Document:

Exhibit 10.2

    
      

    

    
      Exhibit
        10.2

      

      Agreement
        between Ford Motor Company and

      James
        J. Padilla dated April 7, 2006

      

      

      
        	 	
                Ford
                  Motor Company

              
	 	
                One
                  American Road

              
	 	
                P.O.
                  Box 1899

              
	 	
                Dearborn,
                  MI 48126

              
	 	 
	 	
                April
                  5, 2006

              

      

      

      Mr.
        James
        J. Padilla

      [ADDRESS
        REDACTED]

       

      

      Dear
        Jim:

      

      This
        letter will confirm the agreement (the “Agreement”) regarding the terms and
        conditions under which you have agreed to provide your personal services
        as a
        consultant to Ford Motor Company ("Ford" or the "Company").

      

      
        	
                1.

              	
                Scope
                  of Services:
                  Subject
                  to the terms and conditions contained herein, during the calendar
                  months
                  beginning on July 1, 2006 and ending June 30, 2007, unless this
                  Agreement
                  is terminated earlier pursuant to Section 13 hereof, you will be
                  available
                  to provide consultation to the Company.

              

      

      

      Specific
        direction regarding the services to be provided by you to Ford hereunder
        shall
        be given to you on behalf of Ford by the Chairman and Chief Executive Officer,
        Ford Motor Company, and/or their designate. 

      

      
        	
                2.

              	
                Competitive
                  Behavior:
                  As a condition of the Company’s obligations under this Agreement, during
                  the term of this Agreement, you will not, without written permission
                  of
                  the Company, on behalf of yourself or on behalf of any other person,
                  company, corporation, partnership or other entity or enterprise,
                  directly
                  or indirectly, as an employee, proprietor, stockholder, partner,
                  consultant, or otherwise, engage in any business or activity competitive
                  with the business of Ford Motor Company, its subsidiaries or affiliates
                  worldwide. You specifically acknowledge that the Company conducts
                  a
                  worldwide business and that the worldwide restriction is reasonable.
                  You
                  also agree during the term of this Agreement that you will not
                  engage in
                  any conduct that is inimical to the best interests of the Company,
                  its
                  subsidiaries, or affiliates worldwide. In the event you breach
                  these
                  restrictive covenants, the Company shall be entitled to the remedies
                  outlined in Section 3 below with respect to breach of Confidential
                  Information.

              

      

      

      
        	
                3.

              	
                Confidential
                  Information and Remedies:
                  You agree to keep secret and retain in strictest confidence, and
                  shall
                  not, without the prior written consent of the Chairman and Chief
                  Executive
                  Officer of the
                  Company, furnish, make available or disclose to any third party
                  or use for
                  your benefit or the benefit of any third party, any Confidential
                  Information as hereafter defined. As used in this Agreement, Confidential
                  Information means any information relating to the business or affairs
                  of
                  the Company, including but not limited to, information relating
                  to
                  financial statements, customer identities, potential customers,
                  employees,
                  suppliers, servicing methods, equipment, product or service programs,
                  product designs, cycle plans, strategies and information, databases
                  and
                  information systems, analyses, profit margins, pricing, comparative
                  or
                  futuring studies or other proprietary information used by the Company,
                  whether or not generated by the Company or purchased by the Company
                  through business consultants. Confidential Information shall not
                  include
                  any information in the public domain or information that becomes
                  known in
                  the industry through no wrongful act on your part. You acknowledge
                  that
                  the Confidential Information is vital, sensitive, confidential
                  and
                  proprietary to the Company. You acknowledge and agree that your
                  promise to
                  keep confidential the Confidential Information is reasonable and
                  necessary
                  for the protection of the Company’s business interests; that irreparable
                  injury will result to the Company if you break your promise, and
                  that the
                  Company may not have an adequate remedy at law if you break or
                  threaten to
                  break your promise. Accordingly, you agree that in such event,
                  the Company
                  will be entitled to immediate temporary injunctive and other equitable
                  relief in a court of competent jurisdiction, without the necessity
                  of
                  showing actual monetary damages, subjective to a hearing as soon
                  thereafter as possible. Nothing contained herein shall be construed
                  as
                  prohibiting the Company from pursuing another remedy available
                  to it for
                  failing to keep your promise, including the recovery of any damage
                  which
                  it is able to prove and any other remedies allowed under any other
                  agreement with the Company or provided for under various Company
                  plans. In
                  addition, as a penalty and not in lieu of other damages the Company
                  may be
                  able to prove, you agree to pay the Company liquidated damages
                  in an
                  amount equal to the total consulting fees received under Section
                  6 of the
                  Agreement, or used as an offset under Section 16 of this Agreement,
                  if you
                  break your promise and divulge Confidential Information or break
                  any of
                  your promises under Sections 2, 4, 5, 10, 11, 12, or
                  15.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                4.

