Document:

exv10w3

Exhibit 10.3

Execution Copy     

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 21st, 2008, is
by and between SOMAXON PHARMACEUTICALS, INC. (the “Company”) and KINGSBRIDGE CAPITAL
LIMITED (the “Investor”).

     WHEREAS, the Company and the Investor have entered into that certain Common Stock Purchase
Agreement, dated as of the date hereof (the “Purchase Agreement”), pursuant to which the
Company may issue, from time to time, to the Investor up to $50 million worth of shares of Common
Stock as provided for therein;

     WHEREAS, pursuant to the terms of, and in partial consideration for the Investor entering
into, the Purchase Agreement, the Company has issued to the Investor a warrant, exercisable from
time to time, in accordance with its terms, within five (5) years following the six-month
anniversary of the date of issuance (the “Warrant”) for the purchase of an aggregate of up
to 165,000 shares of Common Stock at a price specified in such Warrant;

     WHEREAS, pursuant to the terms of, and in partial consideration for, the Investor’s agreement
to enter into the Purchase Agreement, the Company has agreed to provide the Investor with certain
registration rights with respect to the Registrable Securities (as defined in the Purchase
Agreement) as set forth herein;

     NOW, THEREFORE, in consideration of the premises, the representations, warranties, covenants
and agreements contained herein, in the Warrant, and in the Purchase Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending
to be legally bound hereby, the parties hereto agree as follows (capitalized terms used herein and
not defined herein shall have the respective meanings ascribed to them in the Purchase Agreement):

ARTICLE I

REGISTRATION RIGHTS

     Section 1.1 Registration Statement.

          (a) Filing of the Registration Statement. Upon the terms and subject to the
conditions set forth in this Agreement, the Company shall file with the Commission within sixty
(60) calendar days after the Closing Date a registration statement in the Company’s sole
discretion, on either Form S-1 or Form S-3 under the Securities Act or such other form as deemed
appropriate by counsel to the Company for the registration for the resale by the Investor of the
Registrable Securities (the “Registration Statement”).

          (b) Effectiveness of the Registration Statement. The Company shall use commercially
reasonable efforts (i) to have the Registration Statement declared effective by the Commission as
soon as reasonably practicable, but in any event no later than one hundred eighty (180) calendar
days after the Closing Date and (ii) to ensure that the Registration Statement remains

 

 

in effect
throughout the term of this Agreement as set forth in Section 4.2, subject to the terms and
conditions of this Agreement.

          (c) Regulatory Disapproval; Breach by the Investor. The contemplated effective date
for the Registration Statement as described in Section 1.1(b) shall be extended without default or
the accrual of liquidated damages hereunder or under the Purchase Agreement in the event that the
Company’s failure to obtain the effectiveness of the Registration Statement on a timely basis
results from (i) the Commission’s disapproval of the structure of the transactions contemplated by
the Purchase Agreement or (ii) events or circumstances that are not in any way attributable to the
Company. In such event, the parties agree to cooperate with one another in good faith to arrive at
a resolution acceptable to the Commission. In addition, the contemplated effective date for the
Registration Statement as described in Section 1.1(b) shall be extended without default or the
accrual of liquidated damages hereunder or under the Purchase Agreement in the event that the
Company’s failure to obtain the effectiveness of the Registration Statement on a timely basis
results solely from a breach by the Investor of its obligations under the Purchase Agreement or
under this Agreement.

          (d) Failure to Maintain Effectiveness of Registration Statement. In the event the
Company fails to maintain the effectiveness of the Registration Statement (or the Prospectus)
throughout the period set forth in Section 4.2, other than temporary suspensions as set forth in
Section 1.1(e) and the Investor holds any Registrable Securities at any time during the period of
such ineffectiveness (an “Ineffective Period”), and provided that such failure to maintain
effectiveness was within the reasonable control of the Company (for the avoidance of doubt, the
suspension of effectiveness of the Registration Statement as the result of filing a post-effective
amendment to the Registration Statement when required pursuant to Section 10(a)(3) under the
Securities Act or Item 512(a)(1) of Regulation S-K shall be deemed not to be within the reasonable
control of the Company), the Company shall pay on demand to the Investor in immediately available
funds into an account designated by the Investor an amount equal to the product of (i) the total
number of Registrable Securities issued to the Investor under the Purchase Agreement (which, for
the avoidance of doubt, shall not include any Warrant Shares) and owned by the Investor at any time
during such Ineffective Period (and not otherwise sold, hypothecated or transferred) and (ii) the
result, if greater than zero, obtained by subtracting the VWAP on the Trading Day immediately
following the last day of such Ineffective Period from the VWAP on the Trading Day immediately
preceding the day on which any such Ineffective Period began; provided, however, that (A) the
foregoing payments shall not apply in respect of Registrable Securities (I) that are otherwise
freely tradable by the Investor, including pursuant to Rule 144 under the Securities Act (as such
Rule may be amended from time to time, “Rule 144”) or (II) if the Company offers to
repurchase from the Investor such Registrable Securities for a per share purchase price equal to
the VWAP on the Trading Day immediately preceding the day on which any such Ineffective Period
began and (B) unless otherwise required by any applicable federal and state securities laws, the
Company shall be under no obligation to supplement the Prospectus to reflect the issuance of any
Shares pursuant to a Draw Down at any time prior to the day
following the last to occur Settlement Date with respect to such Draw Down and that the
failure to supplement the Prospectus prior to such time shall not be deemed a failure to maintain
the effectiveness of the Registration Statement (or Prospectus) for purposes of this Agreement
(including this Section 1.1(d)).

          (e) Deferral or Suspension During a Blackout Period. Notwithstanding the provisions
of Section 1.1(d), if in the good faith judgment of the Company, following consultation

-2-

 

with legal
counsel, it would be detrimental to the Company or its stockholders for the Registration Statement
to be filed or for resales of Registrable Securities to be made pursuant to the Registration
Statement due to (i) the existence of a material development or potential material development
involving the Company that the Company would be obligated to disclose or incorporate by reference
in the Registration Statement, which disclosure would be premature or otherwise inadvisable at such
time or would have a Material Adverse Effect on the Company or its stockholders, or (ii) a filing
of a Company-initiated registration of any class of its equity securities, which, in the good faith
judgment of the Company, would adversely affect or require premature disclosure of the filing of
such Company-initiated registration (notice thereof, a “Blackout Notice”), the Company
shall have the right to (A) immediately defer such filing for a period of not more than sixty (60)
days beyond the date by which such Registration Statement was otherwise required hereunder to be
filed or (B) suspend use of such Registration Statement for a period of not more than thirty (30)
days (any such deferral or suspension period, a “Blackout Period”). The Investor
acknowledges that it would be seriously detrimental to the Company and its stockholders for such
Registration Statement to be filed (or remain in effect) during a Blackout Period and therefore
essential to defer such filing (or suspend the use thereof) during such Blackout Period and agrees
to cease any disposition of the Registrable Securities during such Blackout Period. The Company
may not utilize any of its rights under this Section 1.1(e) to defer the filing of a Registration
Statement (or suspend its effectiveness) more than six (6) times in any twelve (12) month period.
In the event that, within fifteen (15) Trading Days following any Settlement Date, the Company
delivers a Blackout Notice to the Investor and the VWAP on the Trading Day immediately preceding
such Blackout Period (“Old VWAP”) is greater than the VWAP on the first Trading Day
following such Blackout Period that the Investor may sell its Registrable Securities pursuant to an
effective Registration Statement (“New VWAP”), then the Company shall pay to the Investor,
by wire transfer of immediately available funds to an account designated by the Investor, the
“Blackout Amount.” For the purposes of this Agreement, Blackout Amount means a percentage
equal to: (X) in the event that the Registration Statement was effective on Form S-3 on the
Trading Day immediately prior to such Blackout Period (1) seventy-five percent (75%) if such
Blackout Notice is delivered prior to the fifth (5th) Trading Day following such Settlement Date;
(2) fifty percent (50%) if such Blackout Notice is delivered on or after the fifth (5th) Trading
Day following such Settlement Date, but prior to the tenth (10th) Trading Day following such
Settlement Date; (3) twenty-five percent (25%) if such Blackout Notice is delivered on or after the
tenth (10th) Trading Day following such Settlement Date, but prior to the fifteenth (15th) Trading
Day following such Settlement Date; and (4) zero percent (0%) thereafter of: the product of (i) the
number of Registrable Securities purchased by the Investor pursuant to the most recent Draw Down
and actually held by the Investor immediately prior to the Blackout Period and (ii) the result, if
greater than zero, obtained by subtracting the New VWAP from the Old VWAP or (Y) in the event that
the Registration Statement was effective on a form other than Form S-3 on the Trading
Day immediately preceding such Blackout Period, one hundred percent (100%); provided,
however, that no Blackout Amount shall be payable in respect of Registrable Securities (A)
that are otherwise freely tradable to United States Persons by the Investor, including under Rule
144, during the Blackout Period, or (B) if the Company offers to repurchase from the Investor such
Registrable Securities for a per share purchase price at least equal to the VWAP on the Trading Day
immediately preceding the day on which any such Blackout Period began. For any Blackout Period in
respect of which a Blackout Amount becomes due and payable, rather than paying the Blackout Amount,
the Company may at its sole discretion, issue to the Investor shares of Common Stock with

-3-

 

an
aggregate market value determined as of the first Trading Day following such Blackout Period equal
to the Blackout Amount (“Blackout Shares”).

          (f) Liquidated Damages. The Company and the Investor hereto acknowledge and agree
that the amounts payable under Sections 1.1(d) and 1.1(e) and the Blackout Shares deliverable under
Section 1.1(e) above shall constitute liquidated damages and not penalties. The parties further
acknowledge that (A) the amount of loss or damages likely to be incurred by the Investor is
incapable or is difficult to precisely estimate, (B) the amounts specified in such subsections bear
a reasonable proportion and are not plainly or grossly disproportionate to the probable loss likely
to be incurred in connection with any failure by the Company to obtain or maintain the
effectiveness of the Registration Statement, (C) one of the reasons for the Company and the
Investor reaching an agreement as to such amounts was the uncertainty and cost of litigation
regarding the question of actual damages, and D) the Company and the Investor are sophisticated
business parties and have been represented by sophisticated and able legal and financial counsel
and negotiated this Agreement at arm’s length. The Investor further agrees that, in the event that
the Company makes payments and/or deliveries on a timely basis of the amounts set forth in Sections
1.1(d) and/or 1.1(e), the Company’s deferral or suspension of the Registration Statement pursuant
to such Section 1.1(d) and/or 1.1(e) shall not constitute a material breach or default of the
Company’s obligations to the Investor and such payments and/or deliveries shall constitute the
Investor’s sole remedy in respect thereof.

          (g) Additional Registration Statements. In the event and to the extent that the
Registration Statement fails to register a sufficient amount of Common Stock necessary for the
Company to issue and sell to the Investor and the Investor to purchase from the Company all of the
Registrable Securities to be issued, sold and purchased under the Purchase Agreement and the
Warrant, the Company shall, upon a timetable mutually agreeable to both the Company and the
Investor, prepare and file with the Commission an additional registration statement or statements
in order to effectuate the purpose of this Agreement, the Purchase Agreement, and the Warrant.
Such delay in registering such Registrable Securities shall not be subject to the payments by the
Company of the amounts set forth in Section 1.1(e) nor shall such delay constitute a material
breach or default of the Company’s obligations to the Investor.

ARTICLE II

REGISTRATION PROCEDURES

     Section 2.1 Filings; Information. The Company shall effect the registration with
respect to the sale of the Registrable Securities by the Investor in accordance with the intended
methods of disposition thereof. Without limiting the foregoing, the Company in each such case
will do the following as expeditiously as possible, but in no event later than the deadline,
if any, prescribed therefor in this Agreement:

          (a) Subject to Section 1.1(e), the Company shall (i) prepare and file with the Commission the
Registration Statement; (ii) use commercially reasonable efforts to cause such filed Registration
Statement to become and to remain effective (pursuant to Rule 415 under the Securities Act or
otherwise); (iii) prepare and file with the Commission such amendments and supplements to the
Registration Statement and the Prospectus used in connection therewith as may be necessary to

-4-

 

keep
such Registration Statement effective for the time period prescribed by Section 4.2 and in order to
effectuate the purpose of this Agreement, the Purchase Agreement, and the Warrant; and (iv) comply
with the provisions of the Securities Act with respect to the disposition of all securities covered
by such Registration Statement during such period in accordance with the intended methods of
disposition by the Investor set forth in such Registration Statement; provided, however, that the
Investor shall be responsible for the delivery of the Prospectus to the Persons to whom the
Investor sells the Shares and the Warrant Shares, and the Investor agrees to dispose of Registrable
Securities in compliance with the plan of distribution described in the Registration Statement and
otherwise in compliance with all applicable federal and state securities laws.

          (b) The Company shall deliver to the Investor and its counsel, in accordance with the notice
provisions of Section 4.8, such number of copies of the Registration Statement, each amendment and
supplement thereto (in each case including all exhibits thereto), the Prospectus (including each
preliminary prospectus) and such other documents or information as the Investor or counsel may
reasonably request in order to facilitate the disposition of the Registrable Securities, provided,
however, that to the extent reasonably practicable, such delivery may be accomplished via
electronic means.

          (c) After the filing of the Registration Statement, the Company shall promptly notify the
Investor of any stop order issued or threatened by the Commission in connection therewith and take
commercially reasonable actions required to prevent the entry of such stop order or to remove it if
entered.

          (d) The Company shall use commercially reasonable efforts to (i) register or qualify the sale
of the Registrable Securities by the Investor under such other securities or blue sky laws of each
jurisdiction in the United States as the Investor may reasonably (in light of its intended plan of
distribution) request, and (ii) cause the sale of the Registrable Securities by the Investor to be
registered with or approved by such other governmental agencies or authorities in the United States
as may be necessary by virtue of the business and operations of the Company and do any and all
other customary acts and things that may be reasonably necessary or advisable to enable the
Investor to consummate the disposition of the Registrable Securities; provided, however, that the
Company will not be required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify but for this Section 2.1(d), subject itself to taxation in any
such jurisdiction, consent or subject itself to general service of process in any such
jurisdiction, change any existing business practices, benefit plans or outstanding securities or
amend or otherwise modify the Certificate or Bylaws.

          (e) The Company shall make available to the Investor (and will deliver to Investor’s counsel),
(i) subject to restrictions imposed by the United States federal government or any agency or
instrumentality thereof, copies of all public correspondence between the Commission and the Company
concerning the Registration Statement and will also make available for inspection by the Investor
and any attorney, accountant or other professional retained by the Investor (collectively, the
“Inspectors”), (ii) upon reasonable advance notice during normal business hours, all
financial and other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”) as shall be reasonably necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers and employees to supply all
information reasonably requested by any Inspectors in connection with the Registration Statement;
provided,

-5-

 

however, that (i) the Company shall not be obligated to disclose any portion of the
Records consisting of either (A) material non-public information or (B) confidential information of
a third party and (ii) any such Inspectors must agree in writing for the benefit of the Company not
to use or disclose any such Records except as provided in this Section 2.1(e). Records that the
Company determines, in good faith, to be confidential and that it notifies the Inspectors are
confidential shall not be disclosed by the Inspectors unless the disclosure or release of such
Records is requested or required pursuant to oral questions, interrogatories, requests for
information or documents or a subpoena or other order from a court of competent jurisdiction or
other judicial or governmental process; provided, however, that prior to any disclosure or release
pursuant to the immediately preceding clause, the Inspectors shall provide the Company with prompt
notice of any such request or requirement so that the Company may seek an appropriate protective
order or waive such Inspectors’ obligation not to disclose such Records; and, provided, further,
that if failing the entry of a protective order or the waiver by the Company permitting the
disclosure or release of such Records, the Inspectors, upon advice of counsel, are compelled to
disclose such Records, the Inspectors may disclose only that portion of the Records that counsel
has advised the Inspectors that the Inspectors are compelled to disclose; provided, however, that
upon any such required disclosure, such Inspector shall use his or her best efforts to obtain
reasonable assurances that confidential treatment will be afforded such information. The Investor
agrees that information obtained by it solely as a result of such inspections (not including any
information obtained from a third party who, insofar as is known to the Investor after reasonable
inquiry, is not prohibited from providing such information by a contractual, legal or fiduciary
obligation to the Company) shall be deemed confidential and shall not be used for any purposes
other than as indicated above or by it as the basis for any market transactions in the securities
of the Company or its affiliates unless and until such information is made generally available to
the public. The Investor further agrees that it will, upon learning that disclosure of such
Records is sought in a court of competent jurisdiction, give notice to the Company and allow the
Company, at its expense, to undertake appropriate action to prevent disclosure of the Records
deemed confidential.

          (f) The Company shall otherwise comply in all material respects with the applicable rules and
regulations of the Commission, including, without limitation, compliance with applicable reporting
requirements under the Exchange Act.

          (g) The Investor shall cooperate with the Company, as reasonably requested by the Company, in
connection with the preparation and filing of any Registration Statement hereunder. The Company
may require the Investor to promptly furnish in writing to the
Company such information as may be required in connection with such registration including,
without limitation, all such information as may be requested by the Commission, the NASDAQ Stock
Market or FINRA or any state securities commission and all such information regarding the Investor,
the Registrable Securities held by the Investor and the intended method of disposition of the
Registrable Securities. The Investor agrees to provide such information requested in connection
with such registration within five (5) business days after receiving such written request and the
Company shall not be responsible for, or incur any penalties under this Agreement with respect to,
any delays in obtaining or maintaining the effectiveness of the Registration Statement caused by
the Investor’s failure to timely provide such information.

          (h) Upon receipt of a Blackout Notice from the Company, the Investor shall immediately
discontinue disposition of Registrable Securities pursuant to the Registration Statement

-6-

 

covering
such Registrable Securities until (i) the Company advises the Investor that the Blackout Period has
terminated and (ii) the Investor receives copies of a supplemented or amended prospectus, if
necessary. If so directed by the Company, the Investor will deliver to the Company (at the expense
of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in
the Investor’s possession (other than a limited number of file copies) of the prospectus covering
such Registrable Securities that is current at the time of receipt of such notice.

     Section 2.2 Registration Expenses. Except as set forth in Section 10.1 of the
Purchase Agreement, the Company shall pay all registration expenses incurred in connection with the
Registration Statement (the “Registration Expenses”), including, without limitation: (a)
all registration, filing, securities exchange listing and fees required by the NASDAQ Stock Market
LLC, (b) all registration, filing, qualification and other fees and expenses of compliance with
securities or blue sky laws (including reasonable fees and disbursements of counsel in connection
with blue sky qualifications of the Registrable Securities), (c) all word processing, duplicating,
printing, messenger and delivery expenses, (d) the Company’s internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), (e) the fees and expenses incurred by the Company in connection with the listing of the
Registrable Securities, (f) reasonable fees and disbursements of counsel for the Company and
customary fees and expenses for independent certified public accountants retained by the Company
(including the expenses of any special audits or comfort letters or costs associated with the
delivery by independent certified public accountants of such special audit(s) or comfort letter(s),
(g) the fees and expenses of any special experts retained by the Company in connection with such
registration and amendments and supplements to the Registration Statement and Prospectus, and (h)
premiums and other costs of the Company for policies of insurance against liabilities arising out
of any public offering of the Registrable Securities being registered. Any fees and disbursements
of underwriters, broker-dealers or investment bankers, including without limitation underwriting
fees, discounts, transfer taxes or commissions, and any other fees or expenses (including legal
fees and expenses) if any, attributable to the sale of Registrable Securities, shall be payable by
each holder of Registrable Securities pro rata on the basis of the number of Registrable Securities
of each such holder that are included in a registration under this Agreement.

