Document:

veco_Ex10_4

		
			
		

		
			Exhibit 10.4
		

		
			 
		

		
			 
		

		
			Veeco Instruments Inc.
		

		
			1 Terminal Drive
		

		
			Plainview, New York 11803 U.S.A.
		

		
			Phone (516) 677-0200
		

		
			Fax (516) 677-0380
		

		
			www.veeco.com
		

		
			 
		

		
			 
		

		
			March 22, 2019
		

		
			 
		

		
			William J. Miller, Ph.D
		

		
			 
		

		
			Dear Bill:
		

		
			 
		

		
			Reference is made to the letter agreement between Veeco and you dated August 29, 2018 (the “Letter Agreement”).  This letter will confirm the parties’ agreement to amend the Letter Agreement, effective as of the date hereof, as follows:
		

		
			 
		

		
			The row entitled “2019 Annual Equity Award” in Exhibit A to the Letter Agreement shall be deleted in its entirety and the following shall be substituted therefor:
		

		
			 
		

			
					
						2019 Annual Equity Award

					
					
						$1,500 to be granted in conjunction with 2019 annual award program (determined based upon an assumed value of the common stock of the Company of $15.00 per share), or 100,000 shares:

					
						60% to be performance-based restricted stock units

					
						40% to be time-based restricted stock subject to ratable 4-year vesting

				

		
			 
		

		
			Except as set forth above, the Letter Agreement shall continue in accordance with its terms.  Executive agrees that the modification of the terms of his employment as set forth above shall not constitute Good Reason.
		

		
			 
		

		
			Please sign and return a copy of this letter to signify your agreement.  
		

		
			 
		

		
			Sincerely,
		

		
			 
		

			
					
						/s/ Robert W. Bradshaw

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Robert W. Bradshaw

					
					
						 

				
	
					
						Sr. Vice President, Human Resources

					
					
						 

				
	
					
						 

					
					
						ACCEPTED AND AGREED:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ William J. Miller

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						William J. Miller, Ph.D.veco_Ex10_5

		
			
		

		
			Exhibit 10.5
		

		
			 
		

		
			Veeco Instruments Inc.
		

		
			1 Terminal Drive
		

		
			Plainview, New York 11803 U.S.A.
		

		
			Phone (516) 677-0200
		

		
			Fax (516) 677-0380
		

		
			www.veeco.com
		

		
			 
		

		
			March 22, 2019
		

		
			 
		

		
			Shubham (Sam) Maheshwari 
		

		
			 
		

		
			Dear Sam:
		

		
			 
		

		
			Reference is made to the letter agreement between Veeco and you dated August 29, 2018 (the “Letter Agreement”).  This letter will confirm the parties’ agreement to amend the Letter Agreement, effective as of the date hereof, as follows:
		

		
			 
		

		
			The row entitled “2019 Annual Equity Award” in Exhibit A to the Letter Agreement shall be deleted in its entirety and the following shall be substituted therefor:
		

		
			 
		

			
					
						2019 Annual Equity Award

					
					
						$850 to be granted in conjunction with 2019 annual award program (determined based upon an assumed value of the common stock of the Company of $15.00 per share), or 56,666 shares:

					
						60% to be performance-based restricted stock units

					
						40% to be time-based restricted stock subject to 4-year vesting

				

		
			 
		

		
			Except as set forth above, the Letter Agreement shall continue in accordance with its terms.  Executive agrees that the modification of the terms of his employment as set forth above shall not constitute Good Reason.
		

		
			 
		

		
			Please sign and return a copy of this letter to signify your agreement.  
		

		
			 
		

		
			Sincerely,
		

		
			 
		

			
					
						/s/ Robert W. Bradshaw

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Robert W. Bradshaw

					
					
						 

				
	
					
						Sr. Vice President, Human Resources 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ACCEPTED AND AGREED:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Shubham Maheshwari

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Shubham MaheshwariExhibit 4.1

      EXECUTION VERSION

      USD 270,000,000

      REVOLVING CREDIT FACILITY AGREEMENT

      dated 7 March 2017

      between

      FLEX LNG Fleet Limited

      as Borrower

      and

      Sterna Finance Ltd.

      as Lender

      www.bahr.no

      
        

        
          

      

      

      

      CONTENTS

      	
              Clause

            	
              Page

            
	 	 
	
              1.

            	
              DEFINITIONS AND INTERPRETATION

            	
              3

            
	
              2.

            	
              THE FACILITY

            	
              7

            
	
              3.

            	
              PURPOSE

            	
              7

            
	
              4.

            	
              CONDITIONS OF UTILISATION

            	
              7

            
	
              5.

            	
              REPAYMENT

            	
              8

            
	
              6.

            	
              REDUCTION, PREPAYMENT AND CANCELLATION

            	
              8

            
	
              7.

            	
              INTEREST

            	
              9

            
	
              8.

            	
              INTEREST PERIODS

            	
              10

            
	
              9.

            	
              TAX GROSS UP AND INDEMNITIES

            	
              11

            
	
              10.

            	
              REPRESENTATIONS

            	
              12

            
	
              11.

            	
              GENERAL UNDERTAKINGS

            	
              13

            
	
              12.

            	
              SPECIAL UNDERTAKINGS

            	
              14

            
	
              13.

