Document:

Exhibit 4.19

 

Dated:  as of 12
January 2016  

 

 

 

 

 

GLOBUS MARITIME LIMITED(1)

 

and 

 

 

SILANER INVESTMENTS LIMITED(2)

 

 

 

 

 

 

 

 

 

 

 

 

AGREEMENT

For a Revolving Credit Facility 

of up to US Dollars $3,000,000.00

 

 

 

    	 

     

    

 

THIS AGREEMENT is dated as of
12 January 2016 and made in Cyprus

 

BETWEEN:

		(1)	GLOBUS MARITIME LIMITED, a company duly incorporated in the Republic of the Marshall Islands
and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, Marshall
Islands (“the Borrower”);

 

		(2)	SILANER INVESTMENTS LIMITED, a company duly incorporated in Cyprus and having its registered
office at 1 Kostaki Pandelidi Street, Kolokasides Building, 3rd floor, PC 1010, Nicosia, Cyprus (“the Lender”);

 

AND IT IS HEREBY AGREED as follows:

 

1.REVOLVING CREDIT FACILITY- PURPOSE

 

1.01 This agreement sets out
the terms and conditions upon and subject to which the Lender shall make available to the Borrower a revolving credit facility
of up to US Dollars Three million (US$3,000,000.00) (“the Facility”) during a period starting on the
date hereof and ending on 12 January 2018 to be used by the Borrower for general working capital purposes. The Lender shall not
be obliged to monitor or verify how the proceeds of the Facility or part thereof have been used by the Borrower.

 

2.UTILISATION

 

2.01 (Utilisation of the Facility)
The Facility shall be advanced by the Lender to the Borrower in advances (each advance of the Facility is hereinafter called:
“the Advance” and the principal amount owing in respect of each Advance at any relevant time is hereinafter
called: “the Loan” or, as the case may be “the Loans”) following receipt by the Lender of
a written notice from the Borrower in form and substance satisfactory to the Lender (“the Utilisation Request”).
Subject to the following conditions the Borrower may serve a Utilisation Request not later than three (3) banking days prior
to the intended date on which the Borrower requests that the relevant Advance be made available (“the Drawdown Date”).
A Utilisation Request must be signed by an authorised representative of the Borrower and once served, such Utilisation Request
cannot be revoked without the prior written consent of the Lender.

 

    	 	 -2-	 

     

    

 

2.02 (Conditions of Utilisation)
The conditions referred to in clause 2.01 are that:

 

		(a)	the amount of each Advance has to be a multiple of
US$100,000.00 and shall not exceed the amount of the Facility;

		(b)	the aggregate amount of all the Loans shall not exceed
the amount of the Facility;

		(c)	The conditions set out in clause 7 (as applicable
to the relevant Utilisation Request) have been complied with, by the Borrower.

 

3.INTEREST

 

3.01 (Interest Rate and
Computation) The Borrower shall pay interest at a rate of five percent (5%) per annum on each Loan on the last day of
each period of three months. The first interest payment date shall be the last day of a period of three (3) months after the
Drawdown Date of the relevant Advance. The term “month” used in Clauses 3 and 5 means a period beginning in one calendar
month and ending in the next calendar month on the day numerically corresponding to the day of the calendar month on which it started,
provided that: (i) if there is no such numerically corresponding day, it shall end on the last Banking Day in such next calendar
month and: (ii) if such numerically corresponding day is not a Banking Day, the period shall end on the next following Banking
Day in the same calendar month, but if there is no such Banking Day it shall end on the preceding Banking Day; and “months”
and “monthly” shall be construed accordingly. All interest and other payments periodic or payable by reference to a
rate per annum under this agreement shall accrue from day to day and be calculated on the basis of actual number of days elapsed
and a three hundred and sixty (360) day year.

 

3.02 (Default Interest)
In case of failure of the Borrower to pay any sum due under this agreement, the Borrower shall pay default interest on such sum
from the due date or, as the case may be the date of the demand up to the date of actual payment (as well after as before
judgment) at the rate of two percent (2%) per annum above the interest rate provided for in Clause 3.01.

 

    	 	 -3-	 

     

    

 

4.REPAYMENT- VOLUNTARY PREPAYMENT

 

4.01 (Repayment)
The aggregate of all the Loans, interest accrued thereon, costs and all other sums owing and outstanding under this agreement shall
be repaid in full in one lump sum not later than 12 January 2018 (“the Final Maturity Date”). On the Final
Maturity Date, the Facility will be deemed automatically cancelled and revoked without any notice to the Borrower and no amount
may be re-borrowed on or after the Final Maturity Date. On the Final Maturity Date any interest owing and unpaid, costs and any
other amounts owing under this agreement shall be paid in full.