ARTICLE III

INDEMNIFICATION

     Section 3.1 Indemnification. The Company agrees to indemnify and hold harmless the
Investor, its partners, affiliates, officers, directors, employees and duly authorized agents, and
each Person or entity, if any, who controls the Investor within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, together with the partners, affiliates, officers,
directors, employees and duly authorized agents of such controlling Person or entity (collectively,
the “Controlling Persons”), from and against any loss, claim, damage, liability, costs and
expenses (including, without limitation, reasonable attorneys’ fees and disbursements and costs and
expenses of investigating and defending any such claim) (collectively, “Damages”), joint or
several, and any action or proceeding in respect thereof to which the Investor, its partners,
affiliates, officers, directors, employees and duly authorized agents, and any Controlling Person,
may become subject under the Securities Act or otherwise, as incurred, insofar as such Damages (or
actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or
alleged

-7-

 

untrue statement of a material fact contained in any Registration Statement, or in any
preliminary prospectus, final prospectus, summary prospectus, amendment or supplement relating to
the Registrable Securities or arises out of, or are based upon, any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements
therein under the circumstances not misleading, and shall reimburse the Investor, its partners,
affiliates, officers, directors, employees and duly authorized agents, and each such Controlling
Person, for any legal and other expenses reasonably incurred by the Investor, its partners,
affiliates, officers, directors, employees and duly authorized agents, or any such Controlling
Person, as incurred, in investigating or defending or preparing to defend against any such Damages
or actions or proceedings; provided, however, that the Company shall not be liable to the extent
that any such Damages arise out of the Investor’s (or any other indemnified Person’s) failure to
send or give a copy of the final prospectus or supplement (as then amended or supplemented) to the
persons asserting an untrue statement or alleged untrue statement or omission or alleged omission
at or prior to the written confirmation of the sale of Registrable Securities to such person if
such statement or omission was corrected in such final prospectus or supplement; provided, further,
that the Company shall not be liable to the extent that any such Damages arise out of or are based
upon an untrue statement or alleged untrue statement or omission or alleged omission made in such
Registration Statement, or any such preliminary prospectus, final prospectus, summary prospectus,
amendment or supplement in reliance upon and in conformity with written information furnished to
the Company by or on behalf of the Investor or any other person who participates as an underwriter
in the offering or sale of such securities, in either case, specifically stating that it is for use
in the preparation thereof. In connection with any Registration Statement with respect to which
the Investor is participating, the Investor will indemnify and hold harmless, to the same extent
and in the same manner as set forth in the preceding paragraph, the Company, each of its partners,
affiliates, officers, directors, employees and duly authorized agents, and each person or entity,
if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act, together with the partners, affiliates, officers, directors, employees and
duly authorized agents of such controlling Person (each, a “Company Indemnified Person”)
against any Damages to which any Company Indemnified Person may become subject under the Securities
Act, the Exchange Act or otherwise, insofar as such
Damages arise out of or are based upon (a) any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement, or in any preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement relating to the Registrable Securities or
arise out of, or are based upon, any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein under the circumstances
not misleading to the extent that such violation occurs in reliance upon and in conformity with
written information furnished to the Company by the Investor or on behalf of the Investor expressly
for use in connection with such Registration Statement, or (b) any failure by the Investor to
comply with prospectus delivery requirements of the Securities Act, or any other failure to comply
with the Securities Act, the Exchange Act or any other law or legal requirement applicable to sales
under the Registration Statement.

     Section 3.2 Conduct of Indemnification Proceedings. All claims for indemnification
under Section 3.1 shall be asserted and resolved in accordance with the provisions of Section 9.2
of the Purchase Agreement.

     Section 3.3 Additional Indemnification. Indemnification similar to that specified in
the preceding paragraphs of this Article III (with appropriate modifications) shall be given by the

-8-

 

Company and the Investor with respect to any required registration or other qualification of
Registrable Securities under any federal or state law or regulation of any governmental authority
other than the Securities Act. The provisions of this Article III shall be in addition to any
other rights to indemnification, contribution or other remedies which an indemnified party may
have pursuant to law, equity, contract or otherwise.

To the extent that any indemnification provided for herein is prohibited or limited by law,
the indemnifying party will make the maximum contribution with respect to any amounts for which it
would otherwise be liable under this Article III to the fullest extent permitted by law. However,
(a) no contribution will be made under circumstances where the maker of such contribution would not
have been required to indemnify the indemnified party under the fault standards set forth in this
Article III, (b) if the Investor is guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act), the Investor will not be entitled to contribution from any
Person who is not guilty of such fraudulent misrepresentation, and (c) contribution (together with
any indemnification obligations under this Agreement) by the Investor will be limited in amount to
the proceeds received by the Investor from sales of Registrable Securities.

ARTICLE IV

MISCELLANEOUS

     Section 4.1 No Outstanding Registration Rights. Except as otherwise disclosed in
accordance with the Purchase Agreement or in the Commission Documents, the Company represents and
warrants to the Investor that there is not in effect on the date hereof any agreement by the
Company pursuant to which any holders of securities of the Company have a right to cause the
Company to register or qualify such securities under the Securities Act or any securities or blue
sky laws of any jurisdiction.

     Section 4.2 Term. The registration rights provided to the holders of Registrable
Securities hereunder, and the Company’s obligation to keep the Registration Statement effective,
shall terminate at the earlier of (a) such time that is two (2) years following the termination of
the Purchase Agreement, (b) such time as all Registrable Securities have been issued and have
ceased to be Registrable Securities, or (c) upon the consummation of an “Excluded Merger or
Sale” as defined in the Warrant. Notwithstanding the foregoing, Article III, Section 4.7,
Section 4.8, Section 4.9, Section 4.10 and Section 4.13 shall survive the termination of this
Agreement.

     Section 4.3 Rule 144. The Company will, at its expense, promptly take such action as
holders of Registrable Securities may reasonably request to enable such holders of Registrable
Securities to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144, as such Rule may be amended from time to
time, or (b) any similar rule or regulation hereafter adopted by the Commission. If at any time
the Company is not required to file reports under Section 13 or 15(d) of the Exchange Act, it will,
at its expense, forthwith upon the written request of any holder of Registrable Securities, make
available adequate current public information with respect to the Company within the meaning of
Rule 144(c)(1) or such other information to the extent necessary to permit sales pursuant to Rule
144. Upon the request of the Investor, the Company will deliver to the Investor a written

-9-

 

statement, signed by the Company’s principal financial officer, as to whether it has complied with
such requirements.

     Section 4.4 Certificate. The Company will, at its expense, forthwith upon the request
of any holder of Registrable Securities, deliver to such holder a certificate, signed by the
Company’s principal financial officer, stating (a) the Company’s name, address and telephone number
(including area code), (b) the Company’s Internal Revenue Service identification number, (c) the
Company’s Commission file number, (d) the number of shares of each class of Stock outstanding as
shown by the most recent report or statement published by the Company, and (e) whether the Company
has filed the reports required to be filed under the Exchange Act for a period of at least ninety
(90) days prior to the date of such certificate and in addition has filed the most recent annual
report required to be filed thereunder.

     Section 4.5 Amendment and Modification. Any provision of this Agreement may be
waived, provided that such waiver is set forth in a writing executed the party to this Agreement
for the benefit of whom the provision being waived was intended. The provisions of this Agreement,
including the provisions of this sentence, may be amended, modified or supplemented, only with the
written consent of the Investor and the Company. No course of dealing between or among any Person
having any interest in this Agreement will be deemed effective to modify, amend or discharge any
part of this Agreement or any rights or obligations of any person under or by reason of this
Agreement.

     Section 4.6 Successors and Assigns; Entire Agreement. This Agreement and all of the
provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. The Company may assign this Agreement at any time in
connection with a sale or acquisition of the Company, whether by merger, consolidation, sale of all
or substantially all of the Company’s assets, or similar transaction, without the consent of the
Investor, provided that the successor or acquiring Person or entity agrees in writing to assume all
of the Company’s rights and obligations under this Agreement. Investor may assign
its rights and obligations under this Agreement only with the prior written consent of the
Company, and any purported assignment by the Investor absent the Company’s consent shall be null
and void. This Agreement, together with the Purchase Agreement and the Warrant sets forth the
entire agreement and understanding between the parties as to the subject matter hereof and merges
and supersedes all prior discussions, agreements and understandings of any and every nature among
them.

     Section 4.7 Severability. If any provision of this Agreement becomes or is declared
by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall
continue in full force and effect without said provision; provided that, if the severance of such
provision materially changes the economic benefits of this Agreement to either party as such
benefits are anticipated as of the date hereof, then such party may terminate this Agreement on
five (5) business days prior written notice to the other party. In such event, the Purchase
Agreement will terminate simultaneously with the termination of this Agreement.

     Section 4.8 Notices. All notices, demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be given in accordance with Section 10.4 of
the Purchase Agreement.

-10-

 

     Section 4.9 Governing Law. This Agreement shall be construed under the laws of the
State of New York, without regard to principles of conflicts of law that would result in the
application of any law other than the laws of the State of New York.

     Section 4.10 Headings. The headings in this Agreement are for convenience of
reference only and shall not constitute a part of this Agreement, nor shall they affect their
meaning, construction or effect.

     Section 4.11 Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed to be an original instrument and all of which together shall
constitute one and the same instrument.

     Section 4.12 Further Assurances. Each party shall cooperate and take such action as
may be reasonably requested by another party in order to carry out the provisions and purposes of
this Agreement and the transactions contemplated hereby.

     Section 4.13 Absence of Presumption. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting or
causing any instrument to be drafted.

-11-

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by the
undersigned, thereunto duly authorized, as of the date first set forth above.

	 	 	 	 	 
	 	KINGSBRIDGE CAPITAL LIMITED

 	 
	 	By:  	/s/ Tony Gardner-Hillman
 	 
	 	 	Tony Gardner-Hillman 	 
	 	 	Director 	 
	 
	 	SOMAXON PHARMACEUTICALS, INC.

 	 
	 	By:  	/s/ Meg M. McGilley
 	 
	 	 	Name:  	Meg M. McGilley 	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 
	 

-12-EX-10.1

Exhibit 10.1

 

 

MASTER AGREEMENT

BY AND AMONG

SEANERGY MARITIME CORP.,

SEANERGY MERGER CORP.,

THE INVESTORS

and

THE SELLERS

Dated as of May 20, 2008

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION	 	 	2	 
	 
	 	 	 	 	 	 
	          1.1.

	 	Definitions
	 	 	2	 
	          1.2.

	 	Rules of Construction
	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE II THE CLOSINGS; CLOSING DELIVERIES	 	 	7	 
	 
	 	 	 	 	 	 
	          2.1.

	 	Initial Closing; Subsequent Closings
	 	 	7	 
	          2.2.

	 	Initial Closing Deliveries by the Sellers
	 	 	8	 
	          2.3.

	 	Initial Closing Deliveries by the Investors
	 	 	8	 
	          2.4.

	 	Initial Closing Deliveries by Seanergy and Buyer
	 	 	8	 
	          2.5.

	 	Subsequent Closing Deliveries by the Sellers
	 	 	9	 
	          2.6.

	 	Subsequent Closing Deliveries by Buyer
	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE III THE VESSEL SALE AND PURCHASE	 	 	10	 
	 
	 	 	 	 	 	 
	          3.1.

	 	The Vessel Sale and Purchase
	 	 	10	 
	          3.2.

	 	Payment for and Delivery of Vessels
	 	 	10	 
	          3.3.

	 	Non Delivery of Vessel(s)
	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE SELLERS	 	 	12	 
	 
	 	 	 	 	 	 
	          4.1.

	 	Representations and Warranties of each Seller
	 	 	12	 
	          4.2.

	 	Representations and Warranties of each Investor
	 	 	13	 
	          4.3.

	 	Choice of Laws
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF SEANERGY AND BUYER	 	 	15	 
	 
	 	 	 	 	 	 
	          5.1.

	 	Representations and Warranties of Seanergy and Buyer
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VI COVENANTS	 	 	17	 
	 
	 	 	 	 	 	 
	          6.1.

	 	Preparation of Proxy Statement; Shareholder Approval
	 	 	17	 
	          6.2.

	 	Financing
	 	 	17	 
	          6.3.

	 	Other Actions
	 	 	18	 
	          6.4.

	 	Advice of Change
	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE VII OTHER AGREEMENTS	 	 	18	 
	 
	 	 	 	 	 	 
	          7.1.

	 	Officers and Directors of Seanergy and Buyer
	 	 	18	 
	          7.2.

	 	Intentionally Omitted
	 	 	19	 
	          7.3.

	 	Intentionally Omitted
	 	 	19	 
	          7.4.

	 	Investors’ Exchange Rights
	 	 	19	 
	          7.5.

	 	Board Nominated Slates of Directors
	 	 	19	 
	          7.6.

	 	Confidentiality
	 	 	19	 
	          7.7.

	 	Duty to Negotiate in Good Faith
	 	 	20	 
	          7.8.

	 	Establishment and Maintenance of Reserve Account
	 	 	20	 
	          7.9.

	 	Waiver of Trust Fund Claims
	 	 	20	 

 

 

	 	 	 	 	 	 	 
	          7.10.

	 	Restriction on Payment of Dividends
	 	 	20	 
	          7.11.

	 	Subordination with Respect to Dividends
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE VIII CONDITIONS TO CLOSINGS	 	 	20	 
	 
	 	 	 	 	 	 
	          8.1.

	 	Conditions to the Obligations of the Sellers and the Investors
	 	 	20	 
	          8.2.

	 	Conditions to the Obligations of Seanergy and Buyer
	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE IX TERMINATION	 	 	22	 
	 
	 	 	 	 	 	 
	          9.1.

	 	Termination of this Agreement
	 	 	22	 
	          9.2.

	 	Effect of Termination
	 	 	23	 
	 
	 	 	 	 	 	 
	ARTICLE X MISCELLANEOUS	 	 	23	 
	 
	 	 	 	 	 	 
	          10.1.

	 	Subsidiary Nominees to Become a Party
	 	 	23	 
	          10.2.

	 	Survival of Representations and Warranties
	 	 	23	 
	          10.3.

	 	Expenses
	 	 	23	 
	          10.4.

	 	Further Assurances
	 	 	23	 
	          10.5.

	 	Disclosures and Announcements
	 	 	23	 
	          10.6.

	 	Notices
	 	 	23	 
	          10.7.

	 	Governing Law; Jurisdiction; Dispute Resolution
	 	 	24	 
	          10.8.

	 	Delays or Omissions
	 	 	25	 
	          10.9.

	 	Section Headings and References
	 	 	25	 
	          10.10.

	 	Severability
	 	 	25	 
	          10.11.

	 	Amendments in Writing
	 	 	25	 
	          10.12.

	 	Entire Agreement
	 	 	25	 
	          10.13.

	 	Exhibits and Schedules
	 	 	26	 
	          10.14.

	 	Recitals
	 	 	26	 
	          10.15.

	 	Joint and Several Obligations of Seanergy and Buyer
	 	 	26	 
	          10.16.

	 	Successors and Assigns
	 	 	26	 
	          10.17.

	 	Third-Party Beneficiaries
	 	 	26	 
	          10.18.

	 	Execution in Counterparts; Facsimile Signatures
	 	 	26	 

ii

 

SCHEDULES HERETO

Schedule 1:        The Sellers and the Vessels

Schedule 2:        The Investors

Schedule 3.2(f): Per Diem EBITDA Contributions

EXHIBITS HERETO

	 	 	 
	Exhibit A:

	 	Memoranda of Agreement
	Exhibit B:

	 	Form of Convertible Promissory Note
	Exhibit C:

	 	Form of Registration Rights Agreement
	Exhibit D:

	 	Form of Management Agreement
	Exhibit E:

	 	Form of Voting Agreement
	Exhibit F:

	 	Form of Definitions and Representations
	Exhibit G:

	 	Form of Brokerage Agreement
	Exhibit H:

	 	Form of Acknowledgment and Agreement

iii

 

MASTER AGREEMENT

This MASTER AGREEMENT, dated as of May 20, 2008 (this “Agreement”), is made by and among Seanergy
Maritime Corp., a Marshall Islands corporation (“Seanergy”), Seanergy Merger Corp., a Marshall
Islands corporation (“Buyer” which expression shall include its subsidiary nominees), the entities
listed on Schedule 1 hereto (each, a “Seller” and collectively, the “Sellers”) and the entities
listed on Schedule 2 hereto (each, an “Investor” and, collectively, the “Investors”).

RECITALS

	A.	 	Seanergy is a blank check company formed for the purpose of acquiring, through a merger,
capital stock exchange, asset acquisition or other similar business combination, vessels or
one or more operating businesses or assets in the maritime shipping industry, which
transaction shall equal at least 80% of Seanergy’s Trust Assets, and Buyer is a wholly-owned
subsidiary of Seanergy.
	 
	B.	 	On the date hereof, Investors have purchased certain shares of Seanergy’s Common Stock from
certain of Seanergy’s original officers, directors and shareholders pursuant to a Stock
Purchase Agreement of even date herewith among Panagiotis Zafet, Simon Zafet and the Investors
(the “Stock Purchase Agreement”).
	 
	C.	 	The Sellers desire to sell, and Buyer or its subsidiary nominees desire to purchase, each of
the relevant Seller’s right, title and interest in and to the six Vessels listed on Schedule 1
hereto (collectively, the “Vessel Sale and Purchase”) in accordance with the terms and
conditions of this Agreement, the Memoranda of Agreement applicable to each such Vessel, each
entered into as of the date hereof and attached hereto as Exhibits A-1 through
A-6,, for the aggregate purchase price of (i) $367,030,750 in cash (the “Vessel
Purchase Price”) to the Sellers, (ii) an aggregate of $28,250,000 in the form of a note
attached hereto as Exhibit B (the “Note”) convertible into 2,260,000 shares of Buyer’s
Common Stock at a price of $12.50 per share (the “Note Shares”), which shall be issued to the
Investors as nominees for the Sellers; and (iii) up to 4,308,075 shares of Buyer’s Common
Stock (the “Additional Investment Shares” and together with the Note Shares (if any), the
“Investment Shares”) to the Investors as nominees for the Sellers if Buyer achieves a certain
EBITDA.
	 
	D.	 	Buyer shall, within thirty calendar days of the Initial Closing, file a registration
statement with the SEC covering the resale by the Investors of the Investment Shares and all
other shares of Buyer’s stock then owned, of record or beneficially (or in which the Investors
have an interest (including shares owned by other stockholders of Seanergy immediately prior
to the closing of its initial public offering)), by the Investors, all in accordance with the
terms and conditions of the Registration Rights Agreement in the form attached hereto as
Exhibit C (the “Registration Rights Agreement”) and that certain side letter agreement
by Seanergy for the benefit of the Investors, of even date herewith.
	 
	E.	 	It is intended that, at the Initial Closing: (i) the Sellers shall sell to Buyer or its
subsidiary nominees, and Buyer or its subsidiary nominees shall purchase from the Sellers, all
of the Sellers’ respective rights, title and interest in and to such number of Vessels and
contracts to purchase Vessels, the purchase price of which shall equal at least 80% of
Seanergy’s Trust Assets (such transaction, the “Business Combination” and such Vessels
delivered at the Initial Closing, to be referred to as the “Delivered Vessels”), such that the
Trust Assets shall be released to Seanergy, (ii) Seanergy shall contribute the Trust Assets to
Buyer for purposes of the Business Combination

 

 

	 	 	and the acquisition of the Delivered Vessels, net of distributions and redemptions payable
to Seanergy’s public stockholders; (iii) Buyer shall deposit that portion of the Aggregate
Deposit applicable to the Vessels to be delivered after the Initial Closing (individually or
collectively, the “Vessels to be Delivered”) in accordance with the terms and conditions of
each MOA relating to each such Vessel; (iv) the Investors and Buyer shall execute the
Registration Rights Agreement; and (v) Seanergy, the Investors and certain shareholders of
Seanergy shall execute the Voting Agreement.

	F.	 	It is intended that, at each Subsequent Closing relating to each Vessel to be Delivered, that
portion of the Aggregate Deposit applicable to the Vessel to be Delivered shall be released
and the balance of the Vessel Purchase Price applicable to such Vessel shall be paid, in
accordance with the provisions of the MOA applicable to such Vessel, against delivery of, and
the transfer of all rights, title and interests in and to, such Vessel.

	G.	 	Managing Subsidiary and EST will enter into a Management Agreement, in the form attached
hereto as Exhibit D.

	H.	 	Managing Subsidiary and Safbulk will enter into a Brokerage Agreement, in the form attached
hereto as Exhibit G.

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual representations,
warranties, covenants and promises contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS; RULES OF CONSTRUCTION

     1.1. Definitions. For purposes of this Agreement, the following terms shall have the
following meanings:

          “Accredited Investor” has the meaning set forth in Exhibit F-1 hereto.

          “Additional Investment Shares” has the meaning set forth in Recital C hereof.

          “Affiliate” means any Person that, directly or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with a Person, as such terms are used in
and construed under Rule 144.

          “Aggregate Deposit” means 20% of the Vessel Purchase Price applicable to the Vessels to be
Delivered, which amount shall be deposited in a joint interest-bearing account at the Initial
Closing in accordance with the terms and conditions of each respective MOA applicable to each such
Vessel to be Delivered.

          “Agreement” has the meaning set forth in the Preamble hereof.

          “Audited Financial Statements” means, collectively, the audited individual balance sheet of
each Seller for each of the three fiscal years ended as of December 31, 2005, 2006, and 2007, or
from the date of their respective incorporation, if later, and the related individual statements of
income, retained earnings, stockholders’ equity and cash flows of such Seller, together with all
related or required

2

 

notes and schedules thereto, accompanied by the reports thereon of the Sellers’ accountants,
all prepared in accordance with IFRS.