            	
              EVENTS OF DEFAULT

            	
              14

            
	
              14.

            	
              SECURITY

            	
              16

            
	
              15.

            	
              SET-OFF

            	
              16

            
	
              16.

            	
              MISCELLANEOUS

            	
              16

            
	
              17.

            	
              GOVERNING LAW AND JURISDICTION

            	
              17

            

      

      

      SCHEDULE 1 Form of Utilisation Request

      
        

        
          

      

      

      

      THIS REVOLVING CREDIT
            FACILITY AGREEMENT is entered into as of 7 March 2017 by and between:

      
        
          	(1)	
                  FLEX LNG Fleet Limited a company incorporated under
                      the laws of Bermuda (the “Borrower”); and

                

        

      

      
        
          	(2)	
                  Sterna Finance Ltd., a company incorporated under
                      the Laws of the Islands of Bermuda with its registered address at Par La Ville Place, 14th Par La Ville Road, 4th Floor, Hamilton HM 08, Bermuda, and Registration Number 50970 (the “Lender”).

                

        

      

      WHEREAS

      
        
          	(A)	
                  Dionyssos Shipping Inc. and Bacchus Shipping Inc., (the “Original Buyers”) have entered into a transaction agreement
                      (the “Transaction Agreement”) for

                      the sale of two newbuilds having Builder’s Hull No. 2447 (“Vessel 1”) and Builder’s Hull No.2448 (“Vessel 2”) respectively through the novation of the shipbuilding contracts for the Vessels dated 28 October 2014 entered into with Daewoo Shipbuilding and Marine Engineering Co. Ltd.
                      (the “Builder”) as
                      supplemented by an amendment no.1 also dated 28 October 2014 and an amendment no.2 dated 31 August 2016 (the “Shipbuilding Contracts”) from the Original Buyers to two subsidiaries of the Borrower newly incorporated in the Marshall Islands; FLEX LNG Endeavour Limited
                      and FLEX LNG Enterprise Limited (the “New Buyers”);

                

        

      

      
        
          	(B)	
                  Parts of the consideration payable for the Vessels will be settled by the issuance of 78 million new shares in Flex LNG Ltd. (the “Parent”) to Geveran Trading Co. Ltd. (“Geveran”) (the latter being an affiliate of the Original Buyers).  The remaining part of the consideration will be settled by a revolving credit
                      facility granted by the Lender to the Borrower in the amount of USD 270,000,000 (the “Facility”);

                

        

      

      
        
          	(C)	
                  As a result of the settlement mentioned in Whereas (B) above, certain intra-group receivables and intra group debts will arise on Closing (the “Intra-Group Receivables”).  The
                      settlement of the Intra-Group Receivables is regulated in certain separate settlement agreements entered into on or about the date hereof; and

                

        

      

      
        
          	(D)	
                  This Agreement regulates the terms and conditions of the Facility.

                

        

      

      IT IS AGREED as
          follows:

      
        
          	1.	
                  DEFINITIONS AND INTERPRETATION

                

        

      

      
        
          	1.1	
                  Definitions

                

        

      

      In this Agreement:

      “Agreement” means this revolving credit facility agreement, as it may be amended, supplemented and varied from time to time, including its Schedules.

      “Availability

            Period” means the period from and including the date of this Agreement to and including the day falling one month prior to the Final
          Maturity Date.

      “Available

            Commitment” means the Lender’s Commitment less:

      
        
          	

                	(a)	
                  the aggregate amount of outstanding Loans; and

                

        

      

      
        

        
          

      

      

      

      
        
          	

                	(b)	
                  in relation to any proposed Loan the amount of the Loan that is due to be made on or before the proposed Utilisation Date.

                

        

      

      “Break

            Costs” means the amount determined by the Lender (if any) by which any loss is incurred to the Lender if payment is received on any day other than the last day of the current Interest Period.

      “Business

            Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Oslo and Cyprus.

      “Builder”
          shall have the meaning ascribed to such term in the recitals.

      “Change

            of Control Event” means if

      
        
          	

                	(a)	
                  any person, other than Geveran and/or one or more companies controlled directly or indirectly with more than fifty per cent (50%) by trusts established by
                      Mr John Fredriksen for the benefit of his immediate family (“Trusts”), or group of persons acting in concert, obtains more than
                      fifty per cent (50%) of the voting rights or share capital or otherwise control the appointment of members of the board of directors of the Parent; or

                

        

      

      
        
          	

                	(b)	
                  Geveran and/or one or more companies controlled directly or indirectly with more than fifty per cent (50%) by one or more Trusts ceases to own a minimum of
                      twenty per cent (20%) of the voting rights or share capital or otherwise control the appointment of members of the board of directors of the Parent.

                

        

      

      “Charterparty” means any contracts of employment for the Vessels [exceeding 12 months]

      “Closing” shall have such meaning ascribed to it in the Novation Agreements.

      “Commitment” means USD 270,000,000, (United States Dollars Two
            Hundred Seventy Million) to the extent not cancelled or reduced under this Agreement.

      “Delivery

            Dates” shall mean the date on which the respective Vessel is delivered from the Builder to the New Buyers under the Shipbuilding
          Contracts.

      “Event

            of Default” means any event or circumstance specified as such in Clause 14 (Events of Default).

      “External

            Financing” means the external debt financing for the Vessels to be negotiated by the New Buyers.