 

4.02 (Voluntary Prepayment)
The Borrower shall have the right at any time, to prepay a Loan or part thereof together with all unpaid interest accrued thereon
and all other sums of money whatsoever due and owing from the Borrower to the Lender under such Loan. In case the Borrower elects
to prepay part of the Loan, such prepayment can only be made in multiples of US$100,000.00. Unless a contrary indication appears
in this agreement, any Loan or part thereof which is prepaid may be re-borrowed in accordance with the terms of this agreement.

 

5.PAYMENTS

 

5.01 (Payment) All moneys to
be paid by the Borrower under this agreement shall be paid to the Lender in same day immediately available Dollar funds to an account
of the Lender to be notified by it to the Borrower.

 

5.02 (Payments on Banking Days)
All payments due shall be made on a day on which banks and financial markets are opened for business of the nature contemplated
by this agreement in New York and at the place of payment specified by the parties (“Banking Day”). If
the due date for payment falls on a day which is not a Banking Day, the payment or payments which is due shall be made on the first
Banking Day thereafter, provided that this falls in the same calendar month. If it does not, payments shall fall due and be made
on the last Banking Day before the said due date.

 

5.03 (No withholdings - Gross up)
All payments to be made by the Borrower shall be made in full, without set-off or counterclaim whatsoever, and free and clear of,
and without withholding or deduction for-, or on account of- taxes or withholdings and any restrictions or conditions resulting
in any charge whatsoever imposed, either now or hereafter, by any legal or regulatory provisions at the place of payment or receipt
of any amount payable under this agreement; and the Borrower shall pay to the Lender such additional amounts as may be necessary
to ensure that the Lender will receive a net amount equal to the full amount which would have been received had payment not been
made, subject to such deductions, charges or withholdings.

 

    	 	 -4-	 

     

    

 

6.REPRESENTATIONS AND WARRANTIES

 

6.01 The Borrower makes the
representations and warranties set out in this clause to the Lender on the date of this agreement:

 

		(a)	The Borrower is a duly incorporated corporation validly existing under the law of its jurisdiction
of incorporation;

 

		(b)	The Borrower is listed on the NASDAQ stock exchange as a foreign private issuer;

 

		(c)	The Borrower has the power and authority to execute, deliver and perform its obligations under
this agreement and the transactions contemplated hereunder. No limit on its powers will be exceeded as a result of the borrowing
contemplated by this agreement;

 

		(d)	The Borrower's obligations under this agreement are legal, valid, binding and enforceable in accordance
with its terms and do not contravene any other obligations of the Borrower.

 

7.CONDITIONS PRECEDENT

 

7.01 The obligation of the
Lender to make the first Advance available to the Borrower shall be subject to the conditions that prior to and/or simultaneously
with the delivery of the first Utilisation Request the Lender shall have received the following documents and evidence in form
and substance satisfactory to the Lender:

 

		(i)	A recent Certificate of Incumbency of the Borrower
signed by the secretary or a director of the Borrower stating its officers and/or its directors;

		 	 

		(ii)	Minutes of Meetings of the directors of the Borrower
at which there was approved the entry into, execution, delivery and performance of this agreement; and

		 	 

		(iii)	Evidence of the due authority of any person signing
this agreement and any other documents executed or to be executed pursuant hereto or thereto, on behalf of the Borrower.

  

    	 	 -5-	 

     

    

 

7.02 The obligation of the Lender
to allow any further use of the Facility or part thereof shall be subject to the conditions that prior to and/or simultaneously
with the delivery of the relevant Utilisation Request:

 

		(i)	the representations and warranties set out in Clause
6 are true and correct on and as of each such time as if each was made with respect to the facts and circumstances existing at
such time;

		 	 

		(ii)	any consent or permit as may be required has been
obtained and remains valid; and

		 	 

		(iii)	no Event of Default shall have occurred and be continuing
or would result from the drawdown of an Advance.

 

8.COVENANTS

 

The Borrower covenants with the Lender
that, as of the date of this agreement until all its liabilities under this agreement have been discharged:

 

		(a)	The Borrower, upon written request by the Lender, shall
deliver to the Lender certified copies of all audited annual statements and all quarterly reports as soon as they are available,
together with all other information that the Lender may reasonably require concerning the Borrower or its business.

		 	 

		(b)	The Borrower shall promptly, after becoming aware of
them, notify the Lender of any litigation, arbitration or administrative proceedings or claim.

		 	 

		(c)	The Borrower shall promptly obtain all consents or authorisations
necessary (and do all that is needed to maintain them in full force and effect) under any law or regulation to enable it
to perform its obligations under this agreement.

		 	 

		(d)	The Borrower shall notify the Lender of any Event of
Default (and the steps, if any, being taken to remedy it) promptly on becoming aware of its occurrence.

		 	 

		(e)	The Borrower shall carry on and conduct its business
in a proper and efficient manner and will not make any substantial change to the general nature or scope of its business as carried
on at the date of this agreement.

		 	 

		(f)	The Borrower shall continue to comply with all listing
requirements with the NASDAQ Stock Exchange and applicable securities laws and regulations and make all required filings (including
but not limited to filings pertaining to the consummation of this agreement).