          “Brokerage Agreement” means that certain Brokerage Agreement between Managing Subsidiary and
Safbulk in a form attached hereto as Exhibit G.

          “Business Day” means any day except Saturday, Sunday and any day which shall be a federal
legal holiday or a day on which banking institutions in the City of New York, State of New York,
London, England or in Athens, Greece, are authorized or required by law or other governmental
action to close.

          “Business Combination” has the meaning set forth in Recital E hereof.

          “Buyer” has the meaning set forth in the Preamble hereof.

          “Charter Party” or “Charter Parties” means the contract or agreement for the chartering of a
vessel either (i) for a specified period of time or (ii) to carry a cargo for a fixed fee from a
loading port to a discharging port.

          “Charter Rates” has the meaning set forth in Section 8.2(g) hereof.

          “Closing” or “Closings” has the meaning set forth in Section 2.1(b) hereof.

          “Closing Date” means the Initial Closing Date or a Subsequent Closing Date, as applicable.

          “Common Stock” means the common stock, par value $0.0001 per share, of Buyer.

          “Confidential Information” means any information relating to any party hereto which is not
publicly known or available either at the date of disclosure of such information or at any time
thereafter (other than by breach of this Agreement).

          “Delivered Vessels” has the meaning set forth in Recital E hereof.

          “Deposit” means that portion of the Aggregate Deposit applicable to a Vessel.

          “EBITDA” means “Gross Revenues” less “Operating Expenses,” in both cases as such terms are
hereafter defined. “Gross Revenues” means all revenues generated by the subsidiaries of Buyer that
own the Vessels for the period between October 1, 2008 and September 30, 2009, on an aggregate
basis, excluding gains or losses on disposal of a Vessel. “Operating Expenses” means all operating
expenses of Buyer associated with the Vessels for the period between October 1, 2008 and September
30, 2009 except: (i) gains or losses on disposal of property and equipment; (ii) expenses
associated with the operation of the Vessels that are not set forth in budgets prepared by EST in
good faith and provided to the subsidiaries of Buyer that own the Vessels, which expenses are also
outside of the commercially reasonable control of EST; and (iii) any expenses associated with the
change of name or flag of any Vessel. Notwithstanding the foregoing and for the avoidance of
doubt, Operating Expenses shall not include (a) depreciation and amortization (including impairment
of assets, non-recurring costs or expenses, extraordinary items, unusual items, and any other
non-operating income or expenses); or (b) any expenses associated with the transactions
contemplated under this Agreement, including but not limited to any expenses associated with the
change of name, flag or crew of any of the Vessels.

3

 

          “EST” means Enterprises Shipping and Trading, S.A., a Liberian corporation.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal
statute, and the rules and regulations of the SEC thereunder, all as the same shall be in effect
from time to time.

          “Exchange Shares” has the meaning set forth in Section 7.4.

          “Form 8-K” has the meaning set forth in Section 6.3(a) hereof.

          “Governmental Authority” means any United States or non-United States federal, national,
supranational, international, state or provincial government, or any subdivision thereof,
governmental, regulatory or administrative authority, agency, instrumentality or commission or any
court, tribunal or judicial or arbitral body or international body.

          “IFRS” means International Financial Reporting Standards, as promulgated by the International
Accounting Standards Board.

          “Initial Closing” has the meaning set forth in Section 2.1(a) hereof.

          “Initial Closing Date” has the meaning set forth in Section 2.1(a) hereof.

          “Interim Financial Statements” means the unaudited balance sheets of each Seller as of March
31, 2007 and March 31, 2008, and the related statements of income, retained earnings, stockholders’
equity and cash flows of such Seller, together with all related or required notes and schedules
thereto applicable for financial statements of such nature, all prepared in accordance with IFRS.

          “Investor” or “Investors” means the entities listed on Schedule 2 hereto.

          “Investor Information” means information about the Investors reasonably sufficient to permit
Seanergy to prepare and file with the SEC a Proxy Statement or such other statement or report as
may be required by the federal securities laws relating to a shareholders’ meeting to be held by
Seanergy to obtain the Shareholder Approval and any other filings required to be made by Seanergy
under the Exchange Act in connection therewith.

          “Investment Shares” has the meaning set forth in Recital C of this Agreement.

          “IPO Shares” means the common stock issued by Seanergy in its initial public offering.

          “Management Agreement” means that certain Management Agreement by and between Managing
Subsidiary, on the one hand, and EST, on the other, in the form attached hereto as Exhibit
D.

          “Managing Subsidiary” means Seanergy Management Corp., a Marshall Islands corporation and
wholly owned subsidiary of Buyer established to provide (or to procure the provision of)
administrative, accounting and financial support services to Buyer and its vessel owning
subsidiaries, to act as the agent of Buyer and its vessel owning subsidiaries in appointing and
instructing providers of vessel technical management services and charter brokering services and to
monitor and to report on the performance of such service providers.

          “Material Adverse Effect” means (i) a material adverse effect on the legality, validity or
enforceability of this Agreement or any other Transaction Document, or (ii) a materially adverse

4

 

impairment of a party’s ability to perform on a timely basis its obligations under this
Agreement or any other Transaction Document.

          “Memoranda of Agreement” or “MOA” means the separate memoranda of agreement relating to the
purchase and sale of each of the Vessels, each dated the date hereof, between Buyer and each
Seller, as applicable, copies of which are attached hereto as Exhibits A-1 to A-6,
together with any addenda or amendments thereto.

          “Merger” means the merger of Seanergy with and into Buyer as contemplated by this Agreement.

          “Merger Approval” means the affirmative vote of the holders of a majority of the outstanding
shares of common stock of Seanergy to approve the Merger.

          “Note” has the meaning set forth in Recital C.

          “Note Shares” has the meaning set forth in Recital C.

          “Other Filings” has the meaning set forth in Section 6.1(b) hereof.

          “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any kind.

          “Press Release” has the meaning set forth in Section 6.3(a) hereof.

          “Proxy Statement” has the meaning set forth in Section 6.1(a) hereof.

          “Registration Rights Agreement” means that certain Registration Rights Agreement entered into
on the Initial Closing Date by and among Buyer, on the one hand, and the Investors, on the other,
in the form attached hereto as Exhibit C.

          “Regulatory Authority” means any court, arbitrator, governmental or administrative agency,
commission, board, bureau, instrumentality or regulatory authority (whether federal, state, county,
local or foreign), stock market, stock exchange or trading facility.

          “Right of First Refusal” means that certain right of refusal agreement, which expires on the
second anniversary of the Initial Closing, executed by certain Affiliates of Sellers in favor of
Buyer and its Affiliates with respect to Buyer’s rights to purchase the Kouan 217 and the Midden
Max owned by Affiliates of Sellers.

          “Rule 144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC
having substantially the same effect as such Rule.

          “Safbulk” means Safbulk Pty Ltd., a company organized under the laws of South Africa.

          “Seanergy” has the meaning set forth in the preamble hereof.

          “SEC” means the United States Securities and Exchange Commission.

5

 

          “Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute,
and the rules and regulations of the SEC thereunder, all as the same shall be in effect from time
to time.

          “Seller” or “Sellers” has the meaning set forth in the preamble hereof.

          “Seller Information” means information about the Sellers reasonably sufficient to permit
Seanergy to prepare and file with the SEC a Proxy Statement or such other statement or report as
may be required by the federal securities laws relating to a shareholders’ meeting to be held by
Seanergy to obtain the Shareholder Approval and any other filings required to be made by Seanergy
under the Exchange Act in connection therewith; provided, however, that Seller Information shall
not include Vessel-related financial statements.

          “Shareholder Approval” means the (i) affirmative vote of the holders of a majority of the IPO
Shares at a meeting of Seanergy’s shareholders to approve the transactions contemplated by this
Agreement and (ii) election, at such meeting, by the holders of less than 35% of the IPO Shares to
convert such shares into cash, in accordance with the terms and conditions of Seanergy’s articles
of incorporation in effect at such time.

          “Shareholders Meeting” has the meaning set forth in Section 6.1(a) hereof.

          “SAMC” means South African Marine Corporation S.A., a corporation organized under the laws of
the Republic of the Marshall Islands.

          “Subsequent Closing” has the meaning set forth in Section 2.1(b) hereof.

          “Subsequent Closing Date” has the meaning set forth in Section 2.1(b) hereof.

          “Transaction Documents” means this Agreement, the Voting Agreement, the Registration Rights
Agreement, the Note, the Right of First Refusal, the Management Agreement, the Brokerage Agreement
and each MOA.

          “Trust Assets” means the net proceeds of Seanergy’s initial public offering being held in
trust as of the date of the Business Combination, less the deferred underwriting discounts and
commissions held in the trust account as of the date of the Business Combination.

          “Trust Fund Claim” has the meaning set forth in Section 7.9 hereof.

          “U.S. Dollars” or “$” means United States dollars.

          “U.S. Person” has the meaning set forth in Exhibit F-2 hereof.

          “Vessel” or “Vessels” means each of the vessels, and collectively, all of the vessels, listed
on Schedule 1 hereto that are being sold in accordance with the terms and conditions of the
respective MOA.

          “Vessels to be Delivered” has the meaning set forth in Recital E hereof.

          “Vessel Purchase Price” has the meaning set forth in Recital C hereof.

          “Vessel Sale and Purchase” has the meaning set forth in Recital C hereof.

6

 

          “Voting Agreement” means that certain Voting Agreement entered into on the date hereof by and
among Seanergy, the Investors, and certain shareholders of Seanergy named therein in the form
attached hereto as Exhibit E.

     1.2. Rules of Construction. The parties have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
of the provisions of this Agreement. Unless the context otherwise requires:

          (a) a term has the meaning assigned to it;

          (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with
IFRS;

          (c) “or” is not exclusive;

          (d) “including” means including without limitation and is used in an illustrative, rather than
a limiting, sense;

          (e) words in the singular include the plural and words in the plural include the singular;

          (f) any reference to any federal, state, local or foreign statute or law shall be deemed also
to refer to all rules and regulations promulgated thereunder and any applicable common law, unless
the context requires otherwise;

          (g) any agreement, instrument or statute defined or referred to herein or in any instrument or
certificate delivered in connection herewith means such agreement, instrument or statute as from
time to time amended, modified or supplemented (as provided in such agreements) and includes (in
the case of agreements or instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted successors and assigns; and

          (h) if any of the provisions of this Agreement conflict with any of the other provisions of
any of the Transaction Documents, such conflict shall be resolved in every instance in favor of the
provisions of this Agreement.

ARTICLE II

THE CLOSINGS; CLOSING DELIVERIES

     2.1. Initial Closing; Subsequent Closings.

          (a) Initial Closing. Unless this Agreement shall have been terminated and the
transactions contemplated by this Agreement abandoned pursuant to the provisions of Article IX, and
subject to the satisfaction or waiver, as the case may be, of the conditions set forth in Article
VIII, the initial closing (the “Initial Closing”) of the Vessel Sale and Purchase with respect to
the Delivered Vessels shall take place at a date and time to be mutually agreed upon by the parties
(the “Initial Closing Date”), which date shall be no later than fifteen (15) days after all of the conditions set
forth in Article VIII, with an option to extend such date by a further fifteen (15) days at the
Sellers’ sole option (excluding conditions that, by their nature, cannot be satisfied until the
applicable Closing) with respect to

7

 

the Initial Closing shall have been satisfied or waived in
accordance with Article VIII. The Initial Closing shall take place at a place or places mutually
agreed by the parties, and, with respect to the Delivered Vessels, such Closings shall take place
in accordance with the MOA relating to each such Delivered Vessel, at such other location as is
agreed to in writing by the parties.

          (b) Subsequent Closings. The sale and purchase of the Vessels to be Delivered shall
occur at one or more closings held from time to time following the Initial Closing (each, a
“Subsequent Closing,” and with the Initial Closing, the “Closing” or “Closings”), all in accordance
with the terms and conditions of each respective MOA. The date of any such Subsequent Closing
shall be referred to as a “Subsequent Closing Date.”

     2.2. Initial Closing Deliveries by the Sellers. At the Initial Closing, each relevant
Seller shall deliver the following items, all of which shall be in form and substance reasonably
acceptable to Seanergy and Buyer:

          (a) Seller Certificate of Representations and Warranties. A certificate, duly
executed by an authorized officer of each Seller, certifying the matters in Section 4.1
hereof and the representations and warranties that are to be made as of the Initial Closing Date;

          (b) Sellers’ Legal Opinion. The legal opinion of counsel to each Seller of a
Delivered Vessel, in a form reasonably acceptable to Seanergy and Buyer, upon advice of its
counsel, with respect to the obligations of such Seller under this Agreement, the other Transaction
Documents, where applicable, and the transactions contemplated hereby and thereby;

          (c) Documents Required by the MOAs. Any and all documents required to be delivered by
each Seller of a Delivered Vessel pursuant to and in connection with each MOA applicable to each
respective Delivered Vessel.

     2.3. Initial Closing Deliveries by the Investors. At the Initial Closing, each
Investor shall deliver the following items, all of which shall be in form and substance reasonably
acceptable to Seanergy and Buyer:

          (a) Registration Rights Agreement. The Registration Rights Agreement, duly executed
and dated the Initial Closing Date, by and among Buyer and each Investor, in the form attached
hereto as Exhibit C; and

          (b) Voting Agreement. The Voting Agreement, duly executed and dated the Initial
Closing Date, by and among Seanergy, each Investor and certain shareholders of Seanergy named
therein, in the form attached hereto as Exhibit E.

     2.4. Initial Closing Deliveries by Seanergy and Buyer. At or prior to the Initial
Closing, each of Seanergy and Buyer shall deliver the following items, duly executed by Seanergy
and Buyer or its subsidiary nominee as provided by the relevant MOA, as applicable, all of which
shall be in form and substance reasonably acceptable to the Sellers and/or the Investors, where
applicable:

          (a) Payment of the Vessel Purchase Price Applicable to the Delivered Vessels. Buyer
shall make payment of immediately available U.S. Dollars in respect of the Vessel Purchase Price of
each Delivered Vessel as required by Section 3.2(a) hereof;

8

 

          (b) Deposit of the Aggregate Deposit Applicable to the Vessels to be Delivered. Buyer
shall make delivery of immediately available U.S. Dollars in respect of the Deposits in relation to
each Vessel to be Delivered as required by Section 3.2(b) hereof;

          (c) Delivery of Note. Buyer shall deliver the Note to the Investors;

          (d) Certificates of Representations and Warranties. Certificates, duly executed by an
authorized officer of each of Seanergy and Buyer, dated the Initial Closing Date, certifying the
matters in Article V hereof;

          (e) Officer’s Certificate. A certificate duly executed by an authorized officer of
Seanergy, dated the Initial Closing Date, certifying that the Shareholder Approval has been
obtained;

          (f) Seanergy and Buyer Legal Opinion. The legal opinion of counsel to Seanergy and
Buyer, in a form reasonably acceptable to the Sellers and the Investors, upon advice of their
counsel, with respect to the obligations of Seanergy and Buyer under this Agreement, the other
Transaction Documents, where applicable, and the transactions contemplated hereby and thereby;

          (g) Documents Required by the MOAs. Any and all documents required to be delivered by
Buyer or its subsidiary nominee, as applicable, pursuant to and in connection with each MOA
applicable to each respective Delivered Vessel;

          (h) Management Agreement. A Management Agreement, duly executed by Managing
Subsidiary and EST;

          (i) Deeds of Accession. A Deed of Accession, duly executed by each of Buyer’s
applicable Vessel-owning subsidiaries, evidencing that each such Vessel-owning subsidiary nominee
has become a party to, and agrees to be bound by the terms and provisions of, the Management
Agreement, with respect to the Delivered Vessel owned by it;

          (j) Brokerage Agreement. A Brokerage Agreement, duly executed by Managing Subsidiary and
Safbulk.

          (k) Deeds of Accession. A Deed of Accession, duly executed by each of Buyer’s
applicable Vessel-owning subsidiaries, evidencing that each such Vessel-owning subsidiary nominee
has become a party to, and agrees to be bound by the terms and provisions of, the Brokerage
Agreement, with respect to the Delivered Vessel owned by it;

          (l) Registration Rights Agreement. The Registration Rights Agreement, duly executed
and dated the Initial Closing Date, by and among Buyer and each Investor, in the form attached
hereto as Exhibit C; and

          (m) Voting Agreement. The Voting Agreement, duly executed and dated the Initial
Closing Date, by and among Seanergy, each Investor and certain shareholders of Seanergy named
therein, in the form attached hereto as Exhibit E.

     2.5. Subsequent Closing Deliveries by the Sellers. At each Subsequent Closing
relating to each Vessel to be Delivered, the relevant Seller of a Vessel to be Delivered shall
deliver any and all documents required to be delivered by each Seller of a Vessel to be Delivered
pursuant to and in connection with each MOA applicable to each respective Vessel to be Delivered.

9

 

     2.6. Subsequent Closing Deliveries by Buyer. At or prior to each Subsequent Closing
relating to each Vessel to be Delivered, Buyer or its Vessel-owning subsidiary nominee, as
applicable, shall deliver the following items, at the time of delivery of such Vessel, duly
executed by Buyer, all of which shall be in form and substance reasonably acceptable to the
Sellers, where applicable:

          (a) Payment of the Balance of the Vessel Purchase Price. Payment of immediately
available U.S. Dollars in respect of the Vessel Purchase Price, less the applicable Deposit, as
required by Section 3.2(c) hereof with respect to each Vessel to be Delivered;

          (b) Management Agreement. A Management Agreement, duly executed by Managing
Subsidiary and EST;

          (c) Deeds of Accession. A Deed of Accession, duly executed by each of Buyer’s
applicable Vessel-owning subsidiary nominees evidencing that each such Vessel-owning subsidiary
nominee has become a party to, and agrees to be bound by the terms and provisions of, the
Management Agreement, with respect to the Vessel to be Delivered owned by it;

          (d) Brokerage Agreement. A Brokerage Agreement, duly executed by Managing Subsidiary
and Safbulk;

          (e) Deeds of Accession. A Deed of Accession, duly executed by each of Buyer’s
applicable Vessel-owning subsidiary nominees, evidencing that each such Vessel-owning subsidiary
nominee has become a party to, and agrees to be bound by the terms and provisions of, the Brokerage
Agreement, with respect to the Vessel to be Delivered owned by it; and

          (f) Documents Required by the MOAs. Any and all documents required to be delivered by
Buyer pursuant to and in connection with each MOA applicable to each respective Vessel to be
Delivered.

ARTICLE III

THE VESSEL SALE AND PURCHASE

     3.1. The Vessel Sale and Purchase. Subject to the terms and conditions of this
Agreement and the MOAs, each Seller shall sell and transfer to Buyer or its applicable
Vessel-owning subsidiary nominee, and Buyer or its subsidiary nominees shall purchase, all right,
title and interest of each Seller in and to each Vessel listed on Schedule 1 hereto at the
time each such Vessel is delivered to Buyer or its applicable Vessel-owning subsidiary nominee in
accordance with the terms and conditions of this Agreement, and the MOA relating to each such
Vessel.

     3.2. Payment for and Delivery of Vessels.

          (a) Vessel Purchase Price of Delivered Vessels. At the Initial Closing, Seanergy
shall contribute the Trust Assets to Buyer and Buyer shall pay the aggregate Vessel Purchase Price
applicable to the Delivered Vessels.

          (b) Aggregate Deposit. At the Initial Closing, Buyer shall deliver the Deposits
applicable to each Vessel to be Delivered in separate, joint interest-bearing accounts, in
accordance with the terms and conditions of the MOA governing each such Vessel.

10

 

          (c) Vessel Purchase Price of Vessels to be Delivered. Buyer or its applicable
Vessel-owning subsidiary nominees shall pay the Vessel Purchase Price, less the Deposit with
respect to each Vessel to be Delivered, pursuant to Section 3.2(b), in accordance with the
terms and conditions of the MOA governing each such Vessel.

          (d) Delivery of the Vessels. Each of the Vessels shall be delivered in accordance
with the terms and conditions of their respective MOAs.

          (e) Note. At the Initial Closing, Buyer shall deliver the Note to the Investors.

          (f) Earn-out. Buyer shall issue the Additional Investment Shares to the Investors as
follows:

               (i) With respect to the period commencing October 1, 2008 and ending September 30, 2009, in
the event that Buyer or its applicable Vessel-owning subsidiary nominees achieves EBITDA for such
period equal to or in excess of $72 million derived from the Vessels owned by Buyer or its
applicable Vessel-owning subsidiary nominees, assuming all of the Vessels are delivered to Buyer or
its applicable Vessel-owning subsidiary nominees on or before October 1, 2008 and all such Vessels
are included in such revenues for the entire one-year period, then on November 16, 2009, the
Investors shall be entitled to receive the Additional Investment Shares.

