Document:

Exhibit 10.43

 

Execution Version

 

AMENDMENT NO. 3

 

AMENDMENT NO. 3 dated as of April 30, 2015 (the “Amendment”) among GENERAL MARITIME CORPORATION (the “Issuer”), VLCC ACQUISITION I CORPORATION (the “Guarantor”, and together with the Issuer, the “Obligors”) and the purchasers (the “Purchasers”) executing this Amendment on the signature pages hereto under the Note and Guarantee Agreement referred to below.

 

Whereas, the Obligors and the purchasers whose name appears on Schedule A thereto are parties to a Note and Guarantee Agreement dated as of March 28, 2014 (as amended, modified and supplemented and in effect from time to time, the “Note and Guarantee Agreement”), pursuant to which the Issuer has issued the Senior Unsecured Notes due 2020 (as amended, modified and supplemented and in effect from time to time, the “Notes”).

 

Whereas, the Obligor and a newly formed wholly-owned Subsidiary of the Obligor, Gener8 Maritime Acquisition, Inc., a Marshall Islands corporation (“Merger Sub”), have, among others, entered into a Merger Agreement (as defined below) and pursuant thereto intend to consummate the Merger (as defined below); and

 

Whereas, the Obligors and the Purchasers party hereto wish now to amend the Note and Guarantee Agreement in certain respects in connection with the Merger, and accordingly, the parties hereto hereby agree as follows:

 

Section 1.  Definitions.  Except as otherwise defined in this Amendment, terms defined in the Note and Guarantee Agreement are used herein as defined therein.

 

Section 2.  Amendments.  Subject to the satisfaction of the conditions precedent specified in Section 6 below, but effective as of the date hereof, Schedule B of the Note and Guarantee Agreement is hereby amended as follows:

 

(a)  Clause (b) of the definition of “Change of Control” is hereby amended and restated in its entirety as follows:

 

“(b) the Issuer becomes aware of the acquisition by any person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in each case excluding any benefit plan of such person or persons and its or their Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan and excluding the shareholders of Navig8 to the extent such shareholders constitute a “group” in connection with the transactions contemplated by the Merger Agreement, other than any of the “Permitted Holders”, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of equity interests or otherwise, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of voting stock of the Issuer representing 50% or more of the total voting power of the voting stock of the Issuer.”

 

(b) The definitions set forth below are hereby inserted in proper alphabetical order:

 

 

“Merger” means the merger of Merger Sub with and into Navig8 pursuant to and in accordance with the terms of the Merger Agreement.

 

“Merger Agreement” means the Agreement and Plan of Merger, dated as of February 24, 2015, by and among the Issuer, Merger Sub, Navig8 and Shareholder Representative Services LLC and OCM Marine Holdings TP, L.P., as the Equityholders’ Representatives relating to the Merger.

 

“Merger Sub” means Gener8 Maritime Acquisition, Inc., a Marshall Islands corporation.

 

“Navig8” means Navig8 Crude Tankers, Inc., a corporation incorporated under the laws of the Marshall Islands.

 

Section 3.  References Generally.  References in the Note and Guarantee Agreement (including references to the Note and Guarantee Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Note and Guarantee Agreement as amended hereby.

 

Section 4.  Consent.  The parties hereto hereby consent to the amendment set forth in Section 2 hereof.

 

Section 5.  Representations and Warranties.  Each Obligor represents and warrants to the Purchasers, that (a) the representations and warranties set forth in Section 5 of the Note and Guarantee Agreement are true and complete on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct as of such specific date), and as if each reference in said Section 5 to “this Agreement” included reference to this Amendment (it being agreed that it shall be deemed to be an Event of Default under the Note and Guarantee Agreement if any of the foregoing representations and warranties shall prove to have been incorrect in any material respect when made), and (b) after giving effect hereto, no Default or Event of Default has occurred and is continuing as of the date hereof.

 

Section 6.  Conditions Precedent.  The amendments set forth in Section 2 hereof shall become effective, as of the date hereof, upon receipt by the Purchasers of counterparts of this Amendment executed by each of the Obligors.