		 	 

		(g)	The Borrower shall ensure that its obligations under
this agreement shall at all times rank at least pari passu with all its other present and future unsecured and unsubordinated
indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract.

 

    	 	 -6-	 

     

    

 

9.EVENTS OF DEFAULT

 

9.01 (Events of Default) There
shall be an Event of Default whenever any of the following events occurs:

 

		(a)	Failure by the Borrower to pay any sum due from the Borrower
under this agreement when due, or, in the case of any sum payable on demand, within three (3) Banking Days of such demand;
or

		 	 

		(b)	The Borrower fails (other than by failing to pay)
to comply with any provision of this agreement and (if the Lender considers, acting reasonably, that the default is capable
of remedy) such default is not remedied within fourteen (14) Business Days of the Borrower becoming aware of the default;
or

		 	 

		(c)	The equity interest held directly or indirectly by the
current major shareholder of the Borrower and its affiliates in the share capital of the Borrower falls at any time and for any
reason whatsoever below forty percent (40%) of the voting securities or economic interest in the Borrower; or

		 	 

		(d)	The Borrower is adjudicated or found bankrupt or insolvent
or any order is made by any competent court or resolution passed by the Borrower or petition presented for the winding-up or dissolution
of the Borrower or for the appointment of a liquidator, trustee, administrator or conservator of the whole or any part of the
undertakings, assets, rights or revenues of the Borrower or the Borrower suspends or ceases or threatens to suspend or cease to
carry on its business; or

		 	 

		(e)	Any provision of this agreement is or becomes, for any
reason, invalid, unlawful, unenforceable, terminated, disputed or ceases to be effective or to have full force and effect; or

		 	 

		(f)	Any other event occurs or circumstance arises which,
in the reasonable opinion of the Lender, is likely to affect materially and adversely either (i) the ability of the Borrower to
perform all or any of its obligations under or otherwise to comply with the terms of this Agreement or (ii) the financial condition
of the Borrower.

 

    	 	 -7-	 

     

    

 

9.02 (Consequences of Default)
Without prejudice to any other rights of the Lender under the applicable laws and regulations and/or this agreement the Lender
may at any time after the occurrence of an Event of Default by written notice to the Borrower (i) revoke the Facility in whole
(whereupon the Facility shall be reduced to zero), (ii) declare that all the Loans and all interest accrued thereon and all other
sums payable under this agreement be due and payable, whereupon the same shall, immediately or in accordance with the terms of
such notice, become due and payable without any further diligence, presentment, demand of payment, protest or notice which are
expressly waived by the Borrower, and (iii) take any other action which as a result of the Event of Default or any notice served
hereunder the Lender is entitled to take under this agreement or any applicable laws and regulations.

 

9.03 (Proof of Default) It is agreed
that (i) the non-payment of any sum of money in time will be proven conclusively by mere passage of time and (ii) the occurrence
of this (non-payment) and any other Event of Default shall be proven conclusively by a mere written statement of the Lender (save
for manifest error).

 

    	 	 -8-	 

     

    

 

10.INDEMNITIES – EXPENSES

 

10.01 The Borrower shall on demand
indemnify the Lender, without prejudice to any of the other rights of the Lender against any loss or expense which the Lender shall
certify as sustained or incurred as a consequence of: (i) any default in payment of any sum under this agreement when due, (ii)
the occurrence of any Event of Default including, in any such case, but not limited to, any loss or expense sustained or incurred
in maintaining or funding the Facility or a Loan or Loans in liquidating or re-employing deposits from third parties acquired to
effect or maintain the Facility or a Loan or Loans or any part thereof.

 

10.02 The Borrower shall pay to
the Lender on demand all expenses (including legal expenses and any expenses for filings required under the NASDAQ listing
rules and/or applicable securities laws and regulations) incurred by the Lender in connection with the negotiation, preparation
and execution of this agreement and of any amendment or extension of or the granting of any waiver or consent under this agreement.
The Borrower shall also pay any and all stamp duties, registration and similar taxes or charges (including those payable by
the Lender) imposed by governmental authorities in relation to this agreement, and shall indemnify the Lender against any and all
liabilities with respect to, or resulting from delay or omission on the part of the Borrower to pay such stamp duties, taxes or
charges.

 

11.MISCELLANEOUS 

 

11.01 (Assignment by the Borrower)
The Borrower may not assign any rights and/or obligations under this agreement without the prior written consent of the Lender.

 

11.02 (Assignment by the Lender)
The Lender may at any time assign, transfer, or offer participations to any other person in whole or in part, or in any manner
dispose all or any of its rights and/or obligations arising or accruing under this agreement. The Lender may disclose to a potential
assignee, transferee or participant or to any other person who may propose entering into contractual relations with the Lender
in relation to this agreement such information about the Borrower as the Lender shall consider appropriate.

