Document:

Exhibit 4.25

 

RESTRICTED STOCK GRANT AGREEMENT

 

This Restricted Stock
Grant Agreement is dated as of __________(this “Agreement”), and is between PROPELL TECHNOLOGIES GROUP, INC.,
a Delaware corporation (“Propell”), and ________________, an individual (“Director”).

 

WHEREAS, Director is
a director of Propell. Propell considers Director’s continued services by Propell to be important to its growth, and consequently
Propell wishes to grant to Director, shares of Propell restricted common stock, subject to the terms of this Agreement.

 

The parties therefore
agree as follows:

 

1.                 
Grant of Stock. Propell hereby issues to Director [_________] shares of Propell common stock, subject to vesting
as provided in section 2 (those shares and any securities issued in respect of or as replacements for those shares, the “Shares”).

 

2.                 
Vesting. On each of the first three anniversaries of the date of this Agreement, 33 1/3% of the Shares will vest
(any Shares that vest, “Vested Shares”; any Shares remaining unvested, “Restricted Shares”).

 

3.                 
Adjustment. If shares of Propell common stock are subdivided or combined into a greater or smaller number of shares,
or Propell pays any stock dividend or otherwise issues any securities in respect of Propell common stock, or upon a merger, consolidation,
reorganization, split-up, combination, or recapitalization or the like of Propell, or upon exchange of shares of Propell common
stock or other securities issued in respect of Propell common stock for other securities of Propell or of another corporation,
all references under this Agreement to the Shares, Vested Shares, or Restricted Shares will be appropriately adjusted or revised
to reflect that change.

 

4.                 
Shareholder Rights. Subject to the terms of this Agreement, Director has all the rights of a shareholder with respect
to Restricted Shares, including without limitation the right to vote the Restricted Shares and to receive any cash dividends declared
on the Restricted Shares.

 

5.                 
Compliance With Securities Laws. (a) Director represents that he/she is acquiring the Shares on his/her own account
for the purpose of investment and not with a view to, or for sale in connection with, distribution of any Shares.

 

(b)              
Subject to restrictions on transferability of the Shares stated elsewhere in this Agreement, Director shall not sell, transfer,
assign, pledge, encumber, or otherwise dispose of any Shares or any beneficial interest therein unless (1) the Shares or beneficial
interest, as the case may be, that he proposes to dispose of are registered in an effective registration statement filed with the
Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), or (2) if
required by Propell, Propell has received an opinion, in form and substance satisfactory to Propell, from Propell’s legal
counsel to the effect that disposition of those Shares or that beneficial interest, as the case may be, does not require registration
under the Securities Act, or any applicable state securities laws.

 

    	 

    	 

    

  

(c)               
Director acknowledges that neither Propell nor any agent of Propell is required to recognize any transfer of any Shares
if, in the opinion of counsel for Propell, that transfer would result in violation by Propell of any federal or state law with
respect to the offering, issuance, or sale of securities.

 

(d)              
At the written request of Propell or any managing underwriter of any underwritten public offering of securities of Propell,
Director will not, without the prior written consent of Propell or any such managing underwriter, sell, make any short sale of,
loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose of, any Shares during the 180 day
period commencing on the effective date of the registration statement relating to any such underwritten public offering of securities.

 

(e)               
Propell is entitled to endorse the certificates representing the Shares with the following legends:

 

		(1)	“The securities represented hereby have not been registered under the Securities Act of 1933,
as amended, or any state securities laws and neither the securities nor any interest therein may be offered, sold, transferred,
pledged or otherwise disposed of except pursuant to an effective registration statement under the Securities Act or state securities
laws or an exemption from registration under the Securities Act and state securities laws that, in the opinion of counsel for Propell
Technologies Group, Inc., is available.”

 

		(2)	“Transferability of the shares represented by this certificate is subject to the terms of
the Restricted Stock Grant Agreement dated December , 2014, between Propell Technologies Group, Inc. and Director. A copy of that
Agreement is on file at the offices of 1701 Commerce Street, 2nd Floor, Houston, Texas 77002.”

 

6.                 
Waiver of Jury Trial. Each party hereby waives any right to a jury trial and any right to claim or recover punitive
damages.

