Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 1 

AMENDMENT NO. 1, dated as of August 17, 2016 (this “Amendment”), to the Loan Agreement dated as of April 29, 2016 (as
amended, supplemented, amended and restated or otherwise modified from time to time) (the “Loan Agreement”) among WESTERN DIGITAL CORPORATION, a Delaware corporation (the “Borrower”), each lender from time to time
party thereto (collectively, the “Lenders” and individually, a “Lender”), JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent and
the other parties thereto. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement. 

WHEREAS, Section 2.16 of the Loan Agreement provides that the Borrower may, by written notice to the Administrative Agent, incur Refinancing
Term Loans, the proceeds of which are used to refinance in whole or in part any Class of Term Loans pursuant to Section 2.8(c)(i) of the Loan Agreement, by entering into Refinancing Amendments with Lenders willing to provide such Refinancing Term
Loans; 
 WHEREAS, the Borrower intends to voluntarily prepay $750,000,000 of the U.S. Term B Loans (the “Prepayment”)
immediately prior to the Amendment No. 1 Effective Date (as defined below); 
 WHEREAS, the Borrower desires, pursuant to Section 2.16(a) of
the Loan Agreement, to create a new Class of U.S. Term B-1 Loans (as defined herein) under the Loan Agreement having identical terms with and having the same rights and obligations under the Loan Documents as, and in the same aggregate principal
amount as, the U.S. Term B Loans (after giving effect to the Prepayment), as set forth in the Loan Agreement and Loan Documents, except as such terms are amended hereby; 

WHEREAS, each U.S. Term B Lender that executes and delivers a consent substantially in the form of Exhibit A hereto (a
“Consent”) to exchange all (or such lesser amount allocated to it by the Administrative Agent) of its U.S Term B Loans outstanding after giving effect to the Prepayment for U.S. Term B-1 Loans upon effectiveness of this Amendment
and thereafter become a U.S. Term B-1 Lender, shall be deemed have consented to this Amendment; 
 WHEREAS, each Person that executes and
delivers a joinder to this Amendment substantially in the form of Exhibit B (a “Joinder”) as an Additional U.S. Term B-1 Lender will make U.S Term B-1 Loans in the amount set forth on the signature page of such Person’s Joinder
on the effective date of this Amendment to the Borrower, the proceeds of which will be used by the Borrower to repay in full the outstanding principal amount of Non-Exchanged U.S. Term B Loans (as defined herein); 

WHEREAS, J.P. Morgan Securities LLC (“J.P. Morgan”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill
Lynch”), Credit Suisse Securities (USA) LLC (“CS Securities”), RBC Capital Markets (“RBCCM”), Mizuho Bank, Ltd. (“Mizuho”), The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“Bank of
Tokyo”) and HSBC Securities (USA) Inc. (“HSBC”) will act as joint lead arrangers and joint bookrunners, J.P. Morgan, Merrill Lynch, CS Securities, 

 
RBCCM, Mizuho, Bank of Tokyo and HSBC will act as co-syndication agents and Fifth Third Bank, Standard Chartered Bank and SunTrust Robinson Humphrey, Inc. will act as managing agents, in each
case, for the U.S. Term Loan B-1 Facility (as defined below); 
 NOW, THEREFORE, in consideration of the premises and covenants contained
herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

 

	 	Section 1.	Amendments Relating to the U.S. Term B-1 Loans. 

 Effective as of the Amendment
No. 1 Effective Date, the Loan Agreement is hereby amended as follows: 
 (a) The following defined terms shall be added to Section 1.1 of
the Loan Agreement in alphabetical order: 
 “Additional U.S. Term B-1 Lender” means a
Person with an Additional U.S. Term B-1 Commitment to make Additional U.S. Term B-1 Loans to the Borrower on the Amendment No. 1 Effective Date. 

“Additional U.S. Term B-1 Loan” means a Loan that is made pursuant to Section 2.01(d) of the Loan Agreement on
the Amendment No. 1 Effective Date. 
 “Additional U.S. Term B-1 Commitment” means, with respect to an
Additional U.S. Term B-1 Lender, the commitment of such Additional U.S. Term B-1 Lender to make an Additional U.S. Term B-1 Loan hereunder on the Amendment No. 1 Effective Date, in the amount set forth on the signature page of such Additional Term
B-1 Lender to the Amendment No. 1 Joinder. The aggregate amount of the Additional U.S. Term B-1 Commitments of all Additional U.S. Term B-1 Lenders shall equal the outstanding aggregate principal amount of Non-Exchanged U.S. Term B Loans.

 “Amendment No. 1” means Amendment No. 1 to the Loan Agreement dated as of the Amendment No. 1 Effective
Date. 
 “Amendment No. 1 Effective Date” means August 17, 2016, the date on which all conditions precedent
set forth in Section 3 of Amendment No. 1 are satisfied. 
 “Amendment No. 1 Joinder” means the Joinder
Agreement dated as of the Amendment No. 1 Effective Date among the Borrower, the Administrative Agent and each Additional U.S. Term B-1 Lender. 

“Exchanged U.S. Term B Loans” means each U.S. Term B Loan extended on the Closing Date (or portion thereof)
and held by a Rollover U.S. Term B Lender on the Amendment No. 1 Effective Date immediately prior to the extension of credit hereunder on the Amendment No. 1 Effective Date and as to which the Rollover U.S. Term B Lender thereof has consented to
exchange into a U.S. Term B-1 Loan and the Administrative Agent has allocated into a U.S. Term B-1 Loan. 

  
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 “Non-Exchanged U.S. Term B Loan” means each U.S. Term B Loan
extended on the Closing Date (or portion thereof) other than an Exchanged U.S. Term B Loan. 
 “Rollover U.S. Term B
Lender” means each U.S Term B Lender with a U.S Term B Loan extended on the Closing Date that has consented to exchange such U.S. Term B Loan into a U.S. Term B-1 Loan, and that has been allocated such U.S. Term B-1 Loan by the
Administrative Agent. 
 “U.S. Term B-1 Facility” means the credit facility for the U.S. Term B-1 Loans
described in Section 2.1(d) hereof. 
 “U.S. Term B-1 Lender” means a Lender with an outstanding U.S. Term
B-1 Commitment or an outstanding U.S. Term B-1 Loan. 
 “U.S Term
B-1 Loan” means an Additional U.S. Term B-1 Loan or a Loan that is deemed made pursuant to Section 2.01(d) hereof. 

