Document:

ex10-2.htm

Exhibit 10.2

 

OPTION AWARD AGREEMENT 
UNDER THE EAGLE BULK SHIPPING INC.
2014 EQUITY INCENTIVE PLAN

 

This Option Award Agreement (the “Option Award Agreement”) dated as of September 29, 2015 (the “Date of Grant”), is made by and between Eagle Bulk Shipping Inc., a Republic of the Marshall Islands company (the “Company”), and Gary Vogel (the “Participant”). Capitalized terms not defined herein shall have the meaning ascribed to them in the Eagle Bulk Shipping Inc., 2014 Equity Incentive Plan (the “Plan”). Where the context permits, references to the Company shall include any successor to the Company.

 

1.     Grant of Options. The Company hereby grants to the Participant a non-qualified stock option to purchase an aggregate of 650,000 shares of Common Stock (the “Option”), subject to all of the terms and conditions of this Option Award Agreement and the Plan. The Option shall be divided into two tranches as follows: (i) 325,000 shares of Common Stock covered by the Option shall be designated as the “Tranche A Option” and (ii) the remaining 325,000 shares of Common Stock covered by the Option shall be designated as the “Tranche B Option.”

 

2.     Vesting. Subject to Section 5, the Tranche A Option and the Tranche B Option shall each vest and become exercisable in four substantially equal installments on each of the following vesting dates: (i) September 1, 2016, (ii) September 1, 2017, (iii) September 1, 2018 and (iv) September 1, 2019, in each case, subject to the Participant’s continued employment with the Company or any of its Affiliates on each such vesting date.

 

3.     Exercise Price. The exercise price per share of the Tranche A Option shall be $[●] (the “Tranche A Exercise Price”) and the exercise price per share of the Tranche B Option shall be $13.00 (the “Tranche B Exercise Price”).

 

4.     Restrictions. Except as otherwise provided in this Option Award Agreement, the Option granted hereunder may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered, and shall be subject to a risk of forfeiture as described in Section 5, until any additional requirements or restrictions contained in this Option Award Agreement or in the Plan have been otherwise satisfied, terminated or expressly waived by the Company in writing.

 

5.     Termination of Employment.

 

(a)     Generally. Except as provided below in this Section 5, if the Participant’s employment is terminated for any reason, then (i) exercise of the Option may be made only to the extent that the Participant was entitled to exercise the Option on the date of termination of employment; and (ii) exercise must occur within 90 days after termination of employment but in no event after the original expiration date of the Option; it being understood that the then-outstanding Option shall not be affected by a change of employment or consultancy/service relationship with the Company and its Subsidiaries so long as the Participant continues to be a director, officer or employee of, or a consultant to, the Company or any of its Subsidiaries. Except as provided below in this Section 5, any portion of the Option that has not vested as of the date the Participant’s employment is terminated for any reason shall immediately terminate.

 

 

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(b)     For Cause. If the Participant’s employment is terminated by the Company for Cause, all of the Participant’s Options, both vested and unvested, not theretofore exercised shall immediately terminate upon such termination of employment.

 

(c)     Without Cause/for Good Reason. If the Participant’s employment is terminated by the Company without Cause or by the Participant for Good Reason, the Participant’s Options shall vest as if the Participant remained employed with the Company for an additional year beyond the date of such termination. In addition, the Participant’s vested Options, including the Options that become vested pursuant to the preceding sentence, shall remain exercisable until the later of one year after the date of such termination and the original expiration date of the Option.

 

(d)     On Account of Death or Disability. If the Participant’s employment is terminated on account of death or Disability, then the Participant may exercise the vested portion of the Option within one year after such termination of employment but in no event after the original expiration date of the Option.

 

(e)     Change in Control. For purposes of Section 1.5(c)(iii)(1) of the Plan, notwithstanding anything therein to the contrary, the Participant will have the right to exercise any vested Award until the earlier of the original expiration date of the Award or 180 days following such termination.

 

6.     Exercise of the Option:

 

(a)     Timing and Extent of Exercise. The Option and stock shall be exercisable as set for in this Option Award Agreement, but no portion of the Option shall be exercisable subsequent to the fifth anniversary of the Date of Grant. The Option may be exercised from time to time as to all or part of the shares as to which such Option is then exercisable.

 

(b)     Notice of Exercise. The Option may be exercised by the filing of a written notice with the Company or the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the Administrator shall prescribe.

 

(c)     Payment of Exercise Price. Any written notice of exercise of the Option shall be accompanied by payment for the shares being purchased. Such payment may be made, in the Participant’s discretion: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) by deducting from any shares deliverable upon the exercise of the Option a number of shares having a Fair Market Value equal to all or part of the Option Exercise Price, in the Participant’s discretion, and a certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full Option Exercise Price; or (iii) by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all or part of the Option Exercise Price, in the Participant’s discretion, and a certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price.