 

7.                 
No Effect on Employment. Nothing contained in this Agreement confers on Director any right with respect to continuation
of his directorship by Propell or interferes in any way with the right of Propell at any time to terminate Director’s directorship
or otherwise modify the terms of Director’s directorship by Propell, subject to the terms of any directorship or other agreement,
any provision of law, or Propell’s organizational documents, to the contrary.

 

8.                 
Section 83(b) Election. (a) Director understands that under section 83 of the Internal Revenue Code of 1986,
as amended (the “Code”), as of the date that any forfeiture restrictions applicable to any Restricted Shares
lapse, the excess of the fair market value of those Restricted Shares on that date over the purchase price paid for those Restricted
Shares will be reportable as ordinary income. Director understands, however, that he may elect to be taxed at the time the Restricted
Shares are acquired under this Agreement, rather than when the Restricted Shares cease to be subject to the forfeiture restrictions
of this Agreement, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30 days after
the date of this Agreement.

 

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(b)              
Director acknowledges that it is his/her/its sole responsibility, and not Propell’s, to file a timely election under
section 83(b), even if Director requests that Propell or its representatives make this filing on Director’s behalf.

 

9.                 
Assignment. Neither party may assign any rights or delegate any obligations under this Agreement except with the
prior written consent of the other party.

 

10.             
Binding. This Agreement binds and inures to the benefit of the parties and their respective permitted successors
and assigns.

 

11.             
Governing Law. The laws of the State of Delaware (without giving effect to principles of conflict of laws) govern
all matters arising out of this Agreement, including without limitation tort claims.

 

12.             
Entirety of Agreement. This Agreement constitutes the entire Agreement of the parties concerning the subject matter
of this Agreement and supersedes all prior agreements, if any.

 

13.             
Notices. (a) Every notice or other communication required or contemplated by this Agreement must be in writing and
sent by one of the following methods:

 

		(1)	personal delivery, in which case delivery will be deemed to occur the day of delivery;

 

		(2)	certified or registered mail, postage prepaid, return receipt requested, in which case delivery
will be deemed to occur the day it is officially recorded by the U.S. Postal Service as delivered to the intended recipient; or

 

		(3)	next-day delivery to a U.S. address by recognized overnight delivery service such as Federal Express,
in which case delivery will be deemed to occur upon receipt.

 

(b)              
In each case, a notice or other communication sent to a party must be directed to the address for that party set forth below,
or to another address designated by that party by written notice:

 

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If to Propell:

 

Propell Technologies Group, Inc.

1701 Commerce Street, 2nd Floor

Houston, Texas 77002

Attention: John Huemoeller

 

with a copy to:

 

Gracin & Marlow, LLP

The Chrysler Building

405 Lexington Avenue, 25th Floor

New York, New York 10174

Attention: Leslie Marlow

 

If to Director:

 

_____________________

[Address]

 

14.             
Counterparts. This Agreement may be executed in several counterparts, each of which is an original and all of which
together constitute one and the same instrument.

 

The undersigned are
signing this Agreement on the date stated in the introductory clause.

 

	 	PROPELL TECHNOLOGIES GROUP, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: John Huemoeller
	 	 	Title: Chief Executive
Officer
	 	 	 
	 	 	 
	 	DIRECTOR:
	 	 
	 	 
	 	 
	 	 

 

    	4EX-4.31

 EXHIBIT 4.31 

Loan Agreement 
 To:
    Navios Maritime Acquisition Corporation (the Borrower) 
 November 11, 2014 

Dear Sirs, 
 Up to United States Dollars $200,000,000 loan by
Navios Maritime Holdings Inc. to the Borrower 
 We, Navios Maritime Holdings Inc. (Navios), are pleased to make available to the Borrower the
Loan (defined below) on the terms set out in this letter (this letter is hereafter referred to as the Agreement). 
 For the purposes of this
Agreement: 
 Business Day means a day (other than Saturday or Sunday) on which banks are open for business in Athens and New York. 

Drawdown Notice means, in relation to each advance, a notice substantially in the form of Schedule 1. 

Event of Default means any of the events listed in Clause 11. 

Existing Indebtedness means indebtedness of the Borrower and its subsidiaries in existence on the date of this Agreement. 