      “Facility”
          means the revolving credit facility made available under this Agreement as described in Clause 2 (The Facility).

      “First

            Delivery Date” shall have such meaning ascribed to it in Clause 7.1

      “Final

            Maturity Date” means the date falling three (3) years after First Delivery Date.

      “Financial

            Indebtedness” means any indebtedness for or in respect of:

      
        
          	

                	(a)	
                  moneys borrowed;

                

        

      

      
        

        
          

      

      

      

      
        
          	

                	(b)	
                  any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

                

        

      

      
        
          	

                	(c)	
                  the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital
                      lease;

                

        

      

      
        
          	

                	(d)	
                  receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

                

        

      

      
        
          	

                	(e)	
                  any amount raised Under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;

                

        

      

      
        
          	

                	(f)	
                  any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the
                      value of any derivative transaction, only the marked to market value shall be taken into account);

                

        

      

      
        
          	

                	(g)	
                  any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a
                      bank or financial institution; and

                

        

      

      
        
          	

                	(h)	
                  the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above.

                

        

      

      “GAAP” means generally accepted accounting principles in [Bermuda], including IFRS.

      “Guarantor” means Flex LNG Ltd, the parent company of the Borrower.

      “IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial
          statements.

      “Interest

            Period” means, in relation to the Loans, each period determined in accordance with Clause 8 (Interest Periods) and, in relation to an Unpaid Sum, each period
          determined in accordance with Clause 0 (Default

            interest).

      “Loans” means the loans made or to be made under the Facility and “Loan” shall mean either of the Loans or the principal amount outstanding, for the time being, of all Loans under
          this Facility.

      “LIBOR” means, in relation to any Loan, the applicable Screen Rate as of 11:00 (London time) on the Quotation Day for the currency of that Loan and for a
          period equal in length to the Interest Period of that Loan and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

      “Pre

            Delivery Margin” means 1 per cent per annum.

      “Post

            Delivery Margin” means 3 per cent per annum.

      “Material

            Adverse Effect” means a material adverse effect on:

      
        
          	

                	(a)	
                  the business, operation, assets or condition (financial or otherwise) of the Borrower; or

                

        

      

      
        

        
          

      

      

      

      
        
          	

                	(b)	
                  the ability of the Borrower to perform any of its obligations under the Agreement.

                

        

      

      “Novation

            Agreements” means each of the agreements entered into on or about the date hereof between amongst others the Builder, the respective
          Original Buyer and the respective New Buyer for the novation of the Shipbuilding Contracts.

      “Obligors” means the Borrower and the Guarantor together.

      “Party” means a party to this Agreement.

      “Repeating

            Representations” means each of the representations set out in Clause 11 (Representations).

      “Screen

            Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes
          over the administration of that rate) for USD for the relevant period, displayed on page LIBOR01 and LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate).  If the agreed page is replaced or service ceases to be
          available, the Lender may specify another page or service displaying the appropriate rate.

      “Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement
          having a similar effect.

      “Security

            Documents” means all or any security documents as may be entered into from time to time pursuant to Clause 1 (Security).

      “Subsidiary” means an entity from time to time of which a person:

      
        
          	

                	(a)	
                  has direct or indirect control; or

                

        

      

      
        
          	

                	(b)	
                  owns directly or indirectly more than fifty (50) per cent (votes and capital),

                

        

      

      for these purposes, an entity shall be treated as being controlled by a person if that person is
          able to direct its affairs and/or control the composition of its board of directors or equivalent body.

      “Unpaid

            Sum” means any sum due and payable but unpaid by the Borrower under the Agreement.

      “Utilisation” means a utilisation of the Facility.

      “Utilisation

            Date” means the date of a Utilisation, being the date on which a Loan is to be made.

      “Utilisation

            Request” means a notice substantially in the form set out in Schedule 1 (Form of Utilisation Request).

      “VAT” means value added tax and any other tax of a similar nature.

      “Vessels” means Vessel 1 and Vessel 2 together.

      
        

        
          

      

      

      

      “Quotation

            Day” means the day occurring two (2) Business Days prior to the commencement of an Interest Period.

      
        
          	1.2	
                  Construction

                

        

      

      In this Agreement, unless the context otherwise requires:

      
        
          	

                	(a)	
                  words denoting the singular number shall include the plural and vice versa; and

                

        

      

      
        
          	

                	(b)	
                  references to a “person” shall include any individual, firm, partnership, joint venture, company, corporation, trust, fund, body, corporate, unincorporated
                      body of persons, or any state or any agency of a state or association (whether or not having separate legal personality); and

                

        

      

      
        
          	

                	(c)	
                  an Event of Default is “continuing” if it has not been [remedied or] waived.

                

        

      

      
        
          	2.	
                  THE FACILITY

                

        

      

      
        
          	2.1	
                  The Facility

                

        

      

      Subject to the terms of this Agreement, the Lender will make available to the Borrower a revolving
          credit facility in an amount equivalent to the Commitment.

      
        
          	2.2	
                  First Utilisation

                

        

      

      The Loan shall be available on Closing in accordance with the Transaction Agreement.  Upon Closing,
          the Borrower acknowledges that it is indebted to the Lender in the amount of the Commitment without any preceding drawdown notice being required i.e. so that the Facility shall be deemed fully drawn as from Closing.