              	
                Confidential
                  Materials:
                  You acknowledge that any information received by you during the
                  execution
                  of your responsibilities for the Company in accordance with the
                  Agreement,
                  which concerns the personal, financial or other affairs of the
                  Company,
                  will be treated as Confidential Information in accordance with
                  Section 3
                  above, and will not be revealed to any other persons, firms or
                  organizations.

              

      

      

      
        	
                5.

              	
                Disparagement:
                  Each party acknowledges that the business reputation of the other
                  is a
                  valuable asset of such other party. Each party agrees that it shall
                  take
                  no action which can be deemed to be inimical to the best interests
                  of the
                  other party, including but not limited to: publishing material
                  that
                  disparages the other party, participating in interviews disparaging
                  the
                  other party or taking action in any other manner or way disparaging
                  the
                  other party. In the event that a party takes an action that is
                  deemed to
                  be inimical to the best interests of the other party, the party
                  committing
                  the breach shall pay liquidated damages to the other party in an
                  amount
                  equal to the value of the total consulting fees paid/received under
                  Section 6 or used as an offset under Section 16 of this Agreement,
                  and if
                  the breaching party is you this Agreement will be terminated by
                  the
                  Company.

              

      

      

      
        	
                6.

              	
                Compensation:
                  As
                  consideration for your services during the term of this Agreement
                  and for
                  your active support for the Company and key leaders, the Company
                  will,
                  during the course of this Agreement, pay you at a rate of $148,020
                  for
                  each calendar quarter during which you provide services hereunder,
                  beginning July 1, 2006 and ending June 30, 2007; provided, however,
                  that
                  such amount should be prorated for any pay period that is less
                  than three
                  full months. Such payments shall be paid to you by Ford quarterly
                  in
                  advance. 

              

      

      

      This
        is
        intended to be a personal services agreement, and you will not delegate or
        assign the agreement to any other person or entity without Ford's written
        permission. You exclusively will carry out the work under this Agreement
        and may
        not designate an individual other than yourself as the provider of services
        hereunder. Ford shall not be responsible for any tax levied relating to you
        by
        any governmental authority arising out of this Agreement. Accordingly, you
        will
        be responsible for payment of all taxes, including national, state, provincial
        and local taxes, arising from activities in accordance with this
        contract.

      

      
        	
                7.

              	
                Expenses:
                  The Company will reimburse you for customary and reasonable
                  business-related expenses and travel that we authorize you to take,
                  consistent with Ford policies and procedures, during the term of
                  this
                  Agreement. This Agreement does not entitle you to the use of Company
                  aircraft. On a monthly basis, you will provide to the Group Vice
                  President, Corporate Human Resources and Labor Affairs, such documentation
                  as is reasonably necessary to support the reimbursement of such
                  expenses.
                  The Company reserves the right to request additional documentation
                  to
                  support the reimbursement of such
                  expenses.

              

      

      

      
        	
                8.

              	
                Other
                  support: You
                  will be provided with an office and computer support when in Dearborn,
                  Michigan, and will be provided travel support by the Executive
                  Travel
                  Office in making aircraft travel arrangements in connection with
                  work
                  performed under this Agreement.