Finance Documents mean this Agreement or any other document executed pursuant hereto. 

Interest Payment Date means the last day of an Interest Period. 

Interest Period means a period of one (1) or three (3) months for the calculation of interest in accordance with the provisions of Clause 6.

 Offering shall mean the initial public offering of Navios Maritime Midstream Partners L.P. formed by the Borrower and any agreements that may be
executed in connection therein. 
 Permitted Indebtedness means any existing or future Security related to Existing Indebtedness. 

Security means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having a
similar effect. 
 Units shall mean common or subordinated units of Navios Maritime Midstream Partners L.P. issued in connection with Offering. 

 

	1.	AMOUNT 

 The maximum amount of the Loan is up to United States Dollars $200,000,000 (the
Loan). 

	2.	CONDITIONS PRECEDENT DOCUMENTS 

 The obligation of Navios to make the Loan available shall be subject to
Navios receiving, in form and substance satisfactory to Navios, the following documents: 
  

	(a)	an original of this Agreement duly signed by the Borrower; 

  

	(b)	evidence of the authority of any person signing this Agreement on behalf of the Borrower; and 

  

	(c)	any other document, opinion, assurance or authorisation that Navios reasonably considers necessary or desirable in connection with the performance of, and the transactions contemplated by, any Finance Document or the
validity and enforceability of any Finance Document. 

  

	3.	FURTHER CONDITIONS PRECEDENT TO THE LOAN 

 The obligation of Navios to make the Loan available is subject
to the further conditions precedent that as at the date the Borrower requests the Loan to be made and at the date the Loan is made by Navios: 
  

	(a)	no Event of Default (defined below), or event which with giving of notice, lapse of time or other condition may constitute an Event of Default, has occurred or is continuing or would result from the borrowing of the
Loan; and 

  

	(b)	the representations and warranties made by the Borrower in Clause 9 below are correct in all respects. 

  

	4.	UTILISATION 

  

	4.1	The Borrower must provide Navios with a Drawdown Notice at least one Business Day before stating the date on which Navios is to make the Loan available to the Borrower (the Term Date) and to be credited to an
account to be nominated by the Borrower: 

  

	4.2	The Loan may be borrowed in up to three advances. 

  

	4.3	The Borrower agrees to pay to Navios an arrangement fee of United States Dollars $4,000,000 on the date of the first advance of the Loan. 

 

	4.4	The Loan is for general corporate purposes. 

  

	5.	REPAYMENT-PREPAYMENT 

  

	5.1	The Borrower must repay the Loan thereon in full by December 29, 2014 (time being of the essence). 

  

	5.2	The Borrower may prepay the Loan (and any interest accrued thereon) in full at any time. The Borrower must give Navios one (1) Business Day’s written notice of its intention to repay in accordance with this
clause. 

  

	5.3	The Borrower shall be obliged to mandatorily prepay the Loan upon consummation of the Offering through the proceeds of such Offering. 

  
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	6.	INTEREST 

  

	6.1	The rate of interest in respect of the Loan will be 6.00% per annum (the “Interest Rate”). 

  

	6.2	The Borrower must pay interest in respect of each Interest Period relating thereto on each Interest Payment Date. 

  

	6.3	The Borrower must also pay accrued interest on the Loan at the time of repayment or prepayment in accordance with Clause 5. 

  

	7.	DEFAULT INTEREST 

 If the Borrower fails to pay any amount due under this Agreement it must pay default
interest on demand on any overdue amount from the due date up to the date of actual payment (both before and after judgment) at the rate of 2% per annum above the Interest Rate on such overdue amounts. 

 

	8.	PAYMENTS 

  

	8.1	All payments by the parties are to be made in immediately available funds on the due date to a designated account in a country with the currency of United States Dollars. However, amounts payable in respect of any Tax
(defined below), fees, costs and expenses are payable in the currency in which they are incurred. 

  

	8.2	The Borrower’s payments must be made without set-off or counterclaim and without any deduction, including, without limitation, any tax, levy, impost, stamp duty, duty or other charge or withholding of a similar
nature (collectively referred to as Tax), except to the extent required by law. If the Borrower is compelled to make any deductions, the Borrower will pay an additional amount to ensure receipt by Navios of the full amount which Navios would
have received but for such deduction. 

