in this Agreement.

          Section 10.02 Amendments and Waivers. This Agreement may not be amended except by an
instrument in writing signed on behalf of each parties hereto. A party hereto may waive compliance
by the other party with any term or provision of this Agreement that such other party was or is
obligated to comply with or perform, but such waiver shall be void if not in writing.

ARTICLE XI

Indemnification

          Section 11.01 Indemnity by the Seller. The Seller shall be liable for, and shall
indemnify the Buyer and each of its subsidiaries and each of their directors, employees, agents and
representatives (the “Buyer Indemnitees”) against and hold them harmless from, any Losses,
suffered or incurred by such Buyer Indemnitee:

     (a) by reason of, arising out of or otherwise in respect of any inaccuracy in,
or breach of, any representation or warranty, or a failure to perform or observe any
covenant, agreement or obligation of, the Seller in or under this Agreement or in or
under any document, instrument or agreement delivered pursuant to this Agreement by
the Seller;

     (b) by reason of any fees, expenses or other payments incurred or owed by the
Seller or the Vessel Owning Subsidiary to any brokers, financial advisors or
comparable other persons retained or employed by it in connection with the
transactions contemplated by this Agreement;

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     (c) by reason of, arising out of or otherwise in respect of obligations,
liabilities, expenses, cost and claims relating to, arising from or otherwise
attributable to the assets owned by the Vessel Owning Subsidiary or the assets,
operations, and obligations of the Vessel Owning Subsidiary or the businesses
thereof, in each case, to the extent relating to, arising from, or otherwise
attributable to facts, circumstances or events occurring prior to the Closing Date;
or

     (d) by reason of or arising out of the termination of this Agreement pursuant
to Section 10.01(d) as a result of the Seller’s failure to satisfy any of the
closing condition set forth in Section 8.02(a), (b), (d), (f) or (g).

          Section 11.02 Indemnity by the Buyer. The Buyer shall indemnify the Seller and its
subsidiaries other than any Buyer Indemnitees and each of their respective officers, directors,
employees, agents and representatives (the “Seller Indemnitees”) against and hold them
harmless from, any Losses, suffered or incurred by such Seller Indemnitee by reason of, arising out
of or otherwise in respect of any inaccuracy in, or breach of, any representation or warranty, or a
failure to perform or observe any covenant, agreement or obligation of, the Buyer in or under this
Agreement or in or under any document, instrument or agreement delivered pursuant to this Agreement
by the Buyer.

          Section 11.03 Exclusive Post-Closing Remedy. After the Closing, the rights and
remedies set forth in this Article XI shall constitute the sole and exclusive rights and remedies
of the Parties under or with respect to the subject matter of this Agreement, except for (a) any
non-monetary and equitable relief to which any Party may be entitled or (b) any remedy for willful
misconduct or actual fraud.

ARTICLE XII

Miscellaneous

          Section 12.01 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York applicable to contracts made and to be performed
wholly within such jurisdiction without giving effect to conflict of law principles thereof other
than Section 5-1401 of the New York General Obligations Law, except to the extent that it is
mandatory that the law of some other jurisdiction, wherein the Vessel is located, shall apply.

          Section 12.02 Submission to Jurisdiction. Each of the parties hereto hereby
irrevocably and unconditionally consents to submit to the exclusive jurisdiction and venue of the
United States District Court for the Southern District of New York and in the courts hearing
appeals therefrom unless no basis for federal jurisdiction exists, in which event each party hereto
irrevocably consents to the exclusive jurisdiction and venue of the Supreme Court of the State of
New York, New York County, and the courts hearing appeals therefrom, for any action, suit or
proceeding arising out of or relating to this Agreement and the transactions contemplated hereby.
Each of the parties hereto irrevocably and unconditionally waives, and agrees not to assert, by way
of motion, as a defense, counterclaim or otherwise, in any such action, suit or proceeding, any
claim that such party is not personally subject to the jurisdiction of the aforesaid courts for any
reason, other than the failure to serve process in accordance with this Section 12.02, that it or
its property is exempt or immune from jurisdiction of any such court or from any legal process
commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise), and to the fullest
extent permitted by applicable law, that the action, suit or proceeding in any such court is
brought in an inconvenient forum, that the venue of such action, suit or proceeding is improper, or
that this Agreement, or the subject matter hereof, may not be enforced in or by such courts and
further irrevocably