              

      

      

      You
        will
        be provided certain computer and related equipment as described in the
        attachment, to perform work under this Agreement and maintained by the Company.
        (Attachment)

       

      
        	
                9.

              	
                Indemnification:
                  Your
                  relationship to Ford under this Agreement shall be that of an independent
                  contractor in the performance of the duties under this Agreement.
                  However,
                  you will be indemnified by Ford for all losses and other damages
                  that you
                  may sustain in performing services hereunder within the scope of
                  your
                  consultancy to the same extent as you would be if you were an employee
                  of
                  the Company under Ford's Certificate of
                  Incorporation.

              

      

      

      
        	
                10.

              	
                Recruitment:
                  During the term of this Agreement, you will not recruit any employee
                  from
                  Ford Motor Company or otherwise counsel any employee in Ford or
                  its
                  subsidiaries to leave the Company. In addition, you will not provide
                  counsel or comments to any outside organization or individual regarding
                  skills, competencies, position responsibilities, performance, recruiting,
                  development, or succession planning regarding any employee in the
                  Company.
                  Breach of this provision shall be subject to the remedies described
                  in
                  Section 3.

              

      

      

      
        	
                11.

              	
                Customers
                  and suppliers:
                  During the term of this Agreement, you shall not, directly or indirectly,
                  as an employee, agent, consultant, stockholder, director, co-partner
                  or in
                  any individual or representative capacity intentionally solicit
                  or
                  encourage any present or future customer or supplier of the Company
                  to
                  terminate or otherwise alter its relationship with the Company
                  in an
                  adverse manner. Breach of this provision shall be subject to the
                  remedies
                  described in Section 3.

              

      

      

      
        	
                12.

              	
                Information
                  and conflicts:
                  All
                  information and data you develop or acquire in performing the services
                  hereunder shall belong to Ford, without further consideration,
                  and shall
                  be delivered to Ford upon completion of this Agreement or earlier
                  if
                  requested. Ford shall be free to use and disclose to others information
                  and data you deliver to Ford.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Works
        of
        authorship you create in performing the services hereunder shall be considered
        as a specially ordered or commissioned "work for hire" and all copyrights
        for
        such works of authorship shall belong to Ford. All such works of authorship
        shall bear a valid copyright notice designating Ford as the owner of such
        copyright.

      

      You
        shall
        use the information and data you acquire from Ford only in performing the
        services under this Agreement. You shall not disclose to any third party,
        during
        the period of this Agreement and thereafter, any such information and data
        that
        is not in the public domain. If you receive a request for any such information
        from competent governmental or legal authority, you shall promptly notify
        Ford
        for direction. In addition, you will undertake to notify Ford immediately
        if any
        of the services to be provided by yourself hereunder would in any way conflict
        with any obligations, fiduciary, contractual or otherwise, that you have
        to any
        other party.

      

      
        	
                13.

              	
                Termination: This
                  Agreement may be terminated by either you or Ford at any time upon
                  30 days
                  written notice provided by the terminating party to the other.
                  Except as
                  otherwise provided in Section 16, no such termination by either
                  party will
                  affect the obligation of Ford to pay compensation for services
                  rendered,
                  or to reimburse travel and business expenses incurred prior to
                  such
                  termination, or any other provision of this
                  agreement.

              

      

      

      
        	
                14.

              	
                Applicable
                  Law:
                  This
                  Agreement shall be governed by and construed in accordance with
                  the laws
                  of the State of Michigan, without reference to principles of conflict
                  of
                  laws.

              

      

      

      
        	
                15.

              	
                Confidentiality
                  of this Agreement: Both
                  you and Ford shall use reasonable efforts to keep the existence
                  and terms
                  of this agreement confidential except to the extent required by
                  law to be
                  disclosed. If there is a legitimate request by governmental or
                  similar
                  authority for its disclosure, the party receiving the request will
                  promptly notify the other of the nature of and details surrounding
                  the
                  request. 