“U.S. Term B-1 Commitment” means, with respect to a Lender, the agreement of such Lender to exchange the
entire principal amount of its U.S. Term B Loans (or such lesser amount allocated to it by the Administrative Agent) for an equal principal amount of U.S. Term B-1 Loans on the Amendment No. 1 Effective Date. 

“U.S. Term B-1 Loan Percentage” means, for any U.S. Term B-1 Lender, the percentage held by such U.S. Term B-1
Lender of the aggregate principal amount of all U.S. Term B-1 Loans then outstanding. 
 “U.S. Term B-1
Note” is defined in Section 2.12(d) hereof. 
 “U.S. Term B-1 Termination Date” is defined in
Section 2.7(b) hereof. 
 (b) All references to “U.S. Term B Facility,” “U.S. Term B Lender,” “U.S. Term B
Loan,” “U.S. Term B Loan Commitment,” “U.S. Term B Loan Percentage,” “U.S. Term B Note” and “U.S. Term B Termination Date” in the Loan Agreement and the Loan Documents shall be deemed to be references to
“U.S. Term B-1 Facility,” “U.S. Term B-1 Lender”, “U.S. Term B-1 Loan,” “U.S Term B-1 Commitment,” U.S. Term B-1 Loan Percentage,” “U.S. Term B-1 Note” and “U.S Term B-1 Termination
Date,” respectively (other than any such references contained in (i) the preliminary statements to the Loan Agreement, (ii) Amendment No. 1, (iii) Section 2.1(b) of the Loan Agreement, (iv) Section 2.10 of the Loan Agreement, (v) Section 2.17
of the Loan Agreement, (vi) Section 3.2 of the Loan Agreement, (vii) Section 3.3 of the Loan Agreement and (viii) Section 6.10 of the Loan Agreement). 

(c) Clause (a) of the definition of “Applicable Margin” in Section 1.1 of the Loan Agreement is hereby amended by deleting such
clause and replacing it with the following: 
 “(a) with respect to any U.S. Term B-1 Loan, (i) 3.75% per annum, in the
case of a Eurodollar Loan, or (ii) 2.75% per annum, in the case of a Base Rate Loan” 
 (d) The definition of “Loan
Documents” in Section 1.1 of the Loan Agreement is hereby amended by replacing the word “and” prior to “the Letters of Credit” with “,” and adding immediately prior to the period therein, “ and Amendment No. 1
and Amendment No. 1 Joinder”. 

  
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 (e) Section 2.1 of the Loan Agreement is hereby amended by making clause (d) thereof clause (e)
and adding the following new clause (d): 
 “(d)Subject to the terms and conditions set forth herein and in Amendment
No. 1, each Rollover U.S. Term B Lender severally agrees to exchange its Exchanged U.S Term B Loans for a like principal amount of U.S. Term B-1 Loans on the Amendment No. 1 Effective Date. Subject to the terms and conditions set forth herein and in
Amendment No. 1, each Additional U.S. Term B-1 Lender severally agrees to make an Additional U.S. Term B-1 Loan to the Borrower on the Amendment No. 1 Effective Date in the principal amount equal to its Additional U.S. Term B-1 Commitment on the
Amendment No. 1 Effective Date. The Borrower shall prepay the Non-Exchanged U.S. Term B Loans with a like amount of the gross proceeds of the Additional U.S. Term B-1 Loans, concurrently with the receipt thereof. The Borrower shall pay to the
U.S. Term B Lenders immediately prior to the effectiveness of Amendment No. 1 all accrued and unpaid interest on the U.S Term B Loans to, but not including, the Amendment No. 1 Effective Date on such Amendment No. 1 Effective Date. The U.S. Term B-1
Loans shall have the same terms as the U.S. Term B Loans as set forth in the Loan Agreement and Loan Documents before giving effect to Amendment No. 1, except as modified by Amendment No. 1; it being understood that the U.S. Term B-1 Loans (and all
principal, interest and other amounts in respect thereof) will constitute “Obligations” under the Loan Agreement and the other Loan Documents and shall have the same rights and obligations under the Loan Agreement and Loan Documents as the
U.S. Term B Loans prior to the Amendment No. 1 Effective Date. As provided in Section 2.5(a) and subject to the terms hereof, the Borrower may elect that the U.S. Term B-1 Loans comprising the Borrowing hereunder of U.S. Term-1 B Loans be
either Base Rate Loans or Eurodollar Loans.” 
 (f) Section 2.7(b) of the Loan Agreement is hereby amended by replacing it in its
entirety with the following: 
 “(b) Scheduled Payments of U.S. Term B-1 Loans. Subject to Section 2.15, the Borrower shall
make principal payments on the U.S. Term B-1 Loans in installments on each Fiscal Quarter End Date, commencing with the first fiscal quarter ended after the Amendment No. 1 Effective Date, in an aggregate amount equal to 0.25% of the aggregate
principal amount of the U.S. Term B-1 Loans made on the Amendment No. 1 Effective Date, in each case per fiscal quarter (which payments in each case shall be reduced as a result of the application of prepayments in accordance with the order of
priority set forth in Section 2.8(a), Section 2.8(c) and Section 2.8(e), as applicable); it being further agreed that a 

  
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final payment comprised of all principal and interest not sooner paid on the U.S. Term B-1 Loans, shall be due and payable on April 29, 2023, the final maturity thereof (the “U.S. Term
B-1 Termination Date”).” 
 (g) Section 2.8(a)(i) of the Loan Agreement is hereby amended by inserting “and
Section 2.8(a)(iii)” immediately after “Section 2.8(a)(ii).” 
 (h) Section 2.8(a)(ii) of the Loan Agreement is hereby
amended by replacing all references to “Term B Lender” and “Term B Loan” with “Euro Term B Lender” and “Euro Term B Loan”, respectively. 