  

	8.3	The Borrower shall indemnify Navios upon demand against any loss or liability which Navios determines will be or has been suffered (directly or indirectly) by it for or on account of any Tax or registration fees
(including, without limitation, any Tax or registration fees payable in respect of the Pledge Agreement) or in respect of the entry into, performance or enforcement of any Finance Document. 

 

	9.	REPRESENTATIONS AND WARRANTIES 

 The Borrower represents and warrants that: 

 

	(a)	the Finance Documents are legally binding, valid and enforceable upon it; 

  

	(b)	the entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not conflict with: 

  

	 	(i)	any law or regulation applicable to it; or 

  

	 	(ii)	any document which is binding upon it or any of its assets; 

  
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	(c)	no Event of Default has occurred or will result from the entry into, or the performance of any transaction contemplated by, the Finance Documents; and 

 

	(d)	no litigation, arbitration or administration proceedings are current or, to its knowledge, pending or threatened, which have or, if adversely determined, are reasonably likely to have a materially adverse effect on the
Borrower, its ability to repay the Loan or the enforceability of the Finance Documents. 

  

	10.	UNDERTAKINGS 

  

	10.1	Information 

 The Borrower must notify Navios, upon it becoming aware, of details of any litigation,
arbitration or administrative proceedings which are current, threatened or pending and which have or might have a materially adverse effect on the Borrower. 
  

	10.2	Negative Pledge 

 Except to the extent contemplated under and connected to the Finance Documents, the
Offering, any Permitted Indebtedness and any Existing Indebtedness, the Borrower shall not without the prior written consent of Navios: 
  

	(a)	sell, transfer or otherwise dispose of any of its interest in any of its assets; 

  

	(b)	create or permit to subsist any Security in respect of its assets or rights; or 

  

	(c)	enter into any other arrangement having a similar economic effect as (a) or (b) above. 

  

	10.3	Compliance with laws 

 The Borrower must comply in all respects with all laws to which it is subject and
shall obtain, maintain and comply with the terms of any authorisation required under any law or regulation to perform its obligations under, or for the validity or enforceability of, the Finance Documents. 

 

	10.4	Pledge 

 The Borrower, upon receipt of written notice by Navios, will offer any Units acquired during the
Offering as security under this Agreement. 
  

	11.	EVENTS OF DEFAULT 

 If at any time: 

 

	 	(i)	the Borrower fails to pay on the due date any amount payable by it under any Finance Document; 

  

	 	(ii)	the Borrower fails to comply promptly with the terms of any Finance Document; 

  

	 	(iii)	the Borrower makes any representation or warranty (or such representation or warranty is repeated by the Borrower) under the Finance Documents which are incorrect or misleading in any respect; 

  
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	 	(iv)	it becomes illegal for the Borrower or Navios to make or maintain any of its obligations under the Finance Documents; 

  

	 	(v)	any of the Finance Documents are not effective in accordance with their terms or are alleged by the Borrower to be ineffective with their terms for any reason; or 

 

	 	(vi)	the Borrower is declared insolvent or similar proceedings are taken in respect of the Borrower or its assets, 

(each event listed under (i) to and including (vi) above being an Event of Default) Navios may, by notice to the Borrower, cancel all or any part of
the Loan and declare all or any part of the Loan and interest thereon and all other amounts payable to Navios in respect thereof, immediately due and payable and enforce any rights it may have under the Finance Documents. 

 

	12.	INDEMNITIES 

 The Borrower indemnifies Navios against any loss or liability Navios incurs as a
consequence of: 
  

	(a)	the occurrence of an Event of Default; 

  

	(b)	any failure by the Borrower to pay any amount due under the Finance Documents on its due date; 

  

	(c)	preparation and enforcement of, or preservation of any rights under, any Finance Document; and 

  

	(d)	any judgment or claim being payable in a different currency from that agreed in this Agreement. 

  

	13.	TRANSFERS 

 Navios may assign all or any of its rights under any of the Finance Documents without the
Borrower’s consent. The Borrower shall not assign any of its rights under any of the Finance Documents. 
  

