Document:

EX-4.8

 Exhibit 4.8 

Date 23 April 2021 

CRONUS SHIPPING CORPORATION 

DIONYSUS SHIPPING CORPORATION 

-and- 
 BOLE SHIPPING
CORPORATION 
 as joint and several Borrowers 

-and- 
 HELLENIC BANK
PUBLIC COMPANY LIMITED 
 as Lenders 

-and- 
 HELLENIC BANK
PUBLIC COMPANY LIMITED 
 as Arranger, Account Bank, Agent and Security Trustee 

 
  

SECOND SUPPLEMENTAL AGREEMENT 
  

 
 in relation
to a Facility Agreement 
 dated 25 June 2020 (as amended) 

 
 

 
 PIRAEUS 

 Index 
  

							
	Clause	 	 	  	Page No	 
			
	1	 	INTERPRETATION	  	 	3	 
			
	2	 	ACCESSION DEED	  	 	5	 
			
	3	 	AGREEMENT OF THE LENDERS	  	 	6	 
			
	4	 	CONDITIONS PRECEDENT	  	 	6	 
			
	5	 	REPRESENTATIONS AND WARRANTIES	  	 	8	 
			
	6	 	AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS	  	 	8	 
			
	7	 	FURTHER ASSURANCES	  	 	14	 
			
	8	 	FEES	  	 	14	 
			
	9	 	NOTICES	  	 	14	 
			
	10	 	SUPPLEMENTAL	  	 	15	 
			
	11	 	LAW AND JURISDICTION	  	 	15	 
			
	Schedule	 		  	 	16	 

  
 2 

 THIS AGREEMENT is made on 23 April 2021 

BETWEEN 
  

	(1)	 CRONUS SHIPPING CORPORATION and DIONYSUS SHIPPING CORPORATION as joint and several Borrowers (the
“Existing Borrowers”); 

  

	(2)	 BOLE SHIPPING CORPORATION as new Borrower (the “New Borrower”); 

 

	(3)	 HELLENIC BANK PUBLIC COMPANY LIMITED as Arranger, Account Bank, Agent and Security Trustee;

  

	(4)	 HELLENIC BANK PUBLIC COMPANY LIMITED as Lenders. 

BACKGROUND 
  

	(A)	 By a Facility Agreement dated 25 June 2020 (as amended by a supplemental letter dated 3 March 2021)
and made between (originally) the Existing Borrowers, Oceanus Shipping Corporation, Prometheus Shipping Corporation, the Lenders, the Arranger, the Account Bank, the Agent and the Security Trustee, the Lenders have made available to the Existing
Borrowers, Oceanus Shipping Corporation, Prometheus Shipping Corporation, a loan of originally up to USD17,000,000. 

  

	(B)	 The Existing Borrowers have made a request to the Lenders that they agree (inter alia): 

 

	 	a.	 that the New Borrower accedes to, and becomes a new borrower under, the Facility Agreement;

  

	 	b.	 to amend the repayment schedule of each Advance contained in clause 4.1.1 (Repayment) of the Facility
Agreement; 

  

	 	c.	 to extend the Maturity Date; and 

 

	 	d.	 to make certain other amendments to the Facility Agreement. 

 

	(C)	 This Agreement sets out the terms and conditions on which the Banks agree, with effect on and from the
Effective Date, at the request of the Existing Borrowers, to make amendments to the Facility Agreement. 

 IT IS AGREED as follows:

  

	1	 INTERPRETATION 

 

	1.1	 Defined expressions. Words and expressions defined in the Facility Agreement and the other Security
Documents shall have the same meanings when used in this Agreement unless the context otherwise requires. 

  

	1.2	 Definitions. In this Agreement, unless the contrary intention appears: 

“Accounts Charge” means a first priority charge required to be executed between the Borrowers and the Security Trustee in
respect of the Earnings Accounts, the Liquidity Account and the Retention Account in such form as the Agent may require in its sole discretion; 

  
 3 

 “Advance E” means the principal amount equal to the lesser of
(i) eight million eight hundred and fifty thousand Dollars (USD8,850,000) and (ii) 70% of the Valuation Amount of Vessel E as at the Drawdown Date of Advance E, for the purpose of the Borrowers making Advance E available to the Shareholder,
which the Shareholder will use to pay to the current shareholder of Bole the purchase price of the shares in Bole, or, as the context requires, the amount thereof outstanding from time to time; 

  
 4 

 “Bole” means Bole Shipping Corporation, having its registered
address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960; 
 “Effective Date”
means the Business Day on which all the conditions precedent referred to in Clause 4.2 have been fulfilled by the Borrowers; 

“Facility Agreement” means the Facility Agreement dated 25 June 2020 (as amended by a supplemental letter dated
3 March 2021) referred to in Recital (A); 
 “Mortgage Addendum” means and addendum to the Mortgage in respect of
Vessel B, in such form as the Agent may require in its sole discretion; 
 “Outstanding Indebtedness” means the aggregate of
the Loan and interest accrued and accruing thereon, the Expenses and all other sums of money from time to time owing to the Banks or any of them, whether actually or contingently, under the Security Documents or any of them; 

“Substitute Mortgage” means a first priority Cyprus statutory mortgage and deed of covenant collateral thereto required to be
executed by Cronus in respect of Vessel A, in such form as the Agent may require in its sole discretion; 
 Words and expressions advised in
the Schedule to this Agreement shall have the meanings given to them therein as if set out in full in this Clause 1.2. 
  

