Document:

Exchange Agreement

 Exhibit 10.2 
  
 EXCHANGE AGREEMENT 
  
 THIS EXCHANGE AGREEMENT (the “Agreement”) is made and entered into as of this 2nd day of March, 2005, by and among Aries Energy Corporation, a corporation organized under the laws of the Marshall Islands (“Aries Energy”),
Sarah Enterprises S.A., a corporation organized under the laws of the Marshall Islands (“Sarah Enterprises”), Propeller Maritime Corp., a corporation organized under the laws of the Marshall Islands (“Propeller
Maritime”), Glory Shipmanagement Ltd., a corporation organized under the laws of the Marshall Islands (“Glory Shipmanagement”) and Aries Maritime Transport Limited, a corporation organized under the laws of Bermuda
(“AMT”). 
  
 RECITALS 
  
 WHEREAS, Aries Energy owns 100% of the issued and outstanding shares of each
of Sarah Enterprises, Propeller Maritime, Glory Shipmanagement and Rocket Marine, Inc., a corporation organized under the laws of the Marshall Islands (“Rocket Marine”); 
  
 WHEREAS, Sarah Enterprises owns 100% of the issued and outstanding shares of Ocean Hope Shipping Company Ltd., a corporation
organized under the laws of Malta (“Ocean Hope”); 
  
 WHEREAS, Ocean Hope owns 100% of the issued and outstanding shares of each of (i) the three Marshall Islands, (ii) the two Maltese and (iii) the two Cyprus shipowning corporations set forth on Schedule A hereto (the “Ocean Hope
Shipcos”); 
  
 WHEREAS, Propeller Maritime owns 100% of
the issued and outstanding shares of each of the two Maltese shipowning corporations set forth on Schedule B hereto (the “Propeller Shipcos”); 
  

WHEREAS, Glory Shipmanagement owns 100% of the issued and outstanding shares of each of (i) the two Marshall Islands and (ii) one British Virgin
Islands shipowning corporations set forth on Schedule C hereto (the “Glory Shipcos”); 
  
 WHEREAS, AMT is a newly formed Bermuda corporation that was formed for the purpose of acquiring Ocean Hope and the Propeller Shipcos and Glory Shipcos
(each, a “Shipco” and collectively, the “Shipcos”), in exchange for shares of AMT (the “Exchange”); 
  
 WHEREAS, each of the parties hereto wishes to restructure the current ownership structure of the Shipcos, as set forth on Exhibit I attached hereto, and
to create the ownership structure set forth on Exhibit II hereto; 
  

 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for such other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
 Closings 
  

	1.1	Closing. The transactions contemplated by this Agreement shall take place at one or more closings, the place and timings of which shall be agreed upon by the parties and
which shall be referred to herein, whether individually or collectively, as the Closing. 

  
 ARTICLE II 
 Closing Transactions 
  
 At or prior to the Closing, the following transactions will occur:

  

	2.1	Transfer of Shipcos. Immediately prior to the Closing, (i) Sarah Enterprises will deliver to AMT share certificates evidencing 100% of the issued and outstanding shares of
Ocean Hope, together with such instruments of transfer as shall be necessary to transfer good and marketable title to such shares, (ii) each of Propeller Maritime and Glory Shipmanagement will deliver to AMT share certificates evidencing 100% of the
issued and outstanding shares of each Shipco owned by such company, together with such instruments of transfer as shall be necessary to transfer good and marketable title to such shares, and (iii) AMT will issue to each of Sarah Enterprises,
Propeller Maritime and Glory Shipmanagement one hundred (100) AMT common shares, par value $0.01 per share (the “AMT Shares”), together with certificates evidencing such common shares. 

  

	2.2	Distributions of AMT Shares. Following the transfer of Ocean Hope and the Propeller Shipcos and Glory Shipcos as set forth above, each of Sarah Enterprises, Propeller
Maritime and Glory Shipmanagement will distribute one hundred (100) AMT Shares to Aries Energy, the sole shareholder of each such company. 

  

	2.3	Contribution to Rocket Marine. Following the distributions of the AMT Shares to Aries Energy as set forth above, Aries Energy will contribute three hundred (300) AMT Shares
to Rocket Marine. 