 

 

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(d)     Delivery of Certificates Upon Exercise. Subject to the Plan, promptly after receiving payment of the Exercise Price, the Company or its Exchange Agent shall (i) deliver to the Participant, or to such other Person as may then have the right to exercise the Option, a certificate or certificates for the shares of Common Stock for which the Option has been exercised. If the method of payment employed upon exercise of the Option so requires, and if applicable law permits, the Participant may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the Participant’s stockbroker.

 

7.     No Stockholder Rights. The Participant shall not have any of the rights of a stockholder of the Company with respect to shares subject to the Option until the issuance of a stock certificate to the Participant, or such other applicable Person, for such shares.

 

8.     Option Award Agreement Subject to Plan. This Option Award Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this Option Award Agreement and the provisions of the Plan, the provisions of this Option Award Agreement shall govern.

 

9.     No Rights to Continuation of Employment. Nothing in the Plan or this Option Award Agreement shall confer upon Participant any right to continue in the employ of the Company or any Subsidiary thereof or shall interfere with or restrict the right of the Company or its shareholders (or of a Subsidiary or its shareholders, as the case may be) to terminate Participant’s employment any time for any reason whatsoever, with or without cause.

 

10.     Transferability. The Participant may transfer the Option to (i) the Participant’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii) any other parties approved by the Administrator.

 

11.     Tax Withholding. The Company shall be entitled to withhold the amount of applicable withholding taxes in any manner provided in Section 3.4(a) of the Plan, including, at the election of the Participant, by having the Company deduct from any shares delivered upon the exercise of the Option such shares having a value equal to the amount of minimum tax required to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such a withholding election may be made by the Participant with respect to all or any portion of the shares to be delivered pursuant to the exercise of the Option.

 

12.     Governing Law. This Option Award Agreement shall be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of New York applicable to agreements made and to be performed wholly within the State of New York.

 

13.     Option Award Agreement Binding on Successors. The terms of this Option Award Agreement shall be binding upon Participant and upon Participant’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan.

 

 

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14.     No Assignment. Notwithstanding anything to the contrary in this Option Award Agreement, neither this Option Award Agreement nor any rights granted herein shall be assignable by Participant.

 

15.     Necessary Acts. Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Option Award Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

 

16.     Entire Option Award Agreement. This Option Award Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof.

 

17.     Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

 

18.     Counterparts. This Option Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

19.     Amendment. No amendment or modification hereof shall be valid unless it shall be in writing and signed by all parties hereto.

 

 

 

 

[signature page follows]

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Option Award Agreement as of the date set forth above.

 

 

	
 
	
EAGLE BULK SHIPPING INC.
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Paul Leand, Jr
	
 

	
 
	
Name: 
	
Paul Leand, Jr
	
 

	
 
	
Title:
	
Chairman
	
 

  

 

The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Option Award Agreement.

 

 

	
 
	
PARTICIPANT 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
/s/ Gary Vogel
	
 

	
 
	
Name: Gary Vogelex10-3.htm

Exhibit 10.3

  

AMENDATORY AGREEMENT

 

THIS AMENDATORY AGREEMENT (this “Amendatory Agreement”) is made as of August 14, 2015

 

AMONG

 

	
(1)
	
EAGLE BULK SHIPPING INC., as Borrower; 

 

	
(2)
	
THE COMPANIES listed in Schedule 8 as joint and several Guarantors;

 

	
(3)
	
THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 as Lenders;

 

	
(4)
	
THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 2 as Swap Banks;

 

	
(5)
	
ABN AMRO CAPITAL USA LLC, CRéDIT AGRICOLE CORPORATE AND INVESTMENT BANK and CIT FINANCE LLC, as Mandated Lead Arrangers and as Bookrunners;

 

	
(6)
	
ABN AMRO CAPITAL USA LLC and CRéDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Structuring Banks; 

 

	
(7)
	
ABN AMRO CAPITAL USA LLC, as Agent; and

 

	
(8)
	
ABN AMRO CAPITAL USA LLC, as Security Trustee.

 

PRELIMINARY STATEMENTS:

 

	
(A)
	
The Borrower, the Guarantors, the Lenders, the Swap Banks, the Mandated Lead Arrangers, the Bookrunners, the Structuring Banks, the Agent and the Security Trustee are parties to a Loan Agreement dated as of October 9, 2014 (the “Loan Agreement”) providing for a senior secured revolving credit facility and term loan facility of (originally) up to $275,000,000 for the purposes described therein.