	1.3	 Application of construction and interpretation provisions of Facility Agreement. Clauses 1.2 and 1.3 of
the Facility Agreement apply, with any necessary modifications, to this Agreement. 

  

	2	 ACCESSION DEED 

 

	2.1	 The New Borrower agrees to become, and hereby becomes, an additional Borrower and agrees to be bound by the
terms of the Facility Agreement and the other Security Documents as an additional Borrower jointly and severally with the Existing Borrowers and hereby assumes responsibility to pay, satisfy or perform any outstanding Indebtedness under any of the
Security Documents. All references to “Borrowers” or “Borrower” in any of the Security Documents and this Supplemental Agreement are hereby construed to include the New Borrower. 

 

	2.2	 The Existing Borrowers each confirm that no Default is continuing or would occur as a result of the New
Borrower becoming an additional Borrower. 

  

	2.3	 The New Borrower intends to incur liabilities under the Facility Agreement and the Security Documents to which
it will be a party. 

  

	2.4	 By a Trust Deed dated 25 June 2020 the Security Trustee agreed to hold the Trust Property on trust for the
other Banks. 

  

	2.5	 The New Borrower and the Security Trustee agree that the Security Trustee shall hold: 

 

	2.5.1	 any Encumbrance in respect of liabilities created or expressed to be created pursuant to the Security Documents
to which it will be a party; 

  
 5 

	2.5.2	 all proceeds of that Encumbrance; and 

 

	2.5.3	 all obligations expressed to be undertaken by the New Borrower to pay amounts in respect of the liabilities to
the Security Trustee as trustee for the Banks (in the Security Documents or otherwise) and secured by any of the Security Documents together with all representations and warranties expressed to be given by the New Borrower (in the Security Documents
or otherwise) in favour of the Security Trustee as trustee for the Banks, 

 on trust for the Banks on the terms and
conditions contained in the Trust Deed. 
  

	3	 AGREEMENT OF THE LENDERS 

 

	3.1	 Agreement of the Lenders. The Lenders, relying upon each of the representations and warranties in Clause
5 and subject to Clause 4, agree to (i) make Advance E available to the Existing Borrowers and Bole as joint and several borrowers upon and subject to the terms of this Agreement and the Facility Agreement for the purpose of the Borrowers
making Advance E available to the Shareholder, which the Shareholder will use to pay to the current shareholder of Bole the purchase price of the shares in Bole and (ii) amend the Facility Agreement in accordance with Clause 6.

  

	3.2	 Effective Date. The agreement of the Lenders contained in Clause 2.1 of this Agreement shall have effect
on and from the Effective Date. 

  

	4	 CONDITIONS PRECEDENT 

 

	4.1	 Lenders’ consent and advance of Advance E. The consent of the Lenders to amend the Facility
Agreement is conditional upon: 

  

	4.1.1	 the Agent, or its authorised representative, having received the documents and evidence specified in Clause 4.2
of this Agreement in form and substance satisfactory to the Agent and its lawyers; 

  

	4.1.2	 the representations and warranties contained in Clause 5 being then true and correct as if each was made with
respect to the facts and circumstances existing at such time and the same being unaffected by drawdown of Advance E; and 

  

	4.1.3	 no Default having occurred and being continuing and there being no Default which would result from the lending
of Advance E. 

  

	4.2	 Conditions precedent. The conditions referred to in Clause 4.1 of this Agreement are that the Agent
shall have received the following documents on or before the date of this Agreement (or such later date as the Agent may agree with the Borrowers): 

  

	(a)	 Corporate documents 

certified copies of all documents which evidence or relate to the constitution of each Existing Borrower, Bole, the Corporate Guarantor,
the Shareholder and each Manager (other than the Third Party Manager) and its current corporate existence; 
  

	(b)	 Corporate authorities 

  
 6 

	 	(i)	 certified copies of resolutions of the directors or, as the case may be, member(s) of each Existing
Borrower, Bole, the Corporate Guarantor, the Shareholder and each Manager (other than the Third Party Manager) approving this Agreement or endorsement thereof, Mortgage Addendum and Substitute Mortgage (as the case may be) and authorising the
execution and delivery thereof and performance of the obligations of the Existing Borrower, Bole, the Corporate Guarantor, the Shareholder and each Manager (other than the Third Party Manager) thereunder, additionally certified by an officer
of such Existing Borrower, Bole, Corporate Guarantor, Shareholder and Manager as having been duly adopted by the directors or, as the case may be, member(s) of such Existing Borrower, Bole, Corporate Guarantor, Shareholder and Manager
and not having been amended, modified or revoked and being in full force and effect; and 

  

	 	(ii)	 originals of any powers of attorney issued by each Existing Borrower, Bole, the Corporate Guarantor, the
Shareholder and each Manager (other than the Third Party Manager) pursuant to such resolutions; 

  

	(c)	 Certificate of incumbency 

a list of directors and officers of each Existing Borrower, Bole, the Corporate Guarantor, the Shareholder and each Manager (other than
the Third Party Manager) specifying the names and positions of such persons, certified by an officer of such Existing Borrower, Bole, Corporate Guarantor, Shareholder and Manager to be true, complete and up to date; 

 