(i) Section 2.8(a) of the Loan Agreement is hereby amended by adding the following new clause (iii): 

“(iii) In the event that, on or prior to the date that is six (6) months after the Amendment No. 1 Effective Date, the
Borrower (x) prepays, repays, refinances, substitutes or replaces any U.S. Term B-1 Loans in connection with a Repricing Transaction (including, for the avoidance of doubt, any prepayment made pursuant to Section 2.8(c)(i) that constitutes a
Repricing Transaction), or (y) effects any amendment, waiver or other modification of, or consent under, this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the
applicable U.S. Term B-1 Lenders, (A) in the case of clause (x), a premium of 1.00% of the aggregate principal amount of the U.S Term B-1 Loans so prepaid, repaid, refinanced, substituted or replaced and (B) in the case of clause (y), a fee equal to
1.00% of the aggregate principal amount of the U.S. Term B-1 Loans outstanding immediately prior to such amendment, waiver, modification or consent that are the subject of such Repricing Transaction. If, on or prior to the date that is six (6)
months after the Amendment No. 1 Effective Date, all or any portion of the U.S. Term B-1 Loans held by any U.S. Term B-1 Lender are prepaid, repaid, refinanced, substituted or replaced pursuant to Section 8.5 as a result of, or in connection with,
such U.S. Term B-1 Lender being a Non-Consenting Lender with respect to any amendment, waiver, modification or consent referred to in clause (y) above (or otherwise in connection with a Repricing Transaction), such prepayment, repayment,
refinancing, substitution or replacement will be made at 101% of the principal amount so prepaid, repaid, refinanced, substituted or replaced. All such amounts shall be due and payable on the date of effectiveness of such Repricing
Transaction.” 
 (j) Section 2.10 of the Loan Agreement is hereby amended by adding the following sentence after the first sentence in
such section: 
 “The U.S. Term B-1 Commitments and Additional U.S. Term B-1 Commitments shall automatically terminate upon the making,
conversion or continuance, as applicable, of the U.S. Term B-1 Loans on the Amendment No. 1 Effective.” 

  
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 (k) The first sentence in Section 2.12(d) of the Loan Agreement is hereby amended by replacing it
in its entirety with the following: 
 “Any Lender may request that its Loans be evidenced by a promissory note or notes in the forms of
Exhibit D-1 (in the case of its Term A Loan and referred to herein as a “Term A Note”), Exhibit D-2 (in the case of its U.S. Term B-1 Loan and referred to herein as a “U.S. Term B-1 Note”), Exhibit
D-3 (in the case of its Euro Term B Loan and referred to herein as a “Euro Term B Note”), Exhibit D-4 (in the case of its Revolving Loans and referred to herein as a “Revolving Note”), as applicable (the
Term A Notes, U.S. Term B Notes, Euro Term B Notes and Revolving Notes being hereinafter referred to collectively as the “Notes” and individually as a “Note”).” 

(l) Exhibit D-2 to the Loan Agreement is hereby amended and restated in its entirety in the form of Annex A hereto. 

(m) Section 6.10 of the Loan Agreement is hereby amended by adding the following immediately after the fourth sentence thereof: 

“The Borrower shall use the proceeds of the U.S. Term B-1 Loans on the Amendment No. 1 Effective Date to refinance the
U.S. Term B Loans.” 
 (n) Section 8.5 of the Loan Agreement is hereby amended by inserting “or Section 2.8(a)(iii)”
immediately after “Section 2.8(a)(ii).” 
 (o) Each Lender delivering a Consent or a Joinder hereunder waives, any right to
compensation for losses, expenses or liabilities incurred by such Lender to which it may otherwise be entitled pursuant to Section 8.1 of the Loan Agreement in respect of the transactions contemplated hereby. 

 

	 	Section 2.	Representations and Warranties. 

 Each Loan Party represents and warrants to the
Lenders as of the Amendment No. 1 Effective Date that: 
 (a) Immediately before and after giving effect to this Amendment, each of the
representations and warranties set forth in the Loan Agreement and in the other Loan Documents shall be and remain true and correct in all material respects (or, if qualified as to “materiality,” “material adverse effect” or
similar language, shall be true and correct in all respects (after giving effect to any such qualification therein)) as of said time, except to the extent the same expressly relate to an earlier date. 

(b) At the time of and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. 

  
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	 	Section 3.	Conditions to Effectiveness. 

 This Amendment shall become effective on the date
on which each of the following conditions is satisfied: 
 (a) The Administrative Agent’s receipt of the following, each of which shall
be originals or facsimiles or electronic copies (and, to the extent requested by the Administrative Agent, followed promptly by originals) unless otherwise specified: 

(1) counterparts of this Amendment executed by each of the Loan Parties; and 

(2) a Term B-1 Note executed by the Borrower in favor of each Term B-1 Lender requesting a Term B-1 Note at least two (2)
Business Days prior to the Amendment No. 1 Effective Date, if any. 
 (b) The Administrative Agent’s receipt of the following, each of
which shall be originals or facsimiles or electronic copies (and, to the extent requested by the Administrative Agent, followed promptly by originals) unless otherwise specified; 

(1) (A) a favorable written opinion (addressed to the Administrative Agent and the Lenders) of Cleary Gottlieb Steen &
Hamilton LLP, special counsel to the Loan Parties and (B) a favorable written opinion (addressed to the Administrative Agent and the Lenders) of Young Conaway Stargatt & Taylor, LLP, local counsel to the Borrower and the Guarantors in the state
of Delaware; 
 (2) (i) copies of the certificate of formation, certificate of incorporation, certificate of organization,
operating agreement, articles of incorporation, memorandum and articles of association and bylaws, as applicable (or comparable organizational documents) of the Borrower and the Guarantors and, to the extent applicable, certified as of a recent date
by the appropriate governmental official (or a representation that such documents have not been amended since the Escrow Release Date); (ii) incumbency certificates of the officers of such Person executing the Loan Documents to which it is a party
as of the Amendment No. 1 Effective Date and prior to the funding of the U.S. Term B-1 Loans; (iii) resolutions of the board of directors or similar governing body of the Loan Parties approving and authorizing the execution, delivery and performance
of this Agreement and the other Loan Documents to which such Loan Party is a party as of the Amendment No. 1 Effective Date and prior to the funding of the U.S. Term B-1 Loans, certified as of the Amendment No. 1 Effective Date by such Loan Party as
being in full force and effect without modification or amendment; and (iv) copies of the certificates of good standing or the equivalent (if any) for each Loan Party from the office of the secretary of state or other appropriate governmental
department or agency of the state of its formation, incorporation or organization, in each case dated a recent date prior to the Amendment No. 1 Effective Date; and 

(3) a certificate signed by a Responsible Officer of the Borrower certifying as to the satisfaction of the conditions set forth
in Section 2.16(a)(v) of the Loan Agreement with respect to the U.S. Term B-1 Loans and in paragraphs (g) and (h) of this Section 3 as of the Amendment No. 1 Effective Date. 