 

Section 7.  Continuing Effectiveness.  As supplemented and modified by this Amendment, the Note and Guarantee Agreement is in all respects ratified and confirmed and the Note and Guarantee Agreement as so supplemented and modified shall be read, taken and construed as one and the same instrument, and all rights and remedies of the parties under the Note and Guarantee Agreement shall continue to be in full force and effect in accordance with the terms thereof, subject to the supplements and modifications made by this Amendment.  Each reference to the “Note and Guarantee Agreement” herein or in any other document, instrument or agreement executed and/or delivered in connection therewith shall mean and be a reference to the Note and Guarantee Agreement, as supplemented and modified hereby.

 

Section 8.  Miscellaneous.  Except as herein provided, the Note and Guarantee Agreement shall remain unchanged and in full force and effect.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of a counterpart by electronic transmission shall be effective as delivery of a manually executed

 

 

counterpart hereof.  This Amendment and any right, remedy, obligation, claim, controversy, dispute or cause of action (whether in contract, tort or otherwise) based upon, arising out of or relating to this Amendment shall be governed by, and construed in accordance with, the law of the State of New York without regard to conflicts of law principles that would lead to the application of laws other than the law of the State of New York.

 

[SIGNATURE PAGES TO FOLLOW]

 

 

 

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

 

	
 
    	
GENERAL   MARITIME CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher F. Allwin
    
	
 
    	
 
    	
Name:   Christopher F. Allwin
    
	
 
    	
 
    	
Title:   Secretary and AVP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
VLCC   ACQUISITION I CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Dean Scaglione
    
	
 
    	
 
    	
Name:   Dean Scaglione
    
	
 
    	
 
    	
Title:   Manager
    

 

Signature Page to Amendment

 

 

	
 
    	
BLUEMOUNTAIN   CREDIT OPPORTUNITIES MASTER FUND I L.P.
    
	
 
    	
 
    
	
 
    	
By:   BlueMountain Capital Management, LLC,
    
	
 
    	
its   investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. O’Mara
    
	
 
    	
 
    	
Name:   David M. O’Mara
    
	
 
    	
 
    	
Title:   Assistant GC/VP
    

 

Signature Page to Amendment

 

 

	
 
    	
BLUEMOUNTAIN   LONG/SHORT CREDIT AND DISTRESSED REFLECTION FUND, A SUB-FUND OF AAI   BLUEMOUNTAIN FUND PLC
    
	
 
    	
 
    
	
 
    	
By:   BlueMountain Capital Management, LLC,
    
	
 
    	
its   investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. O’Mara
    
	
 
    	
 
    	
Name:   David M. O’Mara
    
	
 
    	
 
    	
Title:   Assistant GC/VP
    

 

Signature Page to Amendment

 

 

	
 
    	
BLUEMOUNTAIN   KICKING HORSE FUND L.P.
    
	
 
    	
 
    
	
 
    	
By:   BlueMountain Capital Management, LLC,
    
	
 
    	
its   investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. O’Mara
    
	
 
    	
 
    	
Name:   David M. O’Mara
    
	
 
    	
 
    	
Title:   Assistant GC/VP
    

 

Signature Page to Amendment

 

 

	
 
    	
BLUEMOUNTAIN   TIMBERLINE LTD.
    
	
 
    	
 
    
	
 
    	
By:   BlueMountain Capital Management, LLC,
    
	
 
    	
its   investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. O’Mara
    
	
 
    	
 
    	
Name:   David M. O’Mara
    
	
 
    	
 
    	
Title:   Assistant GC/VP
    

 

Signature Page to Amendment

 

 

	
 
    	
BLUEMOUNTAIN   MONTENVERS MASTER FUND SCA SICA V-SIF
    
	
 
    	
 
    
	
 
    	
By:   BlueMountain Capital Management, LLC,
    
	
 
    	
its   investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. O’Mara
    
	
 
    	
 
    	
Name:   David M. O’Mara
    
	
 
    	
 
    	
Title:   Assistant GC/VP
    

 

Signature Page to Amendment

 

 

	
 
    	
BLUEMOUNTAIN   GUADALUPE PEAK FUND L.P.
    
	
 
    	
 
    
	
 
    	
By:   BlueMountain Capital Management, LLC,
    
	
 
    	
its   investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. O’Mara
    
	
 
    	
 
    	
Name:   David M. O’Mara
    
	
 
    	
 
    	
Title:   Assistant GC/VP
    

 

Signature Page to Amendment

 

 

	
 
    	
BLUEMOUNTAIN   STRATEGIC CREDIT MASTER FUND L.P.
    