	(d)	 Accounts Charge 

the Accounts Charge duly executed and delivered; 
  

	(e)	 Substitute Mortgage 

the Substitute Mortgage duly executed and delivered; 
  

	(f)	 Substitute Mortgage registration 

evidence that the Substitute Mortgage has been duly registered against Vessel A in accordance with the laws of the relevant Flag State; 

 

	(g)	 Mortgage Addendum 

the Mortgage Addendum duly executed and delivered; 
  

	(h)	 Mortgage Addendum registration 

evidence that the Mortgage Addendum has been duly registered against Vessel B in accordance with the laws of the relevant Flag State; 

 

	(i)	 Fee letter 

a Fee Letter in such form as the Agent may require in its sole discretion; 

 

	(j)	 Laws of the Marshall Islands: opinion 

an opinion of Ince, special legal advisers to the Banks on Marshall Islands law; 

  
 7 

	(k)	 Laws of Liberia: opinion 

an opinion of Ince, special legal advisers to the Banks on Liberia law; 

 

	(l)	 Laws of Cyprus: opinion 

an opinion of Montanios & Montanios, special legal advisers to the Banks on Cyprus law; 

 

	(m)	 Agent for service of process 

documentary evidence that the agent for service of process named in clause 20.2.1 of the Facility Agreement has accepted its appointment
hereunder; 
  

	(n)	 Further opinions 

such further professional opinions as the Agent may reasonably require; 

 

	(o)	 Endorsement 

the endorsement at the end of this Agreement signed by each Security Party (other than the Borrowers); and 

 

	(p)	 Further conditions precedent 

evidence of fulfilment of such further conditions precedent as the Agent may reasonably require. 

 

	4.3	 Waiver of conditions precedent. If the Lenders, at their discretion, agree to amend the Facility
Agreement before certain of the conditions referred to in Clause 4.2 are satisfied, the Borrowers shall ensure that those conditions are satisfied within 5 Business Days after the amendment. 

 

	5	 REPRESENTATIONS AND WARRANTIES 

 

	5.1	 Repetition of Facility Agreement representations and warranties. Each Borrower represents and warrants
to each Creditor that the representations and warranties in Clause 7 of the Facility Agreement, as amended and supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, remain true and not misleading if
repeated on the date of this Agreement with reference to the circumstances now existing. 

  

	6	 AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS 

 

	6.1	 Specific amendments to Facility Agreement. With effect on and from the Effective Date the Facility
Agreement shall be, and shall be deemed by this Agreement to be, amended as follows: 

  

	(a)	 by deleting Clause 1.1 thereof and replacing it with: 

“1.1 Purpose 

  
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 This Agreement sets out the terms and conditions on which the Lenders agree to make
available to the Borrowers, subject to clause 2 of this Agreement, a loan of up to (originally) seventeen million Dollars (USD17,000,000) in (a) four Advances, namely Advance A, Advance B, Advance C and Advance D, to be drawn down
simultaneously for the purpose of enabling the partial prepayment of the amount outstanding under the Existing Loan Agreement and (b) after Advance C and Advance D and all other relevant amounts have been prepaid after and in respect of the
sale of Vessels C and Vessel D, one Advance, namely Advance E, for the purpose of the Borrowers making Advance E available to the Shareholder, which the Shareholder will use to pay to the current shareholder of Bole the purchase price of the shares
in Bole.”; 
  

	(b)	 by adding in Clause 1.2 thereof the definitions of “Accounts Charge” and “Advance
E” from Clause 1.2 of this Agreement; 

  

	(c)	 by adding in Clause 1.2 thereof the definition of “Mortgage Addendum” from Clause 1.2 of this
Agreement and construing the definition of “Mortgage” in Clause 1.2 thereof to mean, in the case of Vessel A, the Substitute Mortgage and, in the case of Vessel B, the same as amended by the Mortgage Addendum; 

 

	(d)	 by adding in Schedule 7 thereof each of the definitions in the Schedule of this Agreement;

  

	(e)	 by deleting the definition of “Accounts Pledge” in Clause 1.2 thereof; 

 

	(f)	 by deleting the definition of “Bail-In Legislation” in
Clause 1.2 thereof and replacing it with: 

 “”Bail-In
Legislation” means: 
  

	 	(a)	 in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time 

  

	 	(b)	 in relation to any other state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation; and 

  

	 	(c)	 in relation to the United Kingdom, the UK Bail-In Legislation;”;

  

	(g)	 by deleting the definition of “Borrower” in Clause 1.2 thereof and replacing it with:

 ““Borrower” means each of Bole Shipping Corporation (“Bole”), Cronus Shipping
Corporation (“Cronus”) and Dionysus Shipping Corporation (“Dionysus”), each having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 and in the
plural means all of them;”; 
  

	(h)	 by deleting in the definition of “Drawdown Date” the word “simultaneously”;

  

	(i)	 by deleting the definition of “Drawdown Period” in Clause 1.2 thereof and replacing it with:

  
 9 

 ““Drawdown Period” means the period commencing on the Execution Date
and ending on the earliest of (a) (i) in the case of Advance A, Advance B, Advance C and Advance D, 31 July 2020 and (ii) in the case of Advance E, 31 May 2021 and (b) any date on which (i) the amount of the Loan has
been made available in full to the Borrowers by the Lenders in accordance with the provisions of clause 2 or (ii) the Total Commitment is reduced to zero pursuant to clauses 2.7, 10.2 or 12;”; 