  
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 (c) (i) $750,000,000 of the existing U.S. Term B Loans shall have been repaid prior to the
effectiveness of this Amendment and the Borrower shall have delivered a prepayment notice with respect to such repayment as required by Section 2.8(a)(i) of the Loan Agreement; provided that the parties hereto agree that such prepayment
notice may be delivered by 1:00 p.m., New York City time, one Business Day before the date of the proposed prepayment and (ii) the remainder of the existing U.S. Term B Loans shall be repaid with the proceeds of the U.S. Term B-1 Loans substantially
simultaneously with effectiveness of this Amendment and the Borrower shall have delivered a prepayment notice with respect to such repayment as required by Section 2.8(a)(i) of the Loan Agreement; provided that the parties hereto agree that
such prepayment notice may be delivered by 1:00 p.m., New York City time, one Business Day before the date of the proposed repayment. 
 (d)
The aggregate principal amount of the Exchanged U.S. Term B Loans plus the aggregate principal amount of the Additional U.S. Term B-1 Commitments shall equal the aggregate principal amount of the outstanding U.S. Term B Loans immediately
prior to the Amendment No. 1 Effective Date. 
 (e) The Borrower shall have paid to the Administrative Agent, for the ratable account of the
U.S. Term B Lenders immediately prior to the Amendment No. 1 Effective Date, all accrued and unpaid interest on the U.S. Term B Loans to, but not including, the Amendment No. 1 Effective Date. 

(f) All reasonable and documented out-of-pocket fees and expenses due to the Administrative Agent and J.P. Morgan Securities LLC required to
be paid on the Amendment No. 1 Effective Date (including pursuant to Section 9 hereof) shall have been paid (or the Borrower shall have made arrangements reasonably satisfactory to the Administrative Agent for such payment). 

(g) At the time and immediately after giving effect to the incurrence of the U.S. Term B-1 Loans, no Default or Event of Default shall have
occurred and be continuing. 
 (h) Each of the representations and warranties of the Loan Parties set forth in the Loan Agreement, Section 2
of this Amendment and in the other Loan Documents shall be and remain true and correct in all material respects (or, if qualified as to “materiality,” “material adverse effect” or similar language, shall be true and correct in
all respects (after giving effect to any such qualification therein)) as of the Amendment No. 1 Effective Date, except to the extent the same expressly relate to an earlier date. 

(i) The Administrative Agent shall have received, no later than 3 Business Days in advance of the Amendment No. 1 Effective Date, all
documentation and other information about the Loan Parties as shall have been reasonably requested in writing at least seven (7) Business Days prior to the Amendment No. 1 Effective Date by the U.S. Term B-1 Lenders through the Administrative Agent
that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act. 

  
 8 

 (j) The Administrative Agent shall have received the Notice of Borrowing required by Section 2.5
of the Loan Agreement; provided that the parties hereto agree that (i) any Notice of Borrowing in respect of the U.S. Term B-1 Loans requested under this Amendment may be delivered by 1:00 p.m., New York City time, one Business Day before the
date of the proposed Borrowing for such U.S. Term B-1 Loans and (ii) the Notice of Borrowing in respect of such U.S. Term B-1 Loans may be made conditional on the effectiveness of this Amendment. 

(k) The Administrative Agent shall have received the executed counterparts of the Joinder executed by the Borrower and each Additional U.S.
Term B-1 Lender. 
 (l) The Borrower shall have paid to the Administrative Agent, for the ratable account of each of the applicable U.S.
Term Lenders with an outstanding U.S. Term B Loan immediately prior to the Amendment No. 1 Effective Date, the prepayment premium set forth in Section 2.8(a)(ii) of the Loan Agreement. 

(m) The Administrative Agent shall have received a completed “Life-of-Loan” Federal Emergency Management Agency standard flood
hazard determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each other Loan Party relating thereto). 

The Administrative Agent shall notify the Borrower and the Lenders of the Amendment No. 1 Effective Date and such notice shall be conclusive and
binding. Notwithstanding the foregoing, the amendments effected hereby shall not become effective, the obligations of the Additional U.S. Term B-1 Lenders to make Additional U.S. Term B-1 Loans will automatically terminate, if each of the
conditions set forth or referred to in this Section 3 has not been satisfied at or prior to 5:00 p.m., New York City time, on August 17. 2016. 
  

	 	Section 4.	Formal Request Deemed Made. 

 By its execution of this Amendment, the Borrower
hereby delivers and the Administrative Agent hereby acknowledges receipt of this Amendment as the satisfaction of the requirement to give notice required to the Administrative Agent pursuant to Section 2.16(a) of the Loan Agreement. 

 

	 	Section 5.	Acknowledgments.  

 Each Loan Party hereby expressly acknowledges the terms
of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to
this Amendment and the transactions contemplated hereby, (ii) its guarantee of the Obligations (including, without limitation, the U.S. Term B-1 Loans) pursuant to the Collateral Documents and (iii) its grant of Liens on the Collateral to secure the
Obligations (including, without limitation, the Obligations with respect to the U.S. Term B-1 Loans) pursuant to the Collateral Documents. 

  
 9 

	 	Section 6.	Liens Unimpaired.  