	
 
    	
 
    
	
 
    	
By:   BlueMountain Capital Management, LLC,
    
	
 
    	
its   investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. O’Mara
    
	
 
    	
 
    	
Name:   David M. O’Mara
    
	
 
    	
 
    	
Title:   Assistant GC/VP
    

 

Signature Page to AmendmentExhibit 10.44

 

Execution version

 

Project Lion Master Agreement

 

This agreement (the “Master Agreement”) is made on 18 March 2014

 

BETWEEN:

 

(A)           (i) STI Glasgow Shipping Company Limited; (ii) STI Edinburgh Shipping Company Limited, (iii) STI Perth Shipping Company Limited, (iv) STI Dundee Shipping Company Limited, (v) STI Newcastle Shipping Company Limited (vi) STI Cavaliere Shipping Company Limited; and (vii) STI Esles Shipping Company Limited, each a company incorporated under the laws of the Marshall Islands and having their registered offices at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, 96960 (respectively “SPV 1”, “SPV 2”, “SPV 3”, “SPV 4”, “SPV 5”, SPV 6”, and “SPV 7” and together, the “SPVs” and each a “SPV”);

 

(B)           VLCC Acquisition I Corporation, each a company incorporated under the laws of the Marshall Islands and having its registered offices at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, 96960 (the “Buyer”); and

 

(C)           Scorpio Tankers Inc., a company incorporated under the under the laws of the Marshall Islands and having its registered offices at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, 96960 (“Seller”),

 

(each a “Party” and together, the “Parties”)

 

WHEREAS:

 

(1)         Each of SPV 1, SPV 2, SPV 3, SPV 4 and SPV 5 has entered into a shipbuilding contract with Daewoo Shipbuilding & Marine Engineering Co., Ltd. (“DSME Builder”), for the construction and purchase of an 300,000 TDW Crude Oil Tanker with, respectively, DSME Builder’s hull numbers 5404 (to be purchased by SPV 1), 5405 (to be purchased by SPV 2), 5406 (to be purchased by SPV 3), 5407 (to be purchased by SPV 4) and 5408 (to be purchased by SPV 5) (each a “DSME Vessel”) dated 13 December 2013 (as the same have been amended, supplemented from time to time (including any side letters and addenda), together the “DSME Shipbuilding Contracts” and each a “DSME Shipbuilding Contract”).

 

(2)         Each of SPV 6 and SPV 7 has entered into a shipbuilding contract with Hyundai Samho Heavy Industries Co., Ltd. (“HHI Builder”) for the construction and purchase of an 300,000 DWT Crude Oil Carrier with respectively, HHI Builder’s hull numbers S777 (to be purchased by SPV 6) and S778 (to be purchased by SPV 7) (each a “HHI Vessel”)  dated 20 December 2014 (as the same have been 

 

1

 

amended, supplemented from time to time (including any side letters and addenda), together the “HHI Shipbuilding Contracts” and each a “HHI Shipbuilding Contract”).

 

(3)         Each of the SPVs is a wholly owned subsidiary of the Seller and the Seller has guaranteed the performance of each of the SPVs to the DSME Builder or the HHI Builder, as applicable (together, the “Existing Performance Guarantees”).

 

(4)         The Buyer has agreed to (i) purchase the shares in each of the SPVs from the Seller in accordance with the terms of this Master Agreement and the SPAs (as defined in clause 3(a)); and (ii) issue back to back guarantees in favour of the Seller in respect of the Existing Performance Guarantees on terms to be agreed between the Seller and the Buyer (each a “Transaction” and together, the “Transactions”).

 

(5)         The Parties have therefore agreed to enter into this Master Agreement to co-ordinate the terms and conditions precedent to the effectiveness of the sale and transfer of the entire authorized and issued share capital of each of the SPVs and the issuance of a back to back guarantee in respect of the Existing Performance Guarantees.

 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Master Agreement,

 

IT IS AGREED as follows:

 

1.              Payment of the Consideration

 

The consideration payable for each Transaction is the difference between the resale price of US$105,000,000 and the purchase price under the relevant DSME Shipbuilding Contract or HHI Shipbuilding Contracts, as applicable, as of the Closing Date.

 

In addition, on the Closing Date each Buyer shall, on behalf of the relevant SPV, repay the full amount of the inter-company loan from the Seller to such SPV in respect of the instalments already paid by such SPV under the relevant DSME Shipbuilding Contract or HHI Shipbuilding Contract, as applicable, as of the Closing Date (the “Intra-Group Loans”).