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waives, to the fullest extent permitted by applicable law, the benefit of any defense that
would hinder, fetter or delay the levy, execution or collection of any amount to which the party is
entitled pursuant to the final judgment of any court having jurisdiction. Each of the parties
hereto expressly acknowledges that the foregoing waivers are intended to be irrevocable under the
laws of the State of New York and of the United States of America; provided, that consent by the
parties hereto to jurisdiction and service contained in this Section 12.02 is solely for the
purpose referred to in this Section 12.02 and shall not be deemed to be a general submission to
said courts or in the State of New York other than for such purpose.

          Section 12.03 Resolution of Disputes.

     (a) Any dispute, claim, or controversy arising out of or relating to this
Agreement (a “Dispute”) shall be resolved in accordance with the procedures
set forth in this Section 12.03. These procedures shall be the sole and exclusive
process for the resolution of any such Dispute.

     (b) Upon the written request of either party, the parties shall endeavor to
settle the Dispute in an amicable manner by mediation administered by the American
Arbitration Association under its Commercial Mediation Rules then in effect, except
as modified herein. The mediator shall be selected by the parties hereto within
five (5) days of the request for mediation. If the parties are unable to agree upon
a mediator within five (5) days of the request for mediation, the mediator shall be
selected by the American Arbitration Association. If the Dispute has not been
resolved by mediation within ten (10) days of appointment of a mediator, either
party may initiate arbitration as provided in this Section 12.03.

     (c) Any Dispute not resolved through the procedures set forth in Section
12.03(b) shall be finally settled by arbitration administered by the American
Arbitration Association under its Commercial Arbitration Rules then in effect,
except as modified herein. However, if a party has requested the other to
participate in the procedures set forth in Section 12.03(b) above and the other has
failed to participate, the requesting party may initiate arbitration immediately.

     (d) The arbitration shall be held, and the award rendered in, New York, New
York. The language of the arbitration shall be English, but documents or testimony
may be submitted in other language if a translation is provided. There shall be one
arbitrator selected jointly by the parties within ten (10) days of respondent’s
receipt of claimant’s demand for arbitration. If an arbitrator is not jointly
selected by the parties within such ten-day period, such arbitrator will be selected
within ten (10) days by the American Arbitration Association under its Commercial
Arbitration Rules. The hearing shall be held no later than ninety (90) days
following the appointment of the arbitrator. The arbitrator shall have no authority
to amend or modify any of the terms of this Agreement. The arbitrator shall have
ten (10) business days from the closing statements or submission of post-hearing
briefs by the parties to render his or her decision. Either party may apply to any
court having jurisdiction hereof and seek injunctive relief in order to maintain the
status quo until such time as the arbitration award is rendered or the controversy
is otherwise resolved. The award shall be final and binding. The arbitration shall
be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16. Judgment upon
any award may be entered by any court having jurisdiction thereof.

     (e) Except to the extent necessary in connection with a proceeding relating to
the arbitration or an arbitration award contemplated by this Section 12.03,
information

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concerning (1) any documentary or other evidence given by a party or witness in
the arbitration or (2) the arbitration award may not be disclosed by the arbitral
tribunal, the administrator, any party, its counsel, or any other person or entity
connected to the proceeding or related arbitration or judicial proceeding unless
required to do so by contract, by law, or by a competent court or regulatory body,
and then only to the extent of disclosing no more than that which is contractually
or legally required. Any arbitrator shall be required to agree to treat as
confidential the information outlined in clauses (1) and (2) of this Section
12.03(e) to the extent set forth in this Section 12.03(e). Following the resolution
of or final arbitral decision made with respect to any Dispute, each party shall in
good faith cooperate with the other party if such other party requires documentation
to demonstrate to a third party that any Dispute that has been resolved.