      
        
          	2.3	
                  Subsequent Utilisations

                

        

      

      For the avoidance of doubt; any subsequent utilisations require that the Borrower has repaid parts
          of the Loan drawn on Closing as per Clause 2.2 above.

      
        
          	3.	
                  PURPOSE

                

        

      

      
        
          	3.1	
                  Purpose

                

        

      

      The purpose of the first Loan is part financing of the consideration under the Transaction
          Agreement.

      The Borrower shall apply all amounts borrowed by it under the Facility pursuant to any subsequent
          utilisations towards [paying pre-delivery instalments on behalf of the New Buyers under the Shipbuilding Contracts [and pre-delivery instalments for other shipbuilding contracts in the Flex group), general corporate purposes and for financing of
          working capital requirements].

      
        
          	4.	
                  CONDITIONS OF SUBSEQUENT UTILISATION

                

        

      

      
        
          	4.1	
                  Conditions precedent to subsequent utilisation

                

        

      

      A subsequent Loan will only be available to the Borrower if:

      
        
          	

                	(a)	
                  the Borrower has delivered a duly completed Utilisation Request (as provided for in Clause 4.2 (Delivery of Utilisation Request) with Utilisation on a Business Day within the
                      Availability Period

                

        

      

      
        

        
          

      

      

      

      
        
          	

                	(b)	
                  the amount requested for Utilisation is within the range of the Available Commitment;

                

        

      

      
        
          	

                	(c)	
                  the Repeating Representations to be made by the Borrower are true in all material respects; and

                

        

      

      
        
          	

                	(d)	
                  no Event of Default is continuing or would result from the proposed Loan.

                

        

      

      
        
          	4.2	
                  Delivery of a Utilisation Request

                

        

      

      The Borrower may utilise the Facility by delivery to the Lender of a duly completed Utilisation
          Request not later than 12:00 CET three Business Days prior to the Utilisation Date.  Each Utilisation Request is irrevocable.

      
        
          	5.	
                  REPAYMENT

                

        

      

      On the Final Maturity Date the Borrower shall repay all Loans and other amounts then outstanding
          under this Agreement in full.

      
        
          	6.	
                  REDUCTION, PREPAYMENT AND CANCELLATION

                

        

      

      
        
          	6.1	
                  Mandatory reduction - Sale of assets

                

        

      

      Upon the

          sale of the shares in the New Buyers (which own the Shipbuilding Contracts/Vessels) or if the Borrower or its subsidiaries otherwise sell or dispose of major parts of its assets, the Commitment shall be reduced to zero and the Borrower shall upon
          such sale repay all amounts outstanding under this Agreement in full the Commitment shall be reduced to zero.

      
        
          	6.2	
                  Mandatory cancellation, and reduction- illegality

                

        

      

      If it becomes unlawful in any applicable jurisdiction for the Lender to perform any of its
          obligations as contemplated by this Agreement or to fund or maintain the Loans:

      
        
          	

                	(a)	
                  the Lender shall promptly notify the Borrower (specifying the obligations the performance of which is thereby rendered unlawful and the law giving rise to
                      the same) upon receipt of notification;

                

        

      

      
        
          	

                	(b)	
                  upon the Lender notifying the Borrower, the Commitment will be immediately reduced to zero and cancelled; and

                

        

      

      
        
          	

                	(c)	
                  the Borrower shall repay all amounts outstanding under this Agreement in full on the last day of the Interest Period occurring after the Lender has notified
                      the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law).

                

        

      

      
        
          	6.3	
                  Mandatory cancellation, and reduction - Change of Control

                

        

      

      If a Change of Control Event occurs, the Lender may, by notice to the Borrower, cancel the
          Commitment, upon which;

      
        
          	

                	(a)	
                  the Commitment will be immediately reduced to zero and cancelled; and

                

        

      

      
        
          	

                	(b)	
                  the Borrower shall immediately repay all amounts outstanding under this Agreement in full.

                

        

      

      
        

        
          

      

      

      

      
        
          	6.4	
                  Voluntary prepayment

                

        

      

      The Borrower may, by giving the Lender not less than five (5) Business Days prior written notice,
          prepay the whole or any part of the outstanding Loans (but if in part, in a minimum amount per Loan (if more than one is prepaid) of USD [1,000,000] (or such lesser amount as consented to by the Lender) and in integral multiples of USD
          [1,000,000]).

      
        
          	6.5	
                  Voluntary cancellation

                

        

      

      
        
          	

                	(a)	
                  The Borrower may, by giving the Lender not less than five (5) Business Days prior written notice, cancel all or part of the Commitment (but if in part, in a
                      minimum amount of USD [1,000,000] and in integral multiples of USD [1,000,000]).

                

        

      

      
        
          	

                	(b)	
                  Any notice of cancellation shall be irrevocable and shall specify the date on which the cancellation shall take effect and the amount of the cancellation.

                

        

      

      
        
          	

                	(c)	
                  The Borrower may not utilise any part of the Facility which has been cancelled.

                

        

      

      
        
          	

                	(d)	
                  The Borrower may not cancel all or part of the Facility except as expressly provided in this Agreement.