 

As of the date of this Master Agreement the total consideration payable in respect of all of the Transactions plus the total amount repayable pursuant to the Intra-Group Loans is US$162,682,500 (One Hundred Sixty Two Million Six Hundred Eighty Two Thousand Five Hundred United States Dollars) however, it is acknowledged and agreed that the Intra-Group Loans shall be adjusted accordingly on the Closing Date in the event that any further amounts are loaned by the Seller to any of the SPVs after the date of this Master Agreement but on or before the 

 

2

 

Closing Date in order to fund further instalments due and paid by any of the SPVs pursuant to the terms of the Shipbuilding Contracts after the date of this Master Agreement but on or before the Closing Date.

 

2.              En-bloc

 

This is an en-bloc transaction and each Transaction will take place simultaneously with each other or the Parties will not be under any obligation to proceed with any Transaction. The date on which the shares in each of the SPVs are transferred from the Seller to the Buyer in accordance with the terms of the SPAs (as defined in Clause 3(a)), shall hereinafter be referred to as the “Closing Date”.

 

3.             Closing Conditions

 

The provisions of this Master Agreement are intended to create a binding and enforceable obligation on each Party to use its commercially reasonable best efforts to consummate the Transactions.  The closing of the Transactions shall be contingent upon the satisfaction of the following conditions (together, the “Closing Conditions”):

 

(a)                                  Execution of a mutually acceptable share purchase agreement in respect of each SPV by 18:00hrs (New York time) on 19 March 2014 (together, the “SPAs”);

 

(b)                                  The Seller and the Buyer having agreed the form of a back-to-back guarantee to be issued by the Buyer in respect of the Existing Performance Guarantees in accordance with the terms of the SPAs (as defined in Clause 3(a)) by 18:00 hrs (New York time) on 18 March 2014;

 

(c)                                   The Buyer having provided to the Seller evidence reasonably satisfactory to the Seller of financing commitments received by the Buyer or any of its affiliates from one or more financing sources that are not General Maritime Corporation or any of its subsidiaries in connection with the transactions contemplated in this Master Agreement and the SPAs in an aggregate gross amount of not less than $125 million (which may, at the option of the Buyer, omit the identity of any financing source without any prejudice to the reasonableness of such evidence) by 18:00 hours (New York time) on 24 March 2014; and

 

(d)                                  Each of the Transferor and the Transferee having complied with the obligations it is required to fulfil at Completion (as defined in the relevant SPA) under the SPAs (as defined in Clause 3(a)) by 18:00hrs (New York time) on 24 March 2014.

 

4.              Final Closing Date

 

In the event that the Closing Conditions (as defined in clause 3) have not been satisfied prior to 18:00hrs (New York time) on 24 March 2014 this Master 

 

3

 

Agreement shall be null and void and for the avoidance of doubt, each of the Parties will be responsible for their respective costs and expenses.

 

5.              Post-closing

 

Notwithstanding the Transactions contemplated by this Master Agreement the Parties agree to use their best continuous efforts following the Closing Date to discuss and implement novation of each of the DSME Shipbuilding Contracts and HHI Shipbuilding Contracts to new buyer entities.

 

6.              Entire Agreement

 

This Agreement together with the SPAs (as defined in clause 3(a)) constitutes the entire understanding between the Parties in relation to the subject matter hereof and replaces and extinguishes all prior agreements, undertakings, arrangements or understandings made by the Parties with respect to such subject matter.

 

7.              Counterparts

 

This Master Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

8.              Binding effect

 

This Master Agreement shall be binding upon the Parties hereto and their respective successors and assigns.

 

9.              Fees and Expenses

 

Each Party shall bear its own costs in connection with the preparation and execution of this Master Agreement.

 

10.       Variations and Amendments

 

No variation or amendment of this Master Agreement shall be effective unless in writing and signed by or on behalf of a duly authorized representative of each Party.

 

11.       Contracts (Rights of Third Parties) Act 1999

 

No provision of this Master Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this Master Agreement.

 

4

 

12.       Confidentiality

 

Except as required for purposes of the preparation of financial statements or legal or regulatory compliance (including SEC and other regulatory filings) each Party shall keep confidential the terms of this Master Agreement and the discussions relating to it and use such information solely in connection with evaluating the Transactions.