          Section 12.04 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR
CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE
TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN
CONTRACT, TORT, EQUITY, OR OTHERWISE.

          Section 12.05 Counterparts. This Agreement may be executed simultaneously in one or
more counterparts, each of which shall be deemed an original, but all of which shall constitute but
one and the same instrument.

          Section 12.06 Complete Agreement. This Agreement and Schedules hereto contain the
entire agreement between the parties hereto with respect to the transactions contemplated herein
and, except as provided herein, supersede all previous oral and written and all contemporaneous
oral negotiations, commitments, writings and understandings.

          Section 12.07 Interpretation. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement.

          Section 12.08 Severability. If any of the provisions of this Agreement are held by
any court of competent jurisdiction to contravene, or to be invalid under, the laws of any
governmental body having jurisdiction over the subject matter hereof, such contravention or
invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed
as if it did not contain the particular provision or provisions held to be invalid, and an
equitable adjustment shall be made and necessary provision added so as to give effect, as nearly as
possible, to the intention of the Parties as expressed in this Agreement at the time of execution
of this Agreement.

          Section 12.09 Third Party Rights. Except to the extent provided in Article XI, a
Person who is not a party to this Agreement has no right to enforce or to enjoy the benefit of any
term of this Agreement.

          Section 12.10 Notices. Any notice, claim or demand in connection with this Agreement
shall be delivered to the parties at the following addresses (or at such other address or facsimile
number for a party as may be designated by notice by such party to the other party):

(a). if to Capital Maritime & Trading Corp., as follows:

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Capital Maritime & Trading Corp.,

3 Iassonos Street,

Piraeus 185 37, Greece

Telephone: +30 210 428 4879

Fax: +30 210 428 4285

Email: i.lazaridis@capitalmaritime.com

Attention: Ioannis E. Lazaridis

(b). if to Crude Carriers Corp., as follows:

c/o Capital Ship Management Corp.,

3 Iassonos Street,

Piraeus 185 37, Greece

Fax:       +30 210 428 4285

Email:            crude@crudecarrierscorp.com

Attention:       Jerry G. Kalogiratos

and any such notice shall be deemed to have been received (i) on the next working
day in the place to which it is sent, if sent by facsimile or (ii) forty eight (48)
hours from the time of dispatch, if sent by courier.

          Section 12.11 Representations and Warranties to Survive. All representations and
warranties of the Buyer and Seller contained in this Agreement shall survive the Closing and shall
remain operative and in full force and effect after the Closing, regardless of (a) any
investigation made by or on behalf of any Party or its affiliates, any Person controlling any
Party, its officers or directors, and (b) delivery of and payment for the Shares.

          Section 12.12 Remedies. Except as expressly provided in Section 11.03, the rights,
obligations and remedies created by this Agreement are cumulative and in addition to any other
rights, obligations or remedies otherwise available at law or in equity. Except as expressly
provided in this Agreement, nothing in this Agreement will be considered an election of remedies.

          Section 12.13 Non-recourse. No owner of Equity Interests in the Buyer shall be liable
for the obligations of the Buyer under this Agreement or any of the related transaction documents,
including, in each case, by reason of any payment obligation imposed by governing statutes. No
owner of Equity Interests in the Seller shall be liable for the obligations of the Seller under
this Agreement or any of the related transaction documents, including, in each case, by reason of
any payment obligation imposed by governing statutes.

          Section 12.14 Laws And Regulations. Notwithstanding any provision of this Agreement
to the contrary, no party to this Agreement shall be required to take any act, or fail to take any
act, under this Agreement if the effect thereof would be to cause such party to violate or be in
violation of any applicable law, statute, rule or regulation.

[Signature page follows]

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          IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be signed as of
the date first above written.

	 	 	 	 	 	 	 
	 	 	CAPITAL MARITIME & TRADING CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:
	 	Evangelos M. Marinakis	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CRUDE CARRIERS CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Jerry G. Kalogiratos	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 

- 17 -

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