Document:

EX-4.3

 Exhibit 4.3 

This FIRST SUPPLEMENTAL INDENTURE (the “First Supplemental Indenture”), dated as of
            , 2014, between SCORPIO BULKERS INC., a corporation duly organized and existing under the laws of the Republic of The Marshall Islands (the “Company”), and
                    , a New York banking corporation, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the Company
and the Trustee have heretofore executed and delivered an indenture, dated as of             , 2014 (the “Indenture”), providing for the issuance by the Company from time
to time of its Securities to be issued in one or more series; 
 WHEREAS, Sections 2.01, 2.02 and 9.01 of the Indenture provide, among other
things, that the Company and the Trustee may enter into indentures supplemental to the Indenture to provide for the issuance of, and to establish the form, terms and conditions applicable to any series of Securities; 

WHEREAS, the Company intends by this First Supplemental Indenture to create and provide for the issuance of a new series of Securities to be
designated as the “    % Senior Notes due             ” (the “Notes”); 

WHEREAS, pursuant to Section 9.01(e) of the Indenture, the Trustee and the Company are authorized to execute and deliver this First
Supplemental Indenture to supplement the Indenture; and 
 WHEREAS, all things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee, issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment therefor, valid, binding and legal obligations of
the Company according to their terms, and all actions required to be taken by the Company under the Indenture to make this First Supplemental Indenture a valid, binding and legal agreement of the Company, have been done. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. (a) All capitalized terms used herein and not otherwise defined below shall have the meanings
ascribed thereto in the Indenture. 
 (b) The following are definitions used in this First Supplemental Indenture, and to the extent that a
term is defined both herein and in the Indenture, the definition in this First Supplemental Indenture shall govern with respect to the Notes. 

 “Cash and Cash Equivalents” means, as of a given date, the Company’s cash
and cash equivalents, including any cash that is classified as current or non-current restricted cash as determined in accordance with US GAAP. 

“Continuing Director” means a director who either was a member of the Board of Directors on the Issue Date or who becomes a
member of the Board of Directors subsequent to the Issue Date and whose election, appointment or nomination for election by the Company’s stockholders is duly approved by a majority of the continuing directors on the Board of Directors at the
time of such approval by such election or appointment. 
 “Credit Facility” means, with respect to the Company or any
Subsidiary of the Company, any debt or commercial paper facilities with banks or other lenders providing for revolving credit, term loans or letters of credit or any agreement treated as a finance or capital lease if and to the extent any of the
preceding items would appear as a liability upon a balance sheet of the specified Person prepared in accordance with US GAAP. 

“Cross Default” means the occurrence, with respect to any debt of the Company or any Subsidiary having an aggregate principal
amount of $25.0 million or more in the aggregate for all such debt of all such Persons, of (i) an event of default that results in such debt being due and payable prior to its scheduled maturity or (ii) a failure to make a principal
payment when due and such defaulted payment is not made, waived or extended within any applicable grace period. 
 “Immaterial
Subsidiary” means any Subsidiary of the Company whose net book value of its assets or revenues is not in excess of 10% of the net book value of the consolidated Total Assets or consolidated vessel revenue of the Company as set out in the
annual audited consolidated financial statements of the Company for the immediately preceding fiscal year, provided, that, at no time shall (a) the total assets of all Immaterial Subsidiaries exceed 10% of the consolidated Total Assets
of the Company or (b) the total vessel revenues calculated with respect to all Immaterial Subsidiaries (calculated on a stand-alone basis), in the aggregate, exceed 10% of the consolidated vessel revenue of the Company, in each case as set out
in the annual audited consolidated financial statements of the Company for the immediately preceding fiscal year. 
 “Immediate
Family Member” means an individual’s spouse, parent, children and siblings. 
 “Issue Date” means
            , 2014, the original issue date of the Notes. 
 “Limited
Permitted Asset Sale” means any sale, transfer, lease or other disposition of any of the Company’s or its Subsidiaries’ assets (in the ordinary course of business or otherwise) during a single fiscal year, in a single transaction
or series of transactions, (i) the Net Proceeds of which have not been applied pursuant to clauses 6.06(a) through 6.06(f) of this First Supplemental Indenture in accordance with the requirements of Section 6.06 of this First Supplemental
Indenture and (ii) that results in Net Proceeds in excess of the amount provided for in clause (a) of the definition of Permitted Asset Sale, provided, that the Net Proceeds of such Limited Permitted Asset Sale represent
consideration at the time of such sale, transfer, lease or other disposition at 

  
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least equal to the fair market value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors of the Company, of the assets subject to such
sale, transfer, lease or other disposition. Any Net Proceeds that are not applied or invested as provided in (i) above and are in excess of the amount provided for in clause (a) of the definition of Permitted Asset Sale will constitute
“Excess Proceeds.” For the avoidance of doubt, a Limited Permitted Asset Sale may occur only once. Following the first occurrence of a Limited Permitted Asset Sale, no further Limited Permitted Asset Sale shall be permitted. 

“Net Borrowings” means, in respect of the Company, on a consolidated basis, as of a given date, the aggregate of the
following, without duplication: 
 (a) Total Borrowings; less 

(b) Cash and Cash Equivalents. 

“Net Proceeds” means the aggregate cash proceeds received by the Company or any Subsidiary of the Company in respect of any
Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale, but excluding any other consideration received in the form of assumption by the purchaser of
indebtedness or other obligations relating to the property or assets that are the subject of such Asset Sale or received in any other non-cash form and not disposed of for cash), net of fees, commissions, expenses and other direct costs relating to
such Asset Sale, including, without limitation, (a) fees and expenses related to such Asset Sale (including legal, accounting and investment banking fees, title and recording tax fees and sales and brokerage commissions, and any relocation
expenses and severance or shutdown costs incurred as a result of such Asset Sale), (b) all federal, state, provincial, foreign and local taxes paid or payable as a result of the Asset Sale, (c) any escrow or reserve for adjustment in
respect of the sale price of such assets established in accordance with US GAAP and any reserve in accordance with US GAAP against any liabilities associated with such Asset Sale and retained by the seller after such Asset Sale, including
liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, except to the extent that such proceeds are released from any such escrow or to the extent such reserve is reduced or
eliminated, and (d) any indebtedness required by its terms to be repaid, repurchased, redeemed or otherwise retired upon the applicable Asset Sale. 

  
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 “Permitted Asset Sale” means: 

(a) any sale, transfer, lease or other disposition of any of the Company’s or its Subsidiaries’ assets (in the ordinary course of
business or otherwise) in any transaction or series of transactions, such that (A) the aggregate market value of all assets so sold, transferred, leased or otherwise disposed of during any fiscal year may be up to (and including) 25% of the
aggregate market value of all of the Company’s and the Company’s Subsidiaries’ assets (on a consolidated basis) on the last day of the immediately preceding fiscal year and (B) the Company receives, or the relevant Subsidiary
receives, consideration at the time of such sale, transfer, lease or other disposition at least equal to the fair market value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors of the
Company, of the assets subject to such sale, transfer, lease or other disposition; and 
 (b) (i) the actual or constructive total loss of a
Vessel or the agreed or compromised total loss of a Vessel, (ii) the destruction of a Vessel, (iii) damage to a Vessel to an extent as shall make repair thereof uneconomical or shall render such Vessel permanently unfit for normal use
(other than obsolescence) or (iv) the condemnation, confiscation, requisition for title, seizure, forfeiture or other taking of title to or use of a Vessel that shall not be revoked within 30 days, in each case as determined in good faith by
the Board of Directors of the Company, provided, that the aggregate market value of all assets included as a Permitted Asset Sale pursuant to this paragraph (b) during any fiscal year may not exceed 10% of the aggregate market value of
all of the Company’s and the Company’s Subsidiaries’ assets (on a consolidated basis) on the last day of the immediately preceding fiscal year. 

“Permitted Business” means any business conducted by the Company or any of its Subsidiaries as described in the
Company’s annual report on Form 20-F for the year ended December 31, 2013 and any businesses that, in the good faith judgment of the Board of Directors of the Company, are reasonably related, ancillary, supplemental or complementary
thereto, or reasonable extensions thereof, including without limitation, the direct or indirect ownership, management, operation and chartering of Vessels and any business incidental thereto. 

“Permitted Holder” means (a) Emanuele Lauro, (b) any Immediate Family Member of Emanuele Lauro, or (c) one or
more Affiliates of any person listed in (a) or (b). 
 “Redemption Date,” with respect to any Notes or portion thereof
to be redeemed, means the date fixed for such redemption pursuant to this First Supplemental Indenture or such Notes. 
 “Related
Assets” means (a) any insurance policies and contracts from time to time in force with respect to a Vessel, (b) the Capital Stock of any Subsidiary of the Company owning one or more Vessels and related assets, (c) any
requisition compensation payable in respect of any compulsory acquisition of a Vessel, (d) any earnings derived from the use or operation of a Vessel and/or any earnings account with 

  
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respect to such earnings, (e) any charters, operating leases, contracts of affreightment, Vessel purchase options and related agreements entered and any security or guarantee in respect of
the charterer’s or lessee’s obligations under such charter, lease, Vessel purchase option or agreement, (f) any cash collateral account established with respect to a Vessel pursuant to the financing arrangement with respect thereto,
(g) any building, conversion or repair contracts relating to a Vessel and any security or guarantee in respect of the builder’s obligations under such contract and (h) any security interest in, or agreement or assignment relating to,
any of the foregoing or any mortgage in respect of a Vessel and any asset reasonably related, ancillary or complementary thereto. 

“Tangible Net Worth” means, on a consolidated basis, as of a given date, the total shareholders’ equity (including
retained earnings) of the Company and its consolidated Subsidiaries minus goodwill and other non-tangible items. 
 “Total
Assets” means, in respect of the Company on a consolidated basis, as of a given date, all of the assets of the Company of the type presented on its consolidated balance sheet. 

“Total Borrowings” means, in respect of the Company on a consolidated basis, as of a given date, the aggregate of the
following, without duplication: 
 (a) the outstanding principal amount of any moneys borrowed; plus 

(b) the outstanding principal amount of any acceptance under any acceptance credit; plus 

(c) the outstanding principal amount of any bond, note, debenture or other similar instrument; plus 

(d) the book values of indebtedness under a lease, charter, hire purchase agreement or other similar arrangement which obligation is required
to be classified and accounted for as a capital lease obligation under US GAAP (the amount of such obligation at any date will be the capitalized amount thereof at such date, determined in accordance with US GAAP); plus 

(e) the outstanding principal amount of all moneys owing in connection with the sale or discounting of receivables (otherwise than on a
non-recourse basis or which otherwise meet any requirements for de-recognition under US GAAP); plus 
 (f) the outstanding principal amount
of any indebtedness arising from any deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset (except trade payables); plus 

  
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 (g) any fixed or minimum premium payable on the repayment or redemption of any instrument
referred to in clause (c) above; plus 
 (h) the outstanding principal amount of any indebtedness of any Person of a type referred to
in the above clauses of this definition which is the subject of a guarantee given by the Company to the extent that such guaranteed indebtedness is determined and given a value in respect of the Company on a consolidated basis in accordance with US
GAAP. 
 Notwithstanding the foregoing, “Total Borrowings” shall not include any indebtedness or obligations arising from
derivative transactions entered into solely for purposes of protecting against interest rate or currency fluctuations. 
 “US
GAAP” means United States Generally Accepted Accounting Principles. 
 “Vessels” means one or more shipping
vessels primarily designed and utilized for the transport of cargo, including, without limitation, bulk carriers, freighters, general cargo carriers, containerships and tankers, but excluding passenger vessels, or which are otherwise engaged, used
or useful in any business activities of the Company, in each case together with all related spares, equipment and any additions or improvements. 

“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to
vote generally in the election of the Board of Directors of such Person. 
 For purposes of the foregoing definitions and the covenants set
forth in Article VI of this First Supplemental Indenture, any accounting term, phrase, calculation, determination or treatment used, required or referred to is to be construed in accordance with US GAAP in effect as of December 31, 2013.

 Section 1.02. Other Definitions. 
  

			
	 Term
	  	 Defined in Section
of this
First
Supplemental
Indenture

	“Additional Amounts”	  	8.01(a)
	“Additional Interest”	  	7.02(b)
	“Additional Notes”	  	2.04(f)
	“Asset Sale”	  	6.06
	“Beneficial Owner” and “Beneficial Ownership”	  	4.01(a)
	“Change of Control”	  	4.01(a)
	“Change of Control Purchase Date”	  	4.01(a)
	“Change of Control Purchase Price”	  	4.01(a)
	“covenant defeasance”	  	9.06
	“DTC”	  	2.03
	“Event of Default”	  	7.01
	“Interest Payment Date”	  	2.04(c)
	“legal defeasance”	  	9.06
	“Limited Permitted Asset Sale Purchase Date”	  	6.06
	“Limited Permitted Asset Sale Purchase Price”	  	6.06
	“Maturity Date”	  	2.04(b)
	“Person”	  	4.01(a)
	“Record Date”	  	2.04(c)
	“Reporting Default”	  	7.02(b)
	“Restricted Payments”	  	6.04
	“Specified Tax Jurisdiction”	  	8.01(a)
	“Taxes”	  	8.01(a)

  
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 ARTICLE II 

APPLICATION OF SUPPLEMENTAL INDENTURE AND CREATION,
FORMS, TERMS AND CONDITIONS OF NOTES 

Section 2.01. Application of this First Supplemental Indenture. Notwithstanding any other provision of this First Supplemental
Indenture, the provisions of this First Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes established by this First Supplemental Indenture. The Notes constitute a
separate series of Securities as provided in Section 2.01 of the Indenture. 
 Section 2.02. Creation of the Notes. In
accordance with Section 2.01 of the Indenture, the Company hereby creates the Notes as a separate series of its Securities issued pursuant to the Indenture, as supplemented by this First Supplemental Indenture. The Notes shall be issued
initially in an aggregate principal amount of $        . 
 Section 2.03. Global Notes.
The Notes shall be issued in the form of Global Securities, duly executed by the Company and authenticated by the Trustee, which shall be deposited with the Trustee as custodian for the Depository and registered in the name of “Cede &
Co.,” as the nominee of the Depository. The Depository Trust Company (“DTC”) initially shall serve as Depository for the Notes. So long as the Depository, or its nominee, is the registered owner of a Global Security, the
Depository or its nominee, as the case may be, shall be considered the sole owner or Holder of the Notes represented by such Global Security for all purposes under the Indenture, this First Supplemental Indenture and under such Notes. Ownership of
beneficial interests in such Global Security shall be shown on, and transfers thereof will be effective only through, records maintained by the Depository or its nominee (with respect to beneficial interests of participants) or by participants or
Persons that hold interests through participants (with respect to beneficial interests of beneficial owners). 
 Section 2.04. Terms
and Conditions of the Notes. The Notes shall be governed by all the terms and conditions of the Indenture, as supplemented by this First Supplemental Indenture. The following provisions shall be terms of the Notes: 

(a) Designation; Aggregate Principal Amount. The title of the Notes shall be as specified in the Recitals; and the aggregate principal
amount of the Notes shall be unlimited. 

  
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 (b) Stated Maturity. The Notes shall mature, and the principal of the Notes shall be due
and payable in Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on                      (the “Maturity
Date”). 
 (c) Payment of Principal and Interest; Additional Amounts. The Notes shall bear interest at
    % per annum, from and including             , 2014, or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or duly
provided for to, but excluding, the next succeeding Interest Payment Date, the Maturity Date or the Redemption Date, as the case may be. Interest shall also be paid on overdue principal, and, to the extent lawful, overdue installments of interest at
the applicable interest rate for the Notes. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable quarterly in arrears in Dollars on
March 15, June 15, September 15 and December 15 of each year, commencing on             , 2014 (each such date, an “Interest Payment Date” for
the purposes of the Notes issued under this First Supplemental Indenture). Payments of interest shall be made to the Person in whose name a Note (or predecessor Note) is registered at the close of business on
March 1, June 1, September 1 or December 1 (whether or not that date is a Business Day), as the case may be, immediately preceding such Interest Payment Date (each such date, a “Record Date” for the
purposes of the Notes issued under this First Supplemental Indenture). All payments in respect of the Notes shall include Additional Amounts as and to the extent set forth in Article VIII of this First Supplemental Indenture. If any Interest Payment
Date or the Maturity Date of the Notes falls on a day that is not a Business Day, the payment of interest and/or principal, as the case may be, to be paid on such date shall be made on the next succeeding Business Day as if it were made on the date
such payment was due, and no interest shall accrue on the amounts so payable for the period from and after such Interest Payment Date or Maturity Date of the Notes, as the case may be, to such next succeeding Business Day. 

(d) Registration and Form; Denomination. The Notes shall be issuable as registered securities without coupons, as provided in
Section 2.03 of this Article II. The form of the Notes shall be as set forth in Exhibit A attached hereto, which is incorporated herein by reference. The Notes shall be issued and may be transferred only in minimum denomination of $25.00
and integral multiples of $25.00 in excess thereof. 
 (e) Discharge; Legal Defeasance and Covenant Defeasance. The provisions for
satisfaction and discharge, excluding clause 8.01(a)(ii)(4) in Section 8.01 of the Indenture, shall apply with respect to the Notes. Section 8.03 of the Indenture, relating to legal defeasance, shall not apply to the Notes, and shall be
superseded by the provisions of Section 9.05 of this First Supplemental Indenture. Section 8.04 of the Indenture, relating to covenant defeasance, shall not apply to the Notes, and shall be superseded by the provisions of Section 9.06
of this First Supplemental Indenture. 

  
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 (f) Further Issuance. Notwithstanding anything to the contrary contained herein or in the
Indenture, the Company may, from time to time, without the consent of or notice to the Holders, create and issue further debt securities having the same interest rate, maturity and other terms (except for the issue date, the public offering price
and the first Interest Payment Date) as, ranking equally and ratably with, the Notes (the “Additional Notes”). Such additional Notes shall be consolidated with and shall form a single series with the previously outstanding Notes,
including for purposes of voting and redemptions, and shall be fungible with the Notes for United States federal income tax purposes or will have a separate CUSIP number than the Notes. No Additional Notes may be issued if an Event of Default has
occurred and is continuing with respect to the Notes. 
 (g) Redemption. Except as set forth in Section 3.01 and
Section 3.02 of this First Supplemental Indenture, the Notes will not be redeemable by the Company at its option prior to                     .

 (h) Sinking Fund. The Notes are not entitled to any sinking fund. 

(i) Registrar and Paying Agent. Section 2.04 of the Indenture shall be applicable to the Notes. With respect to the Notes, the
office or agency maintained by the Company for purposes of Section 2.04 of the Indenture shall be in the City of New York and shall initially be designated to be the Corporate Trust Office of the Trustee, as such office of the
Company.                    , the Trustee, initially shall be the Paying Agent and Registrar for the Notes. 

(j) Currency. The Notes shall be issued in U.S. Dollars and all amounts payable in respect of principal or interest shall be paid in
U.S. Dollars. 
 (k) Other Terms and Conditions. The Notes shall have such other terms and conditions as provided in the form thereof
attached as Exhibit A hereto. 
 ARTICLE III 

REDEMPTION 
 Section 3.01.
Optional Redemption On or After                     . The Company may redeem the Notes, at its option, in whole or in part, at any time on or
after                      upon providing not less than 30 nor more than 60 days’ prior written notice to the Holders, at a redemption price
equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the date fixed for redemption, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date. If money sufficient to pay the redemption price of all of the Notes, or portions thereof, to be redeemed on the applicable Redemption Date is irrevocably deposited with the Trustee or Paying Agent on or before the applicable
Redemption Date are satisfied, then on and after such Redemption Date, interest will cease to accrue on such Notes, or such portion thereof, called for redemption. 

  
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 (a) Selection for Redemption. In accordance with Section 3.02 of the Indenture, if
fewer than all of the Notes are to be redeemed at any time, the Registrar will select the Notes, or portions thereof, to be redeemed, in compliance with the requirements of the Depository, or if the Depository prescribes no method of selection, on a
pro rata basis, by lot or by any other method the Registrar deems fair and reasonable; provided, however, that Notes, and portions thereof, selected for redemption shall only be in amounts of $25.00 or whole multiples of $25.00. 

(b) Notice of Redemption. In addition to the information provided for in Section 3.03 of the Indenture, a notice of redemption
shall also state: the provision of the Indenture pursuant to which the Notes are being redeemed; the portion of the redemption price constituting accrued and unpaid interest; the amount of Additional Amounts (as defined below), if any, payable on
the date fixed for redemption; that unless we default in making the redemption payment on the Notes called for redemption, interest on such Notes will cease to accrue on and after the Redemption Date; if any Note is being redeemed in part, the
portion of the principal amount of such Note to be redeemed; if less than all of the Notes are to be redeemed, the aggregate principal amount of Notes to be outstanding after such redemption; and that the Notes called for redemption will become due
on the date fixed for redemption. 
 Except to the extent inconsistent with the foregoing, all provisions of Article III of the Indenture
shall apply to any redemption pursuant to this Section 3.01. 
 Section 3.02. Optional Redemption for Changes in Withholding
Taxes. The Company may redeem the Notes, at its option, at any time in whole but not in part, upon not less than 30 nor more than 60 days’ prior written notice to the Holders (which notice shall be irrevocable), at a redemption price equal
to 100% of the outstanding principal amount of Notes, plus accrued and unpaid interest to, but excluding, the applicable date fixed for redemption, and all Additional Amounts (if any) then due and which will become due on the applicable Redemption
Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof), in the event that the Company determines in good faith
that the Company has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, Additional Amounts and such obligation cannot be avoided by taking reasonable measures available to the
Company (including making payment through a paying agent located in another jurisdiction), as a result of: 
 (a) a change in or an
amendment to the laws (including any regulations or rulings promulgated thereunder) of any Specified Tax Jurisdiction affecting taxation, which change or amendment is announced or becomes effective on or after the date of this First Supplemental
Indenture; or 
 (b) any change in or amendment to any official position of a taxing authority in any Specified Tax Jurisdiction regarding
the application, administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after the date of
this First Supplemental Indenture. 

  
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 Notwithstanding the foregoing, no notice of redemption for changes in withholding taxes may be
given earlier than 60 days prior to the earliest date on which the Company would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. At least five calendar days before the Company provides notice of redemption
of the Notes as set forth in Section 3.03 of the Indenture and Section 3.01(b) of this First Supplemental Indenture, the Company will deliver to the Trustee and Paying Agent (i) an Officers’ Certificate stating that the Company
is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Company to so redeem have occurred and (ii) an opinion of independent legal counsel of recognized standing
satisfactory to the Trustee and Paying Agent that the Company has or will become obligated to pay Additional Amounts as a result of the circumstances referred to in clause (a) or (b) of the preceding paragraph. 