                

        

      

      
        
          	6.6	
                  Terms and conditions for prepayments and cancellation

                

        

      

      
        
          	6.6.1	
                  Time of prepayment and cancellation

                

        

      

      The Borrower shall not repay or prepay all or any part of a Loan or cancel all or any part of the
          Commitment except at the times and in the manner expressly provided for in this Agreement.

      
        
          	6.6.2	
                  Irrevocable notice

                

        

      

      Any notice of prepayment or cancellation by the Borrower under this Clause 6 shall be irrevocable
          and, unless a contrary indication appears in this Agreement, shall specify the date upon which the prepayment or cancellation is to be made.

      
        
          	6.6.3	
                  Additional payments

                

        

      

      Upon any cancellation of the Commitment under this Clause 6, the Borrower shall prepay the
          outstanding Loans by an amount sufficient to ensure that the total aggregate amount of the outstanding Loans shall constitute no more than the amount of the Lender’s Available Commitment following the relevant cancellation, such prepayment to be
          made no later than on the day that the relevant cancellation becomes effective.

      Any prepayment under this Agreement shall be made together with accrued interest on the amount
          prepaid and, subject to any Break Costs, without premium or penalty.

      
        
          	6.6.4	
                  No reinstatement

                

        

      

      No amount of the Commitment cancelled under this Agreement may subsequently be reinstated.

      
        
          	7.	
                  INTEREST

                

        

      

      
        
          	7.1	
                  Interest up to First Delivery Date

                

        

      

      The rate of interest on each Loan as from Closing to the date of the delivery of first of the
          Vessels from the Builder to the relevant New Buyer (“First Delivery Date”) is the Pre Delivery Margin.

      
        

        
          

      

      

      

      
        
          	7.2	
                  Interest after First Delivery Date

                

        

      

      The rate of interest on each Loan for each Interest Period after First Delivery Date is the
          percentage rate per annum which is the aggregate of the:

      
        
          	

                	(a)	
                  Post Delivery Margin; and

                

        

      

      
        
          	

                	(b)	
                  LIBOR.

                

        

      

      
        
          	7.3	
                  Payment of interest

                

        

      

      The Borrower shall pay accrued interest on each Loan made to it on the last day of each Interest
          Period.

      
        
          	7.4	
                  Default interest

                

        

      

      If the Borrower fails to pay any amount payable by it under this Agreement on its due date,
          interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is the aggregate of LIBOR, the Post Delivery Margin and [3] per cent per annum.  Default interest (if
          unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

      
        
          	7.5	
                  Break Costs

                

        

      

      
        
          	

                	(a)	
                  The Borrower shall, within three Business Days of demand by the Lender, pay to the Lender its Break Costs attributable to all or any part of the Loan or
                      Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum.

                

        

      

      
        
          	

                	(b)	
                  The Lender shall, as soon as reasonably practicable after a demand by the Lender, provide a certificate confirming the amount of its Break Costs for any
                      Interest Period in which they accrue.

                

        

      

      
        
          	8.	
                  INTEREST PERIODS

                

        

      

      
        
          	8.1	
                  Interest Periods

                

        

      

      
        
          	

                	(a)	
                  The Interest Period for the Loan drawn on Closing (ref. Clause 2.2 (First Utilisation)) is [3] months and the start of this Interest Period (i.e. the “Utilisation Date”) is the
                      date of Closing.

                

        

      

      
        
          	

                	(b)	
                  For any subsequent utilisation, the Borrower must select the Interest Period for a Loan in the relevant Utilisation Request.  A Loan has one Interest Period
                      only.  The Borrower may elect Interest Periods for the Loans of 1, 3 or 6 months.

                

        

      

      
        
          	

                	(c)	
                  An Interest Period for the Loans shall not extend beyond the Final Maturity Date.

                

        

      

      
        
          	8.2	
                  Non-Business Days

                

        

      

      If an Interest Period would otherwise end on a day which is not a Business Day, that Interest
          Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

      
        

        
          

      

      

      

      
        
          	9.	
                  TAX GROSS UP AND INDEMNITIES

                

        

      

      
        
          	9.1	
                  Tax Gross-up

                

        

      

      All payments to be made by any Obligor hereunder shall be made free and clear of and without
          deduction for or on account of any present or future taxes of any nature now or hereafter imposed unless the Obligor is compelled by taw to make payment subject to any such taxes.  In that event the Obligor shall (i) pay to the Lender such
          additional amounts as may be necessary for the Lender to receive a net amount equal to that which they would have received had such payment not been made subject to any taxes, and (ii) deliver to the Lender within ten (10) Banking Days of any
          request by it an official receipt in respect of the payment of any taxes so deducted.

      
        
          	9.2	
                  Value added tax

                

        

      

      All amounts set out, or expressed to be payable according to this Agreement by a party hereto shall
          be deemed to be exclusive of any VAT.  If VAT is chargeable, the Obligor shall pay to the Lender for the account of such party an additional amount equal to such VAT.