 

    	 	 -9-	 

     

    

 

11.03 (Set-off)
The Lender may at any time set off any liability of the Lender to the Borrower against any liability of the Borrower to the Lender,
whether either liability is present or future, liquidated or unliquidated, and whether or not either liability arises under this
agreement or otherwise. If the liabilities to be set off are expressed in different currencies, the Lender may convert either liability
at a market rate of exchange for the purpose of set-off. Any exercise by the Lender of its rights under this clause shall not limit
or affect any other rights or remedies available to it under this agreement or otherwise.

 

11.04 (Evidence) Any
document, certificate or instrument (whether in hard copy or electronic form) issued by the Lender stating the amount of the
outstanding sums under this agreement that have become due and payable, shall constitute full and conclusive evidence binding on
the Borrower as to any amount (in respect of principal, interest, expenses, fees and any other amount) owing and/or due at
any relevant time by the Borrower to the Lender under this agreement, provided however that the Borrower shall be entitled to rebut
the above evidence by any evidence admissible at law. Notwithstanding the above relating to the right of the Borrower to rebut,
enforcement proceedings may be initiated on the basis of such document, certificate or instrument.

 

11.05 (Cumulative Remedies)
The rights and remedies of the Lender contained in this agreement are cumulative and not exclusive of each other nor of any other
rights or remedies conferred by law.

 

11.06 (Waivers)
No delay or failure to exercise any right under this agreement shall operate as a waiver of that right and no single or partial
exercise of any right under this agreement shall prevent any further exercise of that right (or any other right under this
agreement).

 

    	 	 -10-	 

     

    

 

11.07 (Severance) If
any provision (or part of a provision) of this agreement is or becomes invalid, illegal or unenforceable, it shall be deemed
modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant
provision (or part of a provision) shall be deemed deleted. Any modification to or deletion of a provision (or part of
a provision) under this clause shall not affect the legality, validity and enforceability of the rest of this agreement.

 

11.08 (Amendments) This
agreement shall not be amended or varied in their respective terms by any oral agreement or representation or in any other manner
other than by an instrument in writing of even date herewith or subsequent hereto executed by or on behalf of the parties hereto
or thereto.

 

11.09 (Notices) Each
notice or other communication required to be given under, or in connection with, this agreement shall be:

 

		(a)	in writing, delivered personally or sent by courier
or fax or shall be served through process server or via e-mail; and

		(b)	sent:

 

(i) to
the Borrower at:

GLOBUS MARITIME LIMITED.

c/o Globus Shipmanagement Corp.

128 Vouliagmenis Avenue, 3rd Floor

166 74 Glyfada

Athens, Greece

Fax: +30 210 9608359

Email: corporatesecretary@globusmaritime.gr

Attention: Corporate Secretary

 

(ii) to
the Lender at:

SILANER INVESTMENTS LIMITED.

1, Kostaki Pantelides Street, 3rd
Floor

1010 Nicosia, Cyprus

Fax: +357 22 27 10 04

Email: corporate@papaphilippou.eu

Attention: Philippos Philippou

 

or to any other addresses, fax
numbers, or email addresses that are notified in writing by one party to the other from time to time.

 

    	 	 -11-	 

     

    

 

Any notice or other communication
given under this agreement shall be deemed to have been received: if sent by fax, upon receipt of a successful transmission report (or
–if sent after business hours– the following business day), if sent via-email upon acknowledgment of receipt thereof
and in all other cases when actually delivered or served.

 

11.10 (Process Agent in
Greece) Ms Olga Lambrianidou (128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Greece) is hereby appointed by the Borrower
as agent in Greece to accept service (hereinafter: “the Greek Process Agent”) upon whom any judicial process
may be served and any notice, request, demand or other communication under this agreement. In the event that the Greek Process
Agent (or any substitute process agent notified to the Lender in accordance with the foregoing) cannot be found at the address
specified above (or, as the case may be, notified to the Lender), which will be conclusively proved by the affidavit of a
process server to that effect, the authority of the Greek Process Agent as agent to accept service shall be deemed to have ceased
and service of documents may be effected in accordance with the procedure provided by the relevant law. In case, however, that
such Greek Process Agent is found at any other address, the Lender shall have the right to serve the documents either on the Greek
Process Agent at such address or in accordance with the procedure provided by the relevant law.

 

11.11 (Third Party Rights)
A person who is not a party to this agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
or to enjoy the benefit of any term of this agreement.

 

11.12 (Counterparts)
This agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original,
but all the counterparts shall together constitute one agreement.

 

    	 	 -12-	 

     

    

 

11.13 (Governing Law and Jurisdiction)

 

		(a)	This agreement and any dispute or claim arising out of or in connection with it or its subject
matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with English
law;

 

		(b)	Each party irrevocably agrees that, subject as provided below, the courts of Piraeus - Greece shall
have exclusive jurisdiction over any dispute or claim that arises out of or in connection with this agreement or its subject matter
or formation (including non-contractual disputes or claims). Nothing in this clause shall limit the right of the Lender to
take proceedings against the Borrower in any other court of competent jurisdiction, nor shall the taking of proceedings in any
one or more jurisdictions preclude the taking of proceedings in any other jurisdictions, whether concurrently or not, to the extent
permitted by the law of such other jurisdiction.