The Trustee and Paying Agent will accept and will be entitled to conclusively rely upon the Officers’ Certificate and Opinion of Counsel
as sufficient evidence of the satisfaction of the conditions precedent described above, in which case they will be conclusive and binding on the Holders. 

Except to the extent inconsistent with the foregoing, all provisions of Article III of the Indenture shall apply to any redemption pursuant to
this Section 3.02. 
 Section 3.03. Open Market Repurchases. Notwithstanding any provision hereunder or in the Indenture to
the contrary, the Company and its Affiliates may purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private transactions at negotiated prices. Notes that the Company or any
of its Affiliates purchase may, at the Company’s discretion, be held, resold or canceled. 
 ARTICLE IV 

CHANGE OF CONTROL 

Section 4.01. Change of Control. (a) If a Change of Control occurs at any time, Holders will have the right, at their option,
to require the Company to purchase for cash any or all of such Holder’s Notes, or any portion of the principal amount thereof, that is equal to $25.00 or an integral multiple of $25.00. The price the Company is required to pay (the
“Change of Control Purchase Price”) is equal to 101% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest to, but excluding, the Change of Control Purchase Date, subject to the right of Holders of
record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. The “Change of Control Purchase Date” will be a date specified by the Company that is not less than 20 or more than 35 calendar days
following the date of the Change of Control notice as described below. Any Notes purchased by the Company will be paid for in cash. A “Change of Control” will be deemed to have occurred at the time after the Notes are originally
issued if 
 (i) any “Person” (defined, for purposes of this Article IV, as such term is used in Sections
13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the “Beneficial Owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (ii) such
Person shall be deemed to have “Beneficial Ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50%
of the total voting power of the Voting Stock of the Company; 

  
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 (ii) the merger or consolidation of the Company with or into another Person or
the merger of another Person with or into the Company, or the sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person other than (A) a transaction in which the survivor or transferee is
a Person that is controlled by a Permitted Holder or (B) a transaction following which, in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately prior to
such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in
such merger or consolidation transaction immediately after such transaction and in substantially the same proportion as before the transaction; or 

(iii) Continuing Directors cease to constitute at least a majority of the Board of Directors; or 

(iv) if after the Notes are initially listed on the New York Stock Exchange or another national securities exchange, the Notes
fail, or at any point cease, to be listed on the New York Stock Exchange or such other national securities exchange. For the avoidance of doubt, it shall not be a Change of Control if after the Notes are initially listed on the New York Stock
Exchange or another national securities exchange, such Notes are subsequently listed on a different national securities exchange and the prior listing is terminated. 

ARTICLE V 
 OFFER
TO PURCHASE 
 Section 5.01. 

(a) On or before the 30th day after the occurrence of a Change of Control or a Limited Permitted Asset Sale, as the case may be, the Company
will provide to all Holders and the Trustee and Paying Agent a written notice of the occurrence of the Change of Control or Limited Permitted Asset Sale and of the resulting purchase right. Such notice shall state, among other things: (i) the
events causing a Change of Control or Limited Permitted Asset Sale, as the case may be; (ii) the date of the Change of Control or Limited Permitted Asset Sale, as the case may be; (iii) the last date on which a Holder may exercise
repurchase right; (iv) the Change of Control Purchase Price or Limited 

  
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Permitted Asset Sale Purchase Price, as applicable; (v) the Change of Control Purchase Date or Limited Permitted Asset Sale, as applicable; (vi) the name and address of the Paying
Agent; and (vii) the procedures that Holders must follow to require the Company to purchase their Notes. 
 (b) Simultaneously with
providing such notice, the Company will publish a notice containing this information in a newspaper of general circulation in The City of New York or publish the information on the Company’s website or through such other public medium as the
Company may use at that time to achieve a broad dissemination of such notice. 
 (c) To exercise the Change of Control purchase right or
Limited Permitted Asset Sale purchase right, a Holder must deliver, on or before the third Business Day (or as otherwise provided in the notice provided for in Section 5.01(a) of this First Supplemental Indenture), immediately preceding the
Change of Control Purchase Date or Limited Permitted Asset Sale Purchase Date, as applicable, the Notes to be purchased, duly endorsed for transfer, together with a written purchase notice and the form entitled “Form of Purchase Notice” on
the reverse side of the Notes duly completed, to the Paying Agent. Such notice must: 
 (i) if certificated, state the
certificate numbers of the Notes to be delivered for purchase; 
 (ii) if not certificated, comply with requisite DTC
procedures; 
 (iii) state the portion of the principal amount of Notes to be purchased, which must be $25.00 or a multiple thereof; and

 (iv) state that the Notes are to be purchased by the Company pursuant to the applicable provisions of the Notes and the Indenture. 

(d) Holders may withdraw any purchase notice (in whole or in part) by a written notice of withdrawal delivered to the Paying Agent prior to
the close of business on the Business Day immediately preceding the Change of Control Purchase Date or Limited Permitted Asset Sale Purchase Date, as applicable. The notice of withdrawal shall: 

(i) state the principal amount of the withdrawn Notes; 

(ii) if certificated Notes have been issued, state the certificate numbers of the withdrawn Notes; 

(iii) if not certificated, comply with requisite DTC procedures; and 

(iv) state the principal amount, if any, which remains subject to the purchase notice. 

  
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 (e) On each Change of Control Purchase Date or Limited Permitted Asset Sale Purchase Date, as
applicable, the Company will, to the extent lawful, (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control offer or Limited Permitted Asset Sale offer made by the Company,
(ii) deposit with the Paying Agent at least one Business Day prior to the Change of Control Purchase Date or Limited Permitted Asset Sale Purchase Date, as applicable, an amount equal to the Change of Control Purchase Price or the Limited
Permitted Asset Sale Purchase Price, as applicable, in each case, in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control offer or Permitted Limited Asset Sale offer made by the Company and
(iii) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. If the Paying Agent holds
money or securities sufficient to pay the Change of Control Purchase Price or the Limited Permitted Asset Sale Purchase Price, as applicable, of the Notes on the Change of Control Purchase Date or the Limited Permitted Asset Sale Purchase Date, as
applicable, then: 
 (i) the Notes will cease to be outstanding and interest will cease to accrue (whether or not book-entry transfer of the
Notes is made or whether or not the Notes are delivered to the Paying Agent); and 
 (ii) all other rights of the Holder will terminate
(other than the right to receive the Change of Control Purchase Price or the Limited Permitted Asset Sale, as applicable). 
 (f) In
connection with any offer to purchase Notes pursuant to a Change of Control purchase notice or Limited Permitted Asset Sale purchase notice, as applicable, the Company will, to the extent applicable, comply with the requirements of Rule 14e-1 under
the Exchange Act and any other applicable securities laws and regulations to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control or Limited Permitted Asset Sale. To
the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this First Supplemental Indenture, the Company will comply with any applicable securities laws and regulations and will not be
deemed to have breached its obligations under this First Supplemental Indenture by virtue of such compliance. 
 (g) No Notes may be
purchased at the option of Holders thereof upon a Change of Control or Limited Permitted Asset Sale if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date. 

ARTICLE VI 

COVENANTS 
 The
covenants set forth in this Article VI shall be applicable to the Company in addition to the covenants in Article 4 of the Indenture, which shall in all respects be applicable in respect of the Notes. 

  
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 Section 6.01. Limitation on Borrowings. The Company shall not permit Net Borrowings
to equal or exceed 70% of Total Assets. 
 Section 6.02. Limitation on Minimum Tangible Net Worth. The Company shall ensure that
its Tangible Net Worth always exceeds five hundred million dollars ($500,000,000). 
 Section 6.03. Reports. Following any Cross
Default, the Company shall promptly notify the Trustee of the occurrence of such Cross Default. 
 Section 6.04. Restricted
Payments. If (a) an Event of Default or an event or circumstance which, with the giving of any notice or the lapse of time, would constitute an Event of Default has occurred and is continuing, (b) an Event of Default or an event or
circumstance which, with the giving of any notice or the lapse of time, would constitute an Event of Default would result therefrom, (c) the Company is not in compliance with the covenant described under Section 6.01 or Section 6.02
of this First Supplemental Indenture, or (d) any payment of dividends or any form of distribution or return of capital would result in the Company not being in compliance with the covenant described under Section 6.01 or Section 6.02
of this First Supplemental Indenture, then neither the Company nor any Subsidiary will declare or pay any dividends or return any capital to its equity holders (other than the Company or a wholly-owned Subsidiary of the Company) or authorize or make
any other distribution, payment or delivery of property or cash to its equity holders (other than the Company or a wholly-owned Subsidiary of the Company), or redeem, retire, purchase or otherwise acquire, directly or indirectly, for value, any
interest of any class or series of its equity interests (or acquire any rights, options or warrants relating thereto but not including convertible debt) now or hereafter outstanding and held by Persons other than the Company or any wholly-owned
Subsidiary, or repay any subordinated loans to equity holders (other than the Company or a wholly-owned Subsidiary of the Company) or set aside any funds for any of the foregoing purposes (“Restricted Payments”). 

Section 6.05. Line of Business. The Company will not, nor will the Company permit any of its Subsidiaries (other than an
Immaterial Subsidiary) to, engage primarily in any business other than a Permitted Business. 
 Section 6.06. Limitation on Asset
Sales. The Company shall not, and shall not permit any Subsidiary to, in the ordinary course of business or otherwise, sell, lease, convey, transfer or otherwise dispose of any of the Company’s, or of any such Subsidiary’s, assets
(including Capital Stock and warrants, options or other rights to acquire Capital Stock) (an “Asset Sale”), other than pursuant to a Permitted Asset Sale or a Limited Permitted Asset Sale, unless (A) the Company receives, or
the relevant Subsidiary receives, consideration at the time of such Asset Sale at least equal to the fair market value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors of the Company,
of the assets subject to such Asset Sale, and (B) within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or the relevant Subsidiary, as the case may be, shall apply all such Net Proceeds to: 

(a) repay or prepay indebtedness under any Credit Facility secured by a lien on assets of the Company or any Subsidiary; 

  
 15 

 (b) acquire all or substantially all of the assets of, or any Capital Stock of, a person
primarily engaged in a Permitted Business; provided, that in the case of the acquisition of Capital Stock of any Person, such Person is or becomes a Subsidiary of the Company and will be subject to all restrictions described in this First
Supplemental Indenture as applying to Subsidiaries of the Company existing on the Issue Date; 
 (c) make a capital expenditure; 

(d) acquire other assets that are not classified as current assets under US GAAP and that are used or useful in a Permitted Business
(including, without limitation, Vessels and Related Assets); 
 (e) repay unsecured senior indebtedness of the Company or any Subsidiary
(including any redemption, repurchase, retirement or other acquisition of the Notes); and 
 (f) any combination of the transactions
permitted by the foregoing clauses (a) through (e), 
 provided, that any sale, assignment, conveyance, transfer or lease of all or
substantially all of the Company’s properties and assets to any Person or Persons (whether in a single transaction or a series of related transactions) will be governed by the provisions described under Section 4.01 of this First
Supplemental Indenture and Article 5 of the Indenture and not by the provisions of this Section 6.06. 
 A (1) binding contract to apply the Net
Proceeds in accordance with clauses (b) through (d) above shall toll the 365-day period in respect of such Net Proceeds or (2) determination by the Company to apply all or a portion of such Net Proceeds toward the exercise of an
outstanding purchase option contract shall toll the 365-day period in respect of such Net Proceeds or portion thereof, in each case, for a period not to exceed 365 days or, in the case of a binding contract to acquire one or more Vessels, until the
end of the construction or delivery period specified in such binding contract, as the same may be extended, from the expiration of the aforementioned 365-day period, provided, that such binding contract and such determination by the Company,
in each case, shall be treated as a permitted application of Net Proceeds from the date of such binding contract or determination until and only until the earlier of (x) the date on which such acquisition or expenditure is consummated and
(y) (i) in the case of a construction contract or any exercised purchase option contract, the date of expiration or termination of such construction contract or exercised purchase option contract and (ii) in all other cases, the 365th
day following the expiration of the aforementioned 365-day period. 
 Pending the final application of any Net Proceeds, the Company or any of its
Subsidiaries may apply Net Proceeds to the repayment or reduction of outstanding indebtedness or otherwise invest the Net Proceeds in any manner that is not prohibited by the Indenture. 

  
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 If a Limited Permitted Asset Sale occurs at any time, the Company must, within 30 days of such Limited Permitted
Asset Sale, make pursuant to Article V of this First Supplemental Indenture an offer to purchase Notes having a principal amount equal to the Excess Proceeds of such Limited Permitted Asset Sale. The price that the Company will be required to pay
(the “Limited Permitted Asset Sale Purchase Price”) is equal to 101% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest to, but excluding, the Limited Permitted Asset Sale Purchase Date, subject
to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. If the offer to purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess
of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only notes in
multiples of $25.00 principal amount will be purchased. The “Limited Permitted Asset Sale Purchase Date” will be a date specified by the Company that is not less than 20 or more than 35 calendar days following the date of the
Limited Permitted Asset Sale notice as described in Article V of this First Supplemental Indenture. Any Notes purchased by the Company pursuant to such offer to purchase will be paid for in cash. 

Section 6.07. Compliance Certificate. Section 4.03 of the Indenture shall be superseded in its entirety by the following:

 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under the Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the Company is not in default in the performance or observance of any of the terms, provisions and conditions of the
Indenture or this First Supplemental Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to
take with respect thereto). The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any Event of Default described Section 7.01 of this First
Supplemental Indenture and any event of which it becomes aware that with the giving of notice or the lapse of time would become such an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. 

ARTICLE VII 
 EVENTS
OF DEFAULT 
 Section 7.01. Modifications of Certain Events of Default. The Events of Default set
forth in Section 6.01 of the Indenture shall be superseded in their entirety by the following Events of Default in this Section 7.01 (each an “Event of Default”): 

(a) default in the payment of the principal of or any premium on any Notes, or any Additional Amounts payable with respect thereto, when such
principal or premium becomes or such Additional Amounts become due and payable at Maturity; or 

  
 17 

 (b) default in the payment of any interest on any Security of such series, or any Additional
Amounts payable with respect thereto, when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or 

(c) failure by the Company to perform or comply with the provisions of Article V of the Indenture (as amended by this First Supplemental
Indenture) relating to mergers and similar events; or 
 (d) failure by the Company to provide notice of a Change of Control or a Limited
Permitted Asset Sale or to repurchase Notes tendered for repurchase following the occurrence of a Change of Control or a Limited Permitted Asset Sale in conformity with the covenants set forth in Article IV of this First Supplemental Indenture; or

 (e) default in the performance, or breach, of any covenant of the Company in this First Supplemental Indenture or the Indenture, and
continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
outstanding Notes, a written notice; or 
 (f) any debt for borrowed money of the Company or any Subsidiary having an aggregate principal
amount of $25.0 million or more in the aggregate for all such debt of all such Persons (i) is subject to an event of default that results in such debt being due and payable prior to its scheduled maturity or (ii) is subject to a failure to
make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period; or 
 (g)
the entry against the Company of one or more final non-appealable judgments or decrees for the payment of money in an aggregate amount in excess of $25.0 million, by a court or courts of competent jurisdiction, which final non-appealable judgment or
decree remains undischarged, unstayed or unwaived for a period of 90 consecutive days; or 
 (h) the entry by a court having competent
jurisdiction of: 
 (i) a decree or order for relief in respect of the Company or any Significant Subsidiary in an
involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(ii) a decree or order adjudging the Company or any Significant Subsidiary to be insolvent, or approving a petition seeking
reorganization, arrangement, adjustment or composition of the Company or any Significant Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

  
 18 

 (iii) a final and non-appealable order appointing a custodian, receiver,
liquidator, assignee, trustee or other similar official of the Company or any Significant Subsidiary of any substantial part of the property of the Company or any Significant Subsidiary or ordering the winding up or liquidation of the affairs of the
Company or any Significant Subsidiary; or 
 (i) the commencement by the Company or any Significant Subsidiary of a voluntary proceeding
under any applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company or any Significant Subsidiary to the entry of a decree or order for
relief in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company or any Significant Subsidiary of a
petition or answer or consent seeking reorganization, arrangement, adjustment or composition of the Company or any Significant Subsidiary or relief under any applicable law, or the consent by the Company or any Significant Subsidiary to the filing
of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of the Company or any Significant Subsidiary or any substantial part of the property of the Company or any
Significant Subsidiary or the making by the Company or any Significant Subsidiary of an assignment for the benefit of creditors, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any such action. 

Section 7.02. Acceleration of Maturity; Rescission and Annulment. Section 6.02(a) of the Indenture shall be applicable to the
Notes, except that the reference therein to “clauses (g) or (h) of Section 6.01” shall be replaced by a reference to “clauses (h) or (i) of Section 7.01 of the First Supplemental Indenture.” 

Section 7.03. Section 6.02(b) of the Indenture shall be superseded in its entirety by the following: 

Notwithstanding the foregoing, at the election of the Company, the sole remedy with respect to an Event of Default resulting from a failure by the Company to
comply with the requirements of Section 314(a)(1) of the Trust Indenture Act or the requirements of Section 4.02 of the Indenture (any such Event of Default, a “Reporting Default”), shall, after the occurrence of such
Reporting Default consist exclusively of the right to receive additional interest (the “Additional Interest”) on the Notes at an annual rate equal to (i) 0.25% of the principal amount of the Notes for each day during the 90
calendar day period beginning on, and including, the date on which such Reporting Default first occurs and on which such Reporting Default is continuing and (ii) 0.50% of the principal amount of the Notes for each day during the 90 calendar day
period beginning on, and including, the 91st day following the date on which such Reporting Default first occurs and on which such Reporting Default is continuing. If the Company so elects, the Additional Interest shall accrue on all outstanding
Notes from and including the date on which such Reporting Default first occurs until such violation is cured or waived and shall be payable in arrears on regular Interest Payment Dates. On the 181st day after such Reporting Default (if such
violation is not cured or waived prior to such 181st 

  
 19 

 
calendar day), then the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal of all the Notes to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount shall become immediately due and payable. 

If the Company elects to pay the Additional Interest as the sole remedy during the first 180 days following the occurrence of a Reporting Default, the Company
shall notify in writing the Holders, the Paying Agent and the Trustee of such election at any time on or before the close of business on the fifth Business Day prior to the date on which such Reporting Default would otherwise occur. Unless and until
a Responsible Officer of the Trustee receives at the Corporate Trust Office such written notice, the Trustee may assume without inquiry that Additional Interest is not payable. 

ARTICLE VIII 

ADDITIONAL AMOUNTS 

Section 8.01. Additional Amounts. (a) All payments made by or on behalf of the Company under or with respect to the Notes
will be made free and clear of and without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto)
(hereinafter “Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of the government of the Republic of
Marshall Islands or any political subdivision or any authority or agency therein or thereof having power to tax, or any other jurisdiction in which the Company (including any successor entity) is organized or is otherwise resident for tax purposes,
or any jurisdiction from or through which payment is made (including, without limitation, the jurisdiction of each paying agent) (each a “Specified Tax Jurisdiction”), will at any time be required to be made from any payments made
under or with respect to the Notes. the Company will pay such additional amounts (the “Additional Amounts”) as may be necessary so that the net amount received in respect of such payments by a Holder (including Additional Amounts)
after such withholding or deduction will not be less than the amount such Holder would have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not
apply to: 
 (i) any Taxes that would not have been so imposed but for the Holder or beneficial owner of the Notes having any
present or former connection with the Specified Tax Jurisdiction (other than the mere acquisition, ownership, holding, enforcement or receipt of payment in respect of the Notes); 

(ii) any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental
charge; 
 (iii) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes;

  
 20 

 (iv) any Taxes imposed as a result of the failure of the Holder or beneficial
owner of the Notes to complete, execute and deliver to the Company any form or document to the extent applicable to such Holder or beneficial owner that may be required by law or by reason of administration of such law and which is reasonably
requested in writing to be delivered to the Company in order to enable the Company to make payments on the Notes without deduction or withholding for Taxes, or with deduction or withholding of a lesser amount, which form or document will be
delivered within 60 days of a written request therefor by the Company; 
 (v) any Taxes that would not have been so imposed
but for the beneficiary of the payment having presented a Note for payment (in cases in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof
is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); 

(vi) any Taxes imposed on or with respect to any payment by the Company to the Holder if such Holder is a fiduciary or
partnership or Person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment would not have been entitled
to Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note; 
 (vii)
any Taxes that are required to be deducted or withheld on a payment pursuant to European Council Directive 2003/48/EC or any law implementing, or introduced in order to conform to, such directive; or 

(viii) any combination of items (i) through (vii) above. 

(b) If the Company becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the
Notes, the Company will deliver to the Trustee and Paying Agent at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company will
notify the Trustee and Paying Agent in writing promptly thereafter but in no event later than five calendar days prior to the date of payment) an Officers’ Certificate stating the fact that Additional Amounts will be payable and the amount so
payable. The Officers’ Certificate shall also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date. The Trustee and Paying Agent will be entitled to rely solely
on such Officers’ Certificate as conclusive proof that such payments are necessary. The Company will provide the Trustee and Paying Agent with documentation evidencing the payment of Additional Amounts. 

  
 21 

 (c) The Company will make all withholdings and deductions required by law and will remit the full
amount deducted or withheld to the relevant governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Company will provide the Trustee and Paying Agent with an official receipt or, if official receipts
are not obtainable, other documentation evidencing the payment of the Taxes so withheld or deducted. Upon written request, copies of those receipts or other documentation, as the case may be, will be made available by the Trustee and Paying Agent to
the Holders of the Notes. 
 (d) Whenever in the Indenture or this First Supplemental Indenture there is referenced, in any context, the
payment of amounts based upon the principal amount of the Notes or of principal, interest or any other amount payable under, or with respect to, the Notes, such reference will be deemed to include payment of Additional Amounts as described under
this heading to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 (e) The Company
will indemnify a Holder, within 10 Business Days after written demand therefor, for the full amount of any Taxes paid by such Holder to a governmental authority of a Specified Tax Jurisdiction, on or with respect to any payment by on or account of
any obligation of the Company to withhold or deduct an amount on account of Taxes for which the Company would have been obligated to pay Additional Amounts hereunder and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Company by a Holder will be conclusive
absent manifest error. 
 (f) The Company will pay any present or future stamp, court or documentary taxes or any other excise or property
taxes, charges or similar levies that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement or registration of the Notes, the Indenture or any other document or instrument in relation thereof, or the receipt of any
payments with respect to the Notes, and the Company will indemnify the Holders for any such taxes paid by such Holders. 