 After giving effect to this Amendment, neither the
modification of the Loan Agreement effected pursuant to this Amendment nor the execution, delivery, performance or effectiveness of this Amendment: 

(a) impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document (including, for the avoidance of doubt,
any Cayman Islands law governed share mortgage granted by any Loan Party), and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred; or 

(b) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens. 

 

	 	Section 7.	Entire Agreement.  

 This Amendment, the Loan Agreement and the other Loan
Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to
the subject matter hereof. Except as expressly set forth herein, this Amendment and the Loan Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under,
the Loan Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement, all of which are ratified and affirmed in all respects and shall continue in full
force and effect. It is understood and agreed that each reference in each Loan Document to the “Loan Agreement,” whether direct or indirect, shall hereafter be deemed to be a reference to the Loan Agreement as amended by this
Amendment and that this Amendment is a “Loan Document” and a “Refinancing Amendment.” 
  

	 	Section 8.	Amendment, Modification and Waiver.  

 This Amendment may not be amended,
modified or waived except pursuant to a writing signed by each of the parties hereto. 
  

	 	Section 9.	Expenses. 

 The Borrower agrees to reimburse the Administrative Agent for its
reasonable and documented out-of-pocket expenses incurred by them in connection with this Amendment, including the reasonable and documented fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for the
Administrative Agent. 
  

	 	Section 10.	Counterparts. 

 This Amendment may be executed in any number of counterparts and
by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart
of a signature page of this Amendment by facsimile transmission or electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

  
 10 

	 	Section 11.	Governing Law and Waiver of Right to Trial by Jury. 

 THIS AMENDMENT AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. SECTION 10.22 OF THE LOAN AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY HERETO. 
  

	 	Section 12.	Headings. 

 The headings of this Amendment are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof. 
  

	 	Section 13.	Effect of Amendment. 

 Except as expressly set forth herein, this Amendment shall
not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Loan Agreement or any other Loan Document, and shall not alter, modify, amend or
in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or any other provision of the Loan Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and
shall continue in full force and effect.

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written. 
  

					
	WESTERN DIGITAL CORPORATION
		
	By:	 	 /s/ Mark Long

		 	Name:	 	Mark Long
		 	Title:	 	Executive Vice President, Finance and Chief Strategy Officer

  
 [SIGNATURE PAGE TO
AMENDMENT NO. 1] 

 
					
	HGST, INC.
	WD MEDIA, LLC
		
	 By:
	 	 /s/ Michael C. Ray

		 	 Name:
	 	 Michael C. Ray

		 	 Title:
	 	 Secretary

	
	WESTERN DIGITAL (FREMONT), LLC
		
	 By:
	 	 /s/ Michael C. Ray

		 	 Name:
	 	 Michael C. Ray

		 	 Title:
	 	 Vice President and Secretary

	
	WESTERN DIGITAL TECHNOLOGIES, INC.
		
	 By:
	 	 /s/ Michael C. Ray

		 	 Name:
	 	 Michael C. Ray

		 	 Title:
	 	 Executive Vice President, Chief

		 		 	 Legal Officer and Secretary

  
 [SIGNATURE PAGE TO
AMENDMENT NO. 1] 

 
			
	 JPMORGAN CHASE BANK, N.A., as Administrative Agent

		
	 By:
	 	 /s/ Caitlin Stewart

		 	 Name: Caitlin Stewart

		 	 Title: Vice President

  
 [SIGNATURE PAGE TO
AMENDMENT NO. 1] 

 EXHIBIT A 

CONSENT TO CASHLESS ROLL 
 CONSENT TO
CASHLESS ROLL (this “Consent”) in connection with Amendment No. 1 (“Amendment”) to that certain Loan Agreement, dated as of April 29, 2016 (the “Loan Agreement”), by and among Western Digital
Corporation (the “Borrower”), JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), the Lenders from time to time party thereto and the other parties thereto. Unless otherwise defined
herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Amendment. 
 Existing U.S. Term B Lenders /
Cashless Settlement 
 The undersigned U.S. Term B Lender hereby irrevocably and unconditionally consents to convert 100% of the outstanding
principal amount of the U.S. Term B Loan held by such U.S. Term B Lender (or such lesser amount allocated to such Lender by the Administrative Agent) into a U.S. Term B-1 Loan in a like principal amount via a cashless roll. 

IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed and delivered by a duly authorized officer. 

 

					
	Date: August     , 2016	 	
		
	  
	 	,
	as a Lender (type name of the legal entity)	 	
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	
		
	If a second signature is necessary:	 	
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	

 EXHIBIT B 

JOINDER AGREEMENT 

JOINDER AGREEMENT, dated as of August 17, 2016 (this “Agreement”), by and among JPMORGAN CHASE BANK, N.A. (the “U.S.
Term B-1 Lender”), Western Digital Corporation (the “Borrower”), and JPMORGAN CHASE BANK, N.A. (the “Administrative Agent”). 

RECITALS: 
 WHEREAS,
reference is hereby made to the Loan Agreement, dated as of April 29, 2016 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Loan Agreement”), among the Borrower, each lender from
time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and the other parties thereto (capitalized terms used but not defined herein having the meaning provided in the Loan Agreement (as amended by Amendment No. 1)); 

WHEREAS, subject to the terms and conditions of the Loan Agreement, the Borrower may establish the Additional U.S. Term B-1 Commitment
with existing U.S. Term B Lenders and/or Additional U.S. Term B-1 Lenders; and 
 WHEREAS, subject to the terms and conditions of Amendment
No. 1, Additional U.S. Term B-1 Lenders shall become Lenders pursuant to one or more Joinders (as defined in Amendment No. 1); 
 NOW,
THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows: 

Each Additional U.S. Term B-1 Lender hereby agrees to provide the Additional U.S. Term B-1 Commitment set forth on its signature page hereto
pursuant to and in accordance with Section 2.1(d) of the Loan Agreement. The Additional U.S. Term B-1 Commitment provided pursuant to this Agreement shall be subject to all of the terms in the Loan
Agreement and to the conditions set forth in the Loan Agreement, and shall be entitled to all the benefits afforded by the Loan Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the
Guaranty and security interests created by the Collateral Documents. 
 Each Additional U.S. Term B-1 Lender, the Borrower and the
Administrative Agent acknowledge and agree that the Additional U.S. Term B-1 Commitment provided pursuant to this Agreement shall constitute Additional U.S. Term B-1 Commitments for all purposes of the Loan Agreement and the other applicable Loan
Documents. Each Additional U.S. Term B-1 Lender hereby agrees to make an Additional U.S. Term B-1 Loan to the Borrower in an amount equal to its Additional U.S. Term B-1 Commitment on the Amendment No. 1 Effective Date in accordance with
Section 2.01(d) of the Loan Agreement. 