 

	
(B)
	
The Parties have agreed to amend certain provisions of the Loan Agreement, in each case as herein provided.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, it is agreed as follows:

 

	
1.
	
DEFINITIONS

 

Words and expressions defined in the Loan Agreement shall have the same meaning when used in this Amendatory Agreement unless the context otherwise requires.

 

	
2.
	
REPRESENTATIONS AND WARRANTIES

 

Each of the Borrower and the Guarantors jointly and severally represents and warrants to each Creditor Party that:

 

	
(a)
	
All of the representations and warranties contained in Clause 10 of the Loan Agreement are true and correct on and as of the date hereof as if made on and as of the date hereof.

 

 

 

 

 

 

	
(b)
	
This Amendatory Agreement constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms.

 

	
(c)
	
It has the capacity and has taken all action, if applicable, and no consent of any person is required for it to execute and comply with its obligations under this Amendatory Agreement. 

 

	
(d)
	
The execution of this Amendatory Agreement, and compliance with this Amendatory Agreement, will not result in a contravention of any law or regulation, its constitutional documents, or any contractual or other obligation or restriction which is binding on it or any of its assets.

 

	
3.
	
AMENDMENTS TO LOAN AGREEMENT

 

With effect from the date hereof:

 

	
3.01
	
Clause 11.1(g)(iv) of the Loan Agreement is amended to insert the following proviso at the end thereof: 

 

“; provided, however, for each fiscal quarter ending during the period commencing on December 31, 2015 until September 30, 2016, the Borrowers shall prepare and deliver to the Agent a Compliance Certificate (A) together with the quarterly reports that the Borrower delivers in (ii) above in respect of matters other than the minimum required security cover under Clause 15.2, and (B) within 45 days after the end of each of the first three fiscal quarters of each Fiscal Year and within 75 days after the end of the fourth fiscal quarter of each Fiscal Year, solely in respect of the minimum required security cover under Clause 15.2; and”

 

	
3.02
	
Clause 11.1(h)(i) of the Loan Agreement is amended to insert the following proviso at the end thereof: 

 

“; provided, however, for each fiscal quarter ending during the period commencing on December 31, 2015 until and including September 30, 2016, the Agent shall procure at least two written appraisal reports setting forth the Fair Market Value of each Ship, at the Borrower’s expense, for inclusion with the Compliance Certificate required to be delivered under Clause 11.1(g)(iv) in respect of each such fiscal quarter, each such written appraisal report to be procured as of a date not earlier than 10 days prior to the date of the relevant Compliance Certificate;”

 

	
3.03
	
Clause 11.2(i)(ii) of the Loan Agreement is amended and restated to read in its entirety as follows: 

 

	 	
“(ii)
	
Prior to December 31, 2016 or, at any time after December 31, 2016, if an Event of Default or a Potential Event of Default has occurred and is continuing or if the Borrower is not in compliance with Clause 11.1(h)(i) of this Agreement for the Fiscal Year ending on December 31, 2016, none of the Borrower or the Guarantors shall declare or pay any dividends or return any capital to its equity holders or authorize or make any other distribution, payment or delivery of property or cash to its equity holders, or redeem, retire, purchase or otherwise acquire, directly or indirectly, for value, any interest of any class or series of its Equity Interests (or acquire any rights, options or warrants relating thereto but not including convertible debt) now or hereafter outstanding, or repay any subordinated loans to equity holders or set aside any funds for any of the foregoing purposes.”

 

 

 

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3.04
	
Clause 12.3(a) of the Loan Agreement is amended and restated to read in its entirety as follows:

 

	 	
“(a)
	
On the last day of the fiscal quarter ending on December 31, 2016 and on the last day of each succeeding fiscal quarter, the Borrower shall maintain an Interest Coverage Ratio of not less than 2.50 to 1.00 (the “Minimum Interest Coverage Ratio”) calculated: 

 

	 	
(i)
	
on a trailing two quarter basis for the fiscal quarter ending December 31, 2016,

 

	 	
(ii)
	
on a trailing three quarter basis for the fiscal quarter ending March 31, 2017, and 

 

	 	
(iii)
	
on a trailing four quarter basis for the fiscal quarter ending June 30, 2017 and each succeeding fiscal quarter thereafter.“

 

	
3.05
	
Clause 15.2 of the Loan Agreement is amended and restated to read in its entirety as follows:

 

“15.2     Minimum required security cover. If, at any time, the Agent notifies the Borrower that:

 

	 	
(a)
	
the Security Value; plus

 

	 	
(b)
	
the net realizable value of any additional Collateral previously provided under this Clause 15,

 

is below:

 

	 	
(i)
	
prior to June 30, 2017, 165 percent of the Loan,

 

	 	
(ii)
	
on or after July 1, 2017 and on or before October 14, 2017, 157.5 percent of the Loan, and 

 

	 	
(iii)
	
thereafter, 165 percent of the Loan, 

 

the Agent (acting upon the instruction of the Majority Lenders or any Mandated Lead Arranger) shall require the Borrower to comply with the requirements of Clause 15.3.”