 

	(j)	 by deleting the definition of “Margin” in Clause 1.2 thereof and replacing it with:

 ““Margin” means, (i) in relation to each Interest Period in respect of the Loan less Advance
E, 3.50% per annum and (ii) in relation to each Interest Period in respect of Advance E, 3% per annum;”; 
  

	(k)	 by deleting the definition of “Maturity Date” in Clause 1.2 thereof and replacing it with:

 ““Maturity Date” means (a) in respect of each of Advance A and Advance B, 26 December
2024 and (b) in respect of Advance E, the earlier of (i) the date falling forty five (45) months years after the Drawdown Date in respect of Advance E and (ii) 31 December 2024;”; 

 

	(l)	 by adding at the end of the definition of “Owner” in Clause 1.2 thereof before the words
“and in the plural means all of them” the words “(v) Vessel E, Bole, ”; 

  

	(m)	 by adding at the end of the definition of “Relevant Advance” in Clause 1.2 thereof the words
“and in respect of Vessel E, Advance E”; 

  

	(n)	 by deleting the definition of “Repayment Dates” in Clause 1.2 thereof and replacing it with:

 ““Repayment Dates” means, subject to clause 6.3: 

 

	 	(a)	 in respect of each of Advance A and Advance B, 26 June 2021 and each of the dates falling at quarterly
intervals thereafter, up to and including the Maturity Date in respect thereof; and 

  

	 	(b)	 in respect of Advance E, each of the dates falling at quarterly intervals after the Drawdown Date in respect
thereof, up to and including the date falling 45 months after such date;”; 

  

	 	(o)	 by deleting the definition of “UK Bail-In
Legislation” in Clause 1.2 thereof and replacing it with: 

 ““UK
Bail-In Legislation” means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks,
investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings);”; 
  

	(p)	 by adding in the definition of “Vessel” in Clause 1.2 thereof after the words “Vessel
D” the words “and Vessel E”; 

  

	(q)	 by deleting the definition of “Write-down and Conversion Powers” in Clause 1.2 thereof and
replacing it with: 

 ““Write-down and Conversion Powers” means: 

 

	 	(a)	 in relation to any Bail In Legislation described in the EU Bail In Legislation Schedule from time to time, the
powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; 

  
 10 

	 	(b)	 in relation to any other applicable Bail-In Legislation other than the
UK Bail-In Legislation: 

  

	 	(i)	 any powers under that Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

  

	 	(ii)	 any similar or analogous powers under that Bail-In Legislation; and

  

	 	(c)	 in relation to the UK Bail-in Legislation, any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other
person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK
Bail-In Legislation that are related to or ancillary to any of those powers.”; 

  

	(r)	 by deleting the words “Accounts Pledge” throughout the Facility Agreement and replacing them with the
words “Accounts Charge”; 

  

	(s)	 by deleting the words “the Drawdown Notice” throughout the Facility Agreement and replacing them with
the words “the relevant Drawdown Notice”; 

  

	(t)	 by deleting in the definition of “Retention Dates”, clauses 2.1, 2.4.1, 2.5.1, 6.2, 9.3,
14.1.1 and paragraph (m) of Schedule 3 Part B the words “Drawdown Date” and replacing them with the words “relevant Drawdown Date”; 

  

	(u)	 by deleting Clause 2.1 thereof and replacing it with: 

“2.1 Agreement to lend 

The Lenders, relying upon each of the representations and warranties in clause 7, agree to provide to the Borrowers upon and subject to the
terms of this Agreement, the Advances, which shall be drawn in (a) four Advances, namely Advance A, Advance B, Advance C and Advance D, to be drawn down simultaneously for the purpose of enabling the partial prepayment of the amount outstanding
under the Existing Loan Agreement and (b) after Advance C and Advance D and all other relevant amounts have been prepaid after and in respect of the sale of Vessels C and Vessel D, one Advance, namely Advance E, for the purpose of the Borrowers
making Advance E available to the Shareholder, which the Shareholder will use to pay to the current shareholder of Bole the purchase price of the shares in Bole. Subject to the terms of this Agreement, the obligations of the Lenders shall be to
contribute to each Advance, the proportion of the relevant Advance which their respective Commitments bear to the Total Commitment on the Drawdown Date.”; 

  
 11 

	(v)	 by deleting Clause 2.5.2 and replacing it with: 

“2.5.2 The principal amount specified in the relevant Drawdown Notice for borrowing on the Drawdown Date in respect of Advance E shall,
subject to the terms of this Agreement. be an amount equal to the lesser of (i) eight million eight hundred and fifty thousand Dollars (USD8,850,000) and (ii) 70% of the Valuation Amount of Vessel E as at the Drawdown Date of Advance E.”;

  

	(w)	 by deleting Clause 4.1.1 thereof and replacing it with: 

“4.1.1 Subject as otherwise provided in this Agreement, the Borrowers must repay: 

 

	 	(a)	 Advance A outstanding as at 23 April 2021 in the aggregate amount of USD3,880,732.44 by fifteen
(15) quarterly instalments to be repaid on each of the Repayment Dates in respect of that Advance and a balloon instalment to be repaid on the final Repayment Date in respect of that Advance. The amount of the first instalment shall be
USD129,000, the amount of the next fourteen (14) instalments shall be USD166,000 each and the amount of the Balloon Instalment shall be USD1,427,732.44; 