      
        
          	10.	
                  GUARANTEE AND INDEMNITY

                

        

      

      
        
          	10.1	
                  Guarantee and indemnity

                

        

      

      The Guarantor irrevocably, unconditionally:

      
        
          	

                	(a)	
                  guarantees to the Lender, as and for its own debt and not merely as surety, the due and punctual observance and performance by the Borrower’ obligations
                      under this Agreement;

                

        

      

      
        
          	

                	(b)	
                  undertakes with the Lender that whenever the Borrower does not pay any amount when due under or in connection with this Agreement, that Guarantor shall
                      immediately on demand by the Lender pay that amount as if it was the principal obligor; and

                

        

      

      
        
          	

                	(c)	
                  indemnify the Lender immediately on demand against any cost, loss or liability suffered by the Lender if any obligation guaranteed by the Guarantor is or
                      becomes unenforceable, invalid or illegal.  The amount of the cost, loss or liability shall be equal to the amount, which the Lender would otherwise have been entitled to recover.

                

        

      

      
        
          	10.2	
                  Continuing guarantee

                

        

      

      The obligations of the Guarantor, hereunder (the “Guarantee Obligations”) are continuing guarantee
          obligations and will extend to the ultimate balance of all amounts payable by the Borrower under this Agreement, regardless of any intermediate payment or discharge in whole or in part.

      
        
          	10.3	
                  Number of claims

                

        

      

      There is no limit on the number of claims that may be made by the Lender under this Agreement.

      
        
          	10.4	
                  Survival of Guarantor’s liability

                

        

      

      None of the Guarantor’s liabilities to the Lender under this Clause 10 shall be discharged,
          impaired or otherwise affected by reason of any of the following events or circumstances (without limitation and regardless of whether any such events or circumstances occur with

      
        

        
          

      

      

      

      or without the Guarantor’s knowledge or consent and whether or not known to the Lender):

      
        
          	

                	(a)	
                  any time, waiver, consent, forbearance or other indulgence given or agreed by the Lender with the Borrower in respect of the Borrower’s obligations under
                      this Agreement; or

                

        

      

      
        
          	

                	(b)	
                  any legal limitation, disability or incapacity of the Borrower related to this Agreement; or

                

        

      

      
        
          	

                	(c)	
                  any amendments to or variations of this Agreement agreed by the Lender with the Borrower; or

                

        

      

      
        
          	

                	(d)	
                  the liquidation, bankruptcy or dissolution (or proceedings analogous thereto) of the Borrower; or

                

        

      

      
        
          	

                	(e)	
                  any other circumstance which might otherwise constitute a defence available to, or discharge of, the Borrower.

                

        

      

      
        
          	11.	
                  REPRESENTATIONS AND WARRANTIES

                

        

      

      Each of the Obligors makes the representations and warranties set out in this Clause 11 to the
          Lender on the date of this Agreement.

      
        
          	11.1	
                  Power and authority

                

        

      

      It has the power to enter into, perform and deliver, and has taken all necessary action to
          authorise its entry into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement.

      
        
          	11.2	
                  Non-conflict with other obligations

                

        

      

      The entry into and performance by it of, and the transactions contemplated by this Agreement do not
          and will not conflict with (i) any law or regulation applicable to it, (ii) its or any of its Subsidiaries’ constitutional documents, or (iii) any

          agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets.

      
        
          	11.3	
                  No misleading information

                

        

      

      
        
          	

                	(a)	
                  Any factual information provided by the Borrower was true and accurate in all material respects as at the date it was provided or as at the date (if any) at
                      which it is stated.

                

        

      

      
        
          	

                	(b)	
                  The financial projections delivered to the Lender have been prepared on the basis of recent historical information and on the basis of reasonable
                      assumptions.

                

        

      

      
        
          	11.4	
                  No proceedings pending or threatened

                

        

      

      No litigation, arbitration or administrative proceedings of or before any court, arbitral body or
          agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries.

      
        

        
          

      

      

      

      
        
          	11.5	
                  Good title to assets

                

        

      

      It and each of its Subsidiaries has a good, valid and marketable title to, or valid leases or
          licences of, and all appropriate authorisations to use, the assets necessary to carry on its business as presently conducted.

      
        
          	11.6	
                  Insolvency

                

        

      

      No event has occurred or, to the Obligors’ knowledge, steps threatened, as set out in Clause 14.5 (Insolvency and insolvency proceedings).

      
        
          	11.7	
                  Repetition

                

        

      

      The Repeating Representations are deemed to be repeated by the Borrower by reference to the facts
          and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period.

      
        
          	12.	
                  GENERAL UNDERTAKINGS

                

        

      

      Each of the Obligors gives the undertakings set out in this Clause 12 (General Undertakings) to the Lender.

      
        
          	12.1	
                  Compliance with laws

                

        

      

      The Obligors shall comply in all material respects with all taws to which it may be subject.

      
        
          	12.2	
                  Disposals

                

        

      

      The Obligors shall not sell, transfer or otherwise dispose of the whole or any material part of its
          assets without the Lender’s consent.

      
        
          	12.3	
                  Change of business

                

        

      

      The Obligors shall ensure that no substantial change is made to the general nature of the business
          of the .Obligors from that carried out at the date of this Agreement.

      
        
          	12.4	
                  No mergers etc.

                

        

      

      The Obligors shall not enter into any merger, amalgamation, de-merger, split-up, divest,
          consolidation with or into any other person or be the subject of any reconstruction without the prior consent of the Lender.

      
        
          	12.5	
                  Transactions with Affiliates

                

        

      

      The Obligors shall (and shall procure that each Subsidiary will) procure that all transactions
          entered into with an affiliate are made for full market value and otherwise on arm’s length terms.