               (ii) For the purpose of calculating EBITDA in this Section, if any Vessel is delivered to
Buyer or its applicable Vessel-owning subsidiary nominees after October 1, 2008, or any such Vessel
is sold, or becomes an actual, constructive or compromised total loss or is compulsorily
requisitioned prior to September 30, 2009, or any Vessel is off-hire for any reason other than
failure of EST to comply with its obligations under the Management Agreement in good faith, then
the EBITDA target for the fiscal year ending September 30, 2009, shall be reduced pro rata on a per
diem basis in accordance with such Vessel’s or Vessels’ contribution to EBITDA for the portion of
the period referred to in sub-paragraph (i) above during which such Vessel was off-hire for reason
other than the failure of EST to comply with its obligations in good faith under the Management
Agreement, in accordance with Schedule 3.2(f).

               (iii) No later than November 16, 2009 (the “Determination Date”), Buyer shall deliver to
Sellers a detailed notice setting forth Buyer’s calculation of EBITDA for purposes of determining
whether the Additional Investment Shares have been earned in accordance with the terms of this
Section. Seller shall have a period of 15 days after delivery of such written notice to review
such calculations and provide Buyer with written notice of any objection thereto, which objections
shall be in reasonable detail (the “Objection Notice”). In the event that Buyer does not receive
the Objection Notice within such 15-day period that objects to the calculation of the Additional
Investment Shares to be issued, the Sellers shall be deemed to have irrevocably accepted such
calculations and determinations. In the event that Buyer receives the Objection Notice during such
15-day period, the Sellers and Buyer shall enter into good faith negotiations to resolve any
objections. In the event that the Sellers and Buyer cannot reach agreement on the calculation of
the Additional Investment Shares to be issued within thirty (30)
days after the Determination Date, the Sellers and Buyer shall appoint a mutually satisfactory
independent auditor (the “Disputes Auditor”) for a decision, which shall be final and binding on
all parties. If the parties are unable to agree on such auditor within two (2) Business Days, then
either party may request that the president of the London Maritime Arbitrators Association then in
office appoint the Disputes Auditor. Buyer and the Sellers agree that they will request the
Disputes Auditor to render its decision within 30 days after referral of the dispute to the
Disputes Auditor for decision pursuant hereto. The fees and expenses of the Disputes Auditor for,
and relating to, the making of any such decision shall be paid equally by the parties; provided,
however, that in the event the Disputes Auditor determines that the

11

 

Additional Investment Shares to
which the Sellers are entitled are greater than that proposed by Buyer, Buyer shall pay such fees
and expenses of the Disputes Auditor. The determination of the Disputes Auditor as to the
resolution of any dispute shall be in writing and shall be binding and conclusive upon all parties.

     3.3. Non Delivery of Vessel(s). If, after the Initial Closing, any Vessel is not delivered by
the relevant Seller to the relevant Buyer or Vessel-owning subsidiary nominee for any reason
whatsoever, the Additional Investment Shares and the amount of the Note shall be reduced pro rata
by the percentage obtained by comparing the purchase price of such non delivered Vessel as set
forth in the applicable MOA to the Vessel Purchase Price.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE SELLERS

     4.1. Representations and Warranties of each Seller. Each Seller hereby represents and
warrants to Seanergy and Buyer severally and not jointly as follows:

          (a) Organization and Qualification. Each Seller is an entity duly incorporated,
validly existing and in good standing under the laws of the jurisdiction of its incorporation, with
the requisite power and authority to enter into this Agreement and the transactions contemplated
hereby. Such Seller is duly qualified to conduct business and is in good standing as a foreign
corporation or other legal entity in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except where the failure to
be so qualified or in good standing, as the case may be, could not, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect.

          (b) Authorization; Enforcement. Such Seller has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by this Agreement and
otherwise to carry out its obligations thereunder. The execution and delivery of this Agreement by
such Seller and the consummation by it of the transactions contemplated hereby have been duly
authorized by all necessary corporate action. No other corporate or other action or proceeding on
the part of such Seller is necessary to authorize this Agreement or the consummation of the
transactions contemplated hereby. This Agreement has been duly executed by such Seller and, when
delivered, will constitute the valid and binding obligation of each such Seller, enforceable
against such Seller in accordance with its terms, except (i) as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of
general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies or (iii) to the extent the indemnification provisions contained
in this Agreement and the other Transaction Documents may be limited by applicable federal or state
securities laws, public policy and other equitable considerations.

          (c) No Conflicts. The execution, delivery and performance of this Agreement by such
Seller and the consummation by such Seller of the transactions contemplated hereby do not and will
not (i) conflict with or violate any provision of its certificate or articles of incorporation,
bylaws or other charter documents, (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any contract to which such Seller is a party or by which any property or asset of such
Seller is bound or affected, (iii) result in a

12

 

violation of any law, rule, statute or regulation to
which such Seller is subject (including federal and state securities laws and regulations) or (iv)
result in any violation of any order, judgment, injunction, decree or other restriction of any
Governmental Authority to which such Seller is subject, or by which any property or asset of such
Seller is bound or affected; except in the case of each of clauses (ii) and (iii), such as could
not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect.

          (d) Filings, Consents and Approvals. Such Seller is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any Governmental Authority or other Person in connection with the execution, delivery and
performance by such Seller of this Agreement, other than those that have been made or obtained
prior to the date of this Agreement.

          (e) No Litigation. There is no action, suit, claim or proceeding pending of which it
has received notice or, to such Seller’s knowledge, threatened, against any Seller or affecting any
Vessel or the validity of this Agreement or any Seller’s ability to consummate the transactions
contemplated by this Agreement.

     4.2. Representations and Warranties of each Investor. Each Investor hereby represents
and warrants, on the date hereof and on each date that Additional Investment Shares or Note Shares
are issued to it, to Seanergy and Buyer, severally and not jointly, as follows:

          (a) Acknowledgment. Each Investor understands and agrees that Investment Shares to be
issued pursuant to this Agreement have not been registered under the Securities Act or the
securities laws of any state of the U.S. and that the issuance of the Investment Shares is being
effected in reliance upon an exemption from registration afforded either under Section 4(2) of the
Securities Act for transactions by an issuer not involving a public offering or Regulation S for
offers and sales of securities outside the U.S.

          (b) Status. By its execution of this Agreement, each Investor, severally and not
jointly, represents and warrants to Seanergy and Buyer as indicated on Schedule 2, either
that (i) such Investor is an Accredited Investor; or (ii) such Investor is not a U.S. Person. Each
Investor severally understands that the Investment Shares are being offered and sold to such
Investor in reliance upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of such Investor set forth in this Agreement, in order that
Seanergy and Buyer may determine the applicability and availability of the exemptions from
registration of the Investment Shares on which each of Seanergy and Buyer is relying.

          (c) Additional Representations and Warranties of Accredited Investors. Each Investor
indicating that such Investor is an Accredited Investor on Schedule 2, severally and not
jointly, further makes the representations and warranties to Seanergy and Buyer set forth on
Exhibit F-3.

          (d) Additional Representations and Warranties of Non-U.S. Persons. Each Investor
indicating that it is not a U.S. person on Schedule 2, severally and not jointly, further
makes the representations and warranties to Seanergy and Buyer set forth on Exhibit F-4.

          (e) Stock Legends. Each Investor hereby agrees with Seanergy and Buyer as follows:

13

 

               (i) Securities Act Legend — Accredited Investors. The certificates evidencing the
Investment Shares issued to those Investors who are Accredited Investors, and each certificate
issued in transfer or exchange thereof, will bear the following legend:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS AND
NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED,
ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE
HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF
COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY,
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS.

               (ii) Securities Act Legend — Non-U.S. Persons. The certificates evidencing the
Investment Shares issued to those Investors who are not U.S. Persons, and each certificate issued
in transfer or exchange thereof, will bear the following legend:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS AND
NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED,
ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S PROMULGATED UNDER THE SECURITIES ACT, AND BASED ON AN OPINION OF
COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY,
THAT THE PROVISIONS OF REGULATION S HAVE BEEN SATISFIED (2) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS OR (3) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN
WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN
OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE
COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR
OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES
ACT.

14

 

               (iii) Other Legends. The certificates representing such Investment Shares, and each
certificate issued in transfer or exchange thereof, will also bear any other legend required under
any applicable Law, including, without limitation, any U.S. state corporate and state securities
law, or contract.

               (iv) Opinion. No Investor will transfer any or all of the Investment Shares or
Exchange Shares pursuant to Regulation S or absent an effective registration statement under the
Securities Act and applicable state securities law covering the disposition of such Investor’s
Investment Shares, without first providing Seanergy and Buyer with an opinion of counsel (which
counsel and opinion are reasonably satisfactory to Seanergy and Buyer) to the effect that such
transfer will be made in compliance with Regulation S or will be exempt from the registration and
the prospectus delivery requirements of the Securities Act and the registration or qualification
requirements of any applicable U.S. state securities laws.

               (v) Consent. Each Investor understands and acknowledges that Buyer may refuse to
transfer the Investment Shares or Exchange Shares, unless such Investor complies with this Section
4.2(e) and any other restrictions on transferability set forth in Exhibit F-3 and F-4.
Each Investor consents to Seanergy and Buyer making a notation on its records or giving
instructions to any transfer agent of Buyer’s Common Stock in order to implement the restrictions
on transfer of the Investment Shares.

     4.3. Choice of Laws. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York (without reference to the conflicts of law
provisions thereof). Any dispute regarding this Agreement shall be exclusively referred to
arbitration in London and conducted in accordance with the Arbitration Act 1996 (England and Wales)
or any statutory modification or re-enactment thereof, and the parties agree to submit to the
personal and exclusive jurisdiction and venue of such arbitrators. Any and all disputes hereunder
shall be referred by the parties hereto to three arbitrators, each party to appoint one arbitrator
and the two so appointed shall appoint the third who shall and as chairman of such panel of
arbitrators. Each arbitrator shall have significant experience in the interpretation of the United
States federal securities laws. Upon receipt by one party of the nomination in writing of such
other party’s arbitrator, that party shall appoint its arbitrator within ten days, failing which
the decision of the single arbitrator appointed shall apply. The two arbitrators so appointed shall
appoint the third arbitrator within ten days, failing which the single arbitrator shall act as sole
arbitrator and any decision of the sole arbitrator shall be binding on both parties. The
arbitration shall be conducted in accordance with the terms of the London Maritime Arbitrators
Association (“LMAA”) then in effect.

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF SEANERGY AND BUYER

     5.1. Representations and Warranties of Seanergy and Buyer. Seanergy and Buyer hereby
jointly and severally represent and warrant to each Seller and Investor as follows:

          (a) Organization and Qualification. Each of Seanergy and Buyer is an entity duly
incorporated, validly existing and in good standing under the laws of the jurisdiction of its
incorporation, with the requisite power and authority to enter into this Agreement and the
transactions contemplated hereby. Each of Seanergy and Buyer is duly qualified to conduct business
and is in good standing as a foreign corporation or other legal entity in each jurisdiction in
which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or

15

 

in good standing, as the case may be,
could not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect.

          (b) Authorization; Enforcement. Each of Seanergy and Buyer has the requisite
corporate power and authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this
Agreement by each of Seanergy and Buyer and the consummation by it of the transactions contemplated
thereby have been duly authorized by its respective board of directors. Except for obtaining the
Shareholder Approval, no other corporate or other action or proceeding on the part of Seanergy or
Buyer or its respective shareholders is necessary to authorize this Agreement or the consummation
of the transactions contemplated hereby. This Agreement has been duly executed by Seanergy and
Buyer and, when delivered, will constitute the valid and binding obligation of Seanergy and Buyer,
enforceable against Seanergy and Buyer in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other
laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of a specific performance, injunctive relief or other
equitable remedies or (iii) to the extent the indemnification provisions contained in this
Agreement may be limited by applicable federal or state securities laws, public policy and other
equitable considerations.

          (c) No Conflicts. The execution, delivery and performance of this Agreement by each
of Seanergy and Buyer and the consummation by each of Seanergy and Buyer of the transactions
contemplated thereby do not and will not, (i) conflict with or violate any provision of its
respective articles of incorporation or bylaws, other than provisions which require that the
Shareholder Approval be obtained, (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any contract to which either Seanergy or Buyer is a party or by which any property or
asset of Seanergy or Buyer is bound or affected, (iii) result in a violation of any law, rule,
statute or regulation to which Seanergy or Buyer is subject (including federal and state securities
laws and regulations) or (iv) result in any violation of any order, judgment, injunction, decree or
other restriction of any Regulatory Authority to which Seanergy or Buyer is subject, or by which
any property or asset of Seanergy or Buyer is bound or affected; except in the case of each of
clauses (ii) and (iii), such as could not, individually or in the aggregate, have or reasonably be
expected to result in a Material Adverse Effect.

          (d) Filings, Consents and Approvals. Neither Seanergy nor Buyer is required to obtain
any consent, waiver, authorization or order of, give any notice to, or make any filing or
registration with, any Regulatory Authority or other Person in connection with the execution,
delivery and
performance by Seanergy or Buyer of this Agreement, other than (i) Shareholder Approval and
Merger Approval, (ii) those that have been made or obtained prior to the date of this Agreement or
(iii) or any filings with or approvals required by a securities exchange other than the American
Stock Exchange, other than the approval of the continued listing by Seanergy, an additional listing
application for Seanergy, and a listing application for Buyer.

          (e) No Misstatement or Omission. Seanergy’s filings with the SEC, as amended from
time to time, do not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading.

16

 

ARTICLE VI

COVENANTS

     6.1. Preparation of Proxy Statement; Shareholder Approval.

          (a) Seanergy shall promptly prepare and file with the SEC a proxy statement in preliminary
form or such other form, statement or report as may be required under the federal securities laws
(such proxy statement or such other form, and any amendments or supplements thereto with respect to
the transactions contemplated by this Agreement, the “Proxy Statement”) relating to a shareholders
meeting (the “Shareholders Meeting”) to be held by Seanergy to obtain the Shareholder Approval.
Seanergy shall provide the Sellers and the Investors with reasonable opportunity to review and
comment upon such Proxy Statement. Seanergy shall duly call, give notice of, convene and hold the
Shareholders Meeting as promptly as reasonably practicable in accordance with applicable law for
the purpose of seeking Shareholder Approval.

          (b) Each Seller and Investor shall, as promptly as reasonably practicable after the execution
of this Agreement, deliver to Seanergy the Seller Information and the Investor Information as may
be required to prepare the Proxy Statement and any other filings required under the Exchange Act,
Securities Act or any other federal, foreign or Blue Sky laws relating to the transactions
contemplated by the Transaction Documents (“Other Filings”).

          (c) The Sellers will use their commercially reasonable efforts to deliver to Seanergy and
Buyer no later than June 18, 2008 (or such later date as shall be agreed to in writing between
Seanergy, Buyer and the Sellers) true and complete copies of the Audited Financial Statements and
the Interim Financial Statements, accompanied by a related Management’s Discussion and Analysis of
Results and Operations and Financial Condition with respect to the Audited Financial Statements and
Interim Financial Statements in form and substance in accordance with the requirements of the
Securities Act for purposes of the Proxy Statement.

          (d) As of the date of the mailing of the Proxy Statement or the filing of any Other Filing,
the Seller Information, Investor Information, Audited Financial Statements and the Interim
Financial Statements supplied for inclusion in the Proxy Statement or Other Filing shall be
accurate in all material respects, and such Audited Financial Statements and the Interim Financial
Statements shall fairly present the financial condition and results of operations of the respective
Seller for the period presented. If, at any time prior to the Initial Closing, a change in the
Seller Information, Investor Information, Audited Financial Statements or the Interim Financial
Statements, which would make the preceding incorrect, is discovered by a Seller, as applicable,
such Seller, as the case may be, shall promptly notify Seanergy and Buyer of such change in
writing. Each Seller shall use reasonable efforts to cooperate with Seanergy in its filing of the
Proxy Statement and Other Filings.

          (e) Seanergy, through its board of directors, shall recommend to its shareholders that they
vote their shares such that Seanergy may obtain the Shareholder Approval and, subject to applicable
law and its fiduciary duties, shall not withdraw or modify its recommendation.

     6.2. Financing. Each Seller agrees to provide, and will cause their respective
directors, officers and employees to provide, all commercially reasonable cooperation, at
Seanergy’s and Buyer’s sole expense, in
connection with the arrangement of financing to be consummated contemporaneously with or at or
after the Initial Closing Date in respect of the transactions contemplated by this Agreement,
including participation in meetings, due diligence sessions, road shows, the preparation of
offering memoranda, private placement memoranda, prospectuses and similar documents, the execution
and

17

 

delivery of any commitment letters, placement agreements, pledge and security documents, other
definitive financing documents or other requested certificates or documents, financial statements,
comfort letters of accountants and legal opinions as may be reasonably requested by Seanergy and
Buyer and taking such other actions as are reasonably required to be taken by each Seller in
connection with any financing, provided that such cooperation shall not interfere unreasonably with
the business or operations of any Seller or the commercial or technical managers of the Vessels and
none of the Sellers shall be required to incur material out-of-pocket costs in respect of such
cooperation unless Seanergy and Buyer shall have undertaken to reimburse such entities all such
reasonable and documented out-of-pocket costs. Notwithstanding the foregoing, the responsibility
to obtain the financing described above shall remain the exclusive obligation of Buyer.

     6.3. Other Actions.

          (a) At least two days prior to the Initial Closing Date, Seanergy shall prepare a draft Form
8-K or 6-K, as applicable (“Form 8-K”), announcing the Closing, and such other information that may
be required to be disclosed with respect to the Vessel Sale and Purchase, and other related
transactions in any report or form to be filed with the SEC. Prior to the Initial Closing Date,
Seanergy, Buyer, and the Sellers shall prepare a press release announcing the consummation of the
transactions hereunder (the “Press Release”). Simultaneously with or following the Initial
Closing, Seanergy shall file the Form 8-K with the SEC and distribute the Press Release.

          (b) Seanergy, Buyer, each Seller and each Investor shall further cooperate with each other and
use their commercially reasonable efforts to take or cause to be taken all actions, and do or cause
to be done all things, reasonable on its part under this Agreement and applicable laws to
consummate the transactions hereunder and the other Transaction Documents to which it is a party
and the transactions contemplated thereby as soon as practicable. Subject to applicable laws
relating to the exchange of information and the preservation of any applicable attorney-client
privilege, work-product doctrine, self-audit privilege or other similar privilege, each of
Seanergy, Buyer, the Sellers and the Investors shall have the right to review and comment on in
advance, and to the extent practicable, each will consult the other on, all the information
relating to such party that appears in any filing made with, or written materials submitted to, any
third party and/or any Governmental Entity in connection with the transactions contemplated by the
Transaction Documents. In exercising the foregoing right, each of Seanergy, Buyer, the Sellers and
the Investors shall act reasonably and as promptly as practicable.

     6.4. Advice of Change. Each of Seanergy, Buyer, and the Sellers shall promptly advise
such other party in writing of any event or occurrence which results in or is reasonably likely to
result in a Material Adverse Effect on it.