Section 8.02. Obligations to Survive. The obligations described in Section 8.01 of this First Supplemental Indenture will
survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor person to the Company is organized or any political subdivision or authority or agency thereof or
therein. 

  
 22 

 ARTICLE IX 

FURTHER MODIFICATIONS TO INDENTURE 

Section 9.01. Outstanding Securities. Section 2.09 of the Indenture shall be applicable to the Notes, except that the third
paragraph shall be superseded in its entirety by the following: 
 If, on or after the Maturity of the Securities or any redemption date or
date for purchase of the Notes pursuant to an Offer to Purchase, the Trustee (or Paying Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay all amounts then due, those Notes payable or to be redeemed or
purchased on that date cease to be outstanding and interest on them ceases to accrue. 
 Section 9.02. Successors.
Section 5.01 and Section 5.02 of the Indenture shall be superseded in their entirety by the following: 
 (a) The Company will not

 (i) consolidate with or merge with or into any Person or permit any Person to merge with or into the Company, or 

(ii) sell, assign, convey, transfer, or otherwise dispose of all or substantially all of its properties and assets, in one
transaction or a series of related transactions, to any Person or 
 (iii) lease all or substantially all of its assets,
whether in one transaction or a series of transactions, to one or more other Persons, unless 
 (A) the successor Person, if
any, is a corporation, partnership, trust or other entity organized and validly existing under the laws of the Republic of the Marshall Islands, the United States of America, any State of the United States of America or the District of Columbia, the
Commonwealth of the Bahamas, the Republic of Liberia, the Republic of Panama, the Commonwealth of Bermuda, the British Virgin Islands, the Cayman Islands, the Isle of Man, Cyprus, Norway, Greece, Hong Kong, the United Kingdom, Malta, any Member
State of the European Union and any other jurisdiction generally acceptable, as determined in good faith by the Board of Directors of the Company, to institutional lenders in the shipping industries; 

(B) immediately after giving effect to the transaction, no Default or Event of Default has occurred and is continuing; 

(C) such Person or Persons shall expressly assume by supplemental indenture executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of, and any interest on, all Notes and the performance or observance of every covenant of the Indenture and the First Supplemental Indenture on the part of the Company to be
performed or observed; and 
 (D) the Company delivers to the Trustee, prior to the consummation of the transaction, an
Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger or transfer and the supplemental indenture (if any) comply with the Indenture, as supplemented by the First Supplemental Indenture. 

  
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 (b) Upon the consummation of any transaction effected in accordance with these provisions, the
successor Person will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture, the First Supplemental Indenture and the Notes with the same effect as if such successor Person had been named as
the Company in the Indenture. Upon such substitution, except in the case of (i) a lease or (ii) the sale, conveyance, transfer or disposition of less than all its assets, the Company will be released from its obligations under the
Indenture, the First Supplemental Indenture and the Notes. 
 Section 9.03. Principal and Interest Inclusive. With respect to
the Notes, all provisions of this First Supplemental Indenture and the Indenture relating to principal and interest, shall be understood to include, to the extent applicable, the Change of Control Purchase Price, the Limited Permitted Asset Sale
Purchase Price, any redemption price, any Additional Amounts, any Additional Interest, and any other amounts then payable upon the Notes. 

Section 9.04. Satisfaction and Discharge. Section 8.01 of the Indenture shall be applicable to the Notes, except that in
Section 8.01(a)(ii) the phrase “have become due and payable, or” shall be deleted. 
 Section 9.05. Legal Defeasance.
Section 8.03 of the Indenture shall not apply to the Notes, and shall be superseded by the provisions of this Section 9.05 of this First Supplemental Indenture. After the 123rd day following the deposit referred to in clause (1), the
Company will be deemed to have paid and will be discharged from its obligations in respect of the Notes and the Indenture, other than its obligations in Article 2 of the Indenture, and Sections 4.01 of the Indenture, Section 7.07 of the
Indenture, Section 7.08 of the Indenture, Section 8.05 of the Indenture and Section 9.07 of this First Supplemental Indenture (“legal defeasance”), provided the following conditions have been satisfied: 

(a) The Company has irrevocably deposited in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or U.S.
Government Obligations or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certificate thereof delivered to the Trustee, without consideration of any
reinvestment, to pay principal of and interest on the Notes to maturity or redemption, as the case may be, provided that any redemption before maturity has been irrevocably provided for under arrangements satisfactory to the Trustee. 

(b) No default has occurred and is continuing on the date of the deposit or occurs at any time during the 123-day period following the
deposit. 
 (c) The deposit will not result in a breach or violation of, or constitute a default under, the Indenture, this First
Supplemental Indenture or any other agreement or instrument to which the Company is a party or by which it is bound. 

  
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 (d) The Company has delivered to the Trustee 

(i) either (x) a ruling received from the Internal Revenue Service to the effect that the beneficial owners of the Notes
to be defeased will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise have
been the case or (y) an Opinion of Counsel, based on a change in law after the date of this First Supplemental Indenture, to the same effect as the ruling described in clause (x), and 

(ii) an Opinion of Counsel to the effect that (i) the creation of the defeasance trust does not violate the Investment
Company Act of 1940, (ii) the Holders have a valid first priority Note interest in the trust funds (subject to customary exceptions), and (iii) after the passage of 123 days following the deposit, the trust funds will not be subject to the
effect of Section 547 of the United States Bankruptcy Code or Section 15 of the New York Debtor and Creditor Law. 
 (e) If the
Notes are listed on a national securities exchange, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the deposit and defeasance will not cause the Notes to be delisted. 

(f) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions
precedent provided for herein relating to the defeasance have been complied with. 
 Prior to the end of the 123-day period, none of the
Company’s obligations under the Indenture or the First Supplemental Indenture will be discharged. Thereafter, the Trustee upon request will acknowledge in writing the discharge of the Company’s obligations under the Notes, the Indenture
and the First Supplemental Indenture except for the surviving obligations specified above. 
 Section 9.06. Covenant Defeasance.
Section 8.04 of the Indenture shall not apply to the Notes, and shall be superseded by the provisions of this Section 9.06 of this First Supplemental Indenture. After the 123rd day following the deposit referred to in clause (1) of
Section 9.05 of this First Supplemental Indenture, the Company’s obligations set forth in Sections 6.01 through 6.06 of this First Supplemental Indenture and clauses (c), (d), (e), (f) and (g) of Section 7.01 of this First
Supplemental Indenture will no longer constitute Events of Default (“covenant defeasance”), provided the following conditions have been satisfied: 

(a) The Company has complied with clauses (a), (b), (c), d(ii), (e) and (f) of Section 9.05 of this First Supplemental
Indenture; and 
 (b) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of the Notes
to be defeased will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise have
been the case. 

  
 25 

 Except as specifically stated above, none of the Company’s obligations under the Indenture
will be discharged. 
 Section 9.07. Reinstatement. If and for so long as the Trustee is unable to apply any money or U.S.
Government Obligations held in trust pursuant to Section 8.01 of the Indenture, or Sections 9.05 or 9.06 of this First Supplemental Indenture by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under the Indenture, the First Supplemental Indenture and the Notes will be reinstated as though no such deposit in trust had been made. If
the Company makes any payment of principal of or interest on any Notes because of the reinstatement of its obligations, it will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Obligations held in trust. 
 Section 9.08. Modification Without Consent. With respect to the Notes, the following clauses
(a) through (h) shall replace clauses (a) through (h) of Section 9.01 of the Indenture: 
 (a) to cure any
ambiguity, omission, defect or inconsistency that does not adversely affect the rights of any Holder of the Notes in any material respect; 

(b) to provide for the assumption by a successor corporation of the Company’s obligations under the Indenture and this First Supplemental
Indenture, in accordance with Article 5 of the Indenture, as amended by Section 9.02 of this First Supplemental Indenture; 
 (c) to
secure the Notes; 
 (d) to add to the Covenants of the Company for the benefit of the Holders of the Notes or to surrender any right or
power conferred upon the Company; 
 (e) to provide for uncertificated Notes, at any time that the Notes are in certificated form; 

(f) to evidence and provide for the acceptance of appointment of a successor Trustee with respect to the Notes; 

(g) to comply with the requirements of the TIA and any rules promulgated under the TIA; and 

(h) to make any other change that does not adversely affect the rights of any Holder of the Notes in any material respect; 

  
 26 

 Section 9.09. Modification With Consent. With respect to the Notes, the following
clauses (a) through (k) shall replace clauses (a) through (l) of Section 9.03 of the Indenture: 
 (a) change the
stated maturity of the principal of, or any interest on, the Notes; 
 (b) reduce the principal amount of, or interest on, the Notes; 

(c) change the interest rate applicable to the Notes; 

(d) change the currency of payment of principal of, or interest on, the Notes or change any Note’s place of payment; 

(e) impair the right of any Holder to receive payment of principal of, and interest on, such Holder’s Notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on, or with respect to, the Notes; 
 (f) modify the provisions with
respect to the purchase rights of the Holders pursuant to Section 4.01 and Section 6.06 of this First Supplemental Indenture in a manner adverse to the Holders of Notes; 

(g) change the ranking of the Notes; 

(h) change the Company’s obligation to pay Additional Amounts on any Note; 

(i) waive a default or Event of Default in the payment of principal of, or interest, if any, on any Note (except a rescission of acceleration
of the Notes by the Holders of at least a majority in principal amount of the outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(j) waive a redemption payment with respect to any Note or change any of the provisions with respect to the redemption of the Notes in a
manner adverse to the Holders of Notes; and 
 (k) modify provisions with respect to modification, amendment or waiver (including waiver of
Events of Default), except to increase the percentage required for modification, amendment or waiver or to provide for consent of each affected Holder of the Notes. 

ARTICLE X 

MISCELLANEOUS 

Section 10.01. Ratification of Indenture. This First Supplemental Indenture is executed and shall be constructed as an indenture
supplement to the Indenture, and as supplemented and modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this First Supplemental Indenture shall be read, taken and constructed as one and the same
instrument. 

  
 27 

 Section 10.02. Trust Indenture Act Controls. If any provision of this First
Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this First Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 10.03. Notices. All notices and other communications shall be given as provided in the Indenture. 

Section 10.04. Governing Law. With respect to the Notes, Section 10.11 of the Indenture shall be superseded in its entirety
by the following: 
 THE INDENTURE, THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN THE STATE OF NEW YORK. 

(a) Any legal suit, action or proceeding arising out of or based upon this Indenture (each a “Related Proceeding”) may be
instituted in the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan, or the courts of the State of New York in each case located in the City and County of New York, Borough of
Manhattan (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court (a
“Related Judgment”), as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth
above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in
the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum. Each of the
Company and its subsidiaries not located in the United States irrevocably appoints Sting, LLC, a Delaware limited liability company, as its agent to receive service of process or other legal summons for purposes of any such suit, action or
proceeding that may be instituted in any state or federal court in the City and County of New York. 
 (b) With respect to any Related
Proceeding, each party irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and
execution to which it might otherwise be entitled in the Specified Courts, and with respect to any Related Judgment, each party waives any such immunity in the Specified Courts or any other court of competent jurisdiction, and will not raise or
claim or cause to be pleaded any such immunity at or in respect of any such Related Proceeding or Related Judgment, including, without limitation, any immunity pursuant to the United States Foreign Sovereign Immunities Act of 1976, as amended. 

  
 28 

 Section 10.05. Successors. All covenants and agreements in this First Supplemental
Indenture and the Notes by the Company shall bind its successors and assigns, whether so expressed or not. 
 Section 10.06.
Counterparts. This First Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. The exchange of copies of this Indenture and of
signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to parties hereto and may be issued in lieu of the original Indenture and signature pages for all purposes. 

Section 10.07. Headings. The Article and Section headings of this First Supplemental Indenture are for convenience only and shall
not affect the construction hereof. 
 Section 10.08. Cross-References. To the extent this First Supplemental Indenture
supersedes or replaces a section of the Indenture, references to such section elsewhere in the Indenture shall be understood to refer to the section of this First Supplemental Indenture superseding or replacing such section. 

Section 10.09. Trustee Not Responsible for Recitals. The recitals contained herein and in the Notes, except the Trustee’s
certificate of authentication shall be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this First Supplemental Indenture or of the Notes, except that the Trustee represents that it is duly authorized to execute and deliver this First Supplemental Indenture, authenticate the Notes and perform its obligations hereunder
and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for
the use or application by the Company of the Notes or the proceeds thereof. 
 The Trustee shall not be responsible in any manner whatsoever
for or with respect to (i) the proper authorization hereof by the Company by action or otherwise, (ii) the due execution hereof by the Company, or (iii) the consequences of any amendment herein provided for. 

  
 29 

 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly executed
as of the date first written above. 
  

			
	 COMPANY:
  

SCORPIO BULKERS INC.

		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
First Supplemental Indenture] 

 
			
	TRUSTEE:
	
	                                    
    , as trustee
		
	 By:
	 	  

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
First Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP NO. [—]

 ISIN NO. [—] 

SCORPIO BULKERS INC. 

    % SENIOR NOTE DUE
                     
  

			
	$        	  	No.:    

 SCORPIO BULKERS INC., a Marshall Islands corporation (hereinafter called the “Company”, which term
includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $        
(            MILLION DOLLARS) set forth on Schedule I annexed hereto on
                    , and to pay interest thereon from and including             , 2014
or from the most recent Interest Payment Date on which interest has been paid or duly provided for, quarterly on March 15, June 15, September 15 and December 15 in each year, commencing
            , 2014, at the rate of     % per annum, until the principal hereof is paid or made available for payment. Interest on this Note

  
 A-1 

 
shall be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment of
interest or principal, as the case may be, shall be made on the next succeeding Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest
Payment Date or the Maturity Date, as the case may be, to such next Business Day. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1, June 1, September 1 or December 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but not punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on
the relevant Regular Record Date by virtue or having been such Holder, and may be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a subsequent special record date (which shall
be at least 10 days before the payment date) for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of the principal of and interest on this Note (including, without limitation, any purchase price relating to a Change of Control offer
to purchase or a Limited Permitted Asset sale offer to purchase) will be made at the office or agency of the Company maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto as
such address shall appear in the Security register; provided, further, that payment to DTC or any successor depository may be made by wire transfer to the account designated by DTC or such successor depository in writing. 

This Note is one of a duly authorized issue of securities of the Company designated as its     % Senior Notes due
                     (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of
            , 2014 (the “Base Indenture”), between the Company and
                                        , as
Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by the First Supplemental Indenture, dated
            , 2014, between the Company and the Trustee (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited (subject to exceptions provided in the Indenture) to the aggregate principal amount of
$        . 

  
 A-2 

 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of
the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Notes may not be redeemed
prior to the Stated Maturity, except as described in Section 3.01 and 3.02 of the First Supplemental Indenture. The Notes are not subject to any sinking fund. 

Upon the occurrence of a Change of Control or a Limited Permitted Asset Sale, each Holder of Notes will have the right to require the Company
to purchase all or a portion of such Holder’s Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of purchase, to the extent provided for in the Indenture.

 The Indenture contains provisions permitting, with certain exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the Notes of each series issued under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of not less than a majority in
aggregate principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of any series at the
time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note, at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note may be
registered on the Security register upon surrender of this Note for registration of transfer at the office or agency of the Company maintained for that purpose in any place where the principal of and interest on this Note are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 A-3 

 The Notes are issuable only in registered form in the denominations of $25.00 or any integral
multiple thereof. As provided in the Indenture and subject to certain limitations set forth in the Indenture, and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this series in different authorized
denominations, as requested by the Holders surrendering the same. 
 No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the Notes (subject to
certain exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee money or U.S. Government Obligations, or a
combination thereof, in an amount sufficient, without consideration of any reinvestment, to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully provided in the Indenture.

 This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or
instruments entered into and, in each case, performed in said State. 
 All terms used in this Note without definition that are defined in
the Indenture shall have the meanings assigned to them in the Indenture. 
 [Remainder of Page Intentionally Left Blank] 

  
 A-4 

 IN WITNESS WHEREOF, the Company has caused this Note to be to be duly executed as of the date set
forth below. 
  

			
	SCORPIO BULKERS INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to     % Senior Note due
                    ] 

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated:             , 2014 

 

			
	                                    
    , as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [Certificate of Authentication to     % Senior Note due
                    ] 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING
POSTAL ZIP CODE OF ASSIGNEE 
  

	
	  

	  

	  

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said
Security on the books of the Company, with full power of substitution in the premises. 
  

			
	Dated:	 	  

		
	Signature:	 	  

  

			
	NOTICE:	  	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 Signature Guarantee: 

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 FORM OF PURCHASE NOTICE 

If you want to elect to have this Note purchased by the Company pursuant to Section 5.01 of the First Supplemental Indenture, check the
box: 
  
  ̈ 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 5.01 of the First Supplemental
Indenture, state the amount in principal amount: $         
  

									
	Dated:	 	  
	 		 	Your Signature:	 	  

					
		 		 		 		 	(Sign exactly as your name appears on the other side of this Note.)

  

			
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 Schedule I 

SCHEDULE OF TRANSFERS AND EXCHANGES 

The initial principal amount of this Global Security is $50,000,000 (FIFTY MILLION DOLLARS)]. The following increases or decreases in
principal amount of this Global Security have been made: 
  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Security	  	Amount of
Increase in
Principal Amount
of this Global
Security	  	Principal
Amount of this
Global Security
following such
Decrease or
Increase	  	Signature of
Authorized
Signatory of
trustee or
Custodian
	 Start here
	  		  		  		  	

  
 Sch-1EX-10.14

 Exhibit 10.14 

SHIPBUILDING CONTRACT 

FOR 
 THE CONSTRUCTION
OF 
 ONE (1) 180,000 DWT CLASS BULK CARRIER 

HULL NO. 
 BETWEEN

 [SUBSIDIARY] 

(AS BUYER) 
 AND

 SUNGDONG SHIPBUILDING & MARINE ENGINEERING CO., LTD. 

(AS BUILDER) 

 INDEX 
  

									
	 	 	 	 	 	  	PAGE	 
	 PREAMBLE
	  	 	1	  
				
	 ARTICLE
	 	 I
	 	 : DESCRIPTION AND CLASS
	  	 	2	  
				
		 	 II
	 	 : CONTRACT PRICE
	  	 	5	  
				
		 	 III
	 	 : ADJUSTMENT OF THE CONTRACT PRICE
	  	 	6	  
				
		 	 IV
	 	 : INSPECTION AND APPROVAL
	  	 	9	  
				
		 	 V
	 	 : MODIFICATIONS, CHANGES AND EXTRAS
	  	 	14	  
				
		 	 VI
	 	 : TRIALS AND COMPLETION
	  	 	16	  
				
		 	 VII
	 	 : DELIVERY
	  	 	20	  
				
		 	 VIII
	 	 : DELAYS AND EXTENSIONS OF TIME FOR DELIVERY
	  	 	23	  
		 		 	  (FORCE MAJEURE)	  			
				
		 	 IX
	 	 : WARRANTY OF QUALITY
	  	 	25	  
				
		 	 X
	 	 : PAYMENT
	  	 	28	  
				
		 	 XI
	 	 : BUYER’S AND BUILDER’S DEFAULT
	  	 	32	  
				
		 	 XII
	 	 : BUYER’S SUPPLIES
	  	 	36	  
				
		 	 XIII
	 	 : DISPUTES AND ARBITRATION
	  	 	38	  
				
		 	 XIV
	 	 : SUCCESSORS AND ASSIGNS
	  	 	40	  
				
		 	 XV
	 	 : INSURANCE
	  	 	41	  
				
		 	 XVI
	 	 : TAXES AND DUTIES
	  	 	43	  
				
		 	 XVII
	 	 : PATENTS, TRADEMARKS AND COPYRIGHTS
	  	 	44	  
				
		 	 XVIII
	 	 : LANGUAGE AND GOVERNING LAW
	  	 	45	  
				
		 	 XIX
	 	 : NOTICE
	  	 	46	  
				
		 	 XX
	 	 : EXCLUSIVENESS
	  	 	47	  
				
		 	 XXI
	 	 : EFFECTIVENESS
	  	 	48	  

  

			
	 ATTACHEMENTS

		
	 EXHIBIT “A”
	  	 REFUND GUARANTEE

		
	 EXHIBIT “B”
	  	 PERFORMANCE GUARANTEE

 LIST OF DEFINED TERMS 
  

			
	 DEFINED TERMS
	  	 DEFINED AT:

	CONTRACT	  	 PREAMBLE

	BUYER	  	 PREAMBLE

	BUILDER	  	 PREAMBLE

	VESSEL	  	 PREAMBLE

	SHIPYARD	  	 PREAMBLE

	SPECS	  	 ARTICLE I.1.

	PLAN	  	 ARTICLE I.1.

	SPECIFICATIONS	  	 ARTICLE I.1

	CLASSIFICATION SOCIETY	  	 ARTICLE I. 4. (a)

	CONTRACT PRICE	  	 ARTICLE II.

	BUYER’S REPRESENTATIVE	  	 ARTICLE IV.1. (a)

	OUTER SHIPYARD	  	 ARTICLE IV.1. (b)

	DRAWINGS	  	 ARTICLE IV.3. (a)

	DELIVERY DATE	  	 ARTICLE VII.1

	GUARANTEE PERIOD	  	 ARTICLE IX. 1

	BUSINESS DAY	  	 ARTICLE X. 2. (a). (i)

	DUE DATE	  	 ARTICLE X. 2. (a). (v)

	BUILDER’S BANK	  	 ARTICLE X. 4. (a). (i)

	REFUND GUARANTEE	  	 ARTICLE X. 8. (a)

	PERFORMANCE GUARANTEE	  	 ARTICLE X. 9

	BUYER’S SUPPLIES	  	 ARTICLE XII. 1. (a)

	NOTICE	  	 ARTICLE XIX. 1

 SHIPBUILDING CONTRACT 

THIS SHIPBUILDING CONTRACT (hereinafter called the “CONTRACT”), made and entered into on this     day
of            ,         by and between
                    , a corporation incorporated and existing under the laws
of                    with its registered office
at                    (hereinafter called the “BUYER”), the party of the first part, and Sungdong Shipbuilding & Marine
Engineering Co., Ltd., a company organized and existing under the laws of the Republic of Korea, having its principal office at 1609-2, Hwang-li, Gwangdo-myeon, Tongyoung-si, Gyeongnam, Korea (hereinafter called the “BUILDER”), the
party of the second part. 
 WHEREAS: 
 By a Letter of
intent dated    day of            , the BUYER and the BUILDER agreed to enter into this CONTRACT. 