 

	
3.06
	
Except as provided herein, all the remaining provisions of the Loan Agreement shall remain unchanged, valid and binding on all the parties thereto. Each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the “Loan Agreement” in any of the other Finance Documents, shall mean and refer to the Loan Agreement as amended hereby.

 

 

 

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4.
	
FEES AND EXPENSES 

 

	
4.01
	
The Borrower shall pay to the Agent for distribution among the Lenders pro rata according to their Contributions on or before the date of this Amendatory Agreement a non-refundable amendment fee of $500,000. 

 

	
4.02
	
The Borrower agrees that the provisions of Clause 21 (Fees and Expenses) of the Loan Agreement shall apply to this Amendatory Agreement.

 

	
5.
	
ENTIRE AGREEMENT

 

This Amendatory Agreement constitutes the full and entire agreement of the Parties with respect to the transactions contemplated herein. 

 

	
6.
	
COUNTERPARTS 

 

This Amendatory Agreement may be executed in any number of counterparts.

 

	
7.
	
Governing law

 

THIS AMENDATORY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[SIGNATURE PAGE FOLLOWS ON NEXT PAGE]

 

 

 

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This Amendatory Agreement has been entered into as of the date stated at the beginning of this Amendatory Agreement.

 

SIGNATORIES

 

 

	
EAGLE BULK SHIPPING INC., as Borrower
	 	 	Avocet Shipping LLC	 
	
 
	
 
	
 
	
Bittern Shipping LLC
	
 

	
By: /s/Adir Katzav
	
 
	
 
	Canary Shipping LLC	
 

	
Name: Adir Katzav
	
 
	
 
	Cardinal Shipping LLC	
 

	
Title: Chief Financial Officer
	
 
	
 
	Condor Shipping LLC	
 

	 	 	 	
Crane Shipping LLC

Crested Eagle Shipping LLC

Crowned Eagle Shipping LLC

Egret Shipping LLC

Falcon Shipping LLC

Gannet Shipping LLC

Golden Eagle Shipping LLC

Goldeneye Shipping LLC

Grebe Shipping LLC

Harrier Shipping LLC

Hawk Shipping LLC

Ibis Shipping LLC

Imperial Eagle Shipping LLC

Jaeger Shipping LLC

Jay Shipping LLC

Kestrel Shipping LLC

Kite Shipping LLC

Kittiwake Shipping LLC

Kingfisher Shipping LLC

Martin Shipping LLC

Merlin Shipping LLC

Nighthawk Shipping LLC

Oriole Shipping LLC

Osprey Shipping LLC

Owl Shipping LLC

Peregrine Shipping LLC

Petrel Shipping LLC

Puffin Shipping LLC

Redwing Shipping LLC

Roadrunner Shipping LLC

Sandpiper Shipping LLC

Shrike Shipping LLC

Skua Shipping LLC

Sparrow Shipping LLC

Stellar Eagle Shipping LLC

Tern Shipping LLC

Thrasher Shipping LLC

Thrush Shipping LLC
	 

 

 

 

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Woodstar Shipping LLC

Wren Shipping LLC, as Guarantors
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Adir Katzav
	
 

	
 
	
Name:
	
Adir Katzav
	
 

	
 
	
Title:
	
Attorney-in-fact
	
 

 

 

 

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ABN AMRO CAPITAL USA LLC, as Lender, Mandated Lead Arranger, Bookrunner, Structuring Bank, Agent, and Security Trustee
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Rajbir Talwar
	
 

	
 
	
Name:
	
Rajbir Talwar
	
 

	
 
	
Title:
	
Director
	
 

 

	
 
	
By: 
	
/s/ Urvashi Zutshi
	
 

	
 
	
Name:
	
Urvashi Zutshi
	
 

	
 
	
Title:
	
Managing Director
	
 

 

 

	
 
	
ABN AMRO BANK N.V., as Swap Bank
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ A.C.A.J Biesbroeck
	
 

	
 
	
Name:
	
A.C.A.J Biesbroeck
	
 

	
 
	
Title:
	
 
	
 

 

	
 
	
By: 
	
/s/ M.N.Hoogeveen
	
 