 Each Additional U.S. Term B-1 Lender (i) confirms that it has received a copy of the Loan
Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Joint Lead Arrangers or any other Additional U.S. Term B-1 Lender or any other Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such
powers and discretion under the Loan Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (iv) agrees that it
will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender. 

Upon (i) the execution of a counterpart of this Agreement by each Additional U.S. Term B-1 Lender, the Administrative Agent and the Borrower
and (ii) the delivery to the Administrative Agent of a fully executed counterpart (including by way of telecopy or other electronic transmission) hereof, each of the undersigned Additional U.S. Term B-1 Lenders shall become Lenders under the Loan
Agreement and shall have the respective Additional U.S. Term B-1 Commitment set forth on its signature page hereto, effective as of the Amendment No. 1 Effective Date. 

For each Additional U.S. Term B-1 Lender, delivered herewith to the Administrative Agent are such forms, certificates or other evidence with
respect to United States federal income tax withholding matters as such Additional U.S. Term B-1 Lender may be required to deliver to the Administrative Agent pursuant to Section 10.1 of the Loan Agreement. 

This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each
of the parties hereto. 
 This Agreement, the Loan Agreement and the other Loan Documents constitute the entire agreement among the parties
with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof. 

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
 Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to
that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable. 

  
 B-2 

 This Agreement may be executed in counterparts, each of which shall be deemed to be an original,
but all of which shall constitute one and the same agreement. 

  
 B-3 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and
deliver this Joinder Agreement as of date first written above. 
  

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	  

		 	Name:
		 	Title:
	
	Additional U.S. Term B-1 Commitments:
	$[        ]
	
	WESTERN DIGITAL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-4 

			
	Accepted:
	
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 B-5 

 EXHIBIT D-2 

EXHIBIT D-2 
 U.S. TERM
B-1 NOTE 
  

			
	$        	  	            , 20    

 FOR VALUE RECEIVED, the undersigned, Western Digital Corporation,
a Delaware corporation (the “Borrower”), hereby promises to pay to                      or its registered assigns (the
“Lender”) at the principal office of JPMorgan Chase Bank, N.A., as Administrative Agent, in New York, New York, in immediately available funds, the principal sum of
             Dollars ($        ) or, if less, the aggregate unpaid principal amount of the U.S. Term B-1 Loan made or maintained by the Lender to the
Borrower pursuant to the Loan Agreement (as defined below), in installments in the amounts and on the dates called for by Section 2.7(b) of the Loan Agreement, together with interest on the principal amount of such U.S. Term B-1 Loan from time to
time outstanding hereunder at the rates, and payable in the manner and on the dates, specified in the Loan Agreement. 
 This Note is one of
the U.S. Term B-1 Notes referred to in the Loan Agreement dated as of April 29, 2016 among the Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto from time to time, and the other agents party thereto (as
extended, renewed, amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), and this Note and the holder hereof are entitled to all the benefits and security provided for
thereby or referred to therein, to which Loan Agreement reference is hereby made for a statement thereof. All defined terms used in this Note, except terms otherwise defined herein, shall have the same meaning as in the Loan Agreement. This Note
shall be governed by and construed in accordance with the laws of the State of New York. 
 Voluntary prepayments may be made hereon,
certain prepayments are required to be made hereon, and this Note may be declared due prior to the expressed maturity hereof, all on the terms and in the manner as provided for in the Loan Agreement. 

The Borrower hereby waives demand, presentment, protest or notice of any kind hereunder. 

 

			
	WESTERN DIGITAL CORPORATION
		
	By:	 	  

		
		 	Name:
		
		 	Title:Exhibit
10.4

 

[_______],
2016

 

Stellar
Acquisition III Inc. 

90
Kifissias Avenue

Maroussi
15125

Athens,
Greece

  

	Re:	Initial
    Public Offering

 

Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) proposed to be entered into by and between Stellar Acquisition III Inc.,
a Marshall Islands corporation (the “Company”), and Maxim Group LLC, as representative of the several
underwriters named therein (the “Underwriters”), relating to an underwritten initial public offering
(the “Public Offering”), of 6,500,000 of the Company’s units (the “Units”),
each Unit comprised of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
and one warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one share
of the Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant
to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with
the Securities and Exchange Commission (the “Commission”) and the Company shall apply to have the Units
listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Astra Maritime Corp.,
Dominium Investments Inc., Magellan Investments Corp. and Firmus Investments Inc. (each, a “Sponsor”
and collectively, the “Sponsors”) and the undersigned individuals, each of whom is a director, officer
or initial shareholder to the Company (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

1.
Each Sponsor and each Insider agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in
connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Common Stock owned by it, him or
her in favor of such proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection
with such shareholder approval. Each Sponsor and each Insider agrees not to tender any Shares of Common Stock in connection with
a tender offer conducted in conjunction with a Business Combination.

 

2.
Each Sponsor and each Insider agrees that in the event that the Company fails to consummate a Business Combination (as
defined in the Underwriting Agreement) within 12 months from the date of the closing of the Public Offering (or up to 21
months from the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination
in accordance with the Company’s amended and restated articles of incorporation (the
“Charter”)), or such later period approved by the Company’s shareholders in accordance with
the Charter, the Sponsors and Insiders shall take all reasonable steps to cause the Company to (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days
thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold as part of the Units in the
Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and
working capital released to the Company, including repayment from interest of loans made to the Company by the Sponsors
or application of withdrawn or accrued interest to the Sponsors’ obligation to loan the Company money in connection
with an extension as described in the Charter, and less up to $50,000 of interest to pay dissolution expenses), divided by
the number of then outstanding public shares, which redemption will completely extinguish Public Shareholders’ rights
as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the
Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each
case to the Company’s obligations under Marshall Islands law to provide for claims of creditors and other requirements
of applicable law. Each Sponsor and each Insider agrees not to propose any amendment to the Charter that would affect
the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not
complete a Business Combination within 12 months from the closing of the Public Offering (or up to 21 months from the closing
of the Public Offering if the Company extends the period of time to consummate a Business Combination in accordance with
the Charter), unless the Company provides its public shareholders with the opportunity to redeem their shares of Common
Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account including interest (which interest shall be net of taxes payable and working capital released to
the Company), divided by the number of then outstanding public shares.