  

	 	(b)	 Advance B outstanding as at 23 April 2021 in the aggregate amount of USD3,911,306.69 by fifteen
(15) quarterly instalments to be repaid on each of the Repayment Dates in respect of that Advance and a balloon instalment to be repaid on the final Repayment Date in respect of that Advance. The amount of the first instalment shall be
USD130,000, the amount of the next fourteen (14) instalments shall be USD167,000 each and the amount of the Balloon Instalment shall be USD1,443,306.69; and 

 

	 	(c)	 Advance E by fifteen (15) quarterly instalments to be repaid on each of the Repayment Dates in respect of
that Advance and a balloon instalment to be repaid on the final Repayment Date in respect of that Advance. The amount of the first four (4) instalments shall be USD750,000 each, the amount of the next two (2) instalments shall be
USD300,000 each, the amount of the next nine (9) instalments shall be USD150,000 each and the amount of the Balloon Instalment shall be USD3,900,000. 

If the Commitment in respect of Advance E is not drawn in full, the amount of each repayment instalments including the said balloon instalment
for that Advance shall be reduced proportionately.”; 
  

	(x)	 by deleting Clause 4.8 thereof and replacing it with: 

“4.8 Deferral Option 

The Borrowers may defer two consecutive repayment instalments in respect of each of Advance A and Advance B (each a “Deferred
Instalment”) falling due under Clause 4.1.1 on any of the Repayment Dates falling after the first four Repayment Dates falling after 23 April 2021 (or, if earlier, after the first four repayment instalments of each of Advance A and
Advance B falling after 23 April 2021 have been repaid or prepaid) by giving written notice to the Agent at least ten (10) Banking Days prior to the Repayment Date in respect of the instalment to be deferred, following which the repayment
instalment due on that Repayment Date shall be added to the Balloon Instalment in respect of the relevant Advance, which will be increased accordingly, Provided that (i) an election under this Clause 4.8 shall apply at the same time to both
Advance A and Advance B and (ii) the Borrowers may make an election under this Clause 4.8 only if at the time such election is made and on the Repayment Date relative to the deferred repayment instalment (a) no Event of Default has
occurred which is continuing and (b) no breach of any covenant under this Agreement or no Event of Default would occur as a result of such deferral.”; 

  
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	(y)	 by deleting Clause 14.3 thereof and replacing it with: 

“14.3 Minimum Balance 
 The
Borrowers shall deposit on the Drawdown Date and maintain thereafter throughout the Facility Period on the Liquidity Account a balance of not less than the aggregate of (i) USD250,000 multiplied by the number of Mortgaged Vessels other than
Vessel E and (ii) USD350,000 whilst Vessel E is a mortgaged Vessel.”; 
  

	(z)	 by deleting paragraph (n) of Schedule 3 Part B thereof and replacing it with: 

“(n) Liquidity 

evidence that there is standing to the credit of the Liquidity Account a balance of not less than the aggregate of (i) USD250,000
multiplied by the number of Mortgaged Vessels other than Vessel E and (ii) USD350,000 in respect of Vessel E;”; 
  

	(aa)	 by deleting paragraph 2 of Schedule 6 (Form of Compliance Certificate) thereof and replacing it
with: 

 “there is USD[    ] standing to the credit of the Liquidity Account, compared against the
required minimum of not less than the aggregate of (i) USD250,000 multiplied by the number of Mortgaged Vessels other than Vessel E and (ii) USD350,000 whilst Vessel E is a mortgaged Vessel, in accordance with Clause 14.3;”; 

 

	(bb)	 by construing references throughout to “this Agreement”, “hereunder” and other like
expressions as if the same referred to the Facility Agreement as amended and supplemented by this Agreement. 

  

	6.2	 Amendments to Security Documents. With effect on and from the Effective Date each of the Security
Documents other than the Facility Agreement, shall be, and shall be deemed by this Agreement to be, amended so that the definition of, and references throughout each of the Security Documents to, the Facility Agreement and any of the other Security
Documents shall be construed as if the same referred to the Facility Agreement and those Security Documents as amended and supplemented or replaced (as the case may be) by this Agreement, the Mortgage Addendum, the Substitute Mortgage
or the Accounts Charge. 

  

	6.3	 Security Documents to remain in full force and effect.  

The Security Documents shall remain in full force and effect, as security for the Outstanding Indebtedness, as amended and supplemented by:

  

	 	(a)	 the amendments to the Security Documents contained or referred to in Clauses 6.1 and 62; and

  

	 	(b)	 such further or consequential modifications as may be necessary to give full effect to the terms of this
Agreement. 

  
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	7	 FURTHER ASSURANCES 

 

	7.1	 Borrower’s obligation to execute further documents etc. The Borrowers shall, and shall
procure that any other party to any Security Document shall: 

  

	 	(a)	 execute and deliver to the Security Trustee (or as it may direct) any assignment, mortgage, power of attorney,
proxy or other document, governed by the law of England or such other country as the Security Trustee may, in any particular case, specify; and 

  

	 	(b)	 effect any registration or notarisation, give any notice or take any other step, which the Security Trustee
may, by notice to the Borrowers or other party, reasonably specify for any of the purposes described in Clause 7.2 or for any similar or related purpose. 