  
 ARTICLE III 

Representations and Warranties of AMT 
  
 AMT represents and warrants to each of Aries Energy, Sarah Enterprises, Propeller Maritime and Glory Shipmanagement, as of the date hereof and as of the
Closing: 
  

	3.1	 Capacity; Authority; Validity. AMT is duly incorporated and validly existing under the laws of Bermuda; AMT has all necessary capacity, power and authority
to enter into this Agreement and to perform all the obligations to be performed by AMT hereunder; this Agreement and the consummation by AMT of the transactions contemplated hereby has been duly and validly authorized by all necessary actions of
AMT; this Agreement has been duly executed and delivered by AMT; and assuming the due execution and delivery 

  

 2 

	 	 
of this Agreement by Aries Energy, Sarah Enterprises, Propeller Maritime and Glory Shipmanagement, this Agreement constitutes the legal, valid and binding
obligation of AMT enforceable against AMT in accordance with its terms. 

  

	3.2	Title. The AMT Shares, when issued to each of Sarah Enterprises, Propeller Maritime and Glory Shipmanagement pursuant to this Agreement, shall be fully paid, validly issued
and non-assessable, free and clear of all liens, charges, claims and encumbrances of any nature. 

  

	3.3	No Violation of Law or Agreement. Neither the execution and delivery of this Agreement by AMT, nor the consummation of the transactions contemplated hereby by AMT, will
violate any judgment, order, writ, decree, law, rule or regulation or agreement applicable to AMT. 

  

	3.4	Required Corporate Approvals and Authorities. AMT shall arrange for all such corporate and shareholder approvals as may be necessary to implement the Exchange.

  
 ARTICLE IV 
 Representations and Warranties of Sarah Enterprises, Propeller Maritime and Glory Shipmanagement 
  
 Each of Sarah Enterprises, Propeller Maritime, and Glory Shipmanagement
(each, a “Holding Company” and collectively, the “Holding Companies”) hereby represents and warrants to AMT that, as of the date hereof and as of the Closing: 
  

	4.1	Capacity; Authority; Validity. (i) Each Marshall Islands Holding Company is duly incorporated and validly existing under the laws of the Marshall Islands; (ii) each Holding
Company has all necessary capacity, power and authority to enter into this Agreement and to perform all the obligations to be performed by each Holding Company hereunder; (iii) this Agreement and the consummation by each Holding Company of the
transactions contemplated hereby has been duly and validly authorized by all necessary actions of each Holding Company; (iv) this Agreement has been duly executed and delivered by each Holding Company; and (v) assuming the due execution and delivery
of this Agreement by AMT, Aries Energy and each other Holding Company, this Agreement constitutes the legal, valid and binding obligation of each Holding Company enforceable against it in accordance with its terms. 

  

	4.2	No Violation of Law or Agreement. Neither the execution and delivery of this Agreement by any Holding Company, nor the consummation of the transactions contemplated hereby by
any Holding Company, will violate any judgment, order, writ, decree, law, rule or regulation or agreement applicable to any Holding Company. 

  

	4.3	 Ownership. (i) Sarah Enterprises is the sole beneficial owner of 100% of the issued and outstanding shares of Ocean Hope, free and clear of any lien, pledge,
claim, security interest, encumbrance or charge; (ii) Propeller Maritime is the sole owner of the Propeller Shipcos set forth on Schedule B hereto, free and clear of any lien, pledge, claim, security interest, encumbrance or charge, other than the
lien in favor of the lenders under existing 

  

 3 

	 	 
loan agreements and related security documents, if any; and (iii) Glory Shipmanagement is the sole owner of Glory Shipcos set forth on Schedule C hereto,
free and clear of any lien, pledge, claim, security interest, encumbrance or charge, other than the lien in favor of the lenders under existing loan agreements and related security documents, if any. 

  

	4.4	Required Corporate Approvals and Authorities. Each Holding Company shall arrange for all such corporate and shareholder approvals as may be necessary to implement the
Exchange. 

  
 ARTICLE V 
 Representations and Warranties of Aries Energy 
  
 Aries Energy hereby represents and warrants to AMT that, as of the date hereof and as of the Closing: 
  

	5.1	Capacity; Authority; Validity. Aries Energy is duly incorporated and validly existing under the laws of the Marshall Islands; Aries Energy has all necessary capacity, power
and authority to enter into this Agreement and to perform all the obligations to be performed by it hereunder; this Agreement and the consummation by Aries Energy of the transactions contemplated hereby has been duly and validly authorized by all
necessary actions of Aries Energy; this Agreement has been duly executed and delivered by Aries Energy; and assuming the due execution and delivery of this Agreement by AMT and each Holding Company, this Agreement constitutes the legal, valid and
binding obligation of Aries Energy enforceable against it in accordance with its terms. 