 

13.       Choice of Law and Jurisdiction

 

This Master Agreement (including a dispute relating to its existence, validity or termination) and any non-contractual obligation or other matter arising out of or in connection with it shall be governed by and construed in accordance with English law.

 

Any dispute arising out of or in connection with this Master Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association Terms current at the time when the arbitration proceedings are commenced.

 

5

 

IN WITNESS whereof the parties hereto have duly executed this Master Agreement the day and year first written above.

 

	
Scorpio   Tankers Inc.
    	
 
    	
VLCC   Acquisition I Corporation
    
	
 
    	
 
    	
 
    
	
/s/   Brian M. Lee
    	
 
    	
/s/   L.J. Vrondissis
    
	
 
    	
 
    	
 
    
	
Name:
    	
Brian   M. Lee
    	
 
    	
Name:
    	
L.J.   Vrondissis
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
Chief   Financial Officer
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
STI   Glasgow Shipping Company Limited
    	
 
    	
STI   Edinburgh Shipping Company Limited
    
	
 
    	
 
    	
 
    
	
/s/   Brian M. Lee
    	
 
    	
/s/   Brian M. Lee
    
	
 
    	
 
    	
 
    
	
Name:
    	
Brian   M. Lee
    	
 
    	
Name:
    	
Brian   M. Lee
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
Director
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
STI   Perth Shipping Company Limited
    	
 
    	
STI   Dundee Shipping Company Limited
    
	
 
    	
 
    	
 
    
	
/s/   Brian M. Lee
    	
 
    	
/s/   Brian M. Lee
    
	
 
    	
 
    	
 
    
	
Name:
    	
Brian   M. Lee
    	
 
    	
Name:
    	
Brian   M. Lee
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
Director
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
STI   Newcastle Shipping Company Limited
    	
 
    	
STI   Cavaliere Shipping Company Limited
    
	
 
    	
 
    	
 
    
	
/s/   Brian M. Lee
    	
 
    	
/s/   Brian M. Lee
    
	
 
    	
 
    	
 
    
	
Name:
    	
Brian   M. Lee
    	
 
    	
Name:
    	
Brian   M. Lee
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
Director
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
STI   Esles Shipping Company Limited
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Brian M. Lee
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Brian   M. Lee
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
Director
    	
 
    	
 
    

 

 

I.  OPERATIVE DOCUMENTS

 

From: Brian Lee [mailto:BLee@scorpiogroup.net]

Sent: 19 March 2014 18:45

To: Leonidas Vrondissis; Cameron Mackey

Cc: Micha Withoft; Christina Howard; Jonathan Kellett; ‘Terrence Shen (tshen@kramerlevin.com)’; Rhian Woodend; Luca Forgione

Subject: RE: SPA extension

 

Dear Leonidas Vrondissis:

I confirm that in accordance with clause 10 of the Master Agreement that the reference to “19 March 2014” in clause 3(a) of the Master Agreement shall be deleted and replaced with “20 March 2014”.

 

Best regards, 

Brian

 

Brian Lee

Scorpio Tankers Inc.

Chief Financial Officer

150 E. 58th Street

New York, NY 10155

Email: Blee@scorpiogroup.net 

Mobile: +1-914-525-1161

Office Phone:+1-212-542-1603

 

From: Leonidas Vrondissis [mailto:lvrondissis@generalmaritimecorp.com]

Sent: Wednesday, March 19, 2014 2:39 PM

To: Cameron Mackey; Brian Lee

Cc: Micha Withoft; ‘Christina Howard (CHoward@wfw.com)’; ‘Jonathan Kellett (JKellett@wfw.com)’; ‘Terrence Shen (tshen@kramerlevin.com)’; ‘Rhian Woodend (RWoodend@wfw.com)’; Luca Forgione 

Subject: SPA extention

 

To: Brian M. Lee

Chief Financial Officer, Scorpio Tankers Inc. 

Director of each of the SPVs (as defined below)

 

We refer to the master agreement dated 18 March 2014 entered into between (i) STI Glasgow Shipping Company Limited, STI Edinburgh Shipping Company Limited, STI Perth Shipping Company Limited, STI Dundee Shipping Company Limited, STI Newcastle Shipping Company Limited, STI Cavaliere Shipping Company Limited and STI Esles Shipping Company Limited (the “SPVs”); (ii) VLCC Acquisition I Corporation and (iii) Scorpio Tankers Inc. (the “Seller”) (the “Master Agreement”).