              

      

      

      
        	
                16.

              	
                Offset
                  Provision:
                  In
                  the event the Company determines that you are obligated to reimburse
                  the
                  Company for any amounts paid to you in excess of what is due to
                  you under
                  this Agreement, the Company may at its sole discretion and without
                  notice
                  withhold from payment to you all amounts due to you from the Company
                  under
                  this agreement until the amount due the Company is fully paid,
                  to the
                  extent permitted by applicable law.

              

      

      

      
        	
                17.

              	
                Other
                  Agreements:
                  This Agreement is the only agreement between the parties with respect
                  to
                  consulting services and shall replace any prior understandings,
                  oral or
                  written, regarding any consulting
                  services.

              

      

      

      

      If
        the
        above accurately reflects the agreement between you and the Company, please
        sign
        and return this letter. Upon our receipt, this letter will constitute an
        agreement between you and the Company, and it will be governed and construed
        in
        accordance with the laws of the State of Michigan, excluding its choice of
        laws
        provisions. Specifically, it is intended that the restrictive covenants in
        this
        Agreement be construed under the laws of the State of Michigan and not any
        foreign jurisdiction. Any disputes arising out of this Agreement shall be
        resolved through binding arbitration under the rules of the American Arbitration
        Association. The venue for any such dispute shall be Wayne County, Michigan.
        

       

      
        	 	
                FORD
                  MOTOR COMPANY

              	 
	 	 	 
	 	
                /s/
                  Joe W. Laymon

              	 
	 	
                By:
                  Joe W. Laymon

              	 
	 	 	 
	 	 	 
	 	 	 
	
                Agreed:
                  

              	
                /s/
                  James J. Padilla

              	 
	 	
                James
                  J. Padilla

              	 
	 	 	 
	
                Date:

              	
                April
                  7, 2006

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Attachment
        

      

      Equipment
        and Other Support

      

      Computer
        and Other IT Equipment

      

      One
        laptop computer with appropriate software and one docking station with monitor,
        printer, fax machine and wireless support, e-mail, Internet connection, one
        cellular telephone, and RNA service for you.

      

      Obligation
        to Return Equipment

      

      At
        the
        end of the consulting Agreement, you agree to return all computer and other
        IT
        equipment listed above or referenced in this Agreement within 10 business
        days
        prior to the end of this Agreement. If you are located more than 50 miles
        (or a
        km equivalent) from a Ford location, you agree to arrange delivery to the
        address provide below. It is also understood that with the end of this Agreement
        all IT and related telecommunications support from the Company will end
        immediately. 

      

      Shipping
        information:

      

      Mr.
        Gene
        Kotlinski

      Executive
        Technology Office

      Ford
        Motor Company

      World
        Headquarters, Room 931-A

      One
        American Road, 

      Dearborn,
        MI 48126-2798EXHIBIT
      10.9

    

    MASTER
      MANAGEMENT AGREEMENT

    

    

    This
      Master Management Agreement (the “Agreement”)
      is
      made as of September 29th 2006 between Euroseas Ltd. (the “Company”),
      in
      its own capacity and as agent for each of its vessel owning subsidiaries
      identified in Schedule A hereto together with any additional subsidiaries that
      may acquire vessels in the future (the “Subsidiaries”)
      and
      Eurobulk Ltd. (the “Manager”).
      

    

    WHEREAS

    

    
      	
              (A)

            	
              The
                Subsidiaries are the registered owners of the ships (the “Vessels”)
                described in Schedule A annexed hereto, as such Schedule may be amended
                from time to time. 

            

    

    

    
      	
              (B)

            	
              The
                Company wishes to retain the Manager to provide, subject to the terms
                and
                conditions set forth herein, management services in respect of the
                Vessels
                and to the Company and the Manager is willing and able to provide
                such
                management services. 

            

    

    

    

    NOW
      therefore, in consideration of the foregoing and for other good and valuable
      consideration, the parties hereto agree as follows: 

    

    
      	
              1.