ARTICLE VII

OTHER AGREEMENTS

     7.1. Officers and Directors of Seanergy and Buyer. Promptly after the
request of Investors, Seanergy and Buyer shall cause such number of persons to resign from
their respective boards of directors so as to give effect to the provisions of the Voting
Agreement. In addition, Seanergy and Buyer shall appoint or cause to be appointed the directors as
required pursuant to the Voting Agreement and shall continue to do so throughout the term of the
Voting Agreement. On the date hereof, Dale Ploughman shall be appointed to serve as Chief
Executive Officer of each of Seanergy and Buyer and George Koutsolioutsos shall be appointed
Chairman of the Board of Directors of Seanergy and Buyer for the term of the Voting Agreement. In
addition, Seanergy and Buyer shall cause the officers of Seanergy and Buyer, other than Messrs.
Ploughman and Koutsolioutsos, to resign as officers promptly after the

18

 

request of Investors, and
Investors shall appoint such other officers of Seanergy and Buyer as they deem appropriate in their
discretion. The Board of Directors of each of Seanergy and Buyer shall establish a shipping
committee (the “Shipping Committee”) of three (3) directors to consider and vote upon all matters
involving shipping and ship finance. The Board of Directors of each of Seanergy and Buyer shall
delegate all such matters to their respective Shipping Committee. The Boards of Directors of each
of Seanergy and Buyer shall cause their respective Shipping Committee to be composed of two
“inside” directors appointed by the Investors and one director (either “inside” or “independent”)
appointed by the Inside Shareholders. Any vacancies on the Shipping Committee shall be filled by
the party that made the appointment of the person whose resignation or removal has caused such
vacancies. If requested by a third party, Seanergy and Buyer shall ratify any and all actions
taken by the Shipping Committee as the acts of Seanergy and Buyer. The Board of Directors of
Seanergy and Buyer agree, and the Articles of Incorporation and by-laws of Buyer shall be amended
to provide that the respective Boards of Directors may not (i) dissolve the Shipping Committee or
(ii) alter the duties or composition of the Shipping Committee without an affirmative vote of not
less than 80% of the board of directors. In addition, the by-laws of Buyer shall be amended to
provide that the provisions of such by-laws relating to (i) the Shipping Committee and (ii) the
duties of the Chief Executive Officer, including but not limited to those relating to the voting of
securities owned by Buyer set forth in Section 4.3, may not be amended without the affirmative vote
of not less than 80% of the board of directors. Notwithstanding the foregoing, any transactions
involving the issuance of Seanergy’s or Buyer’s capital stock or transactions involving a related
party shall not be referred to the Shipping Committee, regardless of subject matter, but shall
instead be considered by the entire Board of Directors. Buyer, in its capacity as sole shareholder
of Buyer’s subsidiaries that handle shipping matters, shall vote its shares so as to ensure that
the composition of their respective boards of directors mirrors that of the Shipping Committee. The
parties hereto acknowledge and agree to use their respective best efforts to promptly amend the
Company’s and Buyer’s Articles of Incorporation and bylaws to provide for a staggered board of
directors to facilitate the implementation of the Shipping Committee.

     7.2. Intentionally Omitted

     7.3. Intentionally Omitted

     7.4. Investors’ Exchange Rights. For as long as Seanergy continues to be in
existence, Buyer and Seanergy hereby agree that, commencing at the time of the issuance of any
Investment Shares to the Investors, Investors shall have an option to exchange such Investment
Shares for shares of common stock of Seanergy on a one-for-one basis (“Exchange Shares”).

     7.5. Board Nominated Slates of Directors. Commencing with respect to the first annual
meeting of stockholders to be held by each of Seanergy and Buyer after the date hereof, Seanergy
and Buyer shall cause the slates of proposed directors nominated by each such company to
include the nominees named in accordance with and for the period as provided in the Voting
Agreement.

     7.6. Confidentiality. The parties hereto hereby agree that the existence and terms of
this Agreement, the Transaction Documents and the transactions contemplated hereby and thereby are
strictly confidential and further agree that they and their respective representatives shall not
disclose to the public or to any third party the existence or terms of this Agreement, the
Transaction Documents and the transactions contemplated hereby and thereby or any other
Confidential Information, other than with the express prior written consent of such other party,
except as may be required by applicable law or at the request of any Governmental Authority,
including, without limitation, a Current Report on Form 8-K to be filed by Seanergy disclosing the
execution of and entry into this Agreement within four Business Days from the dated hereof and
except where such Confidential Information becomes publicly available other than as a result of a
disclosure by the parties hereto in violation of this Agreement.

19

 

     7.7. Duty to Negotiate in Good Faith. All parties hereto shall use their commercially
reasonable efforts to satisfy or cause to be satisfied all of the covenants, agreements and
conditions set forth herein, as applicable to each of them. Each party, at the reasonable request
of the other, shall execute and deliver such other instruments and do and perform such other acts
and things as may be necessary or desirable for effecting completely the Investment, the Vessel
Sale and Purchase and other transactions contemplated by this Agreement and the other Transaction
Documents.

     7.8. Establishment and Maintenance of Reserve Account. On the Initial Closing Date,
Buyer or its Vessel-owning subsidiaries shall deposit the sum of US$100,000 with EST as a reserve
EST may use to pay Vessel-related expenses as provided for in the Management Agreement. For as
long as EST is the technical manager for any of the Vessels, EST may notify Buyer if the amount
deposited in such account is less than US$100,000, and if so, Buyer shall promptly replenish such
amount.

     7.9. Waiver of Trust Fund Claims. Each Seller and Investor hereby agrees that it
shall not have any right, title, interest or claim of any kind in or to the proceeds of Seanergy’s
initial public offering being held in trust (each, a “Trust Fund Claim”) and hereby waive any Trust
Fund Claim against any such monies which it may have in the future as a result of, or arising out
of, any negotiations, contracts or agreements with Seanergy or Buyer and will not for any reason
whatsoever seek recourse against the such monies for such purposes. The obligations arising under
this Section 7.9 shall survive the termination of this Agreement.

     7.10. Restriction on Payment of Dividends. Between September 30, 2009 and December
15, 2009, neither Seanergy nor Buyer shall declare or pay a dividend.

     7.11. Subordination with Respect to Dividends. For one year after the Initial
Closing, the Investors shall subordinate their respective rights to receive dividends with respect
to shares of Seanergy common stock acquired by the Investors from former Seanergy officers to
rights of the public Seanergy stockholders to payment of such dividends to the extent and only to
the extent that Georgios Koutsolioutsos, Alexios Komninos and Ioannis Tsigkounakis subordinate
their rights to receive dividends with respect to their shares of Seanergy common stock owned
immediately prior to the initial public
offering of Seanergy and to the extent Seanergy has insufficient funds to pay its scheduled
dividend (pursuant to the dividend policy adopted by the Seanergy board of directors) to all of its
public stockholders. If the foregoing conditions are met, then Seanergy shall not pay such
dividend to the Investors on the shares it acquired from former Seanergy officers or to Georgios
Koutsolioutsos, Alexios Komninos and Ioannis Tsigkounakis with respect to shares owned immediately
prior to the initial public offering of Seanergy Common Stock, but instead such dividend shall be
accrued and paid to the Investors and Georgios Koutsolioutsos, Alexios Komninos and Ioannis
Tsigkounakis once Seanergy is current in the payment of its dividends to its public stockholders.
The subordination of the right to receive dividends hereby will also apply to shares of Buyer
issued to the Investors or any of Georgios Koutsolioutsos, Alexios Komninos or Ioannis Tsigkounakis
in connection with the Merger in exchange for the above described Common Stock of Seanergy.

ARTICLE VIII

CONDITIONS TO CLOSINGS

     8.1. Conditions to the Obligations of the Sellers and the Investors. The obligations
of the Sellers and the Investors under this Agreement are subject to the satisfaction or waiver of
the following conditions, which conditions are intended wholly for the benefit of each Seller and
Investor, as applicable:

20

 

          (a) Representations and Warranties. Each of the representations and warranties made
by Seanergy and Buyer in this Agreement shall be true and correct in all material respects (except
for those which are already qualified by materiality, which shall be true and correct in accordance
with their respective terms) when made at and as of the applicable Closing Date as though such
representations and warranties were made or given on and as of the applicable Closing Date.

          (b) Compliance with the Transaction Documents. Seanergy and Buyer shall have, in all
material respects (except for those which are already qualified by materiality, which shall be true
and correct in accordance with their respective terms), performed and complied with all of their
respective covenants, agreements and obligations under this Agreement and the Transaction Documents
which are to be performed or complied with by Seanergy or Buyer prior to or on the applicable
Closing Date.

          (c) Charter Parties. The time Charter Parties for the Vessels referenced in
Section 8.2(g) shall have been duly executed by each of SAMC and Buyer (or its relevant
nominated subsidiary) in accordance with Section 8.2(g) hereof.

          (d) Management Agreement. A Management Agreement, duly executed by each of the
Managing Subsidiary and EST.

          (e) Deeds of Accession. A Deed of Accession, duly executed by each of Buyer’s
applicable Vessel-owning subsidiaries, evidencing that each such Vessel-owning subsidiary nominee
has become a party to, and agrees to be bound by the terms and provisions of, the Management
Agreement, with respect to the Delivered Vessel owned by it.

          (f) Brokerage Agreement. A Brokerage Agreement, duly executed by each of the Managing
Subsidiary and Safbulk.

          (g) Deeds of Accession. A Brokerage Agreement, duly executed by each of Buyer’s
applicable Vessel-owning subsidiaries, evidencing that each such Vessel-owning subsidiary nominee
has become a party to, and agrees to be bound by the terms and provisions of, the Brokerage
Agreement, with respect to the Delivered Vessel owned by it.

          (h) No Litigation. No legal or governmental action, suit or proceeding shall have
been instituted or threatened before any court, administrative agency or tribunal, nor shall any
order, judgment or decree have been issued or proposed to be issued by any court, administrative
agency or tribunal, to set aside, restrain, enjoin or prevent the consummation of this Agreement or
the transactions contemplated hereby, or that has had, or would reasonably be expected to have, a
Material Adverse Effect on this Agreement or the transactions contemplated hereby.

          (i) Material Adverse Effect. From the date hereof to the Initial Closing Date, there
shall have been no change, event or development that has had, or would reasonably be expected to
have, a Material Adverse Effect on Seanergy or Buyer.

          (j) Shareholder Approval. Seanergy shall have obtained the Shareholder Approval.

          (k) Merger Approval. Seanergy shall have obtained the Merger Approval.

          (l) Closing Deliveries. Each Seller and Investor shall have received from Seanergy
and Buyer all of the instruments, documents and considerations described in Sections 2.4 and
2.6, as applicable on each Closing Date.

21

 

     8.2. Conditions to the Obligations of Seanergy and Buyer. The obligations of Seanergy
and Buyer under this Agreement are subject to the satisfaction or waiver of the following
conditions, which conditions are intended wholly for the benefit of Seanergy and Buyer:

          (a) Representations and Warranties. Each of the representations and warranties made
by each Seller and Investor in this Agreement shall be true and correct in all material respects
(except for those which are already qualified by materiality, which shall be true and correct in
accordance with their respective terms) when made at and as of the applicable Closing Date as
though such representations and warranties were made or given on and as of the applicable Closing
Date.

          (b) Compliance with the Transaction Documents. Each Seller and Investor shall have,
in all material respects (except for those which are already qualified by materiality, which shall
be true and correct in accordance with their respective terms), performed and complied with all of
their respective covenants, agreements and obligations under this Agreement and the other
Transaction Documents which are to be performed or complied with by them prior to or on the
applicable Closing Date.

          (c) Intentionally Deleted.

          (d) No Litigation. No legal or governmental action, suit or proceeding shall have
been instituted or threatened before any court, administrative agency or tribunal, nor shall any
order, judgment or decree have been issued or proposed to be issued by any court, administrative
agency or tribunal, to set aside, restrain, enjoin or prevent the consummation of this Agreement or
the transactions contemplated hereby, or that has had, or would reasonably be expected to have, a
Material Adverse Effect on this Agreement or the transactions contemplated hereby.

          (e) Shareholder Approval. Seanergy shall have obtained the Shareholder Approval.

          (f) Closing Deliveries. Each of Seanergy and Buyer shall have received from each
Seller and Investor all of the instruments, documents and considerations described in Sections
2.2, 2.3 and 2.5, as applicable on each Closing Date.

          (g) Charter Parties. Safbulk shall have entered into Charter Parties with each
applicable Vessel-owning subsidiary nominee of Buyer at the following rates (the “Charter Rates”)
for a 1 year period at a minimum: (i) $30,000 per day for the African Oryx; (ii) $36,000 per day
for the African Zebra; (iii) $60,000 per day for Kouan 215; (iv) $60,000 per day for the Kouan 216;
(v) $65,000 per day for the Bremen Max and (vi) $65,000 per day for the Hamburg Max, it being
understood and agreed that the Sellers are allowed some flexibility as to per vessel type charters
secured so long as the operating day and duration weighted average revenues are consistent with the
above. All of the above rates are inclusive of the 2.5% address commission in favor of SAMC, plus
the 1.25% commission in favor of Safbulk. It is understood that the duration of each Charter Party
shall commence as of the delivery of each Vessel to Buyer (or its nominated subsidiary) to which
such Charter Party relates.

ARTICLE IX

TERMINATION

     9.1. Termination of this Agreement. At any time prior to the Initial Closing, this
Agreement may be terminated (without prejudice to other remedies which may be available to the
parties under this Agreement, at law or in equity) by the mutual written consent of Seanergy and
Buyer and a majority of each of the Sellers and Investors. Sellers shall have the right to
terminate the Transaction

22

 

Documents by notice in writing to Seanergy if the Proxy Statement shall
not have been mailed to Seanergy’s shareholders on or before the date that is ten (10) Business
Days from the date of Seanergy’s receipt of the Audited Financial Statements, the Interim Financial
Statements and the corresponding Management’s Discussion and Analysis of Results of Operations and
Financial Condition. In addition, Sellers may exercise their right of termination hereunder if the
Shareholders Meeting shall not have occurred by July 30, 2008 (unless any of the Sellers exercise
the option to extend either or both of such dates, in their sole discretion, in which case the
termination date shall be extended to such date specified by Sellers), or such later date as the
Sellers may, from time to time, specify by notice in writing to Seanergy and Buyer.

     9.2. Effect of Termination. If this Agreement is terminated in accordance with Section
9.1, all obligations of the parties hereunder and under the other Transaction Documents shall
terminate, except for the obligations set forth in this Article IX and Sections
7.6, 7.9 and 10.3; and the parties shall undertake to take such actions as may be necessary or
desirable to give effect to the foregoing termination; provided, however, that nothing herein shall
relieve any party from liability for the breach of any of its representations, warranties,
covenants or agreements set forth in this Agreement.

ARTICLE X

MISCELLANEOUS

     10.1. Subsidiary Nominees to Become a Party. Buyer shall cause each
subsidiary nominee to become a party to this Agreement and be bound by the terms of this
Agreement by causing each such nominee to execute an Acknowledgement and Agreement in the form
attached hereto as Exhibit H.

     10.2. Survival of Representations and Warranties. All representations and warranties
contained herein shall survive the last Subsequent Closing Date.

     10.3. Expenses. Except as otherwise provided herein, each party hereto shall bear its
own legal and other expenses incurred in connection with the preparation of the Transaction
Documents and the other agreements contemplated hereby and the Closing of the transactions
contemplated hereby.

     10.4. Further Assurances. Each party agrees that it will execute and deliver, or
cause to be executed and delivered, on or after the date of this Agreement, all such other
documents and instruments as are reasonably required for the performance of such party’s
obligations hereunder and will take all commercially reasonable actions as may be necessary to
consummate the transactions contemplated hereby and to effectuate the provisions and purposes
hereof.

     10.5. Disclosures and Announcements. Announcements concerning the transactions
provided for in this Agreement by any party hereto or any of their respective Affiliates shall be
subject to the prior approval of such other party hereto in all material respects, except that
approval shall not be required as to any statements and other information which any party may be
required to make pursuant to any applicable rule or regulation of the SEC or as otherwise required
by law.

     10.6. Notices. All notices, requests, consents and other communications under this
Agreement shall be in writing and shall be deemed delivered (i) upon delivery when delivered
personally, (ii) upon receipt if by facsimile transmission (with confirmation of receipt thereof),
or (iii) one Business Day after being sent via a reputable nationwide overnight courier service
guaranteeing next Business Day delivery, in each case to the intended recipient as set forth below:

If to Seanergy or Buyer:

23

 

SEANERGY MARITIME CORP.

c/o Vgenopoulos & Partners Law Firm

15, Filikis Eterias Square

10673 Athens, Greece

Facsimile: +30-210-7231-462

Attention: John Papapetros

With a copy (which shall not constitute notice) to:

Loeb & Loeb

345 Park Avenue

New York, New York 10154

Facsimile: +1-212-504-3013

Attention: Mitchell Nussbaum, Esq.

If to any Seller or Investor:

Name of Seller or Investor, as applicable

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

Attention: Dale Ploughman

Facsimile: +30-210-898-3595

With a copy (which shall not constitute notice) to:

Name of Seller or Investor, as applicable

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

Attention: Evan Breibart

Facsimile: +30-210-898-5430

Broad and Cassel

2 S. Biscayne Boulevard, Suite 2100

Miami, Florida 33131

Attention: A. Jeffry Robinson, Esq.

Facsimile: +1-305-373-9443

     Any party may change the address to which notices, requests, consents or other communications
hereunder are to be delivered by giving the other parties notice in the manner set forth in this
Section.

     10.7. Governing Law; Jurisdiction; Dispute Resolution. This Agreement shall be
governed by and construed in accordance with the internal laws of the State of New York (without
reference to the conflicts of law provisions thereof). Any dispute regarding this Agreement shall
be exclusively referred to arbitration in London and conducted in accordance with Arbitration Act
1996 (England and Wales) or any statutory modification or re-enactment thereof, and the parties
agree to submit to the personal and exclusive jurisdiction and venue of such arbitrators. Any and
all disputes hereunder shall be referred by the parties hereto to three arbitrators, each party to
appoint one arbitrator and the two so appointed shall appoint the third who shall and as chairman
of such panel of arbitrators. Upon receipt by one party of the nomination in writing of such other
party’s arbitrator, that party shall

24

 

appoint its arbitrator within ten days, failing which the
decision of the single arbitrator appointed shall apply. The two arbitrators so appointed shall
appoint the third arbitrator within ten days, failing which the single arbitrator shall act as sole
arbitrator and any decision of the sole arbitrator shall be binding on both parties. The
arbitration shall be conducted in accordance with the terms of the London Maritime Arbitrators
Association (“LMAA”) then in effect. The parties agree that any tribunal constituted under this
Agreement shall have the power to order consolidation of proceedings or concurrent hearings in
relation to any and all disputes arising out of or in connection with this Agreement or the other
Transaction Documents, which involve common questions of fact or law, and to make any orders
ancillary to the same, including, without limitation, any orders relating to the procedures to be
followed by the parties in any such consolidated proceedings or concurrent hearings. Consolidated
disputes are to be heard by a maximum of three arbitrators, each party to have the right to appoint
one arbitrator. In case a dispute arises as to whether consolidation is appropriate (including
without limitation conflicting orders of relevant tribunals) and/or as to the constitution of the
tribunal for any such consolidated proceedings, each party shall have the right to apply to the
President for the time being of the LMAA for final
determination of the consolidation of the proceedings and/or constitution of such tribunal.
For purposes of this Agreement, Seanergy, Buyer and their subsidiaries shall be deemed to be one
party, and Investors and Sellers shall be deemed to be one party.

     10.8. Delays or Omissions. No delay or omission to exercise any right, power or
remedy accruing to the parties hereto shall impair any such right, power or remedy of the parties
hereto, nor shall it be construed to be a waiver of any breach or default under this Agreement, or
an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall
any delay or omission to exercise any right, power or remedy or any waiver of any single breach or
default be deemed a waiver of any other right, power or remedy or breach or default theretofore or
thereafter occurring. All remedies, either under this Agreement or by law, otherwise afforded to
the parties hereto, shall be cumulative and not alternative.

     10.9. Section Headings and References. The section headings are for the convenience
of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of
the parties. Any reference in this Agreement to a particular section or subsection shall refer to
a section or subsection of this Agreement, unless specified otherwise.

     10.10. Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction.

     10.11. Amendments in Writing. No amendment, modification, termination or discharge of
any provision of this Agreement, or any consent to any departure by any party hereto from any
provision hereof, shall in any event be effective unless the same shall be in writing and signed by
the parties hereto, and each such amendment, modification, termination or discharge shall be
effective only in the specific instance and for the specific purpose for which given. No provision
of this Agreement shall be varied, contradicted or explained by any oral agreement, course of
dealing or performance or any other matter not set forth in an agreement in writing and signed by
all parties hereto.

     10.12. Entire Agreement. This Agreement, the Stock Purchase Agreement and the other
documents referred to herein or therein, on and as of the date hereof, constitute the entire
agreement of the parties hereto with respect to the subject matter hereof or thereof, and all prior
or contemporaneous understandings or agreements, whether written or oral between the parties hereto
with respect to such subject matter are hereby superseded in their entirety.

25

 

     10.13. Exhibits and Schedules. The exhibits attached hereto or any schedules
referenced in this Agreement are incorporated by reference herein and shall have the same force and
effect with respect to the provisions set forth therein as though fully set forth in this
Agreement.

     10.14. Recitals. The Recitals set forth on the first two pages of this Agreement
shall be deemed part of the Agreement and shall have the same force and effect as if they were set
forth in the body of this Agreement.

     10.15. Joint and Several Obligations of Seanergy and Buyer. The obligations of
Seanergy and Buyer under this Agreement are joint and several even if not so expressed.

     10.16. Successors and Assigns. This Agreement shall be binding upon, inure to the
benefit of and be enforceable by the parties hereto and their respective successors and assigns;
provided, that none of the parties hereto may assign any of its obligations hereunder except as
expressly provided herein without the prior written consent of such other parties.