 

In accordance with clause 10 of the Master Agreement, we hereby write to confirm our mutual agreement that the reference to “19 March 2014” in clause 3(a) of the Master Agreement shall be deleted and replaced with “20 March 2014”.

 

Save as amended by this written email, the Master Agreement shall remain in full force and effect in accordance with its terms.

 

 

Please would you confirm by email (on behalf of each SPV and the Seller) your agreement to the above.

 

Yours faithfully 

 

L. J. Vrondissis

 

President

Duly authorized for and on behalf of VLCC Acquisition I Corporation

 

 

	
 
    	
 
    
	
Leonidas J. Vrondissis
    	
 
    
	
Chief Financial Officer
    	
 
    
	
Executive Vice President
    	
 
    

 

General Maritime Corporation
 299 Park Ave | 2nd Floor
 New York, NY 10171

Tel: +1 (212) 763-5644
 Fax: +1 (212) 763-5608

 

 

WFW

 

Document Separator

 

WFW

 

 

From: Brian Lee [mailto:BLee@scorpiogroup.net]

Sent: 20 March 2014 22:02

To: Leonidas Vrondissis; Cameron Mackey

Cc: Micha Withoft; Chris Allwin; Jonathan Kellett; ‘Terrence Shen (tshen@kramerlevin.com)’; Rhian Woodend; Luca Forgione; Christina Howard

Subject: RE: SPA Extension

 

Dear Leonidas Vrondissis:

I confirm that in accordance with clause 10 of the Master Agreement that the reference to “20 March 2014” in clause 3(a) of the Master Agreement shall be deleted and replaced with “21 March 2014”.

 

Best regards, 

Brian

 

Brian Lee

Scorpio Tankers Inc. 

Chief Financial Officer 

150 E. 58th Street 

New York, NY 10155

Email: Blee@scorpiogroup.net

Mobile: +1-914-525-1161

Office Phone:+1-212-542-1603

 

From: Leonidas Vrondissis [mailto:lvrondissis@generalmaritimecorp.com]

Sent: Thursday, March 20, 2014 5:38 PM

To: Cameron Mackey; Brian Lee

Cc: Micha Withoft; Chris Allwin; ‘Jonathan Kellett (JKellett@wfw.com)’; ‘Terrence Shen (tshen@kramerlevin.com)’; ‘Rhian Woodend (RWoodend@wfw.com)’; Luca Forgione; ‘Christina Howard (CHoward@wfw.com)’

Subject: SPA Extension

 

To: Brian M. Lee

Chief Financial Officer, Scorpio Tankers Inc.

Director of each of the SPVs (as defined below)

 

We refer to the master agreement dated 18 March 2014 entered into between (i) STI Glasgow Shipping Company Limited, STI Edinburgh Shipping Company Limited, STI Perth Shipping Company Limited, STI Dundee Shipping Company Limited, STI Newcastle Shipping Company Limited, STI Cavaliere Shipping Company Limited and STI Esles Shipping Company Limited (the “SPVs”); (ii) VLCC Acquisition I Corporation and (iii) Scorpio Tankers Inc. (the “Seller”), as amended (the “Master Agreement”).

 

In accordance with clause 10 of the Master Agreement, we hereby write to confirm our mutual agreement that clause 3(a) of the Master Agreement shall be deleted in its entirety and replaced with the following: “(a) Agreement (by email or otherwise) of a mutually acceptable form of share purchase agreement in respect of STI Cavaliere Shipping Company Limited by midnight (New York time) on 20 March 2014, which shall be replicated for each other SPV (together, the “SPAs”) and execution of each SPA by 18.00 hrs (London time) on 21 March 2014”.

 

Save as amended by this written email, the Master Agreement shall remain in full force and effect in accordance with its terms.

 

 

Please would you confirm by email (on behalf of each SPV and the Seller) your agreement to the above.

 

Yours faithfully

 

L. J. Vrondissis

 

President

Duly authorised for and on behalf of VLCC Acquisition I Corporation

 

 

	
 
    	
 
    
	
Leonidas J. Vrondissis
    	
 
    
	
Chief Financial Officer 
    	
 
    
	
Executive Vice President
    	
 
    

 

General Maritime Corporation

299 Park Ave | 2nd Floor

New York, NY 10171

Tel: +1 (212) 763-5644

Fax: +1 (212) 763-5608

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]