            	
              APPOINTMENT
                

            

    

    

    
      	 	
              1.

            	
              The
                Manager is hereby appointed by the Company as manager and the Manager
                hereby agrees to act as manager of the Vessels and to the
                Company.

            

    

    

    
      	 	
              2.

            	
              The
                Manager undertakes to use its best endeavours to provide the following
                services to the Vessels, namely: Crewing, Technical Management, Insurance,
                Freight Management, Accounting, Chartering, Sale and Purchase, Provisions,
                Bunkering and Operation (the “Services”).
                

            

    

    

    
      	 	
              3.

            	
              The
                Manager undertakes to use its best endeavours to provide the following
                services to the Company: compliance with SEC rules and regulations,
                compliance with Sarbanes-Oxley and various other services related
                to the
                proper administration of the Company’s obligations for the proper
                operation of the Vessels (the “Services”).

            

    

    

    
      	 	
              4.

            	
              The
                Manager shall render advise and provide executive services to the
                Company
                from time to time, including, but not limited to, the services of
                a chief
                executive officer, a chief financial officer and a secretary and
                such
                other matters as may be mutually agreed between the Manager and the
                Company. The executive services shall only be performed by the following
                persons: President and Chief Executive officer by Aristides J Pittas;
                Chief Financial officer and Treasurer by Anastasios Aslidis; and
                Secretary
                by Stephania Karmiri. Any other person performing any of these services
                must first be approved by the Company in
                writing.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	 	
              5.

            	
              The
                terms of conditions under which the Manager will provide the Services
                to
                the Vessels are set out in the attached BIMCO standard Ship Management
                Agreement (“SHIPMAN”)
                as amended, which is hereby attached - Schedule B. Each Subsidiary
                will
                sign a management agreement with the Manager. The terms and conditions
                of
                this Agreement in relation to the Services to be provided by the
                Manager
                to the Vessels shall prevail over the terms and conditions of the
                SHIPMAN
                to the extent the two are inconsistent or in conflict.
                

            

    

    

    
      	 	
              6.

            	
              In
                the exercise of its duties to the Vessels, Manager shall act faithfully
                and diligently according to prudent shipping management standards
                and is
                entitled to provide the services in its own discretion, subject however
                to
                the terms and conditions of SHIPMAN.

            

    

    

    
      	
              2.

            	
              TERM

            

    

    

    The
      engagement of the Manager shall start on October 1st
      2006 and
      continue through 30 June 2011 (the “Initial
      Term”)
      and
      shall automatically be renewed thereafter for 5 years unless terminated by
      the
      Company or Manager by written notice to the other on or before the
      90th
      day
      preceding the scheduled termination date, unless sooner terminated as
      hereinafter provided in section 6 below.

    

    
      	
              3.

            	
              PLACE
                OF PERFORMANCE

            

    

    

    The
      Manager shall render the services at one or more suitable locations selected
      by
      the parties. 

    

    
      	
              4.

            	
              REMUNERATION

            

    

    

    In
      consideration of Manager’s Services, the Company will pay the Manager a fee
      broken down in two parts:

    

    
      1)a
        lump sum fee payable directly by the Company of $517,500 per annum payable
        in
        advance in four quarterly installments. This amount will be adjusted annually
        (every July) for inflation as measured by the official inflation rate in
        Greece
        for the preceding year. 

    

     

    
      2)a
        daily fee of Euro 610 per day per vessel payable by each Subsidiary. This
        amount
        will be adjusted annually (every February) for the official inflation rate
        in
        Greece for the preceding year. 

    

    

    
      	
              5.

            	
              EXPENSES

            

    

    

    In
      order
      to facilitate Manager’s carrying out its duties hereunder to the Company, the
      Company shall promptly reimburse Manager for all reasonable expenses paid or
      incurred by or on behalf of the Manager in the performance of Manager’s
      Services. 

    

    
      	
              6.