 

 

IN WITNESS whereof, the parties hereto
have caused this agreement to be duly executed the day and year first above written.

 

	SIGNED
    by	)	 	 
	Loucas
    Hadjiyiangou	)	 	 
	for
    and on behalf of 	)	 	 
	GLOBUS
    MARITIME LIMITED	)	/s/Loucas
    Hadjiyiangou	 
	the
    Borrower 	)
    	Attorney-in-Fact	 
	 			 
	 	 	 	 
	 	 	 	 
	SIGNED
    by 	)	 	 
	Philippos
    Philippou	)	 	 
	for
    and on behalf of 	)	 	 
	SILANER
    INVESTMENTS LIMITED	)	 	 
	the
    Lender	)	/s/
    Philippos Philippou	 
	 	 	Director	 
	 	  		 

  

    	 	 -13-EXHIBIT 4.20

 

 

 

 

 

Dated: 21st March, 2016

 

 

 

Commerzbank
Aktiengesellschaft 

(as
legal successor of Deutsche Schiffsbank Aktiengesellschaft) 

(as Arranger, Agent and Security Agent)

 

-and-

 

Kelty
Marine Ltd.

(as borrower)

 

-and-

 

Globus
Maritime Limited

 

(as guarantor)

 

____________________________________________

 

SETTLEMENT AGREEMENT 

 

_____________________________________________

 

relating to a term loan facility of (originally)

 

US$26,650,000

 

______________________________________________

 

 

 

 

 

 

Theo
V. Sioufas & Co.

Law Offices

Piraeus

      

     

    

CONTENTS

 

 

 

	 	 	 	 	 
	Clause	 	Heading	 	Page
	 	 	 	 	 
	 	 	 	 	 
	1	 	DEFINITIONS AND INTERPRETATIONS	 	3
	 	 	 	 	 
	2	 	SETTLEMENT OF THE INDEBTEDNESS	 	4
	 	 	 	 	 
	3	 	SALE OF THE SHARES	 	5
	 	 	 	 	 
	4	 	REPRESENTATION AND WARRANTIES	 	5
	 	 	 	 	 
	5	 	NO WAIVER	 	6
	 	 	 	 	 
	6	 	CONDITIONS	 	6
	 	 	 	 	 
	7	 	MISCELLANEOUS	 	7
	 	 	 	 	 
	8	 	GOVERNING LAW AND JURISDICTION	 	8
	 	 	 	 	 
	9	 	ENFORCEMENT	 	8
	 	 	 	 	 

 

Schedule 1The Lender(s) and their Commitments

 

      

     

    

 

THIS AGREEMENT (“this Agreement”)
is made this 21st day of March, 2016;

 

B E T W E E N

 

		(1)	The Banks and financial institutions set out in schedule
1, as Lenders;

 

		(2)	Commerzbank Aktiengesellschaft (“CBA”)
as legal successor by way of merger of Deutsche Schiffsbank Aktiengesellschaft
(“DSB”), as Arranger, Agent and Security Agent;

 

		(3)	KELTY MARINE LTD., as Borrower; and

 

		(4)	Globus Maritime Limited, as Guarantor;

 

WHEREAS:-

 

		(A)	By a loan agreement dated 25th June, 2010 (the “Principal Agreement”)
made by and among (1) KELTY MARINE LTD., of the Marshall Islands (therein
and hereinafter referred to as the “Borrower”) as borrower, (2) DSB
(whose legal successor by way of merger is CBA), as Arranger, Agent and
Security Agent and (3) The Banks and financial institutions set out in schedule 1
to the Principal Agreement, as Lender(s) (therein and hereinafter together called the “Lender(s)”), as amended
and/or supplemented by a First Supplemental Agreement dated 23rd January, 2015 and made between the Borrower, CBA and
the Lender(s) (the “First Supplemental Agreement”) on the terms and conditions of which the Lender(s) agreed
to advance and have advanced to the Borrower a secured floating interest rate term loan facility in the amount of up to United
States Dollars Twenty six million six hundred fifty thousand (US$26,650,000) (the “Loan”), for the purpose therein
specified (the Principal Agreement as amended and/or supplemented by the First Supplemental Agreement and as the same may hereinafter
be further amended and/or supplemented called the “Loan Agreement”).