      
        
          	12.6	
                  Negative pledge

                

        

      

      The Obligors shall not create or permit to subsist any Security over its present or future assets,
          including but not limited to undertakings, property, assets, rights or revenues, other than:

      
        
          	

                	(a)	
                  Security under the Security Documents; and

                

        

      

      
        
          	

                	(b)	
                  Security consented to in writing by the Lender.

                

        

      

      
        

        
          

      

      

      

      
        
          	12.7	
                  Borrowings

                

        

      

      Each Obligor shall not enter into any new Financial Indebtedness and/or guarantee commitments,
          without the prior written consent of the Lender.

      
        
          	13.	
                  SPECIAL UNDERTAKINGS

                

        

      

      
        
          	13.1	
                  Obligation to solicit External Financing

                

        

      

      The intention of the Parties hereto is that the Vessels shall be refinanced by External Financing
          upon delivery of the Vessels from the Builder, or as soon as commercially viable thereafter.  Therefore, the Obligors undertakes as from the date hereof to use its best endeavours, and to procure that the Flex group use its best endeavours to
          obtain acceptable External Financing for the refinancing of any Loans hereunder [from delivery of the Vessels from the Builder).

      
        
          	14.	
                  EVENTS OF DEFAULT

                

        

      

      Each of the events or circumstances set out in Clause 14 is an Event of Default.

      
        
          	14.1	
                  Non-payment

                

        

      

      An Obligor does not pay on the due date any amount payable pursuant to this Agreement and in the
          currency in which it is expressed to be payable unless its failure to pay is caused by administrative or technical error and payment is made within 5 Business Days of its due date.

      
        
          	14.2	
                  Other obligations

                

        

      

      
        
          	

                	(a)	
                  An Obligor does not comply with any provision of the Agreement (other than those referred to in Clause 14.1 (Non-payment); and

                

        

      

      
        
          	

                	(b)	
                  no Event of Default under (a) above will occur if the failure to comply is (in the reasonable opinion of the Lender) capable of remedy and is remedied
                      within fifteen (15) Business Days of the earlier of the Lender giving notice to the Obligors or the Obligors becoming aware of the failure to comply.

                

        

      

      
        
          	14.3	
                  Misrepresentation

                

        

      

      Any representation or statement of fact made or deemed to be made by the Obligors in the Agreement
          or any other document delivered by or on behalf of the Obligors under or in connection with this Agreement is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

      
        
          	14.4	
                  Cross default

                

        

      

      
        
          	

                	(a)	
                  Any Financial Indebtedness of any of the Obligorsor its Subsidiaries is not paid when due nor within any originally applicable grace period;

                

        

      

      
        
          	

                	(b)	
                  any Financial Indebtedness of any of the Obligors or its Subsidiaries is declared to be or otherwise becomes due and payable prior to its specified maturity
                      as a result of an event of default (however described);

                

        

      

      
        
          	

                	(c)	
                  any commitment for any Financial Indebtedness of the Obligors and its Subsidiaries is cancelled or suspended by a creditor of the Obligors as a result of an
                      event of default (however described); or

                

        

      

      
        

        
          

      

      

      

      
        
          	

                	(d)	
                  any creditor of the Obligors or its Subsidiaries becomes entitled to declare any Financial Indebtedness due and payable prior to its specified maturity as a
                      result of an event of default (however described);

                

        

      

      in circumstances where the aggregate amount of all such Financial Indebtedness referred to in all
          or any of sub-clauses (a) to (d) is USD [1,000,000] (or its equivalent in other currencies) or more.

      
        
          	14.5	
                  Insolvency and Insolvency proceedings

                

        

      

      
        
          	

                	(a)	
                  Any corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium of any indebtedness,
                      winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any of the Obligors;

                

        

      

      
        
          	

                	(b)	
                  Any of the Obligors is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
                      anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness;

                

        

      

      
        
          	

                	(c)	
                  the value of the assets of the Obligors is less than its liabilities (taking into account contingent and prospective liabilities);

                

        

      

      
        
          	

                	(d)	
                  a composition, compromise, assignment or arrangement with any creditor of the Obligors;

                

        

      

      
        
          	

                	(e)	
                  the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of the Obligor or
                      any of its assets;

                

        

      

      
        
          	

                	(f)	
                  enforcement of any Security over any assets of the Obligors; or

                

        

      

      
        
          	

                	(g)	
                  any analogous procedure or step is taken in any jurisdiction.

                

        

      

      
        
          	14.6	
                  Creditors’ process

                

        

      

      Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of
          the Obligors.

      
        
          	14.7	
                  Unlawfulness

                

        

      

      It is or becomes unlawful for the Obligors to perform any of its obligations under the Agreement.

      
        
          	14.8	
                  Invalidity of Security

                

        

      

      If the Security shall no longer be valid and enforceable.

      
        
          	14.9	
                  Acceleration

                

        

      

      On and at any time after the occurrence of an Event of Default which is continuing the Lender may,
          by notice to the Borrower:

      
        
          	

                	(a)	
                  cancel the Commitment whereupon it shall immediately be cancelled;

                

        

      

      
        

        
          

      

      

      

      
        
          	

                	(b)	
                  declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Agreement be immediately due
                      and payable, whereupon they shall become immediately due and payable; and/or

                

        

      

      
        
          	

                	(c)	
                  declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Lender.