            	
              TERMINATION

            

    

    

    This
      Agreement can be terminated:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	
              a)

            	
              For
                cause, which shall mean a party’s willful misconduct in any material
                respect, or the material breach or material failure by a party to
                perform
                its duties or responsibilities hereunder or under any SHIPMAN, which
                shall
                not have been cured within 10 days after receipt of written
                notice;

            

    

     

    
      	b)	
              On
                at least 90 days written notice prior to the end of the Initial Term
                or
                prior to the expiration of any applicable renewal term;
                

            

    

     

    
      	c)	
              If
                the Company or the Manager ceases to conduct business, or all or
                substantially all of the properties or assets of either party is
                sold,
                seized or appropriated; or

            

    

     

    
      	d)	
              The
                Company or the Manager file a petition under any bankruptcy law or
                make an
                assignment for the benefit of their creditors, or otherwise seek
                relief
                under any law for the protection of debtors or shall adopt a plan
                of
                liquidation or a petition shall be filed against Company or Manager
                seeking to have it declared an insolvent or a bankrupt, and such
                petition
                is not dismissed or stayed within 90 days of its filing, or if Company
                or
                Manager shall admit in writing its insolvency or its inability to
                pay its
                debts as they mature, or if an order is made for the appointment
                of a
                liquidator, manager, receiver or trustee of Company or Manager of
                all or a
                substantial part of its assets, then this Agreement shall forthwith
                terminate and be of no further force and
                effect.

            

    

    

    
      	
              7.

            	
              CONFIDENTIAL
                INFORMATION

            

    

    

    Manager
      agrees that, during its engagement by the Company and at all times thereafter,
      it will not disclose to others except to its employees, agents, advisors or
      representatives, directly or indirectly, any confidential information, which
      is
      in the nature of trade secrets, relating to the business, prospects or plans
      of
      the Company or the Subsidiaries. Upon termination of the engagement with the
      Company, Manager shall surrender to the Company any and all work papers,
      reports, manuals, documents and the like (including all originals and copies
      thereof) in its or its agents or representatives’ possession which contain any
      such confidential information.

    

    
      	
              8.

            	
              NONEXCLUSIVE
                ENGAGEMENT

            

    

    

    During
      the term of this Agreement, Manager shall be permitted to engage in such other
      business activities and perform services for entities other than the Company
      and
      the Subsidiaries; provided,
      however,
      Manager
      shall at all times provide sufficient staffing to satisfactorily perform the
      Services to be provided hereunder and Manager’s engagement in rendering services
      to entities other than the Company shall not substantially interfere with or
      adversely affect its provision of the Services hereunder.

    

    
      	
              9.

            	
              NOTICES

            

    

    

    Any
      and
      all notices or other communications required or permitted to be given under
      any
      of the provisions of this Agreement shall be in writing and shall be deemed
      to
      have been duly given and received when delivered personally or three (3) days
      after mailing, if mailed by registered or certified mail, return receipt
      requested. Either party may change its mailing address for the purposes of
      this
      Agreement by notice to the other as herein provided.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	
              10.

            	
              AUTHORITY

            

    

    

    The
      Company represents to Manager that this Agreement has been duly authorized
      on
      behalf of the Company by its Board of Directors. Manager represents to the
      Company that this Agreement has been duly authorized on behalf of the Manager
      by
      its Board of Directors, that it is free to enter into this Agreement and that
      its entering into this Agreement does not violate any obligation that it has
      to
      any other person or legal entity.

    

    
      	
              11.

            	
              SEPARABILITY

            

    

    

    In
      the
      event that any provision of this Agreement would be held to be invalid or
      unenforceable for any reason unless narrowed by construction, this Agreement
      shall be construed as if such invalid or unenforceable provision had been more
      narrowly drawn so as not to be invalid or unenforceable. If, notwithstanding
      the
      foregoing, any provision of this Agreement shall be held to be invalid or
      unenforceable for any reason, such invalidity or unenforceability shall attach
      only to such provision and shall not affect or render invalid or unenforceable
      any other provision of this Agreement.