     10.17. Third-Party Beneficiaries. The parties hereto hereby acknowledge and agree
that (a) EST, Safbulk and SAMC, and (b) each subsidiary to be nominated by Buyer to effectuate the
Vessel Sale and Purchase, vis-à-vis each relevant Seller, shall be a third party beneficiary
hereunder, and all such entities shall be entitled to enforce such obligations directly against
such other party as if they were a party hereto. In addition, the parties acknowledge that the
Sellers have nominated the Investors to receive certain consideration hereunder on their behalf.
Notwithstanding the foregoing, Sellers shall retain the right to assert any claims against Seanergy
or Buyer with respect to the consideration to be delivered to the Investors.

     10.18. Execution in Counterparts; Facsimile Signatures. This Agreement and any
amendment or consent hereto may be executed by the parties hereto in separate counterparts, each of
which, when so executed and delivered, shall be an original, but all such counterparts shall
together constitute one and the same instrument. All such counterparts may be delivered among the
parties hereto by facsimile or other electronic transmission, which shall not affect the validity
thereof.

(Remainder of page intentionally left blank. Signature pages to follow.)

26

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized as of the day and date first above written.

	 	 	 	 	 
	SEANERGY MARITIME CORP.

 	 	 
	By:  	/s/
  Georgios Koutsolioutsos	 	 
	 	Name:  Georgios Koutsolioutsos	 	 	 
	 	Title:  President	 	 	 
	 

	 	 	 	 	 
	SEANERGY MERGER CORP.

 	 	 
	By:  	/s/
  Georgios Koutsolioutsos	 	 
	 	Name:  Georgios Koutsolioutsos	 	 	 
	 	Title:  President	 	 	 
	 

The Investors have caused this Agreement to be executed solely to indicate their acceptance of and
agreement to their obligations set forth in Sections 2.3, 4.2,6.1(b), 7.9 and 7.11.

	 	 	 	 	 
	UNITED CAPITAL INVESTMENTS CORP.

 	 	 
	By:  	/s/
  Evan Breibart	 	 
	 	Name:  Evan Breibart	 	 	 
	 	Title:  Attorney in fact	 	 	 
	 

	 	 	 	 	 
	ATRION SHIPHOLDING S.A.

 	 	 
	By:  	/s/
  Evan Breibart	 	 
	 	Name:  Evan Breibart	 	 	 
	 	Title:  Attorney in fact	 	 	 
	 

	 	 	 	 	 
	PLAZA SHIPHOLDING CORP.

 	 	 
	By:  	/s/
  Evan Breibart	 	 
	 	Name:  Evan Breibart	 	 	 
	 	Title:  Attorney in fact	 	 	 
	 

	 	 	 	 	 
	COMET SHIPHOLDING, INC.

 	 	 
	By:  	/s/
  Evan Breibart	 	 
	 	Name:  Evan Breibart	 	 	 
	 	Title:  Attorney in fact	 	 	 
	 

Signature Page to

Master Agreement dated as of May 20_, 2008

 

 

	 	 	 	 	 	 	 	 	 	 	 
	The Sellers	 	 	 	 	 	 	 	 
	VALDIS MARINE CORP.	 	 	 	PAVEY SERVICES LTD.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Evan Breibart
	 	 	 	By:
	 	/s/ Evan Breibart	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name: Evan Breibart
	 	 	 	 	 	Name: Evan Breibart	 	 
	 

	 	Title: Attorney in fact
	 	 	 	 	 	Title: Attorney in fact	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	GOLDIE NAVIGATION LTD.	 	 	 	SHORELINE UNIVERSAL LIMITED	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Evan Breibart
	 	 	 	By:
	 	/s/ Evan Breibart	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name: Evan Breibart
	 	 	 	 	 	Name: Evan Breibart	 	 
	 

	 	Title: Attorney in fact
	 	 	 	 	 	Title: Attorney in fact	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	KALISTOS MARITIME S.A.	 	 	 	KALITHEA MARITIME S.A.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Evan Breibart
	 	 	 	By:
	 	/s/ Evan Breibart	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name: Evan Breibart
	 	 	 	 	 	Name: Evan Breibart	 	 
	 

	 	Title: Attorney in fact
	 	 	 	 	 	Title: Attorney in fact	 	 

Signature Page to

Master Agreement dated as of May 20, 2008

 

 

SCHEDULE 1

The Sellers and the Vessels

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Seller	 	 	 	Year	 	 	 	 	 	 
	Seller	 	Jurisdiction	 	Vessel	 	Built	 	Flag	 	DWT	 	Price
	1

	 	Valdis Marine Corp.
	 	Marshall Islands
	 	African Oryx
	 	 	1997	 	 	Bahamas
	 	 	24,111	 	 	$	42,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2

	 	Goldie Navigation
Ltd.
	 	Marshall Islands
	 	African Zebra
	 	 	1985	 	 	Bahamas
	 	 	38,632	 	 	$	34,500,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3

	 	Kalistos Maritime
S.A.
	 	Marshall Islands
	 	Domestic Trade
Ministry Kouan
Shipbuilding
Industry Co. Hull
No. KA215
	 	 	2008	 	 	Bahamas
	 	 	54,000	 	 	$	84,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4

	 	Kalithea Maritime
S.A.
	 	Marshall Islands
	 	Domestic Trade
Ministry Kouan
Shipbuilding
Industry Co. Hull
No. KA216
	 	 	2008	 	 	Bahamas
	 	 	54,000	 	 	$	80,500,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5

	 	Pavey Services Ltd.
	 	British Virgin

Islands
	 	Bremen Max
	 	 	1993	 	 	Isle of Man
	 	 	73,500	 	 	$	65,175,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6

	 	Shoreline Universal

Limited
	 	British Virgin

Islands
	 	Hamburg Max
	 	 	1994	 	 	Isle of Man
	 	 	73,500	 	 	$	67,175,000	 

 

 

SCHEDULE 2

The Investors

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Investor	 	Investment
	Name and Address of	 	 	 	Status and	 	Shares to be
	Investor(1)	 	Jurisdiction of Incorporation	 	Basis	 	Received
	United Capital
Investments Corp.

	 	Republic of Liberia
	 	Non U.S. Person
	 	 	25	%
	Atrion Shipholding S.A.

	 	The Republic of the Marshall Islands
	 	Non U.S. Person
	 	 	25	%
	Plaza Shipholding Corp.

	 	The Republic of the Marshall Islands
	 	Non U.S. Person
	 	 	25	%
	Comet Shipholding Inc.

	 	The Republic of the Marshall Islands
	 	Non U.S. Person
	 	 	25	%

 

			
	(1)	 	The address for each of the Investors is c/o 11 Poseidonos Avenue, 16777 Elliniko, Athens,
Greece.

 

 

SCHEDULE 3.2(f)

Per Diem EBITDA Contributions

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Vessel	 	T.C. Rate	 	OPEX	 	Net Rate
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	1	 	African Oryx
	 	$	30,000	 	 	$	5,016	 	 	$	24,984	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	African Zebra
	 	$	36,000	 	 	$	5,100	 	 	$	30,900	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	Domestic Trade
Ministry Kouan

Shipbuilding Industry Co.

Hull No. KA215
	 	$	60,000	 	 	$	5,267	 	 	$	54,733	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	Domestic Trade
Ministry Kouan

Shipbuilding Industry Co.

Hull No. KA216
	 	$	60,000	 	 	$	5,267	 	 	$	54,733	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	Bremen Max
	 	$	65,000	 	 	$	5,845	 	 	$	59,155	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	Hamburg Max
	 	$	65,000	 	 	$	5,892	 	 	$	59,108	 

 

 

EXHIBIT A-1

Memoranda of Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A-2

Memoranda of Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A-3

Memoranda of Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A-4

Memoranda of Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A-5

Memoranda of Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A-6

Memoranda of Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT B

Form
of Convertible Promissory Note

 

 

NEITHER THE SECURITIES REPRESENTED BY THIS NOTE NOR THE SECURITIES ISSUABLE UPON THE CONVERSION OF
THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED,
SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH
REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH
SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE
OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

 

CONVERTIBLE SECURED PROMISSORY NOTE

	 	 	 
	$28,250,000

	 	Athens, Greece
	 

	 	______, 2008

     Seanergy Merger Corp., a corporation organized under the laws of the Republic of the Marshall
Islands (“Maker”), the principal office of which is located at c/o Vgenopoulos & Partners
Law Firm, 15, Filikis Eterias Square, 10673 Athens, Greece, for value received hereby promises to
pay to each of the investors set forth in Schedule 1 attached hereto, or their respective
registered assigns (each a “Holder”), the sum set forth opposite such Holder’s name on
Schedule 1 attached hereto, or such lesser amount as may result from the adjustments
required pursuant to the terms of the Master Agreement, which reductions will be applied pro rata
to each Holder, and all accrued and unpaid interest, as set forth below, on the later of (i)
______, 2010 (the “Maturity Date”) and (ii) five days after receipt of the Holder’s written
notice to receive payment in full in cash of all amounts due hereunder or to convert the principal
portion of this Note into Maker Common Stock (as hereafter defined) as set forth in Section 5.
Except as otherwise set forth herein, payment for all amounts due hereunder shall be made by wire
transfer of immediately available funds, in lawful tender of the United States, to an account
designated in writing by the Holder.

     The following is a statement of the rights of the Holder of this Note and the conditions to
which this Note is subject, and to which the Holder hereof, by the acceptance of this Note, agrees:

     1. Definitions. As used in this Note, the following terms, unless the context otherwise
requires, have the following meanings:

     1.1 “Company” shall mean Seanergy Maritime Corp., a corporation organized under the
laws of the Republic of the Marshall Islands and any corporation that, to the extent permitted by
this Note, shall succeed to or assume the obligations of the Company under this Note.

 

 

     1.2 “Holder,” when the context refers to a holder of this Note, shall mean any person
who shall at the time be the registered holder of this Note.

     1.3 “Master Agreement” shall mean that certain master agreement dated effective as of
even date herewith by and among Maker, the Company, the Holder and each of the Sellers set forth in
Schedule 1 thereto.

     2. Interest; Arrangement Fee. The Maker shall pay on the Maturity Date:

     2.1 Interest on the principal amount of this Note, which shall accrue from the date hereof
through the Maturity Date, at the rate of 2.9% per annum (the “Interest Rate”); and

     2.2 An arrangement fee in the amount of $288,000.

     3. Events of Default. If any of the events specified in this Section 3 shall occur (herein
individually referred to as an “Event of Default”), Maker and/or the Company agree to give
the Holder prompt written notice of such event. The Holder may, so long as such condition exists or
has not been cured during the applicable cure period (whether or not the Holder has received
notice of such event), declare the entire principal and unpaid accrued interest hereon immediately
due and payable and exercise Holder’s rights set forth in Section 5, by notice in writing to Maker;
provided that upon occurrence of an Event of Default specified in subsection (iv) below, all
principal and interest shall automatically become immediately due and payable in full:

     3.1 Any breach by Maker and/or the Company of any material representation, warranty or
covenant in this Note, the Master Agreement, or any Transaction Document (as defined in the Master
Agreement), which results in a Material Adverse Effect on Maker’s or the Company’s business,
operations or financial condition; provided, that, in the event of any such breach, such breach
shall not have been cured by Maker and/or the Company, as the case may be, within 30 days after the
earlier to occur of (a) written notice to Maker and the Company of such breach, and (b) Maker’s or
the Company’s knowledge of such breach; or

          3.1.1 The institution by Maker or the Company of proceedings to be adjudicated as bankrupt or
insolvent, or the consent by it to institution of bankruptcy or insolvency proceedings against it
or the filing by it of a petition or answer or consent seeking reorganization or release under the
federal Bankruptcy Act, or any other applicable federal or state law, or the consent by it to the
filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee or
other similar official of Maker or the Company, or of any substantial part of their respective
property, or the making by it of an assignment for the benefit of creditors, or the taking of
corporate action by Maker or the Company in furtherance of any such action; or

          3.1.2 If, within thirty (30) days after the commencement of an action against Maker or the
Company seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar
relief under any present or future statute, law or regulation, such action shall not have been
resolved in favor of Maker or the Company, as the case may be, or all orders or proceedings
thereunder affecting the operations or the business of Maker or the Company, as the case may be,
stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if, within
sixty (60) days after the appointment without the consent or acquiescence of

2

 

Maker or the Company, as the case may be, of any trustee, receiver or liquidator of Maker or
the Company or of all or any substantial part of the respective properties of Maker or the Company,
such appointment shall not have been vacated; provided, however, that the merger of the Company
into the Maker shall not be deemed to be an Event of Default; or

          3.1.3 Any declared default of Maker or the Company under any other indebtedness in excess of
$400,000 that gives the holder thereof the right to accelerate such indebtedness; or

          3.1.4 The failure to pay principal and accrued but unpaid interest on this Note at the
Maturity Date, or, at the election of Holder, to issue and deliver shares of the Maker’s common
stock, par value $0.0001 per share (the “Maker Common Stock”), within five days of written
notice from the Holder after the Maturity Date as set forth in Section 5 hereof.

     4. Prepayment. This Note may not be prepaid in full or in part without the express written
consent of the Holder.

     5. Conversion.

     5.1 Conversion upon Maturity. Commencing on the Maturity Date but in no event later than 30
days after the Maturity Date, the Holder of this Note has the right, at the Holder’s option, to
convert the principal amount of this Note outstanding, in accordance with the provisions of Section
5.3 hereof, in whole or in part, into a number of fully paid and nonassessable shares of Maker
Common Stock (the “Conversion Shares”) equal to the aggregate principal amount of this Note
divided by a conversion price equal to $12.50 per share, as such conversion price may be adjusted
pursuant to the terms hereof (the “Conversion Price”), and to exchange such Maker Common
Stock into Common Stock pursuant to the terms of the Master Agreement, as determined by the Holder
in its sole and absolute discretion.

     5.2 Conversion Procedure. Before the Holder shall be entitled to convert this Note into shares
of Maker Common Stock, it shall surrender this Note at the office of the Maker and shall give
written notice by mail, postage prepaid, to the Maker as set forth in Section 13 below, of the
election to convert the same pursuant to Section 5.1, and the amount of the Note being converted,
if less than all. The Maker shall, as soon as practicable thereafter, deliver to the Holder such
number of shares of Maker Common Stock as applicable based on the applicable Conversion Price.

     5.3 Mechanics and Effect of Conversion. No fractional shares of Maker Common Stock shall be
issued upon conversion of this Note. In lieu of the Maker issuing any fractional shares to the
Holder upon the conversion of this Note, the number of shares of Maker Common Stock issued upon the
conversion of this Note shall be rounded up to the nearest whole share.

     6. Conversion Price Adjustments.

     6.1 Adjustments for Stock Splits and Subdivisions. In the event the Maker should at any time
or from time to time after the date of issuance hereof fix a record date for the effectuation of a
split or subdivision of the outstanding shares of Maker Common Stock or the determination of
holders of Maker Common Stock entitled to receive a dividend or other

3

 

distribution payable in additional shares of Maker Common Stock or other securities or rights
convertible into, or entitling the holder thereof to receive directly or indirectly, additional
shares of Maker Common Stock (hereinafter referred to as “Common Stock Equivalents”)
without payment of any consideration by such holder for the additional shares of Maker Common Stock
or the Common Stock Equivalents (including the additional shares of Maker Common Stock issuable
upon conversion or exercise thereof), then, as of such record date (or the date of such dividend
distribution, split or subdivision if no record date is fixed), the Conversion Price of this Note
shall be appropriately decreased so that the number of shares of Maker Common Stock issuable upon
conversion of this Note shall be increased in proportion to such increase of outstanding shares.

     6.2 Adjustments for Reverse Stock Splits. If the number of shares of Maker Common Stock
outstanding at any time after the date hereof is decreased by a combination of the outstanding
shares of Maker Common Stock, then, following the record date of such combination, the Conversion
Price for this Note shall be appropriately increased so that the number of shares of Maker Common
Stock issuable on conversion hereof shall be decreased in proportion to such decrease in
outstanding shares.

     6.3 Notices of Record Date, etc. In the event of:

          6.3.1 Any taking by Maker of a record of the holders of any class of securities of Maker for
the purpose of determining the holders thereof who are entitled to receive any dividend or other
distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of
any class or any other securities or property, or to receive any other right; or

          6.3.2 Any capital reorganization of Maker, any reclassification or recapitalization of the
capital stock of Maker or any transfer of all or substantially all of the assets of Maker to any
other person or any consolidation or merger involving Maker; or

          6.3.3 Any voluntary or involuntary dissolution, liquidation or winding-up of Maker;

Maker will mail to the holder of this Note at least five business days prior to the earliest date
specified therein, a notice specifying:

               6.3.3.1 The date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and the amount and character of such dividend, distribution or right; and

               6.3.3.2 The date on which any such reorganization, reclassification, transfer, consolidation,
merger, dissolution, liquidation or winding-up is expected to become effective and the record date
for determining stockholders entitled to vote thereon.

     7. Reservation of Stock Issuable Upon Conversion. The Company and Maker shall at all times
reserve and keep available out of its authorized but unissued shares of Common Stock (as defined in
Section 9 hereof) or Maker Common Stock solely for the purpose of effecting the conversion
of this Note under Section 5.2 such number of its shares of Common Stock or Maker Common Stock as
shall from time to time be sufficient to effect the conversion of the Note under

4

 

Section 5.2; and if at any time the number of authorized but unissued shares of Common Stock
or Maker Common Stock shall not be sufficient to effect the conversion of the entire outstanding
principal amount of this Note under Section 5.2, in addition to such other remedies as shall be
available to the Holder of this Note, the Company and Maker will use their respective best efforts
to take such corporate action as may, in the opinion of its respective counsel, be necessary to
increase its authorized but unissued shares of Common Stock or Maker Common Stock to such number of
shares as shall be sufficient for such purposes.

     8. Registration Rights. The Holder shall be entitled to the registration rights set forth in
that certain Registration Rights Agreement of even date herewith entered into among the Company,
Maker, the Holder and the other parties thereto.

     9. Exchange of Maker Common Stock for Common Stock. If Holder elects to exchange its Maker
Common Stock for Common Stock, pursuant to the terms of the Master Agreement, then all references
to “Maker” in this “Note” shall also be deemed to mean the “Company” as of the date hereof and all
references to “Maker Common Stock” shall mean the Company’s common stock, par value $0.0001 per
share (the “Common Stock”), other than provisions that would make the Company the primary
obligor. In addition, all references to “Conversion Shares” shall mean the shares of Common Stock
received upon conversion of this Note. Notwithstanding the foregoing, where this Note already
references both the Company and the Maker, or Common Stock and Maker Common Stock, following the
exchange of Maker Common Stock for Common Stock, such references shall remain unchanged and
continue to refer to both Maker and the Company or Common Stock and Maker Common Stock, as the case
may be.

     10. Assignment. Subject to the restrictions on transfer described in Section 12, the rights and
obligations of Maker, the Company and the Holder under this Note shall be binding upon and benefit
the successors and assigns of the parties This Note may not be assigned or transferred by the
parties except in accordance with the terms hereof.

     11. Amendment. Any provision of this Note may be amended or modified upon the written consent
of the Maker, the Company and the Holder.

     12. Transfer of this Note or Securities Issuable on Conversion Hereof. With respect to any
offer, sale or other disposition of this Note or Conversion Shares, the Holder will comply with the
procedures set forth in Section 4.2 of the Master Agreement applicable to “Investment Shares.”
Holder also agrees that any Maker Common Stock, unless subject to an effective registration
statement, may bear a legend, as described in Section 4.2 of the Master Agreement with respect to
“Investment Shares” and consents to the placement of such legend on the Maker Common Stock.

     13. Notices. All notices, requests, consents and other communications under this Note shall
be in writing and shall be deemed delivered (i) upon delivery when delivered personally, (ii) upon
receipt if by facsimile transmission (with confirmation of receipt thereof), or (iii) one business
day after being sent via a reputable nationwide overnight courier service guaranteeing next
business day delivery, in each case to the intended recipient as set forth below:

5

 

If to Maker or the Company:

Seanergy Maritime Corp.

c/o Vgenopoulos & Partners Law Firm

15, Filikis Eterias Square

10673 Athens, Greece

Facsimile: +30-210-7231-462

Attention: John Papapetros

With a copy (which shall not constitute notice) to:

Loeb & Loeb

345 Park Avenue

New York, New York 10154

Facsimile: +1-212-504-3013

Attention: Mitchell Nussbaum, Esq.

If to Holder:

Name of Holder

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

Attention: Dale Ploughman

Facsimile: +30-210-898-3595

With a copy (which shall not constitute notice) to:

Name of Holder

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

Attention: Evan Breibart

Facsimile: +30-210-898-5430

Broad and Cassel

2 S. Biscayne Boulevard, Suite 2100

Miami, Florida 33131

Attention: A. Jeffry Robinson, Esq.