W I T N E S S E T H: 
 In consideration of the mutual
covenants contained herein, the BUILDER agrees to design, build, launch, equip and complete one (1) 180,000 DWT class Bulk Carrier as described in ARTICLE I hereof (hereinafter called the “VESSEL”) at the BUILDER’s
shipyard in Korea being Tongyoung, South Korea (hereinafter called the “SHIPYARD”) and to sell and deliver the VESSEL to the BUYER, and the BUYER agrees to purchase and accept delivery of the VESSEL from the BUILDER, according to
the terms and conditions set forth in this CONTRACT. 
 (End of Preamble) 

  
 1/58 

 ARTICLE I. DESCRIPTION AND CLASS 
  

	1.	DESCRIPTION 

 The VESSEL shall have the BUILDER’s Hull
No.      and shall be designed, constructed, equipped and completed in accordance with the specifications No.      , the memorandum of discussion No.      for which as of the
date of this CONTRACT the extra cost is not included in the CONTRACT PRICE and makers list No.      signed by both parties hereto (the specifications, memorandum of discussion and the makers list are hereinafter called the
“SPECS”) and the general arrangement plan No.      (             attached to the SPECS and signed by both parties hereto (hereinafter called the
“PLAN”), both of which shall constitute an integral part of this CONTRACT although not attached hereto. 
 The SPECS and the
PLAN are intended to explain each other and anything shown on the PLAN and not stipulated in the SPECS or anything stipulated in the SPECS and not shown on the PLAN shall be deemed and considered as if included in both. Should there be any of
inconsistencies or contradictions between the SPECS and the PLAN, the SPECS shall prevail (both of the SPECS and the PLAN hereinafter called the “SPECIFICATIONS”). Should there be any inconsistencies or contradictions between this
CONTRACT and the SPECIFICATIONS, this CONTRACT shall prevail. 
  

	2.	BASIC DIMENSIONS AND PRINCIPAL PARTICULARS OF THE VESSEL 

  

	 	(a)	The basic dimensions and principal particulars of the VESSEL shall be: 

  

					
	Length, overall	    	About	  	292 m
			
	Length, between perpendiculars	    		  	283.5 m
			
	Breadth, moulded	    		  	45 m
			
	Depth to Upper Deck	    		  	24.8 m
			
	Design draft, moulded, in seawater of specific gravity of 1.025	    		  	16.5 m
			
	Scantling draft, moulded, in seawater of specific gravity of 1.025	    		  	18.3 m
			
	Deadweight on the above moulded scantling draft of 18.3 m	    	About	  	180,000 M/T
		
	Main propulsion engine	    	 One(1), MAN B&W 6G70ME-C9.2

Tier II with part Load EGB Tuning
 MCR: 15,478kW x 72.6rpm

NCR: 12,110kW x 66.9rpm

  
 2/58 

					
	Guaranteed speed at 16.5 meters design draft at the condition of clean bottom and in calm and deep sea with main engine developing a NCR of 12,110kW with fifteen percent (15%) sea margin	    	 14.5 Knots
 (Guaranteed
speed)

		
	Specific fuel consumption of the main engine applying I.S.O. reference conditions to the result of official shop test at a MCR of 15,478 kW using marine diesel oil having lower calorific value of 10,200 kcal per kg.	    	 162.8 gr/kW.HR
 (Guaranteed fuel
consumption)

 The details of the above particulars as well as the definitions and method of measurements and calculations
are as indicated in the SPECIFICATIONS. 
  

	 	(b)	The dimensions may be slightly modified by the BUILDER, who also reserves the right to make changes to the SPECIFICATIONS if found necessary to suit the local conditions and facilities of the SHIPYARD, the availability
of materials and equipment, the introduction of improved production methods or otherwise, subject to the approval of the BUYER which the BUYER shall not unreasonably withhold. 

 

	3.	CLASSIFICATION, RULES AND REGULATIONS 

  

	 	(a)	The VESSEL shall be; (i) designed, built, tested and surveyed in compliance with the rules and regulations of Lloyd’s Register and Korean Register of Shipping (hereinafter called the “CLASSIFICATION
SOCIETY”) which are in force as of the date of signing of this CONTRACT and (ii) classed and registered as LR, “+100A1 Bulk Carrier, CSR, BC-A, {Hold nos. 2, 4 and 6 may be empty}, GRAB[25], ESP, LI,*IWS, ShipRight(CM, ACS(B)),
CG, ECO, +LMC, UMS with the descriptive notes ShipRight(BWT, IHM, BWMP(S), SERS, SCM)” and KR, “+KRS1 - Bulk Carrier ESP, CSR, BC-A(Holds 2, 4 & 6 may be empty), GRAB(25), SeaTrust(HCM), IWS, ENV(IBWM, IAFS, IOPP, IAPP, ISPP, IGPP),
PSPC, CHA, LI, +KRM1, UMA, STCM” and also (iii) in compliance with the rules and regulations of the other regulatory bodies which are in force as of the date of signing of this CONTRACT or are announced and come into effect before the Keel
Laying date as described in the SPECIFICATIONS and/or in either case which are to be effective on or before delivery of the Vessel. BUILDER undertakes that it is a condition of this CONTRACT that the Keel Laying occurs prior to
                . 

  

	 	(b)	The BUILDER shall arrange with the CLASSIFICATION SOCIETY for the assignment by the CLASSIFICATION SOCIETY of its representative(s) to the VESSEL during construction. All fees and charges incidental to classification of
the VESSEL in compliance with the above specified rules and regulations as well as royalties, if any, payable on account of the construction of the VESSEL shall be borne by the BUILDER unless otherwise expressly agreed upon between the parties
hereto. 

  

	 	(c)	The decision of the CLASSIFICATION SOCIETY as to whether the VESSEL complies with the rules and regulations of the CLASSIFICATION SOCIETY shall be final and binding upon the BUILDER and the BUYER. 

  
 3/58 

	4.	SUBCONTRACTING 

 The BUILDER may sub-contract any item and/or equipment for design and/or
construction, if the BUILDER deems that sub-contracting is necessary for the normal operation of the SHIPYARD provided always that any major sub-contract award (for the purpose of this CONTRACT a major subcontract award shall mean an award involving
consideration in excess of USD One (1) Million or its equivalent in any other currency) are subject to the BUYER’s prior written approval, and such approval shall not be unreasonably withheld by the BUYER. It is agreed that the engine room
and stern sections of A216P/S, A210P/S, A217C, A111C as defined in Exhibit C, shall be fabricated at the SHIPYARD. The construction works for the bow block shall be carried out in Korea with the BUYER’s prior consent and such consent shall not
be unreasonably withheld, and that the VESSEL under construction shall always remain at the SHIPYARD unless BUYER and BUILDER agree otherwise. 

It is a condition of any subcontracting that the BUILDER shall always remain responsible for all subcontracted works and the quality and/or
performance of the item and/or equipment according to the CONTRACT. If requested by the BUYER, the BUILDER shall provide the BUYER with the relevant information about the sub-contractor(s) nominated by the BUILDER together with the scope of the
sub-contracting within reasonable time prior to the appointment of any such sub-contractor(s), for the BUYER’s review. Any sub-contractor appointed by the BUILDER shall be based in the Republic of Korea, and any such item(s) so subcontracted
shall be designed and/or constructed in the Republic of Korea. 
  

	5.	VESSEL REGISTRATION 

 The VESSEL shall be registered in the registry of Marshall Islands
by the BUYER at BUYER’s own costs and expenses under the laws of Marshall Islands with its home port of Majuro at the time of its delivery and acceptance as evidenced by a protocol of delivery and acceptance signed by the BUYER and the BUILDER
hereunder. 
 (End of ARTICLE I) 

  
 4/58 

 ARTICLE II. CONTRACT PRICE 

The contract price of the VESSEL delivered to the BUYER at the SHIPYARD shall be United States Dollars        only
(US$        .    ) (hereinafter called the “CONTRACT PRICE”) which shall be paid in accordance with ARTICLE X plus any increase or less any decrease due to adjustments or
modifications, if any, as set forth in this CONTRACT. The above CONTRACT PRICE shall include payment for services in the inspection, tests, survey and classification of the VESSEL which will be rendered by the CLASSIFICATION SOCIETY and shall not
include the cost of the BUYER’S SUPPLIES as stipulated in ARTICLE XII. 
 The CONTRACT PRICE also includes all costs and expenses for all necessary
DRAWINGS as stipulated in the SPECIFICATIONS except those to be furnished by the BUYER for the VESSEL in accordance with the SPECIFICATIONS. 
 (End of
ARTICLE II) 

  
 5/58 

 ARTICLE III. ADJUSTMENT OF THE CONTRACT PRICE 

The CONTRACT PRICE shall be adjusted as hereinafter set forth in the event of the following contingencies. The adjustment of CONTRACT PRICE shall be made by
way of addition to or subtraction from the CONTRACT PRICE upon delivery of the VESSEL. It is hereby understood by both parties hereto that any downward adjustment of the CONTRACT PRICE as provided in this ARTICLE is by way of liquidated damages and
not by way of penalty. 
  

	1.	DELAYED DELIVERY 

  

	 	(a)	The CONTRACT PRICE shall not be affected or changed by reason of delayed delivery for the first thirty (30) days of the delay in delivery of the VESSEL beyond the DELIVERY DATE ascertained as per ARTICLE VII.1. The
period of the first thirty (30) days shall end as of 12 o’clock midnight Korean Standard Time on the thirtieth (30th) day of delay. 

  

	 	(b)	If delivery of the VESSEL is delayed more than thirty (30) days beyond the DELIVERY DATE, beginning at midnight of the thirtieth (30th) day after such DELIVERY DATE, the CONTRACT PRICE of the VESSEL shall be
reduced by U.S. Dollars         (US$        .    ) for each full day of delay after the first thirty (30) days of the delay in delivery of the
VESSEL. 

 However, unless the parties hereto agree otherwise, the total amount of deduction from the CONTRACT PRICE shall not
exceed the amount covering the delay of one hundred and eighty (180) days counted after the first thirty (30) days of the delay in delivery of the VESSEL, that is U.S.
Dollars        (US$        .    ). 
  

	 	(c)	If the delay in delivery of the VESSEL continues for a period of more than two hundred and ten (210) days beyond the DELIVERY DATE, after such period has expired, the BUYER may, at its option, terminate this
CONTRACT by serving upon the BUILDER a NOTICE of termination directed to the BUILDER. Such termination shall be effective as of the date the NOTICE is received by the BUILDER. If the BUYER has not served the NOTICE of termination after the
aforementioned two hundred and ten (210) days’ delay in delivery, the BUILDER may demand the BUYER to make an election in accordance with ARTICLE VIII.3.(b). 

 

	 	(d)	For the purpose of this ARTICLE, the delivery of the VESSEL shall be deemed to be delayed when and if the VESSEL, after taking into full account postponements of the DELIVERY DATE by reason of all permissible delays as
provided in ARTICLES V, VI, VIII, XI, is delivered beyond the date upon which delivery would then be due under the terms of this CONTRACT. 

  

	 	(e)	In any event the BUYER will receive the reduction in the CONTRACT PRICE attributable to the delay that has already accrued and if the BUILDER fails to deliver by the reset delivery date the BUYER will be entitled to
further liquidated damages in accordance with this Paragraph 1. 

  

	2.	INSUFFICIENT SPEED 

  

	 	(a)	The CONTRACT PRICE shall not be affected or changed by reason of insufficient speed if the actual speed determined by trial runs as more fully described in ARTICLE VI is not, up to the maximum deficiency of three-tenths
(3/10) of a knot, slower than the Guaranteed trial speed required under the terms of this CONTRACT and the SPECIFICATIONS. 

  
 6/58 

	 	(b)	For the deficiency exceeding three-tenths (3/10) of a knot in actual speed below the Guaranteed trial speed under this CONTRACT, the CONTRACT PRICE shall be reduced by U.S. Dollars
(US$        ) for the initial full one-tenth (1/10) in excess of the said three-tenths (3/10) and
thereafter            (US$        .    ) per each full one-tenth (1/10) of a knot in excess of four-tenths (4/10) of a
knot of deficiency in speed (fractions of less than one-tenth (1/10) of a knot shall be disregarded), provided that, unless the parties hereto agree otherwise, the total amount of reduction from the CONTRACT PRICE due to insufficient speed
shall not exceed the amount covering the deficiency of one (1) full knot below the guaranteed speed. 

  

	 	(c)	If the deficiency in actual speed of the VESSEL is exceeding one (1) full knot below the speed guaranteed under this CONTRACT, the BUYER, subject to the BUILDER’s right to effect corrections as provided in
ARTICLE VI.6 (c) and (d), may reject the VESSEL and terminate this CONTRACT or accept the VESSEL at a reduction in the CONTRACT PRICE in the amount equal to covering the deficiency of seven-tenths (7/10) of a knot only counted over the
first three-tenths (3/10) a knot below the Guaranteed trial speed only. 

  

	3.	EXCESSIVE FUEL CONSUMPTION 

  

	 	(a)	The CONTRACT PRICE shall not be affected or changed by reason of excessive fuel consumption of the VESSEL’s main engine if such excess, determined by the engine manufacturer’s shop trial as per the
SPECIFICATIONS, is not exceeding five per cent (5%) of the Guaranteed fuel consumption of the VESSEL’s main engine. 

  

	 	(b)	For the excess of more than five per cent (5%) in the actual fuel consumption of the Guaranteed fuel consumption of the VESSEL’s main engine, the CONTRACT PRICE shall be reduced by U.S.
(US$        .    ) per each full one per cent (1%) increase in fuel consumption in excess of the said five per cent (5%) increase in fuel consumption (fractions of less than one
per cent (1%) shall be prorated), provided that, unless the parties hereto agree otherwise, the total amount of reduction from the CONTRACT PRICE due to excessive fuel consumption shall not exceed the amount covering the excess of ten per cent
(10%) of the Guaranteed fuel consumption of the VESSEL’s main engine. 

  

	 	(c)	If actual fuel consumption exceeds the Guaranteed fuel consumption of the VESSEL’s main engine by more than ten per cent (10%), the BUYER, subject to the BUILDER’s right to effect corrections as specified in
ARTICLE VI.4, may reject the VESSEL and terminate this CONTRACT or accept the VESSEL at a reduction in the CONTRACT PRICE in the amount equal to covering five per cent (5%) excessive fuel consumption only counted over the first exceeding five
per cent (5%) of the Guaranteed fuel consumption only. 

  

	4.	DEADWEIGHT BELOW CONTRACT REQUIREMENTS 

  

	 	(a)	The CONTRACT PRICE shall not be affected or changed by reason of the deficiency of the deadweight if actual deadweight, determined as provided in this CONTRACT and the SPECIFICATIONS, is below the deadweight of One
Hundred Eighty Thousand (180,000) metric tons on the moulded scantling draft of 18.3 metres required by this CONTRACT and the SPECIFICATIONS by an amount of One Thousand and Eight Hundred metric tons or less. 

  
 7/58 

	 	(b)	For the deficiency in the actual deadweight of the VESSEL exceeding 1% (1,800) metric tons below the said required deadweight, the CONTRACT PRICE of the VESSEL shall be reduced by the sum of U.S.
Dollars        (US$        .    ) for each full one (1) metric ton of decreased deadweight in excess of One Thousand and Eight Hundred
(1,800) metric tons (fractions of less than one (1) metric ton shall be disregarded), provided that, unless the parties hereto agree otherwise, the total amount of deduction from the CONTRACT PRICE due to deficiency of deadweight shall not
exceed the amount covering the deficiency of Three Thousand and Six Hundred (3,600) metric tons below the said required deadweight. 

  

	 	(c)	If the deficiency in the deadweight of the VESSEL is more than Three Thousand and Six Hundred (3,600) metric tons below the said required deadweight, the BUYER, subject to the BUILDER’s right to effect
corrections without the BUYER’s prior consent as specified in ARTICLE VI.6, may reject the VESSEL and terminate this CONTRACT or accept the VESSEL at a reduction in the CONTRACT PRICE equal to the amount covering One Thousand and Eight Hundred
(1,800) metric tons of deficiency only counted over the first One Thousand and Eight Hundred (1,800) metric tons of deficiency below the required deadweight, being the maximum amount of U.S.
Dollars        (US$        .    ). 

  

	5.	ADJUSTMENT OF THE BASIC DIMENSIONS AND PRINCIPAL PARTICULARS 

 In the event that any of
the basic dimensions or principal particulars specified in ARTICLE I are modified pursuant to ARTICLE V, the liquidated damages payable hereunder in relation to such specified dimensions and particulars shall be calculated by mutual agreement and by
reference to the adjusted dimensions and particulars. 
  

	6.	CONCLUSIVE PECUNIARY COMPENSATION 

 The liquidated damages hereunder shall be the
conclusive pecuniary compensation recoverable in connection with each particular event herein and BUILDER shall not be liable for any additional compensation claimed by BUYER in relation to such particular event and its consequential events. 

 

	7.	EFFECT OF TERMINATION 

 It is expressly understood and agreed upon by the parties hereto
that in any case, if the BUYER terminates this CONTRACT in accordance with this ARTICLE, the BUYER shall not save its rights and remedy set out in Article XI hereof be entitled to any liquidated damages. 

(End of ARTICLE III) 

  
 8/58 

 ARTICLE IV. INSPECTION AND APPROVAL 

 

	1.	APPOINTMENT OF BUYER’S REPRESENTATIVE 

  

	 	(a)	The BUYER shall timely dispatch to and maintain at the SHIPYARD, at its own cost, expense and risk, one or more representatives (hereinafter called the “BUYER’S REPRESENTATIVE”) who shall be duly
authorized in writing by the BUYER to act on behalf of the BUYER to supervise adequately the construction of the VESSEL. 

Upon appointment of the BUYER’S REPRESENTATIVE, the BUYER shall give NOTICE to the BUILDER of the name and the scope of the authority of
the BUYER’S REPRESENTATIVE, such as adjustment of the CONTRACT PRICE, modifications of the SPECIFICATIONS, approval of the DRAWINGS, attendance to the tests and inspections relating to the VESSEL, her machinery, equipments and outfit and any
other matters for which they are specifically authorized by the BUYER. 
  

	2.	AUTHORITY OF THE BUYER’S REPRESENTATIVE 

  

	 	(a)	According to the BUYER’s written authorization, the BUYER’S REPRESENTATIVE may, at all times during working hours of the construction until delivery of the VESSEL, have the right to inspect the VESSEL, all
tests according to the agreed test list, her equipment and all outfits, and work in progress, or materials utilized in connection with the construction of the VESSEL, wherever such work is being done or such materials are stored, for the purpose of
determining that the VESSEL, her equipment and outfits are being constructed in accordance with the terms of this CONTRACT and the SPECIFICATIONS. 

  

	 	(b)	The BUILDER will endeavor to arrange for the inspection by the BUYER’S REPRESENTATIVE during working hours of the BUILDER. However, such inspection may be arranged beyond the BUILDER’s normal working hours,
including weekend and holiday if this is considered necessary by the BUILDER in order to meet the BUILDER’s construction schedule, on the condition that the BUILDER will inform the BUYER’S REPRESENTATIVE at least three (3) days in
advance of such inspection, but in any case always to act proactively and give more advance notice when possible. 

  

	 	(c)	The BUYER’S REPRESENTATIVE shall be entitled to as well as obliged to make decisions or give approvals to the BUILDER on behalf of the BUYER promptly on all problems arising out of, or in connection with, the
construction of the VESSEL and shall generally act in a reasonable manner with a view to cooperating in accordance with usual good shipbuilding practice with the BUILDER in the construction process of the VESSEL. Any decision or approval of the
BUYER’S REPRESENTATIVE shall be deemed to have been given by the BUYER and once given shall not be withdrawn, revoked or modified without consent of the BUILDER. As far as the BUYER’S REPRESENTATIVE or his assistants comply with the
foregoing obligations, no act or omission of the BUYER’S REPRESENTATIVE or his assistants shall, in any way, diminish the liability of the BUILDER under ARTICLE IX. The BUYER’S REPRESENTATIVE shall give NOTICE to the BUILDER promptly in
writing of his discovery of any construction or materials, which he believes do not or will not conform to the requirements of the CONTRACT or the SPECIFICATIONS and likewise consult with the BUILDER on all matters pertaining to the construction of
the VESSEL, as may be required by the BUILDER, or as he may deem necessary, without limiting the BUILDER’s responsibility for construction of the VESSEL. 

  
 9/58 

	 	(d)	The BUYER shall undertake to ensure that the BUYER’S REPRESENTATIVES carry out their duties hereunder in accordance with the normal shipbuilding practice of the BUILDER and in such a way as to avoid any unnecessary
increase in building cost and delay in the construction of the VESSEL. 

  

	 	(e)	The BUILDER shall comply with any demand of the BUYER’S REPRESENTATIVE in accordance with this CONTRACT and the SPECIFICATIONS with regard to construction, arrangement and outfit of the VESSEL, provided that any
and all such demands shall be submitted in writing to the authorised representative of the BUILDER. The BUILDER shall give NOTICE to the BUYER’S REPRESENTATIVE of the names of the persons who are from time to time authorised by the BUILDER for
this purpose. 

 It is agreed upon between the BUYER and the BUILDER that the modifications, alterations or changes and other
measures necessary to comply with such demand may be effected at a convenient time and place at the BUILDER’s reasonable discretion in view of the construction schedule of the VESSEL. 

 

	 	(f)	If the BUYER’S REPRESENTATIVE discovers any construction, material or workmanship which is not deemed to conform to the requirements of this CONTRACT and the SPECIFICATIONS, the BUYER’S REPRESENTATIVE shall
promptly give the BUILDER a NOTICE in writing that such alleged non-conformity exists. Upon receipt of such NOTICE from the BUYER’S REPRESENTATIVE, the BUILDER shall correct such non-conformity, if the BUILDER agrees to his view. Any
disagreement shall be resolved in accordance with ARTICLE XIII. 

  

	 	(g)	If the CLASSFICATION SOCIETY or the arbitrator enters a determination in favour of the BUYER, then in such case the BUILDER shall correct such non-conformity, or if such corrections cannot be made in time to meet the
construction schedule for the VESSEL the BUILDER shall make fair and reasonable adjustment of the CONTRACT PRICE in lieu of such corrections. If the CLASSFICATION SOCIETY or the arbitrator enters a determination in favour of the BUILDER, then the
time for delivery of the VESSEL shall be postponed for the period of delay in construction, if any, occasioned by such proceedings, and the BUYER shall compensate the BUILDER for the proven losses and damages incurred by the BUILDER as a result of
the dispute herein referred to and in case of dispute the CLASSFICATION SOCIETY or arbitrator shall decide the amount and fairness of such compensation. 