    

    
      	
              12.

            	
              MISCELLANEOUS

            

    

    

    (a) This
      Agreement sets forth the entire understanding of the Company and Manager with
      respect to the subject matter hereof and cannot be amended or modified except
      by
      a writing signed by each of the parties hereto. No waiver of any term, condition
      or obligation of this Agreement shall be valid unless in writing and signed
      by
      the waiving party. No failure or delay by either the Company or Manager in
      exercising any right or remedy under this Agreement will waive any provision
      of
      this Agreement, nor will any single or partial exercise by either the Company
      or
      Manager of any right or remedy under this Agreement preclude any of them from
      otherwise or further exercising the rights or remedies contained herein, or
      any
      other rights or remedies granted by any law or any related
      document.

    

    (b) The
      Section headings contained herein are for the purpose of convenience only and
      are not intended to define or limit the contents of said Sections.

    

    (c) This
      Agreement shall be deemed to be a contract under the laws of Greece and shall
      be
      construed and enforced in accordance with the laws of said state. Any dispute
      under this Agreement shall be determined exclusively by the Courts of Athens.
      However, for disputes arising between the Subsidiaries and the Manager, the
      choice of law and the jurisdiction are governed by the terms of the
      SHIPMAN.

    

    (d) This
      Agreement may be executed in any number of counterparts each of which shall
      be
      deemed an original and all of which, taken together, shall constitute a single
      original document.

    

    (e) It
      is
      understood and agreed among the parties that in rendering services hereunder,
      Manager is an independent contractor of the Company and shall not be deemed
      to
      constitute a director, officer or employee of the Company solely in respect
      of
      this Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (f) The
      Company shall have no obligation to any person entitled to the benefits of
      this
      Agreement with respect to any tax obligation any such person incurs as a result
      of or attributable to this Agreement or arising from any payments made or to
      be
      made hereunder or thereunder.

    

    (g) The
      provisions of this Agreement which by their terms call for performance
      subsequent to termination of this Agreement shall so survive such
      termination.

    

    (h) This
      Agreement may not be transferred, assigned or delegated by any of the parties
      hereto without the prior written consent of the other parties
      hereto.

    

    (i) (1) The
      Company hereby confirms to and agrees with Manager with respect to any and
      all
      matters arising out of or in connection with its engagement as a Manager
      hereunder, that Manager shall be entitled to receive the benefits of all
      indemnification provisions contained in the bylaws of the Company to the fullest
      extent permitted by applicable law at the time of the assertion of any liability
      against Manager. Without limiting the generality of the foregoing, the Company
      hereby covenants and agrees that Manager shall be entitled to receive any and
      all indemnification to which Manager would have been entitled had it or they
      acted as an officer or director of the Company, including, without limitation,
      such indemnification benefits as may hereafter be extended or otherwise made
      available by the Company to its executive officers.

    

    (2) Manager
      shall cooperate fully with the Company in the prosecution or defense, as the
      case may be, of any and all actions, governmental inquiries or other legal
      proceedings in which Manager's assistance may be requested by the Company.
      Such
      cooperation shall include, among other things, making documents in Manager's
      custody or control available to the Company or its counsel, making itself
      available for interviews by the Company or its counsel, and making itself
      available to appear as a witness, at deposition, trial or otherwise. Any and
      all
      reasonable and necessary vouchered out-of-pocket expenses incurred by Manager
      in
      fulfilling its obligations under this paragraph 12(i) shall be reimbursed by
      the
      Company.

    

    (3) The
      provisions of this Section 12(i) shall survive the termination or expiration
      of
      this Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Management Agreement as of
      the
      date first written above.

    

    Euroseas
      Ltd.

     

    By:_/s/
      Aristides J. Pittas________

    Name:
      Aristides J. Pittas

    Title:
      Chief Executive Officer

    

    

    Eurobulk
      Ltd.

    

    By:_/s/
      Nikolas Pittas___________

    Name:
      Nikolaos Pittas

    Title:
      Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]