  

	5.2	No Violation of Law or Agreement. Neither the execution and delivery of this Agreement by Aries Energy, nor the consummation of the transactions contemplated hereby by Aries
Energy, will violate any judgment, order, writ, decree, law, rule or regulation or agreement applicable to Aries Energy. 

  

	5.3	Ownership. Aries Energy is the sole beneficial owner of 100% of the issued and outstanding shares of each of Sarah Enterprises, Propeller Maritime and Glory Shipmanagement.

  

	5.4	Required Corporate Approvals and Authorities. Aries Energy shall arrange for all such corporate and shareholder approvals as may be necessary to implement the Exchange.

  
 ARTICLE VI 
 Miscellaneous 
  

	6.1	Notices. All notices and other communications provided hereunder shall be in writing to the other party and shall be deemed to have been duly given when delivered in person
or by an overnight courier service, or sent via facsimile transmission and verification received, or when posted by a national postal service, registered or certified mail, with postage prepaid, at the address set forth on the signature page hereto
or to such other addresses as a party may from time to time designate to the other parties by written notice thereof, effective only upon actual receipt. 

  

 4 

	6.2	Entire Agreement. This Agreement constitutes the entire agreement by the parties hereto and supersedes any other agreement, whether written or oral, that may have been made
or entered into between them relating to the matters contemplated hereby. 

  

	6.3	Amendments and Waivers. This Agreement may be amended, modified, superseded, or canceled, and any of the terms, representations, warranties or covenants hereof may be waived,
only by written instrument executed by all of the parties hereto or, in the case of a waiver, by the party waiving compliance. 

  

	6.4	Captions; Counterparts; Execution. The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation
of any provision of this Agreement. This Agreement may be executed in one or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

  

	6.5	Assignment. The rights and obligations set forth in this Agreement may not be assigned or delegated by any of the parties hereto, other than AMT, without the prior written
consent of AMT. 

  

	6.6	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles thereof.

  

 5 

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

			
	ARIES ENERGY CORPORATION
		
	By:	 	 
	 	 	 Name: Gabriel Petridis

	 	 	 Title: Sole Director

  

			
	ARIES MARITIME TRANSPORT LIMITED
		
	By:	 	 
	 	 	 Name: Richard Coxall

	 	 	 Title: CEO

  

			
	SARAH ENTERPRISES S.A.
		
	By:	 	 
	 	 	 Name: Gabriel Petridis

	 	 	 Title: Sole Director

  

			
	PROPELLER MARITIME CORP.
		
	By:	 	 
	 	 	 Name: Gabriel Petridis

	 	 	 Title: Sole Director

  

			
	GLORY SHIPMANAGEMENT LTD.
		
	By:	 	 
	 	 	 Name: Gabriel Petridis

	 	 	 Title: Sole Director

  

 6 

 Schedule A 
  
 Ocean Hope Shipcos 
  

			
	 Name of Shipco

	  	 Jurisdiction of Incorporation

	Dynamic Maritime Company	  	Marshall Islands
	Olympic Galaxy Shipping Ltd.	  	Marshall Islands
	Trans Continent Navigation Ltd.	  	Malta
	Trans State Navigation Ltd.	  	Malta
	Vintage Marine S.A.	  	Marshall Islands
	Robin Marine Limited	  	Cyprus
	Rivonia Marine Limited	  	Cyprus

  

 Schedule B 
  
 Propeller Shipcos 
  

			
	 Name of Shipco

	  	 Jurisdiction of Incorporation

	Mote Shipping Ltd.	  	Malta
	Statesman Shipping Ltd.	  	Malta

  

 Schedule C 
  
 Glory Shipcos 
  

			
	 Name of Shipco

	  	 Jurisdiction of Incorporation

	Ermina Marine Limited	  	Marshall Islands
	Bora Limited	  	British Virgin Islands
	Jubilee Shipholding S.A.	  	Marshall IslandsOption Agreement dated December 28, 2004

 Exhibit 10.4 
  
 This Agreement (the ‘Agreement’) is entered into this 28th day of December 2004 by and between: 
  

	 	(1)	INTERNATIONAL CONTAINER SHIPS K/S, Norway, as owners (‘Owners’); and 

  

	 	(2)	MAGNUS CARRIERS CORPORATION, Greece, or nominee as buyers (‘Buyers’). 