Facsimile: +1-305-373-9443

Any party hereto may by notice so given change its address for future notice hereunder. Notice
shall conclusively be deemed to have been given when personally delivered, faxed, or when deposited
in the mail in the manner set forth above and shall be deemed to have been received when delivered.

6

 

     14. No Stockholder Rights. Nothing contained in this Note shall be construed as conferring
upon the Holder or any other person the right to vote or to consent or to receive notice as a
stockholder in respect of meetings of stockholders for the election of directors of the Maker or
the Company or any other matters or any rights whatsoever as a stockholder of Maker or the Company;
and no dividends shall be payable or accrued in respect of this Note or the Conversion Shares
obtainable hereunder until, and only to the extent that, this Note shall have been converted.

     15. Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by
reason of acceleration of maturity of the loan evidenced hereby or otherwise, shall the amount paid
or agreed to be paid to the Holder hereunder for the loan, use, forbearance or detention of money
exceed that permissible under applicable law. If at any time the performance of any provision of
this Note or of any other agreement or instrument entered into in connection with this Note
involves a payment exceeding the limit of the interest that may be validly charged for the loan,
use, forbearance or detention of money under applicable law, then automatically and retroactively,
ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific
intent of Maker and the Holder that all payments under this Note are to be credited first to
interest as permitted by law, but not in excess of (i) the agreed rate of interest set forth herein
or therein or (ii) that permitted by law, whichever is the lesser, and the balance toward the
reduction of principal. The provisions of this Section 15 shall never be superseded or waived and
shall control every other provision of this Note and all other agreements and instruments between
the Company and the Holder entered into in connection with this Note.

     16. Collection Costs. The Maker shall pay the Holder all costs it may incur in connection
with the collection of amounts due under this Note, including but not limited to attorneys’ fees,
whether incurred prior to the filing of a legal action, during arbitration, during enforcement, on
in bankruptcy.

     17. Acts of the Holder. For purposes of this Note, any rights of the Holder hereunder may
only be exercised if approved by a majority of the Holders

     18. Governing Law; Consent to Jurisdiction. This Note shall be governed by and construed in
accordance with the internal laws of the State of New York (without reference to the conflicts of
law provisions thereof). ). Any dispute regarding this Agreement shall be exclusively referred to
arbitration in London and conducted in accordance with the Arbitration Act 1996 (England and Wales)
or any statutory modification or re-enactment thereof, and the parties agree to submit to the
personal and exclusive jurisdiction and venue of such arbitrators. Any and all disputes hereunder
shall be referred by the parties hereto to three arbitrators, each party to appoint one arbitrator
and the two so appointed shall appoint the third who shall and as chairman of such panel of
arbitrators. Upon receipt by one party of the nomination in writing of such other party’s
arbitrator, that party shall appoint its arbitrator within ten days, failing which the decision of
the single arbitrator appointed shall apply. The two arbitrators so appointed shall appoint the
third arbitrator within ten days, failing which the single arbitrator shall act as sole arbitrator
and any decision of the sole arbitrator shall be binding on both parties. The arbitration shall be
conducted in accordance with the terms of the London Maritime Arbitrators Association (“LMAA”) then
in effect. The parties agree that any tribunal constituted under this Agreement shall have the
power to order consolidation of proceedings or concurrent hearings in relation to

7

 

any and all disputes arising out of or in connection with this Note, the Master Agreement or
the other documents contemplated thereby, which involve common questions of fact or law, and to
make any orders ancillary to the same, including, without limitation, any orders relating to the
procedures to be followed by the parties in any such consolidated proceedings or concurrent
hearings. Consolidated disputes are to be heard by a maximum of three arbitrators, each party to
have the right to appoint one arbitrator. In case a dispute arises as to whether consolidation is
appropriate (including without limitation conflicting orders of relevant tribunals) and/or as to
the constitution of the tribunal for any such consolidated proceedings, each party shall have the
right to apply to the President for the time being of the LMAA for final determination of the
consolidation of the proceedings and/or constitution of such tribunal. For purposes of this
Agreement, the Company and the Maker shall be deemed to be one party, and the Holders shall be
deemed to be one party.

     19. Guaranty by the Company. By its signature below, the Company hereby guarantees the full
and prompt performance of Maker under this Note. In addition, the Company agrees to perform all of
its obligations under this Note.

     20. Heading; References. All headings used herein are used for convenience only and shall not
be used to construe or interpret this Note. Except where otherwise indicated, all references herein
to Sections refer to Sections hereof.

     21. Waiver. Maker hereby waives demand, notice, presentment, protest and notice of dishonor.

     IN
WITNESS WHEREOF, Maker and the Company have caused this Note to be issued this ___ day of
___, 2008.

	 	 	 	 	 
	 	SEANERGY MERGER CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SEANERGY MARITIME CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

8

 

	 	 	 	 	 

NOTICE OF CONVERSION

(To Be Signed Only Upon Conversion of Note)

TO                          .

     The undersigned, the holder of the foregoing Note, hereby surrenders such Note for conversion
into shares of Common Stock of Seanergy Merger Corp. to the extent of
$_______________ of the
unpaid principal amount of such Note, and requests that the certificates for such shares be issued
in the name of, and delivered to ________________,
whose address is
_________________________________________________________.

Dated: _____________________

 
(Signature must conform in all respects to
name of holder as specified on the face of the
Note)

 
(Address)

9

 

SCHEDULE 1

	 	 	 	 	 
	Name and Address of Investor	 	Principal Amount Owned
	United Capital Investments
Corp.
	 	$	7,062,500	 
	Atrion Shipholding S.A.
	 	$	7,062,500	 
	Plaza Shipholding Corp.
	 	$	7,062,500	 
	Comet Shipholding Inc.
	 	$	7,062,500	 

10

 

EXHIBIT C

Form of Registration Rights Agreement

 

 

FORM OF

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) is made and entered into as of [•],
2008, by and among Seanergy Merger Corp., a Marshall Islands corporation (the “Company”), and the
investors signatory hereto (each an “Investor” and collectively, the “Investors”).

RECITALS

     A. The Company is a wholly-owned subsidiary of Seanergy Maritime Corp., a Marshall Islands
corporation (“Parent”), formed for the purpose of effecting the Business Combination. Parent is a
blank check company formed for the purpose of acquiring, through a merger, capital stock exchange,
asset acquisition, stock purchase or other similar business combination, vessels or one or more
operating businesses in the shipping industry.

     B. The Company has entered into a Master Agreement (the “Master Agreement”), dated as of May
20, 2008, by and among the Company, Parent, the Investors and certain sellers named therein,
pursuant to which the Company has agreed, among other things, to issue to the Investors (i) up to
2,260,000 Note Shares (as defined in the Master Agreement) upon conversion of the Note (as defined
in the Master Agreement), subject to adjustment as provided in the Note, and (ii) up to 4,658,075
Additional Investment Shares (as defined in the Master Agreement) if Company achieves a certain
EBITDA (collectively the “Investment Shares”).

     C. This Agreement is made pursuant to the Master Agreement.

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual representations,
warranties, covenants and promises contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

     1. Definitions. Capitalized terms used and not otherwise defined herein and that are
defined in the Master Agreement shall have the meanings given such terms in the Master Agreement.
As used in this Agreement, the following terms shall have the following meanings:

     “Advice” shall have the meaning set forth in Section 6(b).

     “Agreement” shall have the meaning set forth in the preamble above.

     “Availability Date” shall have the meaning set forth in Section 3(j).

     “Business Day” means any day except Saturday, Sunday and any day which shall be a federal
legal holiday or a day on which banking institutions in the State of New York, London, England or
Athens, Greece are authorized or required by law or other governmental action to close.

 

 

     “Company” shall have the meaning set forth in the preamble above.

     “Effectiveness Period” shall have the meaning set forth in Section 2.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Filing Date” means, with respect to the Registration Statement required to be filed
hereunder, the thirtieth (30) day following the Initial Closing Date.

     “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of
Registrable Securities.

     “Indemnified Party” shall have the meaning set forth in Section 5(c).

     “Indemnifying Party” shall have the meaning set forth in Section 5(c).

     “Investment Shares” shall have the meaning set forth in the recitals above.

     “Investor” or “Investors” shall have the respective meaning set forth in the preamble above.

     “Losses” shall have the meaning set forth in Section 5(a).

     “Master Agreement” shall have the meaning set forth in the recitals above.

     “Parent” shall have the meaning set forth in the recitals above.

     “Plan of Distribution” shall have the meaning set forth in Section 2.

     “Proceeding” means an action, claim, suit, investigation or proceeding (including, without
limitation, an investigation or partial proceeding, such as a deposition), whether commenced or
threatened.

     “Prospectus” means the prospectus included in the Registration Statement (including, without
limitation, a prospectus that includes any information previously omitted from a prospectus filed
as part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by the Registration Statement,
and all other amendments and supplements to the Prospectus, including post-effective amendments,
and all material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

     “Registrable Securities” means the Investment Shares, together with any securities issued or
issuable upon any stock split, dividend or other distribution, recapitalization or similar event
with respect to the foregoing and any other shares of Common Stock owned by the Investors at the
time of the Filing Date.

     “Registration Statement” means each registration statement required to be filed hereunder,
including the Prospectus, amendments and supplements to the registration statement

2

 

or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all
material incorporated by reference or deemed to be incorporated by reference in the Registration
Statement.

     “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by
the Commission having substantially the same effect as such Rule.

     “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by
the Commission having substantially the same effect as such Rule.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Suspension Certificate” shall have the meaning set forth in Section 6(e).

     “Trading Market” means the New York Stock Exchange, the American Stock Exchange, the NASDAQ
Global Market or the NASDAQ Capital Market; and, with respect to any particular date, shall mean
the Trading Market on which the Common Stock is listed or quoted for trading on the such date.

     2. Registration. (a) On or prior to the Filing Date, the Company shall prepare and
file with the Commission a Registration Statement covering the offering and resale of all of the
Registrable Securities pursuant to Rule 415, or if Rule 415 is not available for offers or sales of
the Registrable Securities, for such other means of distribution of Registrable Securities as the
Holders may specify (or, at the Holder’s option to delay such registration). The Registration
Statement required hereunder shall be on Form S-3 or Form F-3, as applicable (except if the Company
is not then eligible to register for resale the Registrable Securities on Form S-3 or Form F-3, in
which case the Registration shall be on Form S-1 or F-1 or another appropriate form as shall be
selected by the Company upon advice of its counsel). The Registration Statement required hereunder
shall contain (except if otherwise directed by the Holders) the “Plan of Distribution” attached
hereto as Annex A. The Company shall use its best efforts to cause the Registration
Statement to be declared effective under the Securities Act as promptly as possible after the
filing thereof, but no later than 90 days following the filing thereof (the “Effectiveness Date”),
and shall use its best efforts to keep such Registration Statement continuously effective under the
Securities Act (including the filing of any necessary amendments, post-effective amendments and
supplements) until the date which is two years after the Initial Closing Date or such later date
when all Registrable Securities covered by the Registration Statement (i) have been sold pursuant
to the Registration Statement or an exemption from the registration requirements of the Securities
Act or (ii) may be sold without volume restrictions pursuant to Rule 144 promulgated under the
Securities Act, as determined by the counsel to the Company pursuant to a written opinion letter to
such effect, addressed and reasonably acceptable to the Company’s transfer agent and the affected
Holders (the “Effectiveness Period”). If Rule 415 is not available and the Holder shall specify
that the Registration Statement relate to an underwritten offering, then the Company shall, at the
underwriter’s request, direct its Chief Executive Officer and Chief Financial Officer to
participate in one or more “road show” presentations, at mutually acceptable times and places

3

 

and in a manner so as not to disrupt the Company’s business, which presentations shall be
conducted at the Company’s expense.

          (b) Right to Piggyback. If at any time commencing after 180 days following the
issuance of the Investment Shares, the Company proposes to register any of its common equity
securities under the Securities Act (other than a registration statement on Form S-8 or on Form F-4
or any similar successor forms thereto or in connection with (A) an employee stock option, stock
purchase or compensation plan or securities issued or issuable pursuant to any such plan, (B) a
dividend reinvestment plan or (C) a merger or the acquisition of the securities or substantially
all the assets of another entity), whether for its own account or for the account of one or more
shareholders of the Company, and the registration form to be used may be used for any registration
of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt
written notice (in any event within 10 Business Days after its receipt of notice of any exercise of
other demand registration rights) to all Holders of its intention to effect such a registration and
shall, subject to Sections 2 (c) and 4(d), include in such registration all such Registrable
Securities with respect to which the Company has received written requests for inclusion therein
within 15 Business Days after the delivery of the Company’s notice. The Company may postpone or
withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole
discretion.

          (c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten
primary registration on behalf of the Company, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering without having an adverse effect
on such offering, the Company shall include in such registration (i) first, the securities the
Company proposes to sell, (ii) second, the Registrable Securities requested to be included therein
by the Holders, pro rata among the Holders on the basis of the number of shares requested to be
registered by the Holders, (iii) third, the Registrable Securities requested to be included therein
by the other holders, if any, pro rata among such holders on the basis of the number of shares
requested to be registered by such Holders, and (iv) fourth, other securities requested to be
included in such registration pro rata among the holders of such securities on the basis of the
number of shares requested to be registered by such holders or as such holders may otherwise agree.

          (d) Priority on Secondary Registrations. If a Piggyback Registration is an
underwritten secondary registration on behalf of a holder of the Company’s securities other than
Registrable Securities, and the managing underwriters advise the Company in writing that, in their
opinion, the number of securities requested to be included in such registration exceeds the number
which can be sold in such offering without having an adverse effect on such offering, the Company
shall include in such registration (i) first, the securities requested to be included therein by
the holders requesting such registration, (ii) second, the Registrable Securities requested to be
included therein by the Holders, pro rata among the Holders on the basis of the number of shares
requested to be registered by the Holders, (iii) third, the Registrable Securities requested to be
included therein by the other holders, if any, pro rata among such holders on the basis of the
number of shares requested to be registered by such Holders, and (iv) fourth, other securities
requested to be included in such registration pro rata among the holders of such securities on the

4

 

basis of the number of shares requested to be registered by such holders or as such holders
may otherwise agree.

          (e) Selection of Underwriters. If any Piggyback Registration is an underwritten
primary offering, the Company shall have the right to select the managing underwriter or
underwriters to administer any such offering. If any Piggyback Registration is an underwritten
secondary offering, the stockholders requesting such registration shall have the right to select
the managing underwriter or underwriters to administer any such offering

          (f) Other Registrations. If the Company has previously filed a Registration Statement
with respect to Registrable Securities, and if such previous registration has not been withdrawn or
abandoned, the Company shall not be obligated to cause to become effective any other registration
of any of its securities under the Securities Act, whether on its own behalf or at the request of
any holder or holders of such securities, until a period of at least 90 days has elapsed from the
termination of the offering under the previous registration.

     3. Registration Procedures.

     In connection with the Company’s registration obligations hereunder, the Company shall:

          (a) Not less than five (5) Business Days prior to the filing of the Registration Statement or
any related Prospectus or any amendment or supplement thereto, (i) furnish to the Holders copies of
all such documents proposed to be filed (including documents incorporated or deemed incorporated by
reference to the extent requested by such Person) which documents will be subject to the review of
such Holders, and (ii) cause its officers and directors, counsel and independent certified public
accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of
respective legal counsel to conduct a reasonable investigation within the meaning of the Securities
Act. The Company shall not file the Registration Statement or any such Prospectus or any amendments
or supplements thereto to which the Holders of a majority of the Registrable Securities shall
reasonably object in good faith; provided, however, that any period of time which the Registration
Statement is delayed due to such objection will be added to the Filing Date and the Effectiveness
Date.

          (b) (i) Prepare and file with the Commission such amendments, including post-effective
amendments, to the Registration Statement and the Prospectus used in connection therewith as may be
necessary to keep the Registration Statement continuously effective as to the Registrable
Securities for the Effectiveness Period; (ii) cause the related Prospectus to be amended or
supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed
pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received
from the Commission with respect to the Registration Statement or any amendment thereto; and (iv)
comply in all material respects with the provisions of the Securities Act and the Exchange Act with
respect to the disposition of all Registrable Securities covered by the Registration Statement in
accordance with the intended methods of disposition by the Holders thereof set forth in the
Registration Statement as so amended or in such Prospectus as so supplemented.

5

 

          (c) Notify the Holders of Registrable Securities to be sold as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than two (2) Business Days prior to such filing) and
(if requested by any such Person) confirm such notice in writing promptly following the day (i) (A)
when a Prospectus or any Prospectus supplement or post-effective amendment to the Registration
Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will
be a “review” of the Registration Statement and whenever the Commission comments in writing on the
Registration Statement (the Company shall upon request provide true and complete copies thereof and
all written responses thereto as promptly as reasonably possible to each of the Holders who so
requests provided such requesting Holders agree to keep such information confidential until it is
publicly disclosed); and (C) with respect to the Registration Statement or any post-effective
amendment, when the same has become effective; (ii) of any request by the Commission or any other
Federal or state governmental authority during the period of effectiveness of the Registration
Statement for amendments or supplements to the Registration Statement or Prospectus or for
additional information; (iii) of the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of the Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that
purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of
the qualification or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, and (v) of
the occurrence of any event or passage of time that makes the financial statements included in the
Registration Statement ineligible for inclusion therein or any statement made in the Registration
Statement or Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to the Registration
Statement, Prospectus or other documents so that, in the case of the Registration Statement or the
Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (provided that
such Holder of Registrable Securities agrees to keep such information confidential until it is
publicly disclosed).

          (d) Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i)
any order suspending the effectiveness of the Registration Statement, or (ii) any suspension of the
qualification (or exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

          (e) To the extent requested by such Holders, furnish to each Holder, without charge, at least
one conformed copy of the Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be incorporated therein by
reference, and all exhibits (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission.

          (f) Promptly deliver to each Holder, without charge, as many copies of the Prospectus or
Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such
Persons may reasonably request in connection with resales by the Holder of Registrable Securities.
The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the

6

 

offering and sale of the Registrable Securities covered by such Prospectus and any amendment
or supplement thereto, except after the giving of any notice pursuant to Section 3(c).

          (g) Use its best efforts to register or qualify or cooperate with the selling Holders in
connection with the registration or qualification (or exemption from the Registration or
qualification) of such Registrable Securities for the resale by the Holder under the securities or
Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in
writing, to keep each of the registration or qualification (or exemption therefrom) effective
during the Effectiveness Period and to do any and all other acts or things reasonably necessary to
enable the disposition in such jurisdictions of the Registrable Securities covered by the
Registration Statement; provided, that the Company shall not be required to qualify generally to do
business in any jurisdiction where it is not then so qualified, subject the Company to any material
tax in any such jurisdiction where it is not then so subject or file a general consent to service
of process in any such jurisdiction.

          (h) If requested by the Holders, cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be delivered to a
transferee pursuant to the Registration Statement, which certificates shall be free, to the extent
permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any such Holders may
request.

          (i) Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as
reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to
the Registration Statement or a supplement to the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference, and file any other required document so that, as
thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading.

          (j) Use best efforts to make available to its security holders no later than the Availability
Date (as defined below), an earning statement covering a period of at least twelve (12) months,
beginning after the effective date of the Registration Statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act, including Rule 158 promulgated
thereunder. For the purpose of this subsection, “Availability Date” shall mean the 45th
day following the end of the fourth fiscal quarter after the fiscal quarter that includes the
effective date of the Registration Statement, except that, if such fourth fiscal quarter is the
last quarter of the Company’s fiscal year, “Availability Date” means the 90th day after
the end of such fourth fiscal quarter.

          (k) Comply with all applicable rules and regulations of the Commission and use its reasonable
best efforts to cause all Registrable Securities to be listed for trading on a Trading Market, if
the Company is then listed on a Trading Market.

     The Company may require each selling Holder to furnish to the Company a certified statement as
to the number of shares of Common Stock beneficially owned by such Holder and

7

 

the person thereof that has voting and dispositive control over the Investment Shares, for
purposes of disclosure in the “Selling Stockholder” table in the Registration Statement.