	
 
	
Name:
	
M.N.Hoogeveen
	
 

	
 
	
Title:
	
 
	
 

 

 

 

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CRéDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Lender, Mandated Lead Arranger, Bookrunner, Structuring Bank and Swap Bank
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Eden Rahman
	
 

	
 
	
Name:
	
Eden Rahman
	
 

	
 
	
Title: 
	
Associate
	
 

 

	
 
	
By: 
	
/s/ Irina Benimovich
	
 

	
 
	
Name:
	
Irina Benimovich
	
 

	
 
	
Title: 
	
Associate
	
 

 

 

 

8

 

 

	
 
	
CIT FINANCE LLC, as Mandated Lead Arranger and Bookrunner
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Adam Conrad
	
 

	
 
	
Name:
	
Adam Conrad
	
 

	
 
	
Title: 
	
Chief Credit Officer, Maritime Finance
	
 

 

 

	
 
	
CIT BANK, N.A. (as successor by merger to CIT BANK), as Lender and Swap Bank
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Adam Conrad
	
 

	
 
	
Name:
	
Adam Conrad
	
 

	
 
	
Title: 
	
Chief Credit Officer, Maritime Finance
	
 

 

 

	
 
	
DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT, as Lender 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Bastian Duemert
	
 

	
 
	
Name:
	
Bastian Duemert
	
 

	
 
	
Title: 
	
Vice President
	
 

 

 

	
 
	
NIBC BANK N.V., as Lender
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Jan Willem Van Roggen
	
 

	
 
	
Name:
	
Jan Willem Van Roggen
	
 

	
 
	
Title: 
	
Managing Director
	
 

 

	
 
	
By: 
	
/s/ Jan-Willem Schellingerhout
	
 

	
 
	
Name: 
	
Jan-Willem Schellingerhout
	
 

	
 
	
Title: 
	
Vice President
	
 

 

 

 

9

 

 

	
 
	
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as Lender
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Arne Juell-Skielse
	
 

	
 
	
Name: 
	
Arne Juell-Skielse
	
 

	
 
	
Title: 
	
 
	
 

 

	
 
	
By: 
	
/s/ Per Bjernekull
	
 

	
 
	
Name: 
	
Per Bjernekull
	
 

	
 
	
Title: 
	
 
	
 

 

 

 

10

 

 

 SCHEDULE 1

 

LENDERS 

 

ABN AMRO Capital USA LLC

Crédit Agricole Corporate and Investment Bank 

CIT Bank, N.A. (as successor by merger to CIT Bank)

Deutsche Bank AG Filiale Deutschlandgeschäft

NIBC Bank N.V.

Skandinaviska Enskilda Banken AB (publ)

 

 

 

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SCHEDULE 2

 
SWAP BANKS

 

ABN AMRO Bank N.V.

Credit Agricole Corporate and Investment Bank

CIT Bank, N.A. (as successor by merger to CIT Bank)

 

 

 

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SCHEDULE 8

Guarantors

 

	
Avocet Shipping LLC

	
Bittern Shipping LLC

	
Canary Shipping LLC

	
Cardinal Shipping LLC

	
Condor Shipping LLC

	
Crane Shipping LLC

	
Crested Eagle Shipping LLC

	
Crowned Eagle Shipping LLC

	
Egret Shipping LLC

	
Falcon Shipping LLC

	
Gannet Shipping LLC

	
Golden Eagle Shipping LLC

	
Goldeneye Shipping LLC

	
Grebe Shipping LLC

	
Harrier Shipping LLC

	
Hawk Shipping LLC

	
Ibis Shipping LLC

	
Imperial Eagle Shipping LLC

	
Jaeger Shipping LLC

	
Jay Shipping LLC

	
Kestrel Shipping LLC

	
Kite Shipping LLC

	
Kittiwake Shipping LLC

	
Kingfisher Shipping LLC

	
Martin Shipping LLC

	
Merlin Shipping LLC

	
Nighthawk Shipping LLC

	
Oriole Shipping LLC

	
Osprey Shipping LLC

	
Owl Shipping LLC

	
Peregrine Shipping LLC

	
Petrel Shipping LLC

	
Puffin Shipping LLC

	
Redwing Shipping LLC

	
Roadrunner Shipping LLC

	
Sandpiper Shipping LLC

	
Shrike Shipping LLC

	
Skua Shipping LLC

	
Sparrow Shipping LLC

	
Stellar Eagle Shipping LLC

	
Tern Shipping LLC

	
Thrasher Shipping LLC

	
Thrush Shipping LLC

	
Woodstar Shipping LLC

	
Wren Shipping LLC

 

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