 

	7.2	 Purposes of further assurances. Those purposes are: 

 

	 	(a)	 validly and effectively to create any security interest or right of any kind which the Security Trustee
intended should be created by or pursuant to the Facility Agreement or any other Security Document, each as amended and supplemented by this Agreement; and 

  

	 	(b)	 implementing the terms and provisions of this Agreement. 

 

	7.3	 Terms of further assurances. The Security Trustee may specify the terms of any document to be executed
by the Borrowers or any other party under Clause 7.1, and those terms may include any covenants, powers and provisions which the Agent reasonably considers appropriate to protect its interests. 

 

	7.4	 Obligation to comply with notice. The Borrowers shall comply with a notice under Clause 7.1 by
the date specified in the notice. 

  

	7.5	 Additional corporate action. At the same time as any Borrower or any other party delivers to the
Security Trustee any document executed under Clause 7.1(a), that Borrower or such other party shall also deliver to the Security Trustee a certificate signed by 2 of that Borrower’s or that other party’s directors or officers which
shall: 

  

	 	(a)	 set out the text of a resolution of that Borrower or that other party’s directors specifically authorising
the execution of the document specified by the Security Trustee; and 

  

	 	(b)	 state that either the resolution was duly passed at a meeting of the directors validly convened and held
throughout which a quorum of directors entitled to vote on the resolution was present or that the resolution has been signed by all the directors and is valid under that Borrower’s or that other party’s articles of association or other
constitutional documents. 

  

	8	 FEES  

  

	8.1	 Fees and Expenses. The provisions of Clause 5 (Fees and expenses) of the Facility Agreement shall apply
to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 

  

	9	 NOTICES 

  

	9.1	 General. The provisions of Clause 17 (Notices and other matters) of the Facility Agreement shall apply
to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 

  
 14 

	10	 SUPPLEMENTAL 

  

	10.1	 Counterparts. This Agreement may be executed in any number of counterparts. 

 

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

  

	11	 LAW AND JURISDICTION 

 

	11.1	 Governing law. This Agreement and any non-contractual
obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. 

  

	11.2	 Incorporation of the Facility Agreement provisions. The provisions of Clause 19 (Governing law) and
Clause 20 (Jurisdiction) of the Facility Agreement shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications. 

  
 15 

 IN WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed on
the date first above written. 
  

							
	SIGNED as a deed for and on behalf of	  	 	)	 	  	
	CRONUS SHIPPING CORPORATION	  	 	)	 	  	 /s/ Maria Trivela

	by MARIA TRIVELA	  	 	)	 	  	
	as attorney-in-fact	  	 	)	 	  	
	(as Borrower under and pursuant to	  	 	)	 	  	
	a power of attorney dated 20 April 2021)	  	 	)	 	  	
			
	in the presence of Ioanna Mitsaki	  	 	)	 	  	 /s/ Ioanna Mitsaki

			
	SIGNED as a deed for and on behalf of	  	 	)	 	  	
	DIONYSUS SHIPPING CORPORATION	  	 	)	 	  	 /s/ Maria Trivela

	by MARIA TRIVELA	  	 	)	 	  	
	as attorney-in-fact	  	 	)	 	  	
	(as Borrower under and pursuant to	  	 	)	 	  	
	a power of attorney dated 20 April 2021)	  	 	)	 	  	
			
	in the presence of Ioanna Mitsaki	  	 	)	 	  	 /s/ Ioanna Mitsaki

			
	SIGNED as a deed for and on behalf of	  	 	)	 	  	
	BOLE SHIPPING CORPORATION	  	 	)	 	  	 /s/ Maria Trivela

	by MARIA TRIVELA	  	 	)	 	  	
	as attorney-in-fact	  	 	)	 	  	
	(as Borrower under and pursuant to	  	 	)	 	  	
	a power of attorney dated 20 April 2021)	  	 	)	 	  	
			
	in the presence of Ioanna Mitsaki	  	 	)	 	  	 /s/ Ioanna Mitsaki

			
	SIGNED by STAVROULA MYLONA	  	 	)	 	  	
	for and on behalf of	  	 	)	 	  	 /s/ Stavroula Mylona

	 HELLENIC BANK PUBLIC COMPANY

LIMITED
	  	 	)	 	  	
	(as a Lender)	  	 	)	 	  	
			
	in the presence of Ioanna Mitsaki	  	 	)	 	  	 /s/ Ioanna Mitsaki

			
	SIGNED by STAVROULA MYLONA	  	 	)	 	  	
	for and on behalf of	  	 	)	 	  	 /s/ Stavroula Mylona