 

		(B)	The Borrower and the Guarantor hereby jointly and severally acknowledge and confirm that:

 

		(a)	the Lender(s) have advanced to the Borrower the full amount of the Commitment in the principal
amount of Dollars Twenty six million six hundred fifty thousand (US$26,650,000); and

 

		(b)	as the date hereof the principal amount of Dollars fifteen million six hundred fifty thousand
($15,650,000) in respect of the Loan remains outstanding (the “Outstanding Loan”); and

 

    	 	1	 

     

    

 

		(c)	as the date hereof the principal amount of Dollars 122,124.52 representing interest due on the
Loan remains outstanding (the “Outstanding Interest ”);

 

		(C)	As security for all the obligations of the Borrower under the
Loan Agreement, the following documents have been executed by the Borrower and the other Security Parties in favour of the Lender(s):

 

		(a)	a First Preferred Marshall Islands Mortgage dated 23rd
January 2015 (the “Mortgage”) executed by the Borrower over the m/v “ENERGY
GLOBE”, built in 2010 in China currently registered in the ownership of the Borrower under the laws and flag of the Marshall
Islands under IMO Number: 9431525 (the “Ship”);

 

		(b)	a First Priority General Assignment of the Earnings, Insurances and Requisition Compensation in
respect of the Ship executed by the Borrower and dated 29th June 2010 (the “General Assignment”);

 

		(c)	a Corporate Guarantee executed by the Guarantor dated 29th June 2010 (the “Corporate
Guarantee”);

 

		(d)	a Charterparty Assignment in respect of the Ship executed by the Borrower and dated 29th
June 2010 (the “Charterparty Assignment”); and

 

			any other Security Documents to which each of the Borrower and the Guarantor are a party (together
the “Security Documents”).

 

		(D)	Prior to the date of this Agreement, certain events of non-compliance and Events of Default under
the Loan Agreement and the Security Documents (the “Events of Default”) have occurred and are continuing, as
the Borrower hereby acknowledges and confirms.

 

		(E)	The Borrower hereby acknowledges and confirms that under the
terms of the Loan Agreements and the Security Documents following the occurrence of the Events of Default the Lender(s) are entitled
to demand payment of the Indebtedness (as hereinbelow defined) and proceed to the enforcement of the Mortgage and the other securities
granted to the Lender(s). 

 

		(F)	The Parties are entering into this Agreement to record the terms and conditions upon and subject
to which they hereby agree the settlement of the Indebtedness and the extinguishment of the Borrower’s and the Guarantor’s
liabilities under the Loan Agreement and the Security Documents.

 

    	 	2	 

     

    

 

NOW IT IS HEREBY AGREED as follows:-

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

			Words and expressions defined in a Loan Agreement shall unless the context otherwise requires have
the same meanings when used in this Agreement. In addition to the words and expressions defined in the Recitals of this Agreement,
the words and expressions specified below shall have the meanings attributed to them below:-

 

“Buyer”
means the company appearing as the buyer of the Shares in the Shares Sale Agreement;

 

“Effective
Date” means the date on which the Lender receives the Settlement Amount such date being not later than 30th
June, 2016 or such other date as the Parties may agree;

 

“Indebtedness”
means the aggregate of the Outstanding Loan and the Overdue Interest referred to in Recital (B) and all other monies due or to
become due under the Loan Agreement and the Security Documents until the Effective Date;

 

“Overdue Interest”
means the amount of Dollars Forty Thousand Seven Hundred Eight and Seventeen Cents ($40,708.17) out of the Outstanding Interest
referred in Recital (B) (c);

 

“Purchase Price”
means the full net proceeds of the Shares, namely Dollars Six million eight hundred sixty thousand ($6,860,000);

 

“Shares”
means five hundred (500) registered without par value shares in the total and issued share capital of the Borrower, of which the
legal and beneficial owner is the Guarantor;

 

“Settlement Amount”
means the aggregate amount of the Overdue Interest and the Purchase Price;

 

“Shares
Sale Agreement” means the agreement entered into or to be entered into between the Guarantor, as seller and the Buyer,
as buyer of the Shares, and includes any and all addenda thereto.

 

		1.2	Construction

 

The provisions of Clause 1.3
of the Loan Agreement apply to this Agreement as though set out in full, except that references to the Loan Agreement are to be
construed as references to this Agreement.

 

    	 	3	 

     

    

 

		2.	SETTLEMENT OF THE INDEBTEDNESS

 

		2.1	Settlement of the Indebtedness by the Borrower

 

		(a)	As settlement of the Indebtedness by the Borrower and for the release of the Borrower and the extinguishment
of its obligations and liabilities under the Loan Agreement and the Security Documents to which it is a party, each of the Borrower
and the Guarantor jointly and severally agree, on the Effective Date, the latest, to pay to the Lender(s) the Settlement Amount.