  
 WHEREAS: 
  

	 	(A)	On 21st December 2004, Owners took delivery of
the Cyprus flagged vessels ‘CMA CGM Makassar’ and ‘CMA CGM Seine’ (‘the Vessels’) from its previous owners (‘Sellers’) 

  

	 	(B)	Sellers were companies affiliated to the Buyers; 

  

	 	(C)	Buyers are the technical managers of the Vessels; 

  

	 	(D)	An affiliate of Buyers, to be organized in Bermuda and to be named Aries Maritime Transport Ltd. (together with its subsidiaries ‘Aries’), is currently planning to conduct
an initial public offering (the ‘IPO’) in the United States and to list on a United States securities market or stock exchange. 

  

	 	(E)	The Buyers agree that if the IPO has gross proceeds of at least USD140 million and closes no later that the 21st of June 2005 (a “Successful IPO”), then Aries wishes to purchase the Vessels. 

  

	 	(F)	To accommodate Buyers, Owners have decided to grant Buyers and Aries an option to purchase the Vessels during a period of 2 to 6 months after the Vessels were delivered from Sellers
to Owners, on the condition that Owners on such sale receive a certain minimum return on their investment in the Vessels; 

  
 NOW THEREFORE, in consideration of the mutual promises and other valuable consideration set out below and payment to the Owners by the Buyers of the sum of US$1 (receipt
of which is hereby acknowledged by the Owners) the parties have agreed as follows: 
  

	 	1.	Owners hereby grant to Buyers and Aries (together, ‘Optionees’), and Optionees accept, an option (or obligation as the case may be) to purchase en bloc the Vessels from
the Owners on the times and at the prices and terms and conditions of this Agreement. 

  

	 	2.	If Optionees wish to exercise their option to purchase the Vessels, they shall have an obligation to purchase both Vessels, and not only one. 

  

	3.	If a Successful IPO takes place, then Optionees shall have an obligation to purchase en bloc the Vessels from the Owners on the times and at the prices and terms and conditions of
this Agreement (save that if the IPO-notice (as hereinafter defined) is received later than the 7th of June 2005, then the delivery of the Vessels may be postponed until the date falling 14 days after the IPO notice is received by Owners).

  

	4.	Optionees shall have the option (or obligation as the case may be) to purchase the Vessels for delivery at any time between the 21st of February 2005 and 21st
of June 2005 (or such other date as follows from this Option Agreement), by giving Owners minimum 14 days notice and the en bloc price for the Vessels shall be determined by the time of delivery. Basis delivery on the 21st of February 2005, the en bloc price is USD 72,360,000 and for every day later delivery thereafter until the 21st of June 2005, the en bloc price shall be reduced by USD 12,900 (USD 6,450 per Vessel). The Vessels may be delivered
separately, in which case the prices will be calculated on a pro rata basis in accordance with this formula. 

  
 The purchase price shall be paid in full, free of bank charges on the relevant Delivery Date and the relevant Optionee shall take delivery on a strictly
as is, where is basis, and on such further terms of the Norwegian Saleform as annexed hereto in respect of each of the Vessels. 
  

	5.	If Optionees decide to exercise their option (or purchase the Vessels pursuant to Aries’ obligation in the event of a Successful IPO (as the case may be) they shall notify
Owners in writing thereof (the ‘Purchase Notice’), such Purchase Notice to be irrevocable and unconditional, no later than 14 days prior to the relevant Delivery Date. 

  

	6.	Optionees shall keep Owners informed of the IPO, and Aries shall notify Owners of the result of the IPO no later than 10 days after the IPO has been closed (the
‘IPO-notice’). 

  

	7.	This Agreement shall be governed by and construed in accordance with English law. Any dispute arising out of this Agreement shall be solved amicably between the parties. If such
amicable solution cannot be reached within 14 Banking days after the dispute arose, the dispute shall be referred to arbitration in London in accordance with the Arbitration Act of 1996 or any statutory modification or re-enactment thereof for the
time being in force, arbitration tribunal shall consist of three arbitrators. The parties shall appoint one arbitrator each within 14 days of the dispute being referred to arbitration. These two arbitrators shall jointly appoint a third arbitrator,
who shall be the chairman of the arbitration tribunal. The chairman shall be a QC familiar with maritime matters, the other two arbitrators shall be members of the LMAA. 

  
 Signed on the date first above written 
  

					
			
	 /s/ Illegible
	 	 	 	 /s/ Illegible

	International Container Ships KS	 	 	 	For and behalf of Magnus Carriers

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]