	 HELLENIC BANK PUBLIC COMPANY

LIMITED
	  	 	)	 	  	
	 (as Arranger, Account Bank, Agent and
 Security
Trustee)
	  	 	)	 	  	
			
	in the presence of Ioanna Mitsaki	  	 	)	 	  	 /s/ Ioanna Mitsaki

  
 16Document

SIGN-ON RSUs

RESTRICTED STOCK UNIT AGREEMENT
THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of __________, 2020 (the “Grant Date”), is between Regis Corporation, a Minnesota corporation (the “Company”), and Felipe Athayde (the “Participant”).  
WHEREAS, the Company wishes to incentivize the Participant to join the Company by granting the Participant the opportunity to receive shares of Common Stock of the Company in connection with the settlement of restricted stock units (“RSUs”);
WHEREAS, the grant of the RSUs are contemplated by Section 5 of the offer letter dated as of September 4, 2020 between the Company and the Participant (the “Letter Agreement”); 
WHEREAS, the RSUs are granted under the inducement grant exemption under the rules of the New York Stock Exchange; and
WHEREAS, the Committee has duly made all determinations necessary or appropriate for the grant of the Restricted Stock Units hereunder (the “Award”).
NOW, THEREFORE, in consideration of the premises and mutual covenants set forth and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree, as follows:
1.    Inducement Grant. The RSUs are granted under the inducement grant exemption under the rules of the New York Stock Exchange. Accordingly, except for those terms of the Company’s 2018 Long Term Incentive Plan (as may be amended from time to time, the “Plan”) expressly referenced herein, the award is not subject to the terms of any equity compensation plan of the Company. Where provisions of the Plan are expressly referenced below, the Participant shall be a “Participant” for purposes of the Plan provisions, this RSU award shall be an “Award” for purposes of such Plan provisions and any other defined term used therein that is not separately defined in this Agreement shall have the meaning given to it in the Plan.
2.    Definitions.  
For purposes of this Agreement, the definitions of terms contained in the Plan are hereby incorporated by reference, except to the extent that any such term is specifically defined in this Agreement. “Qualifying Termination” means a Termination of Employment by the Company without Cause, by the Participant for Good Reason or due to death or Disability of the Participant. 
3.    Grant of Restricted Stock Units, Term and Vesting.
(a)    Subject to the terms and conditions of this Agreement, the Company hereby grants to the Participant      (    ) RSUs, with no obligation to pay cash or other property for such RSUs.  The RSUs will be credited to an account in the Participant’s name 
1

maintained by the Company.  This account shall be unfunded and maintained for book-keeping purposes only, with each RSU representing an unfunded and unsecured promise by the Company to issue to the Participant one share of the Company’s Common Stock in settlement of a vested RSU.
(b)    100% of the RSUs will vest on October 5, 2021, subject to Participant’s continued employment with the Company through such date and the other terms and conditions set forth in this Agreement.
(c)    Notwithstanding Section 3(b), if the Participant experiences a Qualifying Termination, then all RSUs vest as of the date of the Participant’s Termination of Employment.  If the Participant resigns from the Company without Good Reason, a pro-rated portion of the RSUs equal to the total RSUs multiplied by a fraction, the numerator of which is the number of days that have elapsed from October 5, 2020 through the date of the Participant’s Termination of Employment and the denominator of which is 365, shall vest as of the date of the Participant’s Termination of Employment. 
(d)    For purposes of this Agreement, if Participant’s RSUs are considered non-qualified deferred compensation subject to Code Section 409A, a Termination of Employment shall be deemed to have occurred only if on such date the Participant has also experienced a “separation from service” as defined in the regulations promulgated under Code Section 409A.
(e)    For purposes of this Agreement, if Participant’s RSUs are considered non-qualified deferred compensation subject to Code Section 409A, a Change in Control shall be deemed to have occurred for purposes of settling vested RSUs only if such event would also be deemed to constitute a change in ownership or effective control, or a change in the ownership of a substantial portion of the assets, of the Company under Code Section 409A.
4.    Forfeiture of Unvested RSUs.
Subject to any accelerated vesting under Section 3(c), and any exercise of the Committee’s discretion under Section 8.3(4) of the Plan, if the Participant experiences a Termination of Employment, any unvested RSUs shall be forfeited and the Participant shall have no further interest in, or right to receive shares of Common Stock in settlement of, such RSUs.
5.    Settlement of RSUs.
Subject to Section 22, after any RSUs vest pursuant to Section 3, the Company shall, as soon as practicable, but no later than thirty (30) days following the earlier of the Participant’s Termination of Employment or October 5, 2021, cause to be issued and delivered to the Participant one share of Common Stock in payment and settlement of each vested RSU.  Delivery of the shares shall be effected by the delivery of a stock certificate evidencing the shares, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to the Participant, or by the electronic delivery of the shares to 
2

a brokerage account designated by the Participant, and shall be subject to the tax withholding provisions of Section 9 and compliance with all applicable legal requirements, including compliance with the requirements of applicable federal and state securities laws, and shall be in complete satisfaction and settlement of such vested RSUs.  Upon settlement of the RSUs, the Participant will obtain, with respect to the shares of Common Stock received in such settlement, full voting and other rights as a shareholder of the Company.
6.    Shareholder Rights.
The RSUs subject to this Award do not entitle the Participant to any rights of a holder of the Company’s Common Stock.  The Participant will not have any of the rights of a shareholder of the Company in connection with the grant of the RSUs unless and until shares of Common Stock are issued to the Participant in settlement of the RSUs as provided in Section 5.
7.    Dividend Equivalents.
If a cash dividend is declared and paid by the Company with respect to its Common Stock, the Participant will be credited as of the applicable dividend payment date with an additional number of RSUs (the “Dividend RSUs”) equal to (i) the total cash dividend the Participant would have received if the number of RSUs credited to the Participant under this Agreement as of the related dividend payment record date (including any previously credited Dividend RSUs) had been actual shares of Common Stock, divided by (ii) the Fair Market Value of a share of Common Stock as of the applicable dividend payment date (with the quotient rounded down to the nearest whole number).  Once credited to the Participant’s account, Dividend RSUs will be considered RSUs for all purposes of this Agreement.
8.    Restrictions on Transferability.
Neither the Award evidenced by this Agreement nor the RSUs may be sold, transferred, pledged, assigned, or otherwise alienated at any time, other than by will or the laws of descent and distribution.  Any attempt to do so contrary to the provisions hereof shall be null and void.
9.    Tax Consequences and Payment of Withholding Taxes.
Neither the Company nor any of its Affiliates shall be liable or responsible in any way for the tax consequences relating to the award of RSUs, their vesting and the settlement of vested RSUs in shares of Common Stock.  The Participant agrees to determine and be responsible for any and all tax consequences to the Participant relating to the award, vesting and settlement of RSUs hereunder.  If the Company is obligated to withhold an amount on account of any tax imposed as a result of the grant, vesting or settlement of the RSUs, the provisions of Section 13.4 of the Plan regarding the satisfaction of tax withholding obligations shall apply (including any required payments by the Participant).
10.    Administration.  
3