 

		(b)	In consideration of the Borrower’s and the Guarantor’s agreement to settle in accordance
with Clause 2.1(a), and for other good and valuable consideration, the Lender(s) agree, subject to the terms and conditions of
this Agreement, to:

 

		(aa)	release the Borrower from its liabilities in respect
of the Indebtedness under the Loan Agreement and the Security Documents,

 

		(bb)	discharge the Mortgage registered on the Ship upon receipt
in full of the Settlement Sum and re-assign to the Borrower all rights and interests of every kind which the Lender(s) has to,
in or in connection with the Earnings, Insurances and Requisition Compensation (as such terms are defined in the General Assignment)
with respect to the Ship and deliver to the Borrower executed notices of reassignment of Insurances and Earnings, and

 

		(cc)	To this effect the Lender(s):

 

		(i)	on the date the Overdue Interest has been received in full by the Lender(s), the Lender(s) shall
deliver to the Borrower an undertaking by which the Lender(s) shall undertake promptly following receipt by the Lender(s) of the
Purchase Price to discharge the Mortgage and to sign the Deed of Release of the Borrower as described in sub para (ii) below; and

 

		(ii)	on the Effective Date the Lender(s) shall sign a Deed of Release of the Borrower, whereby it shall
release the Borrower of its obligations under the Loan Agreement and the Security Documents.

 

    	 	4	 

     

    

 

		2.2	Settlement of the Indebtedness by the Guarantor

 

As settlement of the Indebtedness
by the Guarantor and for the release of the Guarantor and the extinguishment of its obligations and liabilities under the Guarantee,
the Guarantor agrees with the Lender(s) as follows:

 

		(a)	the Guarantor shall ensure that the Settlement Amount be paid in full to the Lender(s) in accordance
with the terms of this Agreement;

 

		(b)	the Guarantor shall deliver to the Lender(s) copies of its Financial Results in respect of the
six-month period ending on June 30, 2016 (the “Financial Results”);

 

		(c)	the Guarantor shall ensure that in case the total amount of cash and bank balances and bank deposits
as declared in the Financial Results exceeds the total amount of $10,000,000, the Guarantor shall pay to the Lender(s) the amount
in excess of such total amount of $10,000,000 (hereinafter the “Excess”) and the Lender(s) shall apply (and
the Guarantor and the Borrower hereby jointly and severally instruct the Lender(s) so to apply) the Excess towards repayment of
the then outstanding balance of the Indebtedness; and

 

		(d)	if as of that date (ie June 30, 2016) there is no Excess, the Lender(s) shall release the Guarantor
from its liabilities under the Guarantee and to this effect the Lender(s) shall sign a Deed of Release of the Guarantor.

 

		3.	SALE OF THE SHARES 

 

		3.1	Sale and Purchase Agreement

 

		(a)	The Guarantor and the Buyer will no later than the Effective Date, conclude the sale and purchase
of all the Shares.

 

		(b)	The Borrower undertakes to cooperate with the Guarantor and the Buyer (to the extent applicable)
to effect and complete a transfer of the title in the Shares and deliver the Shares to the Buyer no later than the Effective Date.

 

		4.	REPRESENTATIONS AND WARRANTIES

 

			The Borrower represents and warrants that:-

 

		4.1	Binding Obligations

 

			Each of the Borrower and the Guarantor acknowledges that, as of the date of this Agreement, the
Loan Agreement and the Security Documents to which each is a party and any other related documents in connection with the Loan
Agreement are and remain valid, binding and enforceable and are not subject to any defences or counterclaims under law or equity.

 

    	 	5	 

     

    

 

		4.2	Corporate Power

 

			Each of the Borrower and the Guarantor that all necessary and appropriate corporate action to authorise
the entering into of this Agreement have been obtained and that this Agreement constitutes valid and binding obligations of the
Borrower and the Guarantor enforceable in accordance with its terms.

 

		5.	NO WAIVER

 

		5.1	This Agreement does not constitute a waiver by the Lender(s)
of any of its rights under the Loan Agreement and the Security Documents prior to the Effective Date. Until the conditions set
out in Clause 2 are fulfilled, none of the Borrower and the other Security Parties shall be able to rely upon any of the provisions
of this Agreement, the terms of which shall be in all respects without prejudice to the rights of the Lender(s) under the Loan
Agreement and the Security Documents.

 

		6.	CONDITIONS

 

		6.1	Corporate Authorities.

 

Prior or on the date of the signing
of this Agreement:

 

		(a)	a certificate of good standing or equivalent document issued by the competent authorities of the
place of its incorporation in respect of the Borrower and the Guarantor;

 

		(b)	a recent certificate of incumbency of the Borrower and the Guarantor signed by the secretary or
a director thereof;

 

		(c)	the Borrower and the Guarantor shall deliver to the Lender(s) a certified copy (certified by its
Secretary/Director) of the resolutions of its board of directors approving and ratifying the terms of, and the transactions contemplated
by, this Agreement and resolving the execution of this Agreement;

 

		(d)	the original of any power of attorney issued in favour of any person executing this Agreement on
behalf of the Borrower and the Guarantor; and

 

		(e)	the Borrower shall deliver to the Lender(s) a certified copy (certified by its Secretary/Director)
of the resolutions of its shareholder approving and ratifying the terms of, and the transactions contemplated by, this Agreement
and resolving the execution of this Agreement.