 

    

     

    

 

Each
Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the
Founder Shares. Each Sponsor and each Insider further waives, with respect to any shares of the Common Stock held by it, him or
her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including,
without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or in
the context of a tender offer made by the Company to purchase shares of the Common Stock (although the Sponsors and Insiders shall
be entitled to redemption and liquidation rights with respect to any shares of the Common Stock (other than the Founder Shares)
they hold if the Company fails to consummate a Business Combination within 12 months from the date of the closing of the Public
Offering (or up to 21 months from the closing of the Public Offering if the Company extends the period of time to consummate a
Business Combination in accordance with the Charter).

 

3.
Subject to the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the effective date of the
Underwriting Agreement and ending 180 days after such date, each Sponsor and each Insider shall not (i) sell, offer to sell,
contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly
or indirectly, file (or participate in the filing of) a registration statement with the Commission or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, with respect to any
Units, shares of Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common
Stock owned by it, if any, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any Units, shares of Common Stock, Warrants or any securities convertible into,
or exercisable, or exchangeable for, shares of Common Stock owned by it, if any, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clause (i) or (ii). The foregoing sentence shall not apply to the registration of the offer and sale of Units
contemplated by the Underwriting Agreement and the sale of the Units to the Underwriters. Each Sponsor and each Insider acknowledges
and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph
7 below, the Company shall announce the impending release or waiver by press release through a major news service at least two
business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective two business
days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release
or waiver is effected solely to permit a transfer of securities that is not for consideration and (ii) the transferee has
agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
terms remain in effect at the time of the transfer.

 

4.
In the event of the liquidation of the Trust Account, Prokopios (Akis) Tsirigakis and George Syllantavos (the “Indemnitors”)
agree to jointly indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending
against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result
of any claim by (i) any third party for services rendered or products sold to the Company or (ii) a prospective target
business with which the Company has entered into an acquisition agreement (a “Target”); provided, however,
that such indemnification of the Company by the Indemnitors shall apply only to the extent necessary to ensure that such claims
by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust
Account to below (i) $10.20 per Offering Share (or up to $10.374 per Offering Share if the Company extends the period of
time to consummate a Business Combination in accordance with the Charter) or (ii) such lesser amount per share of the Offering
Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust
Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay
taxes and for working capital purposes, except as to any claims by a third party who executed a waiver of any and all rights to
seek access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is
deemed to be unenforceable against such third party, the Indemnitors shall not be responsible to the extent of any liability for
such third party claim. The Indemnitors shall have the right to defend against any such claim with counsel of their choice reasonably
satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitors, the Indemnitors
notify the Company in writing that they shall undertake such defense.

 

    2

     

    

 

5.
To the extent that the Underwriters do not exercise their over-allotment option to purchase an additional 975,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsors and Insiders agree that they
shall forfeit, at no cost, a number of Founder Shares in the aggregate equal to 283,064 multiplied by a fraction, (i) the
numerator of which is 975,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment
option, and (ii) the denominator of which is 975,000. The forfeiture will be adjusted to the extent that the over-allotment
option is not exercised in full by the Underwriters so that the shareholders prior to the Public Offering will own an aggregate
of 22.5% of the Company’s issued and outstanding shares of Common Stock after the Public Offering (not including shares
issued to the Underwriters). The Sponsors and Insiders further agree that to the extent that the size of the Public Offering is
increased or decreased, the Company will purchase or sell shares of Common Stock or effect a stock dividend or share contribution
back to capital, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the
ownership of the shareholders prior to the Public Offering at 22.5% of its issued and outstanding shares of Common Stock upon
the consummation of the Public Offering (not including shares issued to the Underwriters). In connection with such increase or
decrease in the size of the Public Offering, then (A) the references to 975,000 in the numerator and denominator of the formula
in the first sentence of this paragraph shall be changed to a number equal to 15% of the number of shares included in the Units
issued in the Public Offering and (B) the reference to 283,064 in the formula set forth in the first sentence of this paragraph
shall be adjusted to such number of shares of the Common Stock that the Sponsors and Insiders would have to return to the Company
in order to hold an aggregate of 22.5% of the Company’s issued and outstanding shares after the Public Offering (not including
shares issued to the Underwriters).

 

6.
(a) Each Sponsor and each Insider agrees not to participate in the formation of, or become an officer or director of, any
other blank check company until the Company has entered into a definitive agreement with respect to a Business Combination or
the Company has failed to complete a Business Combination within 12 months after the closing of the Public Offering (or up to
21 months from the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination
in accordance with the Charter).

 

(b)
Each Sponsor and each Insider agrees and acknowledges that: (i) each of the Underwriters and the Company would be irreparably
injured in the event of a breach by such Sponsor or Insider of his, her or its obligations (as applicable) under paragraphs 1,
2, 3, 4, 5, 6(a), 7(a), 7(b), and 9 of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such
breach, and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such
party may have in law or in equity, in the event of such breach. 

 

7.
(a) Each Sponsor and each Insider agrees that it, he or she shall not Transfer (as defined below) any Founder Shares until
the earlier of (i) one year after the completion of a Business Combination or earlier if, subsequent to a Business Combination,
(x) the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
150 days after a Business Combination or (y) the date following the completion of a Business Combination on which the Company
completes a liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s shareholders
having the right to exchange their shares of Common Stock for cash, securities or other property (the “Founder Shares
Lock-up Period”).