  

	3.	APPROVAL OF DRAWINGS 

  

	 	(a)	The BUILDER shall submit to the BUYER three (3) copies of each of the detailed plans and drawings prepared for the VESSEL in accordance with this CONTRACT and the SPECIFICATIONS (in this contract called the
“DRAWINGS”) for its approval at its address as set forth in ARTICLE XIX. The BUYER shall, within twenty one (21) days after receipt thereof return to the BUILDER one (1) copy of such DRAWINGS with the approval or comments,
if any, of the BUYER. A list of the DRAWINGS to be so submitted to the BUYER shall be mutually agreed upon between the parties hereto. 

  
 10/58 

	 	(b)	When and if the BUYER’S REPRESENTATIVE shall have been sent by the BUYER to the SHIPYARD and, if applicable, to the OUTER SHIPYARD in accordance with Paragraph 1 above, the BUILDER may submit the remainder, if any,
of the DRAWINGS in the agreed list, to the BUYER’S REPRESENTATIVE for his approval, unless otherwise agreed upon between the parties hereto. 

The BUYER’S REPRESENTATIVE shall, within ten (10) days after receipt thereof, return to the BUILDER one (1) copy of such
DRAWINGS with his approval or comments, if any, written thereon. 
 Approval by the BUYER’S REPRESENTATIVE of the DRAWINGS duly
submitted to him under (a) and (b) above shall be deemed to be the approval by the BUYER for all purposes of this CONTRACT 
  

	 	(c)	In the event that the BUYER or the BUYER’S REPRESENTATIVE shall fail to return the DRAWINGS to the BUILDER within the time limit as provided above, such DRAWINGS shall be deemed to have been automatically approved
without any comment. In the event the DRAWINGS submitted by the BUILDER to the BUYER or the BUYER’S REPRESENTATIVE in accordance with this ARTICLE do not obtain the BUYER’s or the BUYER’S REPRESENTATIVE’s approval, the matter may
be submitted by either party hereto for determination pursuant to ARTICLE XIII. If the BUYER’s comments on the DRAWINGS that are returned to the BUILDER by the BUYER within the said time limit are not clearly specified or detailed, the BUILDER
shall be entitled to place its own interpretation on such comments in implementing them. 

  

	4.	SALARIES AND EXPENSES 

 All salaries and expenses of the BUYER’S REPRESENTATIVE, his
assistants or any other person or persons employed by the BUYER hereunder shall be for the BUYER’s account. 
  

	5.	RESPONSIBILITY OF BUILDER 

  

	 	(a)	The BUILDER shall provide, according to BUILDER’s practice, the BUYER’S REPRESENTATIVE and his assistants free of charge with suitably furnished and air-conditioned office space at, or in the immediate
vicinity of, the SHIPYARD together with access to internal and external telephone and facsimile facilities, computer outlet and internet connection and international lines for telefaxes as may be necessary to enable the BUYER’S REPRESENTATIVE
and his assistants to carry out their work under this CONTRACT. However, the BUYER shall pay the bills for telephone and facsimile facilities as well as for the computer outlet and internet connection used by the BUYER’S REPRESENTATIVE or his
assistants. 

 The BUILDER, its employees, agents and subcontractors, during its working hours until delivery of the VESSEL
within the shipbuilding practices of the BUILDER, shall arrange for them to have free and ready access to the VESSEL, her equipment and outfits, and to any other place, except the areas controlled for the purpose of national security, where work is
being done, or materials are being processed or stored in connection with the construction of the VESSEL including the premises of the BUILDER’s sub-contractors or suppliers. 

  
 11/58 

	 	(b)	The BUYER’S REPRESENTATIVE and his assistants shall at all times remain the employees of the BUYER and not of the BUILDER. The BUILDER shall not be liable to the BUYER or the BUYER’S REPRESENTATIVE or to his
assistants or to the BUYER’s employees or agents for personal injuries or death whether or not suffered during the time when he or they are on the VESSEL, or within the premises of either the BUILDER or its sub-contractors, or are otherwise
engaged in and about the construction of the VESSEL, unless such personal injuries or death, are caused by the willful acts or gross negligence of the BUILDER, its sub-contractors, or its or their employees or agents. The BUILDER shall not be liable
to the BUYER for damages to, or destruction of property of the BUYER or of the BUYER’S REPRESENTATIVE or his assistants or the BUYER’s employees or agents, unless such damages, loss or destruction is caused by the willful acts or gross
negligence of the BUILDER, its sub-contractors, or its or their assistants, employees or agents. 

  

	6.	RESPONSIBILITY OF BUYER 

  

	 	(a)	The BUYER shall undertake and assure that the BUYER’S REPRESENTATIVE and his assistants shall carry out their duties hereunder in accordance with the normal shipbuilding practice of the BUILDER and in such a way as
to avoid any unnecessary increase in building cost, delay in the construction of the VESSEL, and any disturbance in the construction schedule of the BUILDER. 

The BUYER’S REPRESENTATIVE and his assistants or employees shall observe the work’s rules, regulations and the guidance prevailing at
the SHIPYARD and the BUILDER’s and its sub-contractor’s other premises. The BUILDER shall promptly provide or shall ensure that its sub-contractors promptly provide to the BUYER’S REPRESENTATIVE and his assistants of all information
such as work’s rules, regulations and the guidance prevailing at the BUILDER’s and its sub-contractor’s other premises as he or they may reasonably request. Nothing in this paragraph shall unreasonably restrict the BUYER’S
REPRESENTATIVE from carrying out his duties. 
  

	 	7.	LIABILITY OF THE BUYER 

 The BUYER shall be under no liability whatsoever to the BUILDER,
or to the BUILDER’s employees, agents, subcontractors or suppliers for personal injuries, including death, during the time when they, or any of them, are on the VESSEL, or within the premises of either the BUILDER or its subcontractors or
suppliers, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by wilful acts or gross negligence by the BUYER or the BUYER’S REPRESENTATIVES. Nor shall the
BUYER be under any liability whatsoever to the BUILDER for damage to, or loss or destruction of property in Korea of the BUILDER, or of the BUILDER’s employees, agents, subcontractors or suppliers unless such damage, loss or destruction was
caused by the wilful acts or gross negligence of the BUYER or the BUYER’S REPRESENTATIVES. 
  

	 	8.	QUALIFICATION OF BUYER’S REPRESENTATIVE 

  

	 	(a)	The BUYER and the BUILDER agree that it is of the utmost importance to create and maintain the smoothest possible cooperation between the BUYER’S REPRESENTATIVE and the BUILDER, and both parties undertake to do
their utmost to solve any differences of opinion between the BUYER’S REPRESENTATIVE and the BUILDER in an amicable way. 

  
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	 	(b)	If, however, despite the BUILDER’s efforts under paragraph 7(a) above, BUYER’S REPRESENTATIVE or his assistants persistently and unduly obstructs the normal or orderly procedure of the construction by the
BUILDER, the BUILDER may request the BUYER by written notice, specifying in detail the nature of the problem, to replace that BUYER’S REPRESENTATIVE or his assistants. After receipt of said notice the BUYER shall replace that BUYER’S
REPRESENTATIVE or his assistants as promptly as reasonably practicable, if the BUYER determines in its reasonable discretion that the BUILDER’s request is justified 

(End of ARTICLE IV) 

  
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 ARTICLE V. MODIFICATIONS, CHANGES AND EXTRAS 

 

	1.	HOW EFFECTED 

  

	 	(a)	Minor modifications or changes to the SPECIFICATIONS under which the VESSEL is to be constructed may be made at any time hereafter by written agreement between the parties hereto. Any modification or change requested by
the BUYER which does not affect the frame-work of the SPECIFICATIONS shall be agreed to by the BUILDER if the BUYER agrees to adjustment of the CONTRACT PRICE, the DELIVERY DATE, speed requirements, deadweight and/or cubic capacity, and other terms
and conditions of this CONTRACT reasonably required as a result of such modification or change. The BUILDER has the right to continue construction of the VESSEL in compliance with the SPECIFICATIONS until the BUYER has agreed to such adjustments.
The BUILDER shall be entitled to refuse to make any alteration, change or modification of the SPECIFICATIONS requested by the BUYER, if the BUYER does not agree to the aforesaid adjustments within seven (7) days of the BUILDER’s
notification of the same to the BUYER, or, if, in the BUILDER’s judgement, the compliance with such request of the BUYER would cause an unreasonable disruption of the normal working schedule of the SHIPYARD. 

The BUILDER agrees to exert its efforts to accommodate such reasonable request by the BUYER so that the said change and modification shall be
made at a reasonable cost and within the shortest period of time reasonably possible. The agreement to modify and change the SPECIFICATIONS may be effected by exchange of letters duly signed by the authorised representatives of the parties hereto or
facsimiles manifesting the agreement. 
  

	 	(b)	The letters and facsimiles exchanged by the parties hereto pursuant to the foregoing shall constitute an amendment to this CONTRACT and the SPECIFICATIONS under which the VESSEL shall be built. Upon consummation of such
an agreement to modify and change this CONTRACT and the SPECIFICATIONS, the BUILDER shall alter the construction of the VESSEL in accordance therewith including any addition to, or deduction from, the work to be performed in connection with such
construction. 

  

	2.	SUBSTITUTION OF MATERIAL 

 If any materials, machinery or equipment required by the
SPECIFICATIONS or otherwise under this CONTRACT for the construction of the VESSEL cannot be procured in time to meet the BUILDER’s construction schedule for the VESSEL, the BUILDER may supply, subject to the BUYER’s prior approval, other
materials, machinery or equipment of equal quality and effect capable of meeting the requirements of the CLASSIFICATION SOCIETY and the rules, regulations and requirements with which the construction of the VESSEL must comply. The BUILDER shall use
its best efforts to avoid any substitutions and, in any event, no substitutions shall result in any additional costs to the BUYER. 
  

	3.	CHANGES IN RULES AND REGULATIONS 

  

	 	(a)	 If, after the date of execution of this CONTRACT, the specified rules and regulations with which the construction of the VESSEL is required to comply
are altered or changed by the CLASSIFICATION SOCIETY or other regulatory bodies authorised to make such alterations or changes, either the BUYER or the BUILDER, upon receipt of NOTICE thereof or becoming aware of such changes, shall forthwith give
NOTICE thereof to the other party in writing. 

  
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Thereupon, within ten (10) days after giving or receiving the NOTICE, the BUILDER shall give NOTICE to the BUYER specifying (i) the costs and expenses to be reimbursed by the BUYER to
the BUILDER in complying with the altered or changed rules and regulations and (ii) the proposed new Delivery Date, if adjustment of Delivery Date is necessary in complying with the altered or changed rules and regulations. Thereupon, within
ten (10) Business Days after the BUYER’s receipt of such NOTICE from the BUILDER, the BUYER shall give NOTICE to the BUILDER as to the alterations and changes, if any, to be made on the VESSEL which the BUYER, in its sole discretion, shall
decide. The BUILDER shall not be obliged to comply with such alterations or changes if the BUYER fails to give NOTICE to the BUILDER of its decision within the time limit stated above. 

The BUILDER shall comply promptly with the said request of the BUYER on condition that the BUILDER and the BUYER shall first agree to: 

 

	 	(i)	any reasonable increase or decrease in the CONTRACT PRICE that is occasioned by such compliance; 

  

	 	(ii)	any reasonable extension or advancement in the DELIVERY DATE that is occasioned by such compliance; 

  

	 	(iii)	any increase or decrease in the deadweight and/or cubic capacity of the VESSEL, if such compliance results in any increase or reduction in the deadweight and/or cubic capacity; 

 

	 	(iv)	adjustment of the speed requirements if such compliance results in any increase or reduction in the speed; and 

  

	 	(v)	any other alterations in the terms of this CONTRACT and the SPECIFICATIONS, if such compliance makes such alterations of the terms necessary. 

 

	(b)	If the parties are unable to agree any of the above within fourteen (14) days, the parties shall by mutual agreement refer the dispute to a third party expert as may be mutually agreed between the parties hereto
and who shall act as an expert and not as an arbitrator and whose decision shall be final, conclusive and binding on the parties hereto. If the parties are unable to agree on an expert within seven (7) days, the BUILDER shall appoint a
qualified expert subject to the BUYER’s approval and such approval shall not be unreasonably withheld by the BUYER. The appointed expert must make a final, conclusive and binding decision within seven (7) days from his/her appointment. In
the event that the for any reason the technical expert is unable to make a final, conclusive and binding decision in accordance with the foregoing or the event that either party makes an election the matters hereunder shall be referred to
determination in accordance with Article XIII. 

 Any delay in the construction of the VESSEL caused by the Parties in making a
decision or agreement as above shall constitute a permissible delay under this CONTRACT. Such agreement by the BUYER shall be effected in the same manner as provided above for modification and change of the SPECIFICATIONS and the PLAN. 

(End of ARTICLE V) 

  
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 ARTICLE VI. TRIALS AND COMPLETION 

 

	1.	NOTICE 

  

	 	(a)	The BUILDER shall give NOTICE to the BUYER in writing at least twenty five (25) days and fourteen (14) days in advance of the time and place of the trial run of the VESSEL and BUYER shall promptly acknowledge
receipt of such notice. Such NOTICE shall specify the place from which the VESSEL will commence her trial run and date and time upon which the trial run is planned to take place. Such place, date and time shall be further confirmed by the BUILDER
five (5) days in advance of the trial run by NOTICE to the Buyer. On receipt of each of the NOTICEs, the BUYER shall promptly give acknowledgement of receipt of such NOTICEs to the BUILDER by facsimile. 

 

	 	(b)	The BUYER’S REPRESENTATIVE, who is to witness the performance of the VESSEL during such trial run, shall be present at such place on the date and time specified in such NOTICE. Should the BUYER’S
REPRESENTATIVE fail to be present after the BUILDER’s due NOTICE to the BUYER as provided above, such failure shall operate to extend the date for delivery of the VESSEL by the actual period of delay caused by such failure and such delay shall
be deemed as a permissible delay in the delivery of the VESSEL. However, if the start of the Trial Run is delayed by this cause for more than five (5) days, the Buyer shall be deemed to have waived its right to have its representatives on board
the VESSEL at the trial run and the BUILDER shall be entitled to conduct such trial run with the presence of the representative(s) of the CLASSIFICATION SOCIETY only without the BUYER’S REPRESENTATIVE being present. In such case, the BUYER
shall be obliged to accept the VESSEL on the basis of a certificate, issued by the BUILDER which is also signed by the representative(s) of the CLASSIFICATION SOCIETY, verifying that the VESSEL, after the trial run has been found to conform to the
SPECIFICATIONS and this CONTRACT. 

  

	2.	WEATHER CONDITION 

  

	 	(a)	The trial run shall be carried out under the weather conditions which are deemed favourable enough in the reasonable judgement of the BUILDER. In the event of unfavourable weather on the date specified for the trial
run, the trial run shall take place on the first available day thereafter that weather conditions permit. The parties hereto recognise that the weather conditions in Korean waters, in which the trial run is to take place, are such that great changes
in weather may arise momentarily and without warning and, therefore, it is agreed upon that if, during the trial run, the weather should become so unfavourable that orderly conduct of the trial run cannot be continued, then the trial run shall be
discontinued and postponed until the first favourable day next following, unless the BUYER shall assent to the acceptance of the VESSEL by notification in writing on the basis of such trial run so far made prior to such unfavourable change in
weather conditions. 

  

	 	(b)	Any delay of the trial run caused by such unfavourable weather conditions shall postpone the DELIVERY DATE by the period of delay involved and such delay shall be deemed as a permissible delay in the delivery of the
VESSEL. 

  
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	3.	CONSUMABLE STORES 

 The BUILDER shall load the VESSEL with the required quantity of fuel
oil, lubricating oil and greases, fresh water, and other stores necessary to conduct the trial run as set forth in the SPECIFICATIONS. The necessary fresh water and such other ballast as may be required to bring the VESSEL to the trial load draft,
as specified in the SPECIFICATIONS, as well as the fuel oil shall be supplied and paid for by the BUILDER whilst lubricating oil and greases shall be supplied and paid for by the BUYER within the time give NOTICE to by the BUILDER for the conduct of
trial run as well as for use before the delivery of the VESSEL to the BUYER. The fuel oil as well as lubricating oil and greases shall be in accordance with the specifications of the main engine and other machinery. The BUYER may decide and give
NOTICE to the BUILDER of the supplier’s name for lubricating oil and greases before the work-commencement of the VESSEL, provided that the supplier shall be acceptable to the BUILDER and to the makers of all the machinery 

 

	4.	HOW CONDUCTED 

  

	 	(a)	The BUILDER shall be entitled to conduct preliminary trial runs, during which the propulsion plant and its appurtenances shall be adjusted according to the BUILDER’s judgement. The BUILDER shall have the right to
repeat any preliminary trial run whatsoever as it deems necessary. The trial runs shall start when the VESSEL is reasonably completed according to the SPECIFICATIONS to prove the VESSEL’s fulfillment of the performance requirements as set forth
therein. The trial runs shall be conducted in the manner prescribed in this CONTRACT and the SPECIFICATIONS. 

  

	 	(b)	Subject to Paragraph 3 above, all costs and expenses in connection with the trial run of the VESSEL are to be for the account of the BUILDER and the BUILDER shall provide at its own cost and expense the necessary
materials and crew to comply with conditions of safe navigation. 

  

	 	(c)	If, during any trial run, any breakdown occurs entailing interruption or irregular performance which can be repaired on board, the trial run shall be continued after such repairs and shall be valid in all respects.

  

	 	(d)	If, during or after the trial run, it becomes apparent that the VESSEL or any part of her machinery and equipment does not conform to the requirements of this CONTRACT and/or the SPECIFICATIONS, the BUILDER shall
correct or alter such non-conformity and perform such tests and trials as may be deemed necessary until the BUILDER is able to prove conformity of the same in accordance with the requirements of this CONTRACT and the SPECIFICATIONS without extra
cost to the BUYER and without any permissible delay extension of the Delivery Date. Upon receipt from the BUILDER of NOTICE of completion of such corrections or alterations, the BUYER shall attend such further trials or tests as necessary and within
two (2) Business Days shall give NOTICE to the BUILDER in writing whether or not the BUYER deems such non-conformity to have been corrected or altered and proved to meet the requirements of this CONTRACT and the SPECIFICATIONS.

  

	5.	QUALIFIED ACCEPTANCE OR REJECTION 

  

	 	(a)	 As soon as possible following the completion of the trial run of the VESSEL and if the BUILDER considers that the results of the trial run indicates
conformity of the VESSEL to this CONTRACT and the SPECIFICATION, the BUILDER shall deliver to the BUYER a detailed report setting out the results of the trial and an analysis of such results. The BUYER shall within

  
 17/58 

	 	
three (3) Business Days after receipt of such report, give NOTICE to the BUILDER in writing of its qualified acceptance of the VESSEL or of its rejection of the VESSEL with details in
respect of which the VESSEL or any part of equipment thereof does not conform to this CONTRACT and the SPECIFICATIONS. If the BUYER fails to give NOTICE to the BUILDER of its acceptance or rejection of the VESSEL as provided above, the BUYER shall
be deemed to have accepted the VESSEL as complying with the SPECIFICATION. 

  

	 	(b)	Nothing herein shall preclude the BUYER from making a qualified acceptance of the VESSEL with its qualifications and/or remarks on any non-conformity with the CONTRACT following the Trial Run and/or further tests or
trials as aforesaid in which case the BUILDER shall acknowledge such qualifications and remarks on non-conformity before tendering the delivery of the VESSEL and if the BUILDER is in agreement with the BUYER’s determination as to
non-conformity, the BUILDER shall make alterations or changes as may be necessary to correct such non-conformity before tendering delivery of the VESSEL to the BUYER. 

 

	 	(c)	In any case, the BUYER shall not unreasonably reject the VESSEL because of minor non-conformities, as determined by the BUYER, and provided always that such minor non-conformities do not (i) affect the
seaworthiness of the VESSEL, or (ii) adversely affect (a) normal operation of the VESSL, (b) the Class; or (c) the trading of the VESSEL, and further provided that the BUILDER shall not be released from the obligation to correct
and/or remedy such minor non-conformities at their own cost and expense as soon as practicable after the delivery of the VESSEL and without affecting the normal operations and trading of the VESSEL. 

 

	6.	EFFECT OF ACCEPTANCE OR REJECTION 

  

	 	(a)	The BUYER’s NOTICE of acceptance delivered to the BUILDER shall be final and binding insofar as conformity of the VESSEL with this CONTRACT and the SPECIFICATIONS is concerned and, therefore, shall preclude the
BUYER from refusing formal delivery of the VESSEL, provided always that the on condition that the BUILDER complies with all procedural requirements of delivery as set forth in ARTICLE VII. However, the BUYER’s qualified acceptance of the VESSEL
shall not affect the BUYER’s right under ARTICLE IX. 

  

	 	(b)	Any fuel oil, fresh water and other ballast or other consumable stores furnished and paid for by the BUILDER for trial run remaining on board the VESSEL, at the time of acceptance of the VESSEL by the BUYER, shall be
bought by the BUYER from the BUILDER at the BUILDER’s purchase price for such supply in Korea and payment by the BUYER thereof shall be made at the time of delivery of the VESSEL. The BUILDER shall pay the BUYER at the time of delivery of the
VESSEL for the consumed quantity of any lubricating oil and greases which were furnished and paid for by the BUYER at the BUYER’s purchase price thereof. The consumed quantity of lubricating oils and greases shall be calculated on the basis of
the difference between the remaining amount, including the same remaining in the main engine, other machinery and their pipes, stern tube and the like, and the supplied amount. 

 

	 	(c)	 In case the BUYER rejected the VESSEL based on the non-conformity of the result of trial run and, if the BUILDER is in agreement to non-conformity as
specified in the BUYER’S NOTICE of rejection, then, the BUILDER shall take necessary steps to correct such non-conformity. Upon 

  
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completion of correction of such non-conformity, the BUILDER shall give the BUYER a written NOTICE of completion of correction. The BUYER shall, within two (2) days after receipt of such
NOTICE from the BUILDER give NOTICE to the BUILDER of its qualified acceptance or rejection of the VESSEL. 

  

	 	(d)	In case the BUYER rejected the VESSEL based on the non-conformity of the result of trial run and, if the BUILDER does not agree with the BUYER as to non-conformity or any of the reasons for such non-conformity, the
BUILDER shall so give NOTICE to the BUYER in writing stating its reasons. At any time thereafter either the BUILDER or the BUYER may submit the matter for resolution in accordance with ARTICLE XIII. 