 

    	 	6	 

     

    

 

		7.	MISCELLANEOUS

 

		7.1	Counterparts 

 

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

 

		7.2	Time of essence 

 

Time shall
be of the essence in the performance of the obligations of the Borrower and the Guarantor under this Agreement.

 

		7.3	Invalidity 

 

Any provision
of this Agreement prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent
jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible
without modifying the remaining provisions of this Agreement. Where however the provisions of any such applicable law may be waived,
they are hereby waived by the Parties to the full extent permitted by such law to the end that this Agreement shall be a valid
and binding agreement enforceable in accordance with its terms.

 

		7.4	Amendments 

 

Any amendment
to this Agreement shall be in writing and signed by, or on behalf of, each Party.

 

		7.5	Rights cumulative 

 

Rights and
remedies under this Agreement are cumulative and do not exclude any other rights or remedies provided by law or otherwise.

 

		7.6	No assignment 

 

None of the
Borrower and the Guarantor may assign any of its rights under this Agreement or any document referred to in it without the prior
written consent of the Lender(s).

 

    	 	7	 

     

    

 

		7.7	Expenses

 

The
Borrower and the Corporate Guarantor hereby agree to pay upon demand on a full indemnity basis and from time to time all costs,
charges and expenses (including legal fees) incurred by the Lender(s) in connection with the negotiation, preparation, execution
and enforcement or attempted enforcement of this Agreement. 

 

		7.8	Third party rights 

 

A
person who is not a party to this Agreement, or who is not expressed to be a beneficiary of the terms of this Agreement, has no
right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

 

		7.9	Confidentiality 

 

This
Agreement or any of its contents shall remain strictly private and confidential and shall not be communicated by any means to any
third parties other than the lawyers of the parties or as may be required by the Guarantor’s US reporting requirements and
by the NASDAQ Stock Exchange regulations. Such duty of confidentiality shall be binding on the parties hereto and such lawyers
as well and shall survive the Effective Date.

 

		8.	GOVERNING LAW AND JURISDICTION

 

			This Agreement and all non-contractual obligations arising from or in connection with this Agreement
are governed by English law.

 

		9.	ENFORCEMENT

 

		9.1	Incorporation of the Loan Agreement provisions

 

In respect
of the Borrower and the Guarantor, the provisions as to jurisdiction and service of process specified in Clause 12 of the Loan
Agreement and Clause 10 of the Guarantee apply to this Agreement.

 

IN WITNESS HEREOF the parties have caused
this Agreement to be duly executed as a deed on the date first written above.

 

    	 	8	 

     

    

EXECUTION PAGE

 

 

	the
    Borrower	 	 
	SIGNED by	)	 
	Mr. Athanasios Feidakis	)	 
	for and on behalf of
    the Borrower	)	 
	KELTY
    MARINE LTD.,	)	/s/ Athanasios
    Feidakis
	of the Marshall Islands,
    in the presence of:	)	Attorney-in-fact

 

 

	Witness:	 	/s/ Natalia Tziara
	Name:	 	Natalia Tziara
	Address:	 	13 Defteras Merarchias
	 	 	Piraeus, Greece
	Occupation:	 	Attorney-at-Law

 

 

	the
    GUARANTOR	 	 
	SIGNED by	)	 
	Mr. Georgios Feidakis	)	 
	for and on behalf of
    the Guarantor	)	 
	GLOBUS
    MARITIME LIMITED .,	)	/s/ Georgios
    Feidakis
	of the Marshall Islands,
    in the presence of:	)	Attorney-in-fact

 

 

	Witness:	 	/s/ Natalia Tziara
	Name:	 	Natalia Tziara
	Address:	 	13 Defteras Merarchias
	 	 	Piraeus, Greece
	Occupation:	 	Attorney-at-Law

 

    	 	9	 

     

    

 

THE CREDITORS

 

	SIGNED by	)	 
	Mrs. Angeliki Arkadi	)	 
	for and on behalf of	)	 
	COMMERZBANK AKTIENGESELLSCHAFT	)	 
	as Lender(s),
    Arranger, Agent and	)	/s/ Angeliki
    Arkadi
	Security Agent in the
    presence of:	)	Attorney-in-fact

 

 

	Witness:	 	/s/ Christos Magklaras
	Name:	 	Christos Magklaras
	Address:	 	13 Defteras Merarchias
	 	 	Piraeus, Greece
	Occupation:	 	Solicitor & Attorney-at-Law

 

    	 	10	 

     

    

Schedule 1

 

The Lender(s) and their Commitments

 

	Name	Lending Office	Commitment
	 	 	 
	COMMERZBANK

AKTIENGESELLSCHAFT 
	Domstraße
18, 20095 Hamburg, Germany
 Fax No. : +49 40 3683 6468
 e-mail:
Christiane.Lippert@commerzbank.com
	$26,650,000

 

 

    	 	11

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