The Plan and this Award of RSUs are administered by the Committee, in accordance with the terms and conditions of the Plan.  Actions and decisions made by the Committee in accordance with this authority shall be effectuated by the Company.
11.    Plan and Agreement; Recoupment Policy.
The Participant hereby acknowledges receipt of a copy of the Plan.  In addition to the provisions of the Plan referenced above, this Award shall also be subject to the following provisions of the Plan: Article III (Administration), Section 4.7 (Effect of Certain Changes), Article XI (Change in Control Provisions) and Article XIII (Miscellaneous). The Company shall, upon written request therefore, send a copy of the Plan, in its then current form, to the Participant or any other person or entity then entitled to receive the shares of Common Stock to be issued in settlement of the RSUs.
The Company may recover any equity awarded to the Participant under this Agreement, or proceeds from the sale of such equity, to the extent required by any rule of the Securities and Exchange Commission or any listing standard of the New York Stock Exchange, including any rule or listing standard requiring recovery of incentive compensation in connection with an accounting restatement due to the Company’s material noncompliance with any financial reporting requirement under the securities laws, which recovery shall be subject to the terms of any policy of the Company implementing such rule or listing standard.
12.    No Employment Rights.  
Neither this Agreement nor the Award evidenced hereby shall give the Participant any right to continue in the employ of the Company, any Affiliate or any other entity, or create any inference as to the length of employment of the Participant, or affect the right of the Company (or any Affiliate or any other entity) to terminate the employment of the Participant (with or without Cause), or give the Participant any right to participate in any employee welfare or benefit plan or other program of the Company, any Affiliate or any other entity.
13.    Requirements of Law and No Disclosure Rights.  
The Company shall not be required to issue any shares of Common Stock in settlement of RSUs granted under this Agreement if the issuance of such shares shall constitute a violation of any provision of any applicable law or regulation of any governmental authority.  The Company shall have no duty or obligation beyond those imposed by applicable securities laws generally to affirmatively disclose to the Participant or a Representative, and the Participant or Representative shall have no right to be advised of, any material non-public information regarding the Company or an Affiliate at any time prior to, upon or in connection with the issuance of the shares of Common Stock in settlement of the Participant’s RSU Award.
14.    Governing Law.
4

This Agreement, the awards of RSUs hereunder and the issuance of Common Stock in payment of RSUs shall be governed by, and construed and enforced in accordance with, the laws of the State of Minnesota (other than its laws respecting choice of law).
15.    Entire Agreement.
This Agreement and the Plan constitute the entire obligation of the parties hereto with respect to the subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this transaction, including, without limitation, the Letter Agreement.
16.    Amendment.  
Any amendment to this Agreement shall be in writing and signed on behalf of the Company, and shall comply with the terms and conditions of the Plan.
17.    Waiver; Cumulative Rights.  
The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing.  Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time.
18.    Counterparts.  
This Agreement may be signed in two (2) counterparts, each of which shall be an original, but both of which shall constitute but one and the same instrument.
19.    Headings.  
The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
20.    Severability.  
If for any reason any provision of this Agreement shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted.
21.    Successors and Assigns.  
This Agreement shall inure to the benefit of and be binding upon each successor and assign of the Company, and upon the heirs, legal representatives and successors of the Participant.
5

22.    Code Section 409A.
Notwithstanding anything to the contrary in this Agreement, including Section 4, if any amount shall be payable with respect to this Award as a result of the Participant’s “separation from service” at such time as the Participant is a “specified employee” (as those terms are defined in regulations promulgated under Code Section 409A) and such amount is subject to the provisions of Code Section 409A, then no payment shall be made, except as permitted under Code Section 409A, prior to the first day of the seventh calendar month beginning after the Participant’s separation from service (or the date of Participant’s earlier death), or as soon as administratively practicable thereafter.  Participant shall not have the right to designate the timing of settlement of the RSUs.  If the thirty-day settlement period spans two different calendar years, settlement shall occur during the later calendar year.
[Signature Page Follows]
6

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Participant has hereunto set his hand, all as of the day and year first above written.
REGIS CORPORATION
By:     
Name:    
 Title:    
PARTICIPANT:
     
Felipe Athayde

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