(End of ARTICLE VI) 

  
 19/58 

 ARTICLE VII. DELIVERY 
  

	1.	TIME AND PLACE 

 The VESSEL shall be delivered by the BUILDER to the BUYER at the
SHIPYARD, safely afloat and alongside, in all respects in conformity with this CONTRACT and the SPECIFICATIONS on or before              after completion of satisfactory trial run and
qualified acceptance by the BUYER in accordance with the terms of ARTICLE VI, except that, in the event of delays in construction of the VESSEL or any other performance required to be done by the BUILDER due to causes which under the express terms
of this CONTRACT permit postponement of the time for delivery of the VESSEL, the aforementioned DELIVERY DATE shall be postponed accordingly. 

In this CONTRACT, the date specified in above sentence or such date which may be mutually agreed upon between the BUYER and the BUILDER or to
which delivery of the VESSEL may be postponed pursuant to the terms of this CONTRACT is referred to as the “DELIVERY DATE”. 

The BUILDER shall have the right to advance the DELIVERY DATE on condition that the BUILDER shall have given to the BUYER a NOTICE of the new
proposed earlier delivery date at least six (6) months prior to such new proposed advanced delivery date and the BUYER has confirmed their acceptance of the same. Any such advanced new delivery date shall be considered as the DELIVERY DATE for
the purpose of this CONTRACT. 
  

	2.	WHEN AND HOW EFFECTED 

 Delivery of the VESSEL shall be forthwith effected upon
concurrent delivery by each of the parties hereto to the other of a PROTOCOL OF DELIVERY AND ACCEPTANCE, signed by the duly authorized representative of the BUYER and the duly authorized representative of the BUILDER, of the VESSEL acknowledging
delivery of the VESSEL by the BUILDER and acceptance thereof by the BUYER, on condition that the BUYER shall concurrently with delivery of the PROTOCOL OF DELIVERY AND ACCEPTANCE release to the BUILDER the third instalment as set forth in ARTICLE
X.2 and shall have fulfilled all of its obligations provided in this CONTRACT. The PROTOCOL OF DELIVERY AND ACCEPTANCE shall be prepared in duplicate and signed by each of the parties hereto. 

 

	3.	DOCUMENTS TO BE DELIVERED TO BUYER 

 Upon delivery and acceptance of the VESSEL, the
BUILDER shall deliver to the BUYER the following documents, which shall accompany the PROTOCOL OF DELIVERY AND ACCEPTANCE: 
  

	 	(a)	PROTOCOL OF TRIALS of the VESSEL made pursuant to this CONTRACT and the SPECIFICATIONS; 

  

	 	(b)	PROTOCOL OF INVENTORY of the equipment of the VESSEL, including spare parts, all as specified in the SPECIFICATIONS; 

  

	 	(c)	PROTOCOL OF STORES OF CONSUMABLE NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the BUYER under ARTICLE VI.6: 

 

	 	(d)	DRAWINGS pertaining to the VESSEL as stipulated in the SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost; 

  
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	 	(e)	ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this CONTRACT, the SPECIFICATIONS and the customary shipbuilding practice free of any conditions, recommendations, restrictions or
qualifications, including; 

  

	 	(i)	Classification Certificate 

  

	 	(ii)	Safety Construction Certificate 

  

	 	(iii)	Safety Equipment Certificate 

  

	 	(iv)	Safety Radio Certificate 

  

	 	(v)	International Loadline Certificate 

  

	 	(vi)	International Tonnage Certificate 

  

	 	(vii)	Ship Sanitation Control Exemption Certificate 

 It is agreed upon by the parties hereto that if
the Classification Certificate or other certificates are not available at the time of delivery of the VESSEL, provisional certificates shall be accepted by the BUYER, provided that the BUILDER shall furnish the BUYER with formal certificates as
promptly as possible after such formal certificates have been issued; 
  

	 	(f)	DECLARATION OF WARRANTY of the BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, claims, debts, mortgages, or other encumbrances upon the VESSEL or the BUYER’s title thereto, and in
particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes, or charges imposed by the local or central governmental authorities of Korea as well as of all liabilities of the BUILDER to its sub-contractors and
employees and of all liabilities arising from the operation of the VESSEL in trial runs, or otherwise, prior to delivery except as otherwise provided in this CONTRACT. 

 

	 	(g)	Any other documents reasonably required by the BUYER or the BUYER’s bank. 

  

	 	(h)	The documents listed above shall be duly notarized and legalized by the BUILDER at the reasonable request of the BUYER and shall be provided in the English language or with a certified translation if required

  

	4.	TENDER OF THE VESSEL 

 If the BUYER fails to take delivery of the VESSEL after completion
thereof according to this CONTRACT and the SPECIFICATIONS, the BUILDER shall have the right to tender delivery of the VESSEL after compliance with all procedural requirements as provided above. Such tender shall be made by a notice to BUYER stating
that the VESSEL is tendered for delivery pursuant to ARTICLE VII.4 of the CONTRACT 
  

	5.	TITLE AND RISK 

 Title to and risk of loss of the VESSEL shall pass to the BUYER upon
delivery and acceptance of the VESSEL being effected at the time and date stated in the Protocol of Delivery and Acceptance referred to in Paragraph 2 and the BUILDER shall be free of all responsibility or liability whatsoever related with this
CONTRACT except for the warranty of quality contained in ARTICLE IX and for the obligation to correct and remedy, as provided in ARTICLE VI.5.(b), if any. It is expressly 

  
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understood between the parties hereto that, until such delivery and acceptance is effected, the VESSEL and equipment thereof are at the entire risk of the BUILDER including but not confined to,
risks of war, insurrection and seizure by governments or authorities, whether Korean or foreign, and whether at war or at peace. The title to the BUYER’S SUPPLIES as provided in ARTICLE XII shall remain with the BUYER and the BUILDER’s
responsibility for such BUYER’S SUPPLIES shall be as described in ARTICLE XII.2. 
  

	6.	REMOVAL OF THE VESSEL 

 The BUYER shall take possession of the VESSEL immediately upon
delivery and acceptance thereof having been effected and shall remove the VESSEL from the premises of the SHIPYARD within three (3) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the
premises of the SHIPYARD within the aforementioned three (3) day period, then, the BUYER shall pay the reasonable mooring charges of the VESSEL to the BUILDER. Port dues including mooring charges and other charges levied by the Korean
governmental or other authorities after delivery and acceptance of the VESSEL and any other costs related to the removal of the VESSEL, if any, shall be borne by the BUYER. 

(End of ARTICLE VII) 

  
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 ARTICLE VIII. DELAYS AND EXTENSIONS OF TIME FOR DELIVERY (FORCE MAJEURE) 

 

	1.	CAUSES OF DELAY 

  

	 	(a)	If, at any time after signing this CONTRACT, either the construction or delivery of the VESSEL or any performance required hereunder as a prerequisite to the delivery thereof is delayed by any of the following events;
namely, Acts of God or the public enemy; war or other hostilities; acts of state or government; requirements of government authorities; blockade; revolution; insurrections; mobilization; civil commotion; national or industrial riots; industrial
strikes, sabotage, lockouts, plague or other epidemics; quarantines; shortage or prolonged failure of electric current; shortage; freight embargoes; or defects in the BUYER’S SUPPLIES as stipulated in ARTICLE XII, if any; inability to obtain
delivery of or delays in delivery of essential materials, machinery or equipment, provided that at the time of ordering the same could reasonably be expected by the BUILDER to be delivered in time but only to the extent that no other supplier can be
found to replace the supplier affected by the relevant force majeure contingency; earthquakes; tidal waves; typhoons; hurricanes; destruction or damage of the SHIPYARD or works of the BUILDER, its key equipment suppliers, by fire, landslides, flood,
lightning, explosion or collisions or any other causes herein described; the BUYER’s faulty action or omission or the BUYER’s breach of its obligations under the CONTRACT; or other causes beyond the control of the BUILDER, as the case may
be, then, in the event of delays due to the happening of any of the aforementioned contingencies, the DELIVERY DATE of the VESSEL under this CONTRACT shall be postponed for a period of time which shall not exceed the total accumulated time of all
such delays subject nevertheless to the BUYER’s right of termination cancellation under Paragraph 3 of this Article and subject however to all relevant provisions of this CONTRACT which authorize and permit extension of the time of delivery of
the VESSEL. 

  

	 	(b)	However, in the event of the application of this Paragraph 1 (a), the BUILDER shall use and take all reasonable efforts and steps to overcome and minimize the delay including by obtaining replacement suppliers (where
practicable) and through the introduction of additional shifts and overtime working. 

  

	 	(c)	For the avoidance of doubt, any delays attributed to BUILDER’S DEFAULT or resulting from financial difficulties of the BUILDER shall not in any circumstances be considered permissible delays. 

 

	 	(d)	Delays on account of the foregoing causes specified in Paragraph 1 (a) above shall be understood to be permissible delays, and are to be distinguished from non-permissible, unauthorised delays on account of which
the CONTRACT PRICE of the VESSEL is subject to adjustment as per the provision in ARTICLE III. 

  

	2.	NOTICE OF DELAYS 

 As soon as practicably possible but in any event within ten
(10) days after commencement of any delay on account of which the BUILDER claims that it is entitled under this CONTRACT to an postponement of the DELIVERY DATE of the VESSEL, excluding delays due to arbitration, the BUILDER shall in any event
give NOTICE to the BUYER in writing within ten (10) days after the commencement of any cause of delay, the reasons thereof and the steps planned and taken to 

  
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overcome and minimize the delay and, if possible, its estimated duration of the probable delay in the delivery of the VESSEL, and shall supply the BUYER, if reasonably available, with evidence to
justify the delay claimed. Within one (1) week after such cause of delay ends, the BUILDER shall likewise give NOTICE to the BUYER in writing of the date that such cause of delay ended, and also, shall specify the period of time by which the
BUILDER claims the DELIVERY DATE should be postponed by reason of such delay. 
  

	3.	RIGHT TO TERMINATE FOR EXCESSIVE DELAY 

  

	 	(a)	If the total accumulated time of all permissible delays specified in paragraph 1 of this Article aggregate two hundred and ten (210) days or more, or if the total accumulated permissible and non-permissible delays,
excluding delays due to (i) arbitration under ARTICLE XIII, (ii) the BUYER’s defaults under ARTICLE XI, (iii) modifications and changes under ARTICLE V, or (iv) delays or defects in the BUYER’S SUPPLIES as stipulated in
ARTICLE XII, aggregates two hundred and seventy (270) days or more, then, the BUYER may, at its option, at any time thereafter, terminate this CONTRACT by serving upon the BUILDER a NOTICE of termination in writing to the BUILDER. Such
termination shall be effective as of the date the NOTICE thereof is received by the BUILDER. 

  

	 	(b)	If the BUYER has not served a NOTICE of termination as provided in the above or ARTICLE III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred
and seventy (270) days in case of the delay in this Paragraph 3 or two hundred and ten (210) days in case of the delay in ARTICLE III.1, give NOTICE to the BUYER of the future date upon which the BUILDER estimates the VESSEL will be
ready for delivery and demand in writing that the BUYER make an election either to terminate this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within ten (10) days after receipt of
such demand, make and give NOTICE to the BUILDER of such election. 

  

	 	(i)	If the BUYER elects to consent to the delivery of the VESSEL at such future date, or other future date as the parties hereto may agree to, then, such future date shall become the contractual delivery date for the
purposes of this CONTRACT and shall be subject to postponement by reason of permissible delays as herein provided, and if the VESSEL is not delivered by such revised contractual delivery date as postponed by reason of permissible delays, the BUYER
shall have the same right of termination upon the same terms as provided in above and ARTICLE III. 1. 

  

	 	(ii)	If the BUYER shall not make an election within ten (10) days as provided above, then, the BUYER shall be deemed to have accepted such postponement of the DELIVERY DATE to the future delivery date indicated by the
BUILDER. 

 (End of ARTICLE VIII) 

  
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 ARTICLE IX. WARRANTY OF QUALITY 
  

	1.	GUARANTEE OF BUILDER 

 The BUILDER, for the period of twelve (12) months from the
date of delivery of the VESSEL to the BUYER (hereinafter called the “GUARANTEE PERIOD”), guarantees the VESSEL and all parts and equipment thereof that are manufactured or furnished or supplied by the BUILDER or by its
subcontractors or suppliers under this CONTRACT but excluding any item of the VESSEL which is supplied or designated by the BUYER or by any other bodies on behalf of the BUYER and against all defects (i) which are discovered within the
GUARANTEE PERIOD; (ii) which are due to faulty design on condition that such faulty design is caused by negligence of the BUILDER and/or faulty installation, defective materials, construction miscalculation, poor workmanship and/or negligence
or omissions on the part of the BUILDER, provided that such defects have not been caused by accidents, perils of the sea, rivers or navigations, or by normal wear and tear overloading, improper loading or stowage, corrosion or the materials, fire,
accidents at sea or elsewhere, or by incompetence, mismanagement, misuse, negligence or willful neglect or other improper acts or omissions on the part of the BUYER, its employees or agent, any alteration or addition to the VESSEL which has not
previously been approved by the BUILDER 
 The BUILDER will be responsible for all machinery or parts of machinery and all constructions
which are supplied by sub-contractors and suppliers and will guarantee the above mentioned for a period of twelve (12) months on the basis as laid down in this Paragraph. 

 

	2.	NOTICE OF DEFECTS 

 The BUYER or its duly authorised representative shall give NOTICE to
the BUILDER in writing confirmed in writing as promptly as possible, in any event, within fourteen (14) days after discovery of any defect for which a claim is to be made under this guarantee. 

The BUYER’s written NOTICE shall include full particulars as to the nature and cause of the defect and the suspected extent of the damage
caused and, where possible, contain photos of each of those defects. Builder shall also have no obligation whatsoever for or in respect of any defect discovered prior to the expiry period of this guarantee if such notice of defect is not received by
BUILDER in relation to that effect within twenty one (21) days after expiry of the GUARANTEE Period. 
  

	3.	REMEDY OF DEFECTS 

  

	 	(a)	The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this ARTICLE IX, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided in
(b) below. 

 In such case, the VESSEL shall be taken at the BUYER’s cost and responsibility to the place selected,
ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER’s getting and keeping the VESSEL ready for such
repairing or replacing. 

  
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	 	(b)	However, if in the opinion of the BUYER, it is impractical, which shall include, but not be limited to, an emergency or excessive cost or delay (having regard to the value of the proposed repairs) or excessive
disruption to the operating schedule of the VESSEL, to bring the VESSEL to the SHIPYARD, the BUYER may require the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be
unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in Paragraph (c) below, unless forwarding or supplying thereof under
the terms described in Paragraph (c) below would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or
works other than the SHIPYARD, the BUYER shall first, but in all events as soon as reasonably possible, give the BUILDER NOTICE in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or
working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly give NOTICE to the BUYER, after such
examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER’s acceptance of the defects as justifying remedy under this ARTICLE IX, or upon award of
the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the actual cost of making the same repairs or replacements provided however that the BUILDER’s liability hereunder shall not exceed an amount equal to the
one hundred and ten per cent (110%) of the average of three (3) quotes for cost of making the same repairs or replacements from mutually agreeable shipyard in Korea, China or Singapore. 

 

	 	(c)	In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the terms of FOB port of the country where they
are to be purchased. 

  

	 	(d)	The BUILDER reserves the option to retrieve, at the BUILDER’s cost and expense, any of the replaced equipment and parts in case defects are remedied in accordance with the provisions in this ARTICLE IX.

  

	 	(e)	Any dispute under this ARTICLE IX shall be referred to arbitration in accordance with the provisions of ARTICLE XIII. 

  

	4.	EXTENT OF THE BUILDER’S LIABILITY 

  

	 	(a)	After delivery of the VESSEL the responsibility of the BUILDER in respect of and in connection with the VESSEL and this CONTRACT shall be limited to the extent expressly provided in this ARTICLE IX. Except as expressly
provided in Paragraph 3 above or any other obligations to the BUYER which by their nature will remain after delivery, in no circumstances and on no ground shall the BUILDER have any responsibility or liability arising in respect of or in connection
with the VESSEL or this CONTRACT after the delivery of the VESSEL. Furthermore, but without in any way limiting the generality of the foregoing, the BUILDER shall have no liability or responsibility arising for or in connection with any
consequential economic or special losses, damages or expenses, including but not limited to loss of time, loss of profit or earnings or demurrage directly or indirectly caused, any pecuniary loss or expense, any liability to any third party or any
fine, compensation, penalty or other payment or sanction incurred by or imposed upon the BUYER or any other party whatsoever in relation to or in connection with 

  
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this CONTRACT or the VESSEL provided always that the BUILDER shall be liable to the BUYER for any damage directly caused by any defects covered by the BUILDER’S guarantee under this Article
IX provided that the liability of the BUILDER shall be limited to damage caused during the guarantee period referred to in Paragraph 1 above. 

  

	 	(b)	The BUILDER shall be under no obligation with respect to defects in respect of which the BUILDER has not received NOTICE in accordance with Paragraph 2 above by the expiry date of the GUARANTEE PERIOD.

  

	 	(c)	The BUILDER shall under no circumstances be liable for defects in the VESSEL or any part of equipment thereof caused by perils of the sea, rivers or navigations, or by normal wear and tear overloading, improper loading
or stowage, corrosion of the materials, fire, accidents at sea or elsewhere, or by incompetence, mismanagement, misuse, negligence or willful neglect or other improper acts or omissions, any alteration or addition to relevant part by the BUYER, its
employees or agents or any other person on or doing work on the VESSEL, including the VESSEL’s officers, crew and passengers. Likewise, the BUILDER shall not be liable for defects in the VESSEL or any part of equipment thereof that are due to
repairs carried out by any other than the BUILDER or which have not been carried out in accordance with the procedure set out in Paragraph 3. (b) above. 

  

	 	(d)	The BUILDER shall not be obliged to repair and shall not be liable for damage to the VESSEL or any part of the equipment thereof, which after delivery of the VESSEL, is caused other than by the defects of the nature
specified in this ARTICLE IX. The guarantees in this ARTICLE IX replace and exclude any other liability, guarantee, warranty and condition imposed or implied by statute, common law, custom, contract, including this CONTRACT, or otherwise on the part
of the BUILDER by reason of the construction and sale of the VESSEL for and to the BUYER or for any other reason whatsoever. 

 (End of
ARTICLE IX) 

  
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 ARTICLE X. PAYMENT 
  

	1.	PAYMENT CURRENCY 

 All payments under this CONTRACT shall be made in United States
Dollars. 
  

	2.	TERMS OF PAYMENT OF CONTRACT PRICE 

  

	 	(a)	The payments of the CONTRACT PRICE shall be made by the BUYER to the BUILDER as follows: 

  

	 	(i)	First Instalment 

 U.S. Dollars         
(US$        .    ) shall be paid within five (5) BUSINESS DAYS after BUYER’s receipt of the BUILDER’s NOTICE that the REFUND GUARANTEE specified in Paragraph 8 below covering
all pre-delivery instalments has been duly issued. Such NOTICE shall include, as an attachment, a copy of (i) duly issued REFUND GUARANTEE or (ii) SWIFT message evidencing the due issuance of the REFUND GUARANTEE. 

In this CONTRACT, “BUSINESS DAY” means a day on which banks are open for business in The Netherlands, Monaco, New York, N.Y.,
U.S.A. and Seoul, Korea. 
  

	 	(ii)	Second Instalment 

 U.S. Dollars         
(US$        .    ) shall be paid within six (6) months from the date of signing this CONTRACT provided always that the First Instalment has become due and a valid REFUND GUARANTEE is
being maintained. The BUILDER shall send to the BUYER a telefax demand for payment of this installment and the amount shall become due and payable and be paid within four (4) Business Days thereof. 

 

	 	(iii)	Third Instalment 

 U.S. Dollars         
(US$        .    ) plus or minus any increase or decrease due to modification or adjustment arising prior to delivery of the VESSEL under this CONTRACT, if any, shall be paid to the BUILDER
prior to or concurrently with the delivery of the VESSEL. 
 In this CONTRACT, the date stipulated for payment of each of the three
instalments mentioned above shall be referred to as the “DUE DATE”. 
  

	 	(b)	It is understood and agreed upon by the BUILDER and the BUYER that all payments under the provisions of this ARTICLE shall not be unreasonably delayed or withheld by the BUYER. Expenses for remitting payments and any
other expenses connected with such payments shall be for the BUYER’s account. 

  
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	3.	DEMAND FOR PAYMENT 

 At least fourteen (14) days prior to the date of each event
provided in Paragraph 2 above according to which relevant payment shall fall due hereunder in case of the second instalment, the BUILDER shall give NOTICE the BUYER of the date on which each payment shall become due. 

The BUYER shall acknowledge by a NOTICE receipt of such notification to the BUILDER, and make payment as set forth in this ARTICLE. If the
BUILDER fails to receive the BUYER’s said acknowledgement within three (3) days after sending the aforementioned notification, the BUILDER shall promptly facsimile to the BUYER a second notification of similar import. The BUYER shall
acknowledge by facsimile receipt of the foregoing second notification regardless of whether or not the first notification was acknowledged as aforesaid. 
  

	4.	METHOD OF PAYMENT 

  

	 	(a)	All the pre-delivery payments and the payment due on delivery in settlement of the CONTRACT PRICE as provided in Paragraph 2 above shall be made in U.S. Dollars on or before the DUE DATE thereof by telegraphic transfer
as follows; 

  

	 	(i)	The payment of the first and second instalments shall be made by telegraphic transfer remittance on or before the DUE DATE to the account in the BUILDER’S or the REFUND GUARANTOR’S name to be duly designated
by the BUILDER. As such designation, the account number, identity of account holder and name of account bank (hereinafter called the “BUILDER’S BANK”) shall be notified by the BUILDER to the BUYER at least five
(5) BUSINESS DAYS prior to the DUE DATE. 

  

	 	(ii)	The payment of the third instalment as provided in Paragraph 2.(v) above shall be made by depositing the instalment to the BUILDER’S BANK duly designated by the BUILDER and notified to the BUYER by the BUILDER as
per Paragraph (i) above by conditional telegraphic transfer remittance at least three (3) BUSINESS DAYS prior to the scheduled delivery date of the VESSEL with instructions that the said instalment is held to the Buyer’s order and
irrevocable instructions to pay and release to the BUILDER against presentation by the BUILDER to the BUILDER’S BANK of a fascimile copy of the PROTOCOL OF DELIVERY AND ACCEPTANCE of the VESSEL signed by the BUILDER and the BUYER.