 

(b)
Each Sponsor and each Insider agrees that it, he or she shall not effectuate any Transfer of Private Placement Warrants or Common
Stock issued or issuable upon the exercise of the Private Placement Warrants, until 30 days after the completion of a Business
Combination (the “Private Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up
Period, the “Lock-up Periods”).

 

    3

     

    

 

(c)
Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants
and shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants are permitted to (a)  the
Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any
members of any Sponsor or any affiliates of any Sponsor or any of its members; (b) in the case of an individual, by a gift
to a member of one of the members of the individual’s immediate family or to a trust, the beneficiary of which is a member
of one of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the
case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an
individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the
consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased;
or (f) in the event of the Company’s liquidation prior to the completion of a Business Combination; provided, however,
that in the case of clauses (a) through (e), these permitted transferees must enter into a written agreement agreeing to
be bound by these transfer restrictions.

 

8.
Each Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership
in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company is true and accurate in all respects and does
not omit any material information with respect to the undersigned’s background. Each Insider’s questionnaire furnished
to the Company and the information about the Insider in the Prospectus is true and accurate in all respects. Each Insider represents
and warrants that: the undersigned is not subject to or a respondent in any legal action for, any injunction, cease-and-desist
order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;
the undersigned has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any
financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and the
undersigned is not currently a defendant in any such criminal proceeding. 

 

9.
Except as disclosed in the Prospectus, neither any Sponsor or any Insider nor any affiliate of any Sponsor or any Insider,
nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting
fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered
in order to effectuate the consummation of a Business Combination (regardless of the type of transaction that it is), other
than the following, none of which will be made from the proceeds of the Public Offering held in the Trust Account prior to
the completion of a Business Combination: (a) repayment of loans of up to an aggregate of $250,000 made to the Company by the
Sponsors; (b) payment to an affiliate of the Company’s executive officers for office space, utilities and secretarial
support for a total of $10,000 per month; (c) reimbursement for any reasonable out-of-pocket expenses related to identifying,
investigating and consummating a Business Combination, and (d) repayment of loans, if any, and on such terms as to be
determined by the Company from time to time, made by the Sponsors or certain of the Company’s officers and directors to
finance transaction costs in connection with an intended Business Combination, provided, that, if the Company does not
consummate a Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company
to repay such loaned amounts so long as no other proceeds from the Trust Account are used for such repayment. In the event
that the Company does not consummate a Business Combination, each Sponsor of the Company hereby waives its right to be repaid
for any loan such Sponsor has made to the Company, including loans to extend the period of time during which the Company must
consummate a Business Combination (other than from funds available to the Company not held in the Trust Account, including
interest permitted to be withdrawn). Up to $2,000,000 of such loans (including any loans made in connection with the extension of the
time available for the Company to consummate a Business Combination) may be convertible into warrants of the post Business
Combination entity at a price of $0.50 per warrant at the option of the lender. Such warrants would be identical to the
Private Placement Warrants.

 

10.
Each Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter
Agreement and, as applicable, to serve as a director on the board of directors of the Company and hereby consents to being named
in the prospectus as a director or director nominee of the Company.

 

    4

     

    

 

11.
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Founder
Shares” shall mean the 1,887,097 shares of the Common Stock of the Company initially acquired by the Sponsors and
Insiders for an aggregate purchase price of $25,000, or approximately $0.0001 per share, prior to the consummation of the Public
Offering; (iii) “Private Placement Warrants “ shall mean the Warrants to purchase up to 7,650,000
shares of the Common Stock of the Company that are to be acquired by the Sponsors for an aggregate purchase price of $3.825 million
in the aggregate, or $0.50 per Warrant, in a private placement that shall occur simultaneously with the consummation of the Public
Offering; (iv) “Public Shareholders” shall mean the holders of securities issued in the Public
Offering; (v) “Trust Account” shall mean the trust fund into which a portion of the net proceeds
of the Public Offering shall be deposited; and (vi) “Transfer” shall mean the (a) sale of,
offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or
agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with
respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
announcement of any intention to effect any transaction specified in clause (a) or (b).

 

12.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

13.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Sponsors and Insiders and their respective successors and permitted assigns. Any transfer made in contravention of this
Letter Agreement shall be null and void.

 

14.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waives any objection to
such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

15.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

16.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that
the Public Offering is not consummated and closed by [______], 2016, provided further that paragraph 4 of this
Letter Agreement shall survive such liquidation.

 

[Signature
page follows]

 

    5

     

    

 

	Sincerely,

         

        ASTRA
        MARITIME CORP.
	 
	 	 	 
	By:	 	 
	 	Name:
        Prokopios (Akis) Tsirigakis

        Title:
          
	 

 

	DOMINIUM
    INVESTMENTS INC.  	 
	 	 
	 	 
	Name:
        Prokopios (Akis) Tsirigakis

        Title:
          
	 
	 	 
	MAGELLAN
INVESTMENTS CORP.
	 
	 	 
		 
	Name:
        George Syllantavos

        Title:
          
	 

 

	FIRMUS
    INVESTMENTS INC.  	 
	 	 
	 	 
	Name:
        George Syllantavos

        Title:
          
	 

 

	By:	 	 
	 	Prokopios
    (Akis) Tsirigakis	 
	 	 	 
	By:	 	 
	 	George
    Syllantavos	 
	 	 	 
	By:	 	 
	 	Alexandros
    Argyros	 
	 	 	 
	By:	 	 
	 	Tiziano
    Paravagna	 
	 	 	 
	By:	 	 
	 	Eleonora
    (Liona) Bacha	 
	 	 	 
	By:	 	 
	 	Nikolas
    Tsirigakis	 
	 	 	 
	By:	 	 
	 	Nicolas
    Bornozis	 
	 	 	 
	By:	 	 
	 	Stylianos
    Anastopoulos	 

 

	CENTARUS
    METAL CORP.  	 
	 	 	 
		            
	Name:
    	              	 
	Title:	 	 
	 	 	 
	Acknowledged
    and Agreed:	 

 

	STELLAR
    ACQUISITION III INC.  	 
	 	 	 
	By:	 	 
	 	Name:
       	 
	 	Title:	 

 

 

6

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