                

        

      

      
        
          	1.	
                  SECURITY

                

        

      

      The Borrower’s obligations and liabilities under this Agreement, including (without limitation) the
          Borrower’s obligation to repay any Loans together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Borrower towards the Lender in connection with this Agreement, shall at
          any time until all amounts due to the Lender hereunder have been paid and/or repaid in full, be secured by (in addition to the guarantee from the Guarantor ref. Clause 10 (Guarantee and Indemnity)):

      
        
          	

                	(d)	
                  the Share Pledge Agreements;

                

        

      

      
        
          	

                	(e)	
                  Assignment of Refund Guarantees;

                

        

      

      
        
          	

                	(f)	
                  Assignment of Charterparties (if relevant); and

                

        

      

      
        
          	

                	(g)	
                  Marshall Islands law Mortgages (upon delivery)

                

        

      

      Each of the Borrower and the Guarantor undertakes to ensure that the above Security Documents are
          being duly executed by the parties thereto in favour of the Lender on or about the date of this Agreement (or at such later date as approved in writing by the Lender), legally valid and in full force and effect, and to execute or procure the
          execution of such further documentation as the Lender may require in order for the relevant Lender to maintain the security position envisaged hereunder.

      
        
          	15.	
                  SET-OFF

                

        

      

      The Lender may set off any matured obligation due from an Obligor under the Agreement against any
          matured obligation owed by the Lender to the Obligor.  If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange for the purpose of the set-off.

      
        
          	16.	
                  MISCELLANEOUS

                

        

      

      
        
          	16.1	
                  No set-off by any Obligor

                

        

      

      All payments to be made by any Obligor under the Agreement shall be calculated and be made without
          (and free and clear of any deduction for) set-off or counterclaim.

      
        
          	16.2	
                  Business Days

                

        

      

      
        
          	

                	(a)	
                  Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one)
                      or the preceding Business Day (if there is not).

                

        

      

      
        
          	

                	(b)	
                  During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at
                      the rate payable on the original due date.

                

        

      

      
        

        
          

      

      

      

      
        
          	17.	
                  GOVERNING LAW AND JURISDICTION

                

        

      

      
        
          	

                	(a)	
                  This Agreement shall be governed by and construed in accordance with Norwegian law.

                

        

      

      
        
          	

                	(b)	
                  Subject to paragraph (c) below, the courts of Norway shall have exclusive jurisdiction over matters arising out of or in connection with this Agreement with
                      Oslo district court (Norwegian: tingrett) as agreed legal venue.

                

        

      

      
        
          	

                	(c)	
                  The submission to the jurisdiction of Norway shall not limit the right of the Lender to take proceedings against the Borrower in any court which may
                      otherwise exercise jurisdiction over the Borrower or any of its assets.

                

        

      

       

        

      ***

      
        

        
          

      

      

      

      SIGNATURE PAGE:

      	
              As Borrower:

            	 	
              As Lender:

            	 
	 	 	 	 
	 	 	 	 
	
              /s/ James Clarke

            	 	
              /s/ Georgina E. Sousa

            	 
	
              Name:

            	
              JAMES CLARKE

            	 	
              Name:

            	
              Georgina E. Sousa

            	 
	
              Title:

            	
              PRESIDENT/TREASURER

            	 	
              Title:

            	
              Director

            	 
	
              Company:

            	
              FLEX LNG FLEET Ltd.

            	 	
              Company:

            	
              Sterna Finance Ltd.

            	 

      

      

      

      

      	
              As Guarantor:

            	 	 	 
	 	 	 	 
	 	 	 	 
	
              /s/ Marius Hermansen

            	 	 	 
	
              Name:

            	
              MARIUS HERMANSEN

            	 	 	 	 
	
              Title:

            	
              DIRECTOR

            	 	 	 	 
	
              Company:

            	
              FLEX LNG Ltd

            	 	 	 	 

      

      

      
        

        
          

      

      

      

      SCHEDULE 1

      Form of Utilisation Request

      
        
          	From:	
                  [●]

                

        

      

      
        
          	To:	
                  [●]

                

        

      

      Dated:

      [●]- [●]
          Facility Agreement dated [●] (the “Agreement”)

      
        
          	1.	
                  We refer to the Agreement.  This is an Utilisation Request.  Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a
                      different meaning in this Utilisation Request.

                

        

      

      
        
          	2.	
                  We wish to borrow a Loan on the following terms:

                

        

      

      
        
          	

                	Proposed Utilisation	
                  [●]

                

        

      

      Date:

      
        
          	

                	Currency of Loan:	
                  USD

                

        

      

      
        
          	

                	Amount:	
                  [●]

                

        

      

      
        
          	3.	
                  We confirm that the Repeating Representations are true and correct in all material respects and the no Event of Default has occurred and is continuing or
                      would occur as a result of the proposed Loan.

                

        

      

      
        
          	4.	
                  The proceeds of this Loan should be credited to [account].

                

        

      

      
        
          	5.	
                  This Utilisation Request is irrevocable.

                

        

      

      	 	 	
              Yours faithfully,

            	 
	 	 	 	 
	 	 	 	
              By:

            	 	 
	 	 	 	
              Name:

            	 	 
	 	 	 	
              Title:

            	 	 
	 	 	 	
              Company:

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