	14.	WAIVERS 

  

	14.1	Any term of the Finance Documents may be amended or waived with the agreement of Navios and the Borrower. 

  

	14.2	No failure or delay by Navios in exercising any right, power or privilege under any Finance Document shall operate as a waiver thereof or prejudice any other or further exercise by Navios of any of its rights or
remedies under any Finance Document. The rights and remedies contained in the Finance Documents are cumulative and not exclusive of any right or remedies provided by law. 

 

	15.	LAW AND JURISDICTION 

 This Agreement and any non-contractual obligations connected with it shall be
governed by English law and the English courts have exclusive jurisdiction to settle any dispute in connection with any Finance Document. 

  
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	16.	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts. This has the same effect as
if the signatures on the counterparts were on a single copy of this Agreement. 
  

	17.	NOTICES 

  

	17.1	In writing 

  

	(a)	Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: 

  

	 	(i)	in person, by post or fax: or 

  

	 	(ii)	to the extent agreed between Navios and the Borrower, by e-mail or other electronic communication. 

  

	(b)	For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

  

	(c)	Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given in writing. 

  

	17.2	Contact details 

  

	(a)	The contact details of the Navios for this purpose are: 

  

			
	 Address:
		c/o Navios Shipmanagement Inc.
			85 Akti Miaouli
			185 38 Piraeus
			Greece
	 Fax number:
		+302104531984
	 E-mail:
		vpapaefthymiou@navios.com
	 Attention:
		Vasiliki Papaefthymiou

  

	(b)	The contact details of the Borrower for this purpose are: 

  

			
	 Address:
		c/o Navios Tankers Management Inc.
			85 Akti Miaouli
			185 38 Piraeus
			Greece
	 Fax number:
		+302104531984
	 E-mail:
		1korres@navios.com
	 Attention:
		Leonidas Korres

  

	(c)	Navios or the Borrower may change their contact details by giving five Business Days’ notice to the other parties. 

  

	18.	SERVICE OF PROCESS 

 The Borrower irrevocably appoints HFW Nominees Ltd of Friary Court, 65 Crutched
Friars, London EC3N 2AE, England, as its agent for service of process in any proceedings before the English courts in connection with this Agreement. The Borrower agrees that failure by a 

  
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process agent to notify it of any process will not invalidate the relevant proceedings. This Clause does not affect any other method of service allowed by law. 

If you agree to the above, please sign and return the enclosed copy of this letter. 

Yours faithfully, 
  

			
	 By: 
		 /s/ George Akhniotis

			
	 Name: George Akhniotis, Chief Financial Officer

for and on behalf of

	 Navios Maritime Holdings Inc.

 We agree to the above. 
  

			
	 By: 
		 /s/ Leonidas Korres

			
	 Name: Leonidas Korres, Chief Financial Officer

for and on behalf of

	 Navios Maritime Acquisition Corporation

  
 7 

 Schedule 1 

Form of Drawdown Notice 
  

	 	To:	Navios Maritime Holdings Inc. 

 85 Akti Miaouli 

Piraeus 185 38 

[                    ], 2014 

Dear Sirs 
  

	Re:	Facility agreement dated 11 November 2014 in respect of a loan of up to $200,000,000 (the “Loan Agreement”) made between Navios Maritime Acquisition Corporation as Borrower and Navios Maritime Holdings
Inc. as Lender. 

 We refer to the Loan Agreement. Words and expressions whose meanings are defined therein shall have the same meanings
when used herein. 
 We hereby give you notice that we wish to draw an advance in the sum of
$[            ] on [                    ], 2014 and we select a first Interest Period in
respect of such drawing of [            ]. The funds should be remitted on
[                    ], 2014 as follows: 

[                    ] 

We confirm that: 
  

	(a)	no Event of Default has occurred; 

  

	(b)	the representations and warranties contained in clause 9 of the Loan Agreement are true and correct at the date hereof as if made with respect to the facts and circumstances existing at such date; 

 

	(c)	the borrowing to be effected by the drawdown of such Advance will be within our corporate powers and has been validly authorised by appropriate corporate action. 

 

			
	 By
		  

			Authorised Signatory

  
 8

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