  

	 	(b)	Simultaneously with each of such remittances, the BUYER shall give NOTICE to the BUILDER of the details of the payments by facsimile and at the same time, the BUYER shall cause the BUYER’s remitting bank to give
NOTICE to the BUILDER’S BANK of the details of such payments via telex or SWIFT. 

  
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	5.	REFUND BY THE BUILDER 

  

	 	(a)	The payments made by the BUYER to the BUILDER prior to delivery of the VESSEL shall constitute advance payments to the BUILDER. If the VESSEL is rejected by the BUYER in accordance with the terms of this CONTRACT, or
except in the case of termination of this CONTRACT by the BUILDER under the provisions of ARTICLE XI, if the BUYER terminates this CONTRACT pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, the BUILDER
shall, within thirty (30) days after its receipt of the BUYER’s NOTICE of written demand, forthwith refund to the BUYER, in U.S. Dollars, the full amount of total sums paid by the BUYER to the BUILDER in advance of delivery together with
interest thereon as herein provided. 

  

	 	(b)	The transfer and other bank charges of such refund shall be for the BUILDER’s account. The interest rate of the refund shall be five per cent (5%) per annum from the date following the date of receipt by the
BUILDER of the pre-delivery instalment(s) to the date of remittance by telegraphic transfer of such refund, provided that if the termination of this CONTRACT by the BUYER is based upon delays due to force majeure or other causes beyond the control
of the BUILDER as provided in ARTICLE VIII, then in such event, the interest rate of refund shall be reduced to zero per cent (0%) per annum. 

  

	 	(c)	If, the BUILDER is required to refund to the BUYER the instalments paid by the BUYER to the BUILDER as provided in this Paragraph 5, the BUILDER shall return to the BUYER all of the BUYER’S SUPPLIES as stipulated
in ARTICLE XII which were not incorporated into the VESSEL and pay to the BUYER an amount equal to the cost to the BUYER of those supplies incorporated into the VESSEL. 

 

	6.	TOTAL LOSS 

 If there is an actual total loss or a constructive total loss of the VESSEL
prior to delivery, the BUILDER shall proceed according to the mutual agreement of the parties hereto either: 
  

	 	(i)	to build another vessel in place of the VESSEL so lost and deliver it under this CONTRACT to the BUYER, provided that the parties hereto shall have agreed in writing to a reasonable cost and time for the construction of
such vessel in place of the lost VESSEL; or 

  

	 	(ii)	to refund to the BUYER the full amount of the total sums paid by the BUYER to the BUILDER under the provisions of Paragraph 2 above together with interest thereon at the rate of five per cent (5%) per annum from
the date following the date of receipt by the BUILDER of such pre-delivery instalments to the date of payment by the BUILDER to the BUYER of the refund. The BUILDER shall also return (at its cost) any Buyer Supplies or if they cannot be returned,
the BUILDER shall promptly pay to the BUYER an amount equal to the BUYER’s proven costs of acquiring and shipping the relevant Buyer’s Supplies to the BUILDER. Thereafter, this CONTRACT shall be deemed to be terminated and all rights,
duties, liabilities and obligations of each of the parties to the other shall terminate forthwith. 

  

	 	(iii)	If the parties hereto fail to reach such agreement within two (2) months after the VESSEL is determined to be an actual total loss or a constructive total loss, the provisions of Paragraph (ii) above shall be
applied automatically. 

  
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	7.	DISCHARGE OF OBLIGATIONS 

 Such refund as provided in Paragraphs 5 and 6 by the BUILDER
to the BUYER shall forthwith discharge all the obligations, duties and liabilities of each of the parties hereto, under this CONTRACT. Any and all refunds or payments due to the BUYER under this CONTRACT shall be made in United States Dollars by
telegraphic transfer to the account specified by the BUYER. 
  

	8.	REFUND GUARANTEE 

  

	 	(a)	As security to the BUYER and as a pre-condition to the BUYER’S obligation to pay any part of the CONTRACT PRICE The BUILDER shall provide to the BUYER, by courier or by SWIFT message through the BUYER’s bank,
an assignable letter of guarantee issued in a form acceptable to the BUYER by                  or
                 or its equivalent acceptable to the BUYER for the assurance of refund of the pre-delivery instalments plus interest accrued thereon as aforesaid to the
BUYER under or pursuant to Paragraph 5 and/or Paragraph 6 in the form and substance annexed hereto as EXHIBIT “A” (in this contract called the “REFUND GUARANTEE”) together with evidence acceptable to the BUYER of due
registration of the REFUND GUARANTEE, if the same is required. 

 The REFUND GUARANTEE shall be provided no later than Sixty
(60) days after signing the CONTRACT. Should REFUND GUARANTEE not be in place by the above timeframe, the BUYER shall have the option to extend the period for issuance of the REFUND GUARANTEE. In case the REFUND GUARANTEE is not issued within
Sixty (60) days after signing the CONTRACT the BUYER shall have the option to terminate the CONTRACT or to mutually agree with the BUILDER a new timeframe for the REFUND GUARANTEE to be issued. If the BUYER exercises its option to terminate the
CONTRACT, parties shall be released from their obligation to the CONTRACT and neither party shall have any claim against the other party. 
  

	 	(b)	Where the REFUND GUARANTEE is to be provided by SWIFT message, the BUYER shall give NOTICE to the BUILDER of the details of the BUYER’s bank including the SWIFT bank identity code upon or immediately after the
execution of this CONTRACT. If the BUYER fails to give NOTICE to the BUILDER of the details of the BUYER’s bank including the SWIFT bank identity code by the time when the BUILDER has completed all prerequisites required for issuance of the
REFUND GUARANTEE, the BUILDER may provide the BUYER the REFUND GUARANTEE by courier. 

  

	 	(c)	All expenses in issuing and maintaining the REFUND GUARANTEE shall be borne by the BUILDER. 

  

	9.	PERFORMANCE GUARANTEE 

 On the date of signing of this CONTRACT, the BUYER shall provide
the BUILDER with an irrevocable and unconditional corporate guarantee issued by securing the BUYER’s obligation to pay all of the 2nd instalment of the CONTRACT PRICE, in the form and
substance annexed hereto as Exhibit “B” (in this contract called the “PERFORMANCE GUARANTEE”). 
 (End of ARTICLE X) 

  
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 ARTICLE XI. BUYER’S AND BUILDER’S DEFAULT 

 

	1.	DEFINITION OF BUYER’S DEFAULT 

  

	 	(a)	The BUYER shall be deemed to be in default under this CONTRACT in any of the following cases: 

  

	 	(i)	If the first and second instalment is not paid to the BUILDER within respective DUE DATE of such instalments; 

  

	 	(ii)	If the third instalment is not deposited at the BUILDER’S BANK in accordance with ARTICLE X.4.(a)(ii); 

  

	 	(iii)	If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER under the provisions of ARTICLE VII and the BUYER fails to remedy such failure within three
(3) Business Days from receipt of the BUILDER’S notice holding it in default; 

  

	 	(iv)	If an order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation); 

 

	 	(v)	If the BUYER fails to provide PERFORMANCE GUARANTEE to the BUILDER in accordance with the ARTICLE X.9.. 

  

	 	(b)	In case the BUYER is in default as set out in (a) above, the BUILDER is entitled to and shall have the following rights, powers and remedies in addition to such other rights, powers and remedies as the BUILDER may
have under other provisions elsewhere in this CONTRACT 

  

	2.	EFFECT OF THE BUYER’S DEFAULT ON OR BEFORE THE DELIVERY OF THE VESSEL 

 If the BUYER
shall be in default as provided in Paragraph 1 above, then: 
  

	 	(a)	the BUILDER shall notify the BUYER to that effect by telefax or email after the date of occurrence of the default as per paragraph 1 of this Article and the BUYER shall forthwith acknowledge by telefax or email to the
BUILDER that such notification has been received. In case the BUYER does not give the aforesaid telefax or telex acknowledgment to the BUILDER within five (5) calendar days it shall be deemed that such notification has been duly received by the
BUYER. 

  

	 	(b)	the DELIVERY DATE of the VESSEL shall be postponed automatically for the actual period of such default and the BUILDER shall not be obliged to pay any liquidated damages for the delay in delivery of the VESSEL caused
thereby; In such event, BUYER shall be responsible for all proven costs and expenses and other losses incurred by BUILDER by reason of such postponement; 

  

	 	(c)	the BUYER shall pay to the BUILDER interest at the rate of five per cent (5%) per annum in respect of the instalment(s) in default from the respective DUE DATE to the date of actual receipt by the BUILDER of the
full amount of such instalment(s); 

  
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	 	(d)	where the BUYER is in default in payment of any of the instalment(s) due and payable prior to or simultaneously with the delivery of the VESSEL, the BUILDER shall give NOTICE to the BUYER to that effect, and the BUYER
shall, upon receipt of such notification, forthwith acknowledge in writing confirmed in writing to the BUILDER that such notification has been received; 

  

	 	(e)	where any of the BUYER’s default continues for a period of fourteen (14) days after the BUILDER’s notification to the BUYER of such default, the BUILDER may, whether or not the BUYER acknowledges its
receipt of such notification, at its option, terminate this CONTRACT by serving upon the BUYER a written NOTICE of termination. 

  

	 	(f)	in the event of such termination by the BUILDER of this CONTRACT, the BUILDER shall be entitled to retain the instalments already paid by the BUYER and shall have the full right and power either to construct/complete or
not to construct/complete the VESSEL which is the sole property of the BUILDER, and full right and power either to sell the VESSEL or not sell the VESSEL (in its completed or uncompleted state, as the case may be) at any stage. BUILDER shall have
unfettered discretion in exercising any of the rights and power referred to above and BUYER shall not raise any complaint whatsoever in respect of any aspect of BUILDER’s exercise of such discretion. 

BUILDER shall be entitled to construct the Vessel without engaging any independent construction supervisors or inspectors. If BUILDER engages
such supervisors or inspectors, the costs of such engagement shall from part of the costs of sale which BUILDER is entitled to recover from BUYER. 

Irrespective of whether or not BUILDER intends to construct/complete the Vessel for sale, BUILDER shall have the right to sell or otherwise
dispose of any of the BUYER’s Supplies to third parties, provided that BUILDER shall not act unreasonably in doing so and that the proceeds of sale thereof shall be applied to payment of proven direct damages incurred by the BUILDER in
consequence of such default. 
 In the event that the BUILDER decides to sell the Vessel in its uncompleted state or to construct/complete
and sell it under a shipbuilding contract with a new purchaser, however, if it elects to sell the VESSEL the BUILDER shall: (i) promptly notify the BUYER in advance, by telefax or e-mail, of its election and of the details and timing of the
sale process; and (ii) use all reasonable commercial efforts to obtain the best possible price for the VESSEL. 
 In the event that
BUILDER sells the Vessel as described above, that part of the contract price for sale of Vessel which corresponds to the changes (if any) made to the Specifications after the termination of the Contract shall be excluded from calculating the
proceeds of the sale of the Vessel which are to be applied as prescribed below. 
  

	 	(f)	In the event of the sale of the Vessel in its completed state, the proceeds of sale received by BUILDER shall be applied firstly to payment of all direct proven costs and expenses attending such sale and otherwise
incurred by BUILDER as a result of BUYER’s default, and secondly to payment of: 

  

	 	(i)	all unpaid instalments and interest on such instalments at the rate of five percent (5%) per annum from the respective due dates thereof to the date of application; and 

 

	 	(ii)	all and any other payment of money which BUILDER would have been entitled to receive from the BUYER had the Contract been performed in full without being terminated. 

  
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	 	(h)	In the event of the sale of the Vessel in its incomplete state, the proceeds of sale received by BUILDER shall be applied firstly to payment of all costs and expenses attending such sale, provided the same are
reasonably and properly documented and otherwise incurred by BUILDER as a result of BUYER’s default, and secondly to payment of 

  

	 	(i)	all costs of construction of the Vessel less the instalment(s) retained by BUILDER; 

  

	 	(ii)	compensation to BUILDER for reasonable loss of profit due to the termination of this CONTRACT; 

  

	 	(i)	In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to which such proceeds are to be applied as aforesaid, the BUILDER shall promptly pay the excesses to the BUYER without
interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of installments already paid by the BUYER and the cost of the BUYER’s Supplied Items, if any. 

 

	 	(j)	If the proceeds of the sale together with instalment(s) retained by the BUILDER are insufficient to pay such total amount payable to the BUILDER as provided above, the BUYER shall be liable for the deficiency and shall
pay the same to the BUILDER upon its demand. 

  

	3.	DEFINITION OF BUILDER’S DEFAULT 

 In addition to the events and/or occurrences which under other
provisions of this CONTRACT entitle the BUYER to terminate this CONTRACT, the BUILDER shall be deemed to be in default and the BUYER shall be entitled to terminate this Contract: 

 

	 	(i)	If the BUILDER shall apply for or consent to the appointment of a receiver, trustee or liquidator, or shall be adjudicated insolvent, or shall apply to the courts for protection from its creditors, or file a voluntary
petition in bankruptcy or take advantage of any insolvency law, or any action shall be taken by the BUILDER whether before a court or administration, having an effect similar to any of the foregoing or the equivalent thereof in any jurisdiction or
the BUILDER shall be unable to pay its debts as they fall due and any construction and / or normal operational activities at the shipyard materially slow down or interrupted, for a period of sixty (60) days as identified by the BUYER’S
REPRESENTATIVE acting reasonably, 

  

	 	(ii)	If the BUILDER is in material breach of any other terms or conditions of this CONTRACT and such breach is not remedied within thirty (30) days of the BUYER’S notice of such breach, 

 

	 	(iii)	If the Refund Guarantee is not maintained in accordance with the terms and conditions of this CONTRACT, or if sub-paragraph (i) above applies to the issuer of the Refund Guarantee and the BUILDER fails to provide
the BUYER with a replacement Refund Guarantee from a first class bank acceptable to the BUYER (acting reasonably) within fifty (50) days of the BUYER’S notice during which period the BUYER’S obligations to make any payments under this
Contract shall be suspended, 

  
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	(vi)	If the BUILDER, without reasonable excuse, delays in the commencement or progress of the construction of the VESSEL for a period of one hundred (100) days or more and the BUILDER has not rectified the same within
fourteen (14) days of being notified by the BUYER of such delay, or 

  

	(v)	If there is a major change to the existing shareholding ownership structure of the BUILDER which undermines the BUILDERS performance under this CONTRACT. 

 

	4.	EFFECT OF THE BUILDER’S DEFAULT 

 In the event of any BUILDER’s default
entitling the BUYER to terminate this CONTRACT, the BUYER may do so by written notice to the BUILDER. Such termination will be effective as of the date when such notice of termination is received by the BUILDER. Thereupon the BUILDER shall refund in
United States dollars immediately to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL and interest in United States Dollars at the rate of five percent (5%) on the amount required herein to be
refunded to the BUYER computed from the respective dates when such sums were received by the BUILDER’s bank to the date of remittance by telegraphic transfer of such refund to the BUYER from the BUILDER. 

(End of ARTICLE XI) 

  
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 ARTICLE XII. BUYER’S SUPPLIES 

 

	1.	RESPONSIBILITY OF THE BUYER 

  

	 	(a)	The BUYER shall, at its own risk, cost and expense, supply and deliver all the BUYER’s supplies as specified in the SPECIFICATIONS (in this contract called the “BUYER’S SUPPLIES”) to the
BUILDER at the SHIPYARD in good condition ready for installation in or on the VESSEL and in accordance with the time schedule to be furnished by the BUILDER to meet the building schedule of the VESSEL. 

 

	 	(b)	In order to facilitate the installation of the BUYER’S SUPPLIES by the BUILDER in or on the VESSEL, the BUYER shall furnish the BUILDER with the necessary specifications, plans, drawings, instruction books,
manuals, test report and all test certificates reasonably required by the BUILDER and shall cause the representative(s) of the makers of the BUYER’S SUPPLIES to give the BUILDER any advice, instructions or assistance which the BUILDER may
reasonably require in the installation or adjustment thereof at the SHIPYARD, all without cost or expense to the BUILDER. 

  

	 	(c)	The BUYER shall be liable for any expense incurred by the BUILDER for repair of the BUYER’S SUPPLIES due to defective design or materials, poor workmanship or performance or due to damage in transit and the
DELIVERY DATE shall be automatically postponed for the period of such repair if such repair is proven to affect the delivery of the VESSEL. 

  

	 	(d)	Commissioning into good order of the BUYER’S SUPPLIES during and after installation on board shall be made at the BUYER’s expense by the representative of respective maker or the person designated by the BUYER
in accordance with the BUILDER’s building schedule. 

  

	 	(e)	Should the BUYER fail to deliver to the BUILDER the BUYER’S SUPPLIES and the necessary document or advice for such supplies by the date specified by the BUILDER, the DELIVERY DATE shall automatically be postponed
for the period of such delay if such delay in delivery is proven to affect the delivery of the VESSEL. In such event, the BUYER shall pay to the BUILDER all proven and reasonable losses and damages sustained by the BUILDER due to such delay in the
delivery of the BUYER’S SUPPLIES and such payment shall be made upon delivery of the VESSEL, provided that the BUILDER shall have: 

  

	 	(i)	furnished the BUYER with the time schedule referred to above, two (2) months prior to installation of the BUYER’S SUPPLIES; and 

 

	 	(ii)	given the BUYER written NOTICE of any delay in delivery of the BUYER’S SUPPLIES and the necessary document or advice for such supplies as soon as the delay occurs which might give rise to a claim by the BUILDER
under this Paragraph (e). 

 Furthermore, if the delay in delivery of the BUYER’S SUPPLIES and the necessary document or
advice for such supplies should exceed fourteen (14) days from the date specified by the BUILDER, the BUILDER shall be entitled to proceed with construction of the VESSEL without installation of such items, regardless of their nature or
importance to the BUYER or to the VESSEL, in or on the VESSEL without prejudice to the BUILDER’s right provided above, and the BUYER shall accept the VESSEL so completed. 

  
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	2.	RESPONSIBILITY OF THE BUILDER 

 The BUILDER shall be responsible for taking good care in
storing, safekeeping and handling with reasonable care the BUYER’S SUPPLIES which the BUILDER is required to install in or on the VESSEL under the SPECIFICATIONS after delivery of such supplies to the SHIPYARD, and shall install such supplies
on board the VESSEL at the BUILDER’s expense unless otherwise specified in the SPECIFICATIONS. 
 Upon arrival of such shipment of the
BUYER’s Supplied Items, both parties shall undertake a joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to accept the BUYER’s Supplied Items. 

However, the BUILDER shall not be responsible for the quality, performance and/or efficiency of any of the BUYER’S SUPPLIES and is under
no obligation with respect to the guarantee of the BUYER’S SUPPLIES against any defects caused by poor quality, performance and/or efficiency of the BUYER’S SUPPLIES. 

(End of ARTICLE XII) 

  
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 ARTICLE XIII. DISPUTES AND ARBITRATIONS 

 

	1.	PROCEEDING 

  

	 	(a)	It is recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof
or thereon, such dispute may be referred to the Classification Society, or a mutually acceptable independent expert jointly appointed by the parties, in either case upon mutual written agreement of the parties hereto. In such case, the opinion of
the CLASSIFICATION SOCIETY appointed for such purpose by the head office of the CLASSIFICATION SOCIETY shall be final and binding upon the parties hereto. Such surveyor shall be entitled to access such information as he may reasonably deem it
necessary for the purposes of determining the dispute. Within ten (10) days after the dispute is submitted to him, unless the parties hereto agree on extending such a period, he shall issue his written decision which shall include a
determination as to which of the parties hereto shall bear the costs of the proceedings or the proportion of such costs which each party shall bear. 

If the CLASSIFICATION SOCIETY declare that they are not able to appoint the surveyor or involve itself into the dispute between the parties
hereto or if the surveyor fails or refuse to determinate the disputes referred to him in the period of time prescribed above or if either the BUILDER or the BUYER does not accept the decision of the surveyor of the CLASSIFICATION SOCIETY, the matter
shall be referred to arbitration in accordance with Paragraph (c) below. 
  

	 	(b)	Any dispute concerning the VESSEL’s compliance or non-compliance with the rules and regulations of the CLASSIFICATION SOCIETY shall be referred to the CLASSIFICATION SOCIETY, the decision of which shall be final
and binding upon the parties hereto. 

  

	 	(c)	In the event of any dispute between the parties hereto as to any matter arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the parties themselves,
such dispute shall be resolved by arbitration in the English language at the London Maritime Arbitrators Association (“LMAA”) in London, England in accordance with English laws and LMAA’s rules. 

Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either
party hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such
demand for arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration
(hereinafter called the “Arbitration Board”) for the settlement of such dispute. 
  

	2.	ALTERATION OF DELIVERY OF THE VESSEL 

 In the event of reference to the CLASSIFICATION
SOCIETY under paragraph 1(b) or (c) above or to arbitration of any dispute or disputes arising or occurring prior to delivery of the VESSEL, the award deciding the said dispute or disputes shall include a declaration as to any postponement of
the DELIVERY DATE, which shall be at the absolute discretion of the body deciding the said dispute or disputes 

  
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	3.	NOTICE OF AWARD 

 Notice of any award shall immediately be given in writing or by telefax
or e-mail email to the BUILDER and the BUYER. 
  

	4.	COST 

 The arbitrator(s) shall determine which party shall bear the cost of the
arbitration or the proportion of such cost which each party shall bear. 
  

	5.	AWARD OF ARBITRATION 

 Award of arbitration shall be final and binding upon the parties
concerned. Any form or right of appeal, review or recourse to any state court or any other judicial authority in relation to any dispute arising out of or in connection with any arbitration award made under this Article XIII is hereby expressly and
irrevocably precluded and excluded by the Parties hereto. 
  

	6.	ENTRY IN COURT 

 Judgment on any award may be entered in any court of competent
jurisdiction. 
 (End of ARTICLE XIII) 

  
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 ARTICLE XIV. SUCCESSORS AND ASSIGNS 

The BUILDER agrees that, prior to delivery of the VESSEL, this CONTRACT may, with the prior written approval of the BUILDER, which the BUILDER shall not
unreasonably withhold, be transferred by assignment or novation to and the title thereof may be taken by another company. In the event of any novation pursuant to the terms of this CONTRACT, the transferee, its successors and assigns shall succeed
to all the rights and obligations of the BUYER under this CONTRACT. 
 The BUILDER also agrees that the BUYER (i) has a free right to assign this
CONTRACT (without the need to seek or obtain the BUILDER’S consent) to a company controlled directly or indirectly by the BUYER’S parent company, or to a bank or financial institution providing financing to the BUYER in connection with the
BUYER’S payment obligations; and (ii) has a free right to assign the BUYER’S rights under Article IX of this CONTRACT after delivery, without the need to seek or obtain the BUILDER’S consent. However, in cases of assignment the
BUYER shall remain responsible for performance by the assignee, its successors and assigns of all the BUYER’s obligations, liabilities and responsibilities under this CONTRACT. It is understood that any reasonable and proven administration
expenses or charges incurred due to assignment of this CONTRACT shall be for the account of the BUYER. 
 The BUILDER shall have the right to assign this
CONTRACT at any time after the effective date hereof, provided that prior written approval is obtained from the BUYER. 
 (End of ARTICLE XIV) 

  
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 ARTICLE XV. INSURANCE 
  

	1.	EXTENT OF INSURANCE COVERAGE 

 From the time of main engine installation of the VESSEL
until the same is completed, delivered to and accepted by the BUYER, the BUILDER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the SHIPYARD for the VESSEL or built
into, or installed in or upon the VESSEL, fully insured with Korean insurance companies under coverage corresponding to the Korean Builder’s Risks Insurance Clause for all customary BUILDER’s risks . A copy of the relevant policy or
policies, and proof of payment of all premiums, will be promptly provided to the BUYER upon request. 
 The amount of such insurance coverage
shall, up to the date of delivery of the VESSEL, be in an amount at least equal to, but not limited to, the aggregate of the payment made by the BUYER to the BUILDER. 
  

	2.	APPLICATION OF RECOVERED AMOUNT 

  

	 	(a)	Partial Loss 

 In the event the VESSL shall be damaged by any insured cause whatsoever prior to
acceptance thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the BUILDER shall apply the amount recovered under the insurance policy referred to in Paragraph 1
of this ARTICLE to the repair of such damage satisfactory to the CLASSIFICATION SOCIETY, and the BUYER shall accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the SPECIFICATIONS. 

 

	 	(b)	Total Loss 

 However, in the event that the VESSEL is determined to be an actual or constructive
total loss, the BUILDER shall by the mutual agreement between the parties hereto, either: 
  

	 	(i)	proceed in accordance with the terms of this CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction of the VESSEL’s damage, provided the parties hereto shall
have first agreed in writing as to such reasonable postponement of the DELIVERY DATE and adjustment of other terms of this CONTRACT including the CONTRACT PRICE as may be necessary for the completion of such reconstruction or 

 

	 	(ii)	refund immediately to the BUYER the amount of all installments paid to the BUILDER under this CONTRACT with five per cent (5%) interest. The BUILDER shall also return (at its cost) any Buyer’s Supplies or they
cannot be returned, the BUILDER shall promptly pay to the BUYER an amount equal to the BUYER’S costs of acquiring and shipping the relevant Buyer’s Supplies to the BUILDER. Thereafter, whereupon this CONTRACT shall be deemed to be
terminated and all rights, duties, liabilities and obligations of each of the parties to the other shall terminate forthwith. 

If the parties hereto fail to reach such agreement within two (2) months after the VESSEL is determined to be an actual or constructive
total loss, the provisions of sub-paragraph (b) (ii) as above shall apply. 

  
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	3.	TERMINATION OF BUILDER’S OBLIGATION TO ISSURE 

 The BUILDER’s obligation to
insure the VESSEL hereunder shall cease and terminate forthwith upon delivery thereof and acceptance by the BUYER. 
 (End of ARTICLE XV) 

  
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 ARTICLE XVI. TAXES AND DUTIES 
  

	1.	TAXES AND DUTIES WITHIN KOREA 

 Unless otherwise expressly provided in this CONTRACT, all
taxes and duties including stamp duties imposed within Korea in connection with execution and performance of this CONTRACT before delivery of the VESSEL, if any, shall be borne by the BUILDER, excluding any taxes and duties imposed within Korea upon
the BUYER’S SUPPLIES which are not in connection with execution and performance of this CONTRACT. 
  

	2.	TAXES AND DUTIES OUTSIDE KOREA 

 Unless otherwise expressly provided in this CONTRACT,
all taxes and duties including stamp duties imposed outside Korea in connection with execution and performance of this CONTRACT by the BUYER shall be borne by the BUYER, provided that taxes and duties imposed outside Korea upon those items to be
procured by the BUILDER for construction of the VESSEL shall be borne by the BUILDER. 
  

	3.	The BUILDER shall indemnify the BUYER for, and hold it harmless against, any duties imposed in Korea upon materials and equipment which under the terms of this CONTRACT and/or the Specifications will, or may be,
supplied by the BUYER from abroad for installation in the VESSEL as well as any duties imposed in Korea upon running stores, provisions and supplies furnished by the BUYER from abroad to be stocked on board the VESSEL and also from the payment of
export duties, if any, to be imposed upon the VESSEL as a whole or upon any of its parts or equipment. 

 (End of ARTICLE XVI) 

  
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 ARTICLE XVII. PATENTS, TRADEMARKS AND COPYRIGHTS 

 

	1.	PATENTS, TRADEMARKS AND COPYRIGHTS 

 Machinery and equipment of the VESSEL, whether made
or furnished by the BUILDER under this CONTRACT, may bear the patent numbers, trademarks, or trade names of the manufacturers. The BUILDER shall defend and hold harmless the BUYER from all liabilities or claims for or on account of the use of any
patents, copyrights or design of any nature or kind, or for the infringement thereof including any unpatented invention made or used in the performance of this CONTRACT and also for any costs and expenses of litigation, if any, in connection
therewith. The BUILDER’s warranty in this Paragraph 1 does not extend to the BUYER’S SUPPLIERS and no liability or responsibility shall be with the BUILDER with regard to machinery, components, equipment and design supplied by the BUYER.

 Nothing contained herein shall be construed as transferring any patent, trademark or trade name rights or copyrights in machinery and
equipment covered by this CONTRACT, and all such rights are hereby expressly reserved to the true and lawful owners thereof. 
  

	2.	RIGHTS TO THE SPECIFICATIONS, DRAWINGS AND ETC. 

 The BUILDER retains all rights with
respect to the SPECIFICATIONS, DRAWINGS, working drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER shall not disclose the same or
divulge any information contained therein to any third parties, including, but not limited to, any other shipbuilders, without the prior written consent of the BUILDER, except where it is necessary in connection with compliance with Classification
Society, flag state or other regulatory requirements or for usual operation, repair, management, maintenance, sale or chartering of the VESSEL and provided always that the BUYER may disclose or divulge the same to subsequent owners of the VESSEL .

  

	3.	REMEDIES 

 In case the BUYER is in breach of its obligation under this ARTICLE, the
BUILDER shall be entitled to any rights, powers and remedies in this CONTRACT, at law, at equity or otherwise to recover any damages caused by the breach of the BUYER. 

(End of ARTICLE XVII) 

  
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 ARTICLE XVIII. LANGUAGE AND GOVERNING LAW 

This CONTRACT has been prepared in English language and shall be executed in duplicate and in such number of additional copies as may be required by either
party respectively. The parties hereto agree that the validity and interpretation of this CONTRACT and of each ARTICLE and part thereof shall be governed by the laws of England. 

(End of ARTICLE XVIII) 

  
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 ARTICLE XIX. NOTICE 

Unless otherwise specified this CONTRACT, any and all notices, requests, demands, instructions, approvals, confirmations, advices and communications in
connection with this CONTRACT (each referred to in this CONTRACT as a “NOTICE”) shall be written in English language, sent by registered air mail, facsimile, by hand or email. The phrase “in writing” when used in this
CONTRACT shall include any communication sent by registered air mail, facsimile, email or by hand. Any NOTICE shall be addressed as follows, unless and until the relevant party gives NOTICE of revised contact details: 

 

			
	To the BUILDER:	  	 Sungdong Shipbuilding & Marine Engineering Co., Ltd.

1609-2, Hwang-li, Gwangdo-myeon, Tongyoung-si,
 Gyeongnam,
Korea

		
		  	 Contract Administration Department
 Attn:
Mr.K.J.Kim
 Facsimile: (82) 55 647 7460
 Tel: (82) 55
647 5078
 E-mail: sd@isungdong.com

		
	To the BUYER:	  	 c/o Scorpio Commercial Management S.A.M.

“Le Milenium”, 9 Boulevard Charles III, 98000 Monaco

Attention: Mr. Luca Forgione, Legal Department

		
		  	 Fax No. :+ 377 97 77 83 46

		
		  	 Tel No: + 377 97 98 57 00
 E-mail :
legal@scorpiogroup.net

 Each NOTICE shall become effective upon receipt by the receiver thereof. Where a NOTICE is given by facsimile it will be
deemed to have been received by the recipient when the recipient’s answerback is received by the sender. Where a NOTICE is given by email, it shall become effective upon delivery in the normal course unless the recipient can reasonably show
that the email was not received. Where a NOTICE is given by registered mail or by hand it will be deemed to have been received when delivered as evidenced by the acknowledgement (which may, without limitation, be in the form of a chop or stamp
showing receipt by the recipient) provided to the person or company delivering the same. 
 (End of ARTICLE XIX) 

  
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 ARTICLE XX. EXCLUSIVENESS 

This CONTRACT shall constitute the only and entire agreement and understanding between the parties hereto, and unless otherwise expressly provided in this
CONTRACT, all other negotiations, representations, undertakings and agreements on any subject matter of this CONTRACT, oral or written, made or entered into between the parties hereto prior to the execution of this CONTRACT shall be superseded by
this CONTRACT. 
 (End of ARTICLE XX) 

  
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 ARTICLE XXI. EFFECTIVENESS OF THE CONTRACT 

This CONTRACT shall become effective upon signing by the parties hereto. 

(End of ARTICLE XXI) 

  
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 ARTICLE XXII. Anti Bribery and Corruption and Confidentiality 

1. Anti Bribery and Corruption, Reporting 
 The BUILDER represents
and warrants to the BUYER with effect from the date of this Contract and on a continuing basis for the duration of this Contract that, to the best of its knowledge, neither the BUILDER nor any of its directors, officers, agents, employees,
representatives or any other similar person acting for or on behalf of the foregoing in connection with the transactions contemplated by this Contract has offered, paid, promised to pay, or authorized the payment of any money, or offered, given a
promise to give, or authorized the giving of anything of value, to any government official, political party or official thereof or to any candidate for political office (or to any person where it or any of its directors, officers, agents, employees,
representatives of any other similar person knew or was aware of a high probability that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to any government official, political party, party
official or candidate for political office) for the purpose of: 
  

	(a)	influencing any act or decision of such government official, political party, party official or candidate in his or her official capacity; or 

 

	(b)	inducing such government official, political party, party official or candidate to do or omit to do any act in violation of the lawful duty of such government official, political party, party official or candidate; or

  

	(c)	securing any improper advantage; or 

  

	(d)	inducing such government official, political party, party official or candidate to use his or her influence with any governmental authority to affect or influence any act or decision of such governmental authority, in
order to assist it in obtaining or retaining business, the transactions contemplated by this CONTRACT. 

 The BUILDER warrants
and undertakes to the BUYER with effect from the date of this CONTRACT and on a continuing basis for the duration of this CONTRACT that: 
  

	(a)	it has not engaged in any activity, practice or conduct which would constitute a breach of any applicable law or convention relating to the prevention of bribery and corruption including, but not limited to:
(A) the UK Bribery Act 2010 (the “Bribery Act”); (B) the United States Foreign Corrupt Practices Act of 1977 (as amended); and (C) the Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions, signed in Paris on December 17, 1997, which entered into force on February 15, 1999, and the Convention’s Commentaries; 

  

	(b)	it has maintained in place adequate procedures designed to prevent it or any of their respective directors, officers, employees, agents or other persons acting on the behalf of any of the foregoing, from undertaking any
conduct that would give rise to an offence under the Bribery Act (as each such term is defined in the Bribery Act); 

  

	(c)	it has not violated in any material respect any applicable law or regulation in connection with this Agreement, or in connection with the carrying on of its business (including, without limitation, the US Foreign
Account Tax Compliance Act and the US Foreign Corrupt Practices Act); 

  

	(d)	in performing its obligations under this CONTRACT, it shall maintain appropriate business standards, procedures, precautions and controls, including those necessary to avoid any real or apparent impropriety or adverse
impact on the interests of the BUYER; 

  
 49/58 

	(e)	it shall implement (and shall ensure that its employees and other representatives comply with) a policy which prohibits the giving or receiving of any inappropriate favours, gifts, entertainment, payments, loans or
other consideration of any kind directly or indirectly connected with this Contract or the work hereunder or any other activities that might influence individuals to act contrary to the best interests of their principal or applicable law; and

  

	(f)	all financial settlements, reports and billings rendered to the BUYER party under or in connection with this Contract shall properly reflect the facts of all activities and transactions handled for the BUYER’S
account and may be relied upon as being complete and accurate in any further recording or reporting made by the BUYER or any other member of the corporate group to which the BUYER belongs. 

The BUILDER agrees that any breach of this provision by the BUILDER may be treated by the BUYER as a material breach of the terms and
conditions of this CONTRACT which will entitle the BUYER to terminate this CONTRACT under and with the effects provided for in obligations for in Article XI. 

2. CONFIDENTIALITY 
 Neither of
the parties hereto shall disclose or divulge any or whole terms and conditions under this CONTRACT to any third party unless prior consent of the other party is given in writing, excepting where it is necessary for the party to perform its
obligations under this CONTRACT or to the extent it is required by law, by any governmental or other regulatory authority or by a court or other authority of competent jurisdiction. 

The parties hereto shall make known to such third parties to whom any terms of this CONTRACT needs to be disclosed the terms of this Article
XXII.2 and ensure that they are under obligation to be bound by the terms hereof. 
 This XXII.2 shall continue in force for a period of four
(4) years from the Effective Date of this CONTRACT notwithstanding the completion or termination of this CONTRACT. 

  
 50/58 

 IN WITNESS WHEREOF, the parties hereto have caused this CONTRACT to be duly executed on the date and year
first above written. 
  

					
	For and on behalf of	 		 	For and on behalf of
		 		 	SUNGDONG SHIPBUILDING
		 		 	& MARINE ENGINEERING CO., LTD.
			
	  
	 		 	  

	Name:	 		 	Name:
	Title:	 		 	Title:
	Witness:	 		 	Witness:

  
 51/58 

 EXHIBIT “A” REFUND GUARANTEE 

Dated: 
 To: [NAME OF
THE BUYER] 
 [address] 

Dear Sirs: 
  

	 	1.	We hereby issue our irrevocable letter of guarantee number [—] (hereinafter referred to as the “Guarantee”) (in favor of
[Name of the Buyer] (hereinafter referred to as the “Buyer”) for the account of [Name of the Builder] (hereinafter referred to as the “Builder”) as follows in connection with the
shipbuilding contract dated [—] (hereinafter referred to as the “Contract”) made by and between the Buyer and the Builder for the construction and sale of
[    ] having Builder’s Hull No. [—] (hereinafter referred to as the “Vessel”). 

 

	 	2.	If in connection with the terms of the Contract, the Buyer shall become entitled to a refund of the advance payments made to the Builder prior to the delivery of the Vessel, we hereby irrevocably absolutely and
unconditionally guarantee as primary obligor and not by way of secondary liability only, the repayment of the same to the Buyer [—] U.S. Dollars (US$ [—]) together with interest thereon at the rate of five percent (5%) per annum per annum or zero percent (0%) as per X.5.(b), if and when the same becomes repayable to you from the BUILDER
in accordance with the terms of the Contract, then in such event, such interest to be calculated from the date following the date of receipt by the Builder to the date of remittance by telegraphic transfer of such refund. 

 

	 	3.	The amount of this Guarantee will be automatically increased, not more than [two (2)] times, upon the Builder’s receipt of the respective further installments: each time by the amount of installment of:

  

	 	(a)	[—] U.S. Dollars (US$ [—]); 

 

	 	(b)	[—] U.S. Dollars (US$ [—]); 

 

	 	(c)	[—] U.S. Dollars (US$ [—]); and 

 

	 	(d)	[—] U.S. Dollars (US$ [—]); 

respectively plus interest thereon as provided in the Contract, but in any eventuality the amount of this Guarantee shall not exceed the total
sum of [—] U.S. Dollars (US$ [—]) plus interest thereon at the rate of five percent (5%) per annum
from the date following the date of Builder’s receipt of each installment to the date of remittance by telegraphic transfer of the refund. 

[It is condition for the making of a demand under this letter of guarantee in relation to an instalment that such instalment has been paid in
the account no.04-029-695 held with Deutsche Bank Trust Company Americas, New York in the name of The Export-Import Bank of Korea in favour of the BUILDER.] [NB:ONLY IF THE REFUND GUARANTEE IS ISSUED BY KEXIM] 

  

					
	LETTER OF REFUND GUARANTEE	  	- 52 -	  	2010

	 	4.	In case any refund is made to you by the Builder or by us under this Guarantee, our liability hereunder shall be automatically reduced by the amount of such refund received by you. 

 

	 	5.	This Guarantee is payable against our simple receipt of a signed statement from you certifying that Buyer’s demand for refund has been made in conformity with the Contract and the Builder has failed to make the
refund within [thirty (30)] days after your demand to the Builder. Any notice, claim or demand to be given or made by you under this Guarantee may be served on us either by post or by tested telex or by authorized SWIFT or
equivalent as follows: 

 [Bank’s address] 

[Bank’s telex details] 

[Bank’s SWIFT details] 
  

	 	6.	Refund shall be made to you by telegraphic transfer (net of bank charges) in United States Dollars within [twenty one (21)] days from the receipt of your demand. All payments under this
Guarantee shall be made without deduction or withholding for or on account of any taxes, duties or charges whatsoever unless we are compelled by law to deduct or withhold the same, in which case we shall make the minimum deduction or withholding
permitted by law and will pay such additional amounts as may be necessary in order that the amount received by you after such deductions or withholdings shall be equal to the amount which would have been received had no such deduction or withholding
been made. 

  

	 	7.	This Guarantee shall expire and become null and void upon the earliest of: 

  

	 	(a)	receipt by the Buyer of all of the sums guaranteed hereby together with interest thereon as aforesaid; 

  

	 	(b)	acceptance by the Buyer of the delivery of the Vessel as evidenced by a duly executed protocol of delivery and acceptance; or 

  

	 	(c)	termination of the Contract due to the Buyer’s default in accordance with the Contract unless such default has been disputed by you within ten (10) wording days of your receipt of Builder’s written notice
of termination. 

 In any such case, the Buyer shall return this Guarantee to us. 

 

	 	8.	Notwithstanding any provision hereinabove, in the event that within [Twenty one (21)] days from the date of your demand to the Builder referred to above, we receive notification from you or the
Builder accompanied by written confirmation by an arbitrator to the effect that your claim to cancel the Contract or your claim for refund thereunder has been disputed and referred to arbitration in accordance with the Contract, we shall under this
Guarantee refund to you the sum (not exceeding [—] U.S. Dollars (US$ [—]) plus interest by the same
manner hereinabove) due to you from the Builder pursuant to the award made under such arbitration immediately upon receipt from you [or within [—] days from the receipt
from you] of the demand for payment of the sum and a copy of the award. 

  

	 	9.	This Guarantee shall be assignable by you and by any permitted assignee of your rights under the Contract subject to our prior consent which shall not be unreasonably withheld. 

 

	 	10.	Our liabilities and obligations under this Letter of Guarantee shall not be affected, prejudiced or discharged by any variation or amendment of the Contract or by any other circumstances that would otherwise affect,
prejudice or discharge our liabilities and obligations as guarantor. 

  

	 	11.	This guarantee shall be governed by and construed in accordance with the laws of England and the undersigned hereby submits to the non-exclusive jurisdiction of the courts of England and appoints
[                    ], with its registered office at
[                    ] to receive service of proceedings in such court on its behalf. 

 

	
	Yours faithfully
	
	For and on behalf of
	[                    ]
	
	  

 EXHIBIT “B” PERFORMANCE GUARANTEE 

GUARANTEE 
 Date: [—], 20 [—] 
 Gentlemen: 

In consideration of your executing a shipbuilding contract (hereinafter called the “CONTRACT”) dated [—], 20[—] with [—], a corporation incorporated and existing under the laws of [—] with its principal office at [—] (hereinafter called the “BUYER”) providing for the construction of one (1) [—] DWT class [—] having the BUILDER’s Hull No. S[—] (hereinafter called the
“VESSEL”), and providing, among other things, for payment of the contract price amounting to U.S. Dollars [—] only (US$[—].-)
for the VESSEL, prior to and upon the delivery of the VESSEL, the undersigned, as a primary obligor and not merely as a surety, hereby unconditionally and irrevocably guarantees to you, your successors and assigns, the due and faithful performance
by the BUYER of the payment of the 2nd and 3rd instalments of the CONTRACT PRICE due under the CONTRACT and any supplements, amendments,
changes or modifications hereinafter made thereto to you, your successors and assigns under the CONTRACT, and confirms that this guarantee shall be fully applicable to the CONTRACT whether so supplemented, amended, changed or modified and if it
shall be assigned by the BUYER in accordance with the terms of the CONTRACT. 
 This guarantee will expire automatically on delivery of the
VESSEL to the BUYER as evidenced by a duly executed protocol of delivery and acceptance and you shall thereafter return the original copy of this to us. 

The undersigned hereby certifies, represents and warrants that all acts, conditions and things required to be done and performed and to have
occurred precedent to the creation and issuance of this guarantee, and to constitute the guarantee the valid and legally binding obligation of the undersigned enforceable in accordance with its terms have been done and performed and have occurred in
due and compliance with applicable laws. 
 The payment by the undersigned under this guarantee shall be made forthwith upon receipt by us
of written demand from you including a statement that the BUYER is in default of payment of the amounts and such default has continued for a period of fourteen (14) days, including, but not limited to, the instalment(s) payable prior to or upon
delivery of the VESSEL, that were due under the CONTRACT, without requesting you to take any or further procedure or step against the BUYER. In the event that any withholding or deduction is imposed by any law, the undersigned will pay such
additional amount as may be necessary in order that the actual amount received after deduction or withholding shall equal to the amount that would have been received if such deduction or withholding were not required. 

This guarantee shall be governed by and interpreted in accordance with the laws of England and the undersigned hereby submits to the
non-exclusive jurisdiction of the Courts of England city in London and appoints Scorpio UK Ltd, located at 32 Dover Street, London, W1S 4NE for the attention of Mr. Luca Forgione) to receive service of proceedings in such courts on its behalf.

  

			
	Very truly yours,
	
	For and on behalf of
		
	By	 	
	Name:	 	[—]
	Title:	 	[—]

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