     4. Registration Expenses. All fees and expenses incident to the performance of or
compliance with this Agreement by the Company shall be borne by the Company whether or not any
Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and
filing fees (including, without limitation, fees and expenses (A) with respect to filings required
to be made with the Trading Market on which the Common Stock is then listed for trading, and (B)
for compliance with applicable state securities or Blue Sky laws), (ii) printing expenses
(including, without limitation, expenses of printing certificates for Registrable Securities and of
printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a
majority of the Registrable Securities included in the Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v)
Securities Act liability insurance, if the Company so desires such insurance, (vi) “road show”
expenses and (vii) fees and expenses of all other Persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement. In addition, the Company
shall be responsible for all of its internal and accounting expenses incurred in connection with
the consummation of the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties and
all fees and expenses of the Company’s certified public accountants), the expense of the
preparation of all financial statements and any audit or review thereof by the Company’s
accountants, including in connection with their rendering a “cold comfort” letter to the
underwriters, if requested, and the fees and expenses incurred in connection with the listing of
the Registrable Securities on any securities exchange as required hereunder. In no event shall the
Company be responsible for any broker, underwriter or similar commissions or any legal fees or
other costs of the Holders.

     5. Indemnification.

          (a) Indemnification by the Company. The Company shall, notwithstanding any termination
of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents and
employees of each of them, each Person who controls any such Holder (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors, agents
and employees of each such controlling Person, to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, to the
extent arising out of or relating to any untrue or alleged untrue statement of a material fact
contained in the Registration Statement, any Prospectus or any form of prospectus or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to
any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein (in the case of any Prospectus or form of prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading, or any violation
or alleged violation by the Company of the Securities Act, Exchange Act or any state securities
law, or any rule or regulation thereunder, except to the extent, but only to the extent, that (1)
such untrue statements or omissions are based solely upon information regarding such Holder
furnished in writing to the Company by such Holder

8

 

expressly for use therein, or to the extent that such information relates to such Holder or
such Holder’s proposed method of distribution of Registrable Securities as set forth in Annex
A hereto or any changes to Annex A hereto that are expressly approved in writing by
such Holder expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto, or (2) in the case of an occurrence of an
event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated
or defective Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in
Section 6(b).

          (b) Indemnification by Holders. Each Holder shall, severally and not jointly,
indemnify and hold harmless the Company, its officers, directors, agents and employees, each Person
who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act), and the officers, directors, agents and employees of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any and all Losses, as
incurred, to the extent arising out of or based upon: (1) such Holder’s failure to comply with the
prospectus delivery requirements of the Securities Act or (2) any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, any Prospectus or any form of
prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising
out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein (in the case of any Prospectus or form of
prospectus or supplement thereto, in light of the circumstances under which they were made) not
misleading to the extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished in writing by such Holder to the Company specifically for
inclusion in the Registration Statement or such Prospectus expressly for use therein; provided,
that each Holder’s obligation to indemnify such indemnified parties shall only be to the extent of
the net proceeds received by such Holder in the offering to which the Registration Statement
relates, or to the extent that such information relates to such Holder or such Holder’s proposed
method of distribution of Registrable Securities as set forth in Annex A hereto or any
changes to Annex A hereto that are expressly approved in writing by such Holder expressly
for use in the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto, or (3) in the case of an occurrence of an event of the type
specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or
defective and prior to the receipt by such Holder of the Advice contemplated in Section
6(b).

          (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or
asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such
Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying
Party”) in writing, and the Indemnifying Party shall have the right to assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified Party and the
payment of all fees and expenses incurred in connection with defense thereof; provided, that the
failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of
its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it
shall be finally determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) that such failure shall have prejudiced the Indemnifying
Party.

9

 

          An Indemnified Party shall have the right to employ separate counsel in any such Proceeding
and to participate in the defense thereof, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in
writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such
Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding
(including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and such Indemnified Party shall have been advised by counsel that a conflict of interest is
reasonably likely to exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in
writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees
and expenses of no more than one separate counsel (the Indemnified Party’s counsel who first
notifies the Company of such obligation) shall be at the expense of the Indemnifying Party). The
Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without
its written consent. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

     All reasonable fees and expenses of the Indemnified Party (including reasonable fees and
expenses to the extent incurred in connection with investigating or preparing to defend such
Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party,
as incurred, within ten (10) Business Days of written notice thereof to the Indemnifying Party;
provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for
that portion of such fees and expenses applicable to such actions for which such Indemnified Party
is not entitled to indemnification hereunder, determined based upon the relative faults of the
parties.

          (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is
unavailable to an Indemnified Party (by reason of public policy or otherwise), then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in
connection with the actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied
by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission. The
amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to
the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable
fees or expenses incurred by such party in connection with any Proceeding to the extent such party
would have been indemnified for such fees or expenses if the indemnification provided for in this
Section was available to such party in accordance with its terms.

10

 

          The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 5(d) were determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no
Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by
which the proceeds actually received by such Holder from the sale of the Registrable Securities
subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission, except in the case of fraud by such Holder. The indemnity and contribution agreements
contained in this Section are in addition to any liability that the Indemnifying Parties may have
to the Indemnified Parties.

     6. Miscellaneous.

          (a) Compliance. Each Holder covenants and agrees that it will comply with the
prospectus delivery requirements of the Securities Act as applicable to it in connection with sales
of Registrable Securities pursuant to the Registration Statement.

          (b) Discontinued Disposition. Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any
event of the kind described in Section 3(c), such Holder will forthwith discontinue
disposition of such Registrable Securities under the Registration Statement until such Holder’s
receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until
it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus
may be resumed, and, in either case, has received copies of any additional or supplemental filings
that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration
Statement. In the event of a discontinued disposition under this Section 6(b), the Company
will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as
promptly as is practicable and to provide copies of the supplemented Prospectus and/or amended
Registration Statement or the Advice as soon as possible in order to enable each Holder to resume
dispositions of the Registrable Securities. The Company may provide appropriate stop orders to
enforce the provisions of this paragraph.

          (c) Amendments in Writing. No amendment, modification, waiver, termination or
discharge of any provision of this Agreement, or any consent to any departure by the Company or
Company and any Holder of the then outstanding Registrable Securities from any provision hereof,
shall in any event be effective unless the same shall be in writing and signed by the Company and
at least a majority of the Holders of the then outstanding Registrable Securities, and each such
amendment, modification, waiver, termination or discharge shall be effective only in the specific
instance and for the specific purpose for which given. No provision of this Agreement shall be
varied, contradicted or explained by any oral agreement, course of dealing or performance or any
other matter not set forth in an agreement in writing and signed by the Company and at least a
majority of the Holders of the then outstanding Registrable Securities.

          (d) Suspension of Trading. At any time after the Registrable Securities are covered by
an effective Registration Statement, the Company may deliver to the Holders of such

11

 

Registrable Securities a certificate (the “Suspension Certificate”) approved by the Chief
Executive Officer of the Company and signed by an officer of the Company stating that the
effectiveness of and sales of Registrable Securities under the Registration Statement would:

               (i) materially interfere with any transaction that would require the Company to prepare
financial statements under the Securities Act that the Company would otherwise not be required to
prepare in order to comply with its obligations under the Exchange Act, or

               (ii) require public disclosure of any transaction of the type discussed in Section
6(d)(i) prior to the time such disclosure might otherwise be required.

          After the delivery of a Suspension Certificate by Holders of Registrable Securities, the
Company may, in its discretion, require such Holders of Registrable Securities to refrain from
selling or otherwise transferring or disposing of any Registrable Securities or other Company
securities then held by such Holders for a specified period of time that is customary under the
circumstances (not to exceed thirty (30) days). Notwithstanding the foregoing sentence, the Company
shall be permitted to cause Holders of Registrable Securities to so refrain from selling or
otherwise transferring or disposing of any Registrable Securities or other securities of the
Company on only one occasion during each twelve (12) consecutive month period that the Registration
Statement remains effective. The Company may impose stop transfer instructions to enforce any
required agreement of the Holders under this Section 6(d).

          (e) Notices. All notices, requests, consents and other communications under this
Agreement shall be in writing and shall be deemed delivered (i) on the date of transmission when
delivered via facsimile prior to 5:00 p.m. (New York City time) on a Business Day, (ii) one
Business Day after transmission when delivered via facsimile later than 5:00 p.m. (New York City
time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) upon
delivery when delivered personally, (iv) three (3) days after being sent by registered or certified
mail, return receipt requested, postage prepaid, or (v) one (1) Business Day after being sent via a
reputable nationwide overnight courier service guaranteeing next business day delivery, in each
case to the intended recipient as set forth below:

          If to the Company:

Seanergy Merger Corp.

c/o Seanergy Maritime Corp.

10, Amfitheas Ave.

Athens, Greece, 14564 P. Faliro

Attention: Chief Executive Officer

          With a copy (which shall not constitute notice) to:

Loeb & Loeb LLP

345 Park Ave.

New York, New York 10154

Facsimile: +1-212-407-4990

12

 

Attention: Mitchell S. Nussbaum, Esq.

          If to an Investor, to:

To the addresses set forth under such Investor’s name on Schedule 1 hereto

          With a copy to:

Broad and Cassel

One North Clematis Street

Suite 500

West Palm Beach, FL 33401

Attn: Kathleen Deutsch, Esq.

Facsimile: (561) 655-1109

     Any party may change the address to which notices, requests, consents or other communications
hereunder are to be delivered by giving the other parties notice in the manner set forth in this
Section.

          (f) Successors and Assigns. This Agreement shall be binding upon, shall inure to the
benefit of and shall be enforceable by the parties hereto and their respective successors and
assigns. The Company may not assign its rights or obligations hereunder without the prior written
consent of all of the Holders of the then-outstanding Registrable Securities, provided a sale of
the Company shall not be deemed an assignment. Each Holder may assign their respective rights
hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

          (g) Execution in Counterparts; Facsimile Signatures. This Agreement and any amendment,
waiver or consent hereto may be executed by the parties hereto in separate counterparts, each of
which, when so executed and delivered, shall be an original, but all such counterparts shall
together constitute one and the same instrument. All such counterparts may be delivered among the
parties hereto by facsimile or other electronic transmission, which shall not affect the validity
thereof.

          (h) Governing Law; Jurisdiction. This Agreement shall be governed by and construed
under the laws of the State of New York without regard to conflicts of laws principles. Any action
or proceeding seeking to enforce any provision of, or based on any right arising out of, this
Agreement shall be brought against the parties hereto or thereto in the courts of the State of New
York, County of New York, or, if it has or can acquire jurisdiction, in the United States District
Court for the Southern District of New York, and each of the parties consents to the exclusive
jurisdiction of such courts (and of the appropriate appellate courts) in any such action or
proceeding and waives any objection to venue laid therein. The parties hereby expressly waive all
rights to trial by jury in any suit, action or proceeding arising under this Agreement.

          (i) Cumulative Remedies. All remedies, either under this Agreement or by law, afforded
to the parties hereto, shall be cumulative and not alternative.

13

 

          (j) Severability. Any provision of this Agreement which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

(Remainder of page intentionally left blank. Signature pages to follow.)

14

 

          (k) Section Headings and References. The section headings are for the convenience of
the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of
the parties. Any reference in this Agreement to a particular section or subsection shall refer to a
section or subsection of this Agreement, unless specified otherwise.

          (l) Construction of this Agreement. If any of the provisions of this Agreement
conflict with any of the other provisions of the Master Agreement, such conflict shall be resolved
in every instance in favor of the provisions of the Master Agreement.

[Remainder of page intentionally left blank; Signature page follows]

15

 

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

	 	 	 	 	 
	 	COMPANY:

SEANERGY MERGER CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title 	 
	 
	 	INVESTORS:

UNITED CAPITAL INVESTMENTS CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title 	 
	 
	 	ATRION SHIPHOLDING S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title 	 
	 
	 	PLAZA SHIPHOLDING CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title 	 
	 
	 	COMET SHIPHOLDING, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title 	 
	 

 

 

ANNEX A

     Plan of Distribution

     The shares covered by this prospectus may be offered and sold from time to time by the selling
stockholders. The term “selling stockholder” includes pledgees, donees, transferees or other
successors in interest selling shares received after the date of this prospectus from each selling
stockholder as a pledge, gift, partnership distribution or other sale in any privately negotiated
transaction, or non-sale related transfer. The number of shares beneficially owned by a selling
stockholder will decrease as and when it effects any such transfers. The plan of distribution for
the selling stockholders’ shares sold hereunder will otherwise remain unchanged, except that the
transferees, pledgees, donees or other successors will be selling stockholders hereunder. To the
extent required, we may amend and supplement this prospectus from time to time to describe a
specific plan of distribution.

     The selling stockholders will act independently of us in making decisions with respect to the
timing, manner and size of each sale. The selling stockholders may make these sales at prices and
under terms then prevailing or at prices related to the then current market price. The selling
stockholders may also make sales in negotiated transactions. The selling stockholders may offer
their shares from time to time pursuant to one or more of the following methods:

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits
purchasers;
	 
	 	•	 	one or more block trades in which the broker-dealer will attempt to sell the shares
as agent but may position and resell a portion of the block as principal to facilitate
the transaction;
	 
	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its
account;
	 
	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange;
	 
	 	•	 	public or privately negotiated transactions;
	 
	 	•	 	on the New York Stock Exchange, American Stock Exchange or NASDAQ Global Market (or
through the facilities of any national securities exchange or U.S. inter-dealer
quotation system of a registered national securities association, on which the shares
are then listed, admitted to unlisted trading privileges or included for quotation);
	 
	 	•	 	through underwriters, brokers or dealers (who may act as agents or principals) or
directly to one or more purchasers;
	 
	 	•	 	to cover short sales;
	 
	 	•	 	a combination of any such methods of sale; and
	 
	 	•	 	any other method permitted pursuant to applicable law.

     In connection with distributions of the shares or otherwise, the selling stockholders may:

2

 

	 	•	 	enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the shares in the course of hedging the
positions they assume;
	 
	 	•	 	sell the shares short and redeliver the shares to close out such short positions;
	 
	 	•	 	enter into option or other transactions with broker-dealers or other financial
institutions which require the delivery to them of shares offered by this prospectus,
which they may in turn resell; and
	 
	 	•	 	pledge shares to a broker-dealer or other financial institution, which, upon a
default, they may in turn resell.

     In addition to the foregoing methods, the selling stockholders may offer their shares from
time to time in transactions involving principals or brokers not otherwise contemplated above, in a
combination of such methods or described above or any other lawful methods. The selling
stockholders may also transfer, donate or assign their shares to lenders, family members and others
and each of such persons will be deemed to be a selling stockholder for purposes of this
prospectus. The selling stockholders or their successors in interest may from time to time pledge
or grant a security interest in some or all of the shares of common stock, and if the selling
stockholders default in the performance of their secured obligations, the pledgees or secured
parties may offer and sell the shares of common stock from to time under this prospectus; provided
however in the event of a pledge or then default on a secured obligation by the selling
stockholder, in order for the shares to be sold under this registration statement, unless permitted
by law, we must distribute a prospectus supplement and/or amendment to this registration statement
amending the list of selling stockholders to include the pledgee, secured party or other successors
in interest of the selling stockholder under this prospectus.

     The selling stockholders may also sell their shares pursuant to Rule 144 under the Securities
Act, which permits limited resale of shares purchased in a private placement subject to the
satisfaction of certain conditions, including, among other things, the availability of certain
current public information concerning the issuer, the resale occurring following the required
holding period under Rule 144 and the number of shares being sold during any three-month period not
exceeding certain limitations in certain circumstances.

     Sales through brokers may be made by any method of trading authorized by any stock exchange or
market on which the shares may be listed or quoted, including block trading in negotiated
transactions. Without limiting the foregoing, such brokers may act as dealers by purchasing any or
all of the shares covered by this prospectus, either as agents for others or as principals for
their own accounts, and reselling such shares pursuant to this prospectus. The selling stockholders
may effect such transactions directly, or indirectly through underwriters, broker-dealers or agents
acting on their behalf. In effecting sales, broker-dealers or agents engaged by the selling
stockholders may arrange for other broker-dealers to participate. Broker-dealers or agents may
receive commissions, discounts or concessions from the selling stockholders, in amounts to be
negotiated immediately prior to the sale (which compensation as to a particular broker-dealer might
be in excess of customary commissions for routine market transactions).

3

 

     In offering the shares covered by this prospectus, the selling stockholders, and any
broker-dealers and any other participating broker-dealers who execute sales for the selling
stockholders, may be deemed to be “underwriters” within the meaning of the Securities Act in
connection with these sales. Any profits realized by the selling stockholders and the compensation
of such broker-dealers may be deemed to be underwriting discounts and commissions.

     The Company is required to pay all fees and expenses incident to the registration of the
shares other than broker fees and commissions.

     The Company has agreed to indemnify the selling stockholders against certain losses, claims,
damages and liabilities, including liabilities under the Securities Act.

4

 

SCHEDULE 1

The Investors

	 	 	 	 	 
	 	 	 	 	Jurisdiction of
	Name of Company	 	Address	 	Incorporation
	United Capital Investments
Corp.

	 	[ADDRESS]
	 	Republic of Liberia
	Atrion Shipholding S.A.

	 	[ADDRESS]
	 	The Republic of the
Marshall Islands
	Plaza Shipholding Corp.

	 	[ADDRESS]
	 	The Republic of the
Marshall Islands
	Comet Shipholding Inc.

	 	[ADDRESS]
	 	The Republic of the
Marshall Islands

5

 

EXHIBIT D

Form of Management Agreement

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT E

Form of Voting Agreement

 

 

VOTING AGREEMENT

     This Voting Agreement dated as of May 20, 2008 is entered into by and among Panagiotis Zafet
and Simon Zafet (together, the “Former Shareholders”), and United Capital Investments Corp.,
Atrion Shipholding S.A., Plaza Shipholding Corp., and Comet Shipholding, Inc. (collectively, the
“Investors”), and Georgios Koutsolioutsos, Alexios Komninos and Ioannis Tsigkounakis (collectively,
the “Inside Shareholders”), as shareholders or beneficial owners of interests in stock of Seanergy
Maritime Corp., a Marshall Islands corporation (the “Company”), as the case may be (the Former
Shareholders, the Investors and the Inside Shareholders are individually a “Shareholder” and
collectively, the “Shareholders” when referred to with respect to either or both of the Company and
Buyer), and the Company, as the sole shareholder of Seanergy Merger Corp., a Marshall Islands
corporation (“Buyer”).

     WHEREAS, the Inside Shareholders currently own 2,750,000 outstanding shares (the “Insider
Shares”) of capital stock of the Company (the “Common Stock”);

     WHEREAS, the Former Shareholders currently own 2,750,000 outstanding shares (the “Former
Shareholder Shares”) of capital stock of the Company;

     WHEREAS, the Former Shareholders have transferred all their beneficial interests in the Former
Shareholder Shares to the Investors on the date hereof pursuant to a Stock Purchase Agreement
between them (the “Stock Purchase Agreement”), and such Former Shareholder Shares will be
transferred to the Investors once they are released from escrow pursuant to the terms of an escrow
agreement;

     WHEREAS, until such time as the Former Shareholder Shares are transferred to the Investors,
the Former Shareholders have agreed to allow the Investors to act as their attorneys-in-fact for
the sole purpose of taking certain actions with respect to this Voting Agreement, including but not
limited to the execution of this Voting Agreement and any amendments thereto;

     WHEREAS, the Company and certain of the Shareholders, among others, have entered into a Master
Agreement dated as of the date hereof (the “Master Agreement”);

     WHEREAS, pursuant to the Master Agreement, affiliates of the Investors have agreed to sell
certain vessels and certain contracts to purchase vessels to Buyer, which is a wholly owned
subsidiary of the Company (the “Business Combination”);

     WHEREAS, pursuant to the Master Agreement, the Investors have the right to receive shares of
common stock (“Buyer Common Stock”) in Buyer if the Buyer achieves certain EBITDA targets for the
year ended September 30, 2009, in accordance with the Master Agreement (the “Earnout Shares”), and
additional shares of Buyer Common Stock if the Investors elect to convert their convertible
promissory note made by the Buyer in favor of the Investors on the date of the initial closing of
the Master Agreement into Buyer Common Stock (the “Note Shares” and together with the Earnout
Shares, the “Investor Shares”);

     WHEREAS, in conjunction with and following the Business Combination, the Company plans to
merge with and into Buyer with Buyer being the surviving corporation in such merger and all of the
stock of the Company being exchanged on a one-for-one basis for Buyer Common Stock (the “Merger”);

     WHEREAS, the Shareholders intend that this Voting Agreement apply to the Company before and
until the time of the Merger and then apply to Buyer, which shall be the surviving corporation,
after the Merger;

 

 

     WHEREAS, if for some reason the Merger is delayed or does not occur and the Investors receive
Investor Shares in Buyer at a time when the Company remains in existence, the Shareholders intend
that this Voting Agreement apply to both the Common Stock and the Buyer Common Stock;

     WHEREAS, the number of Former Shareholder Shares and the number of Insider Shares owned by
each Former Shareholder and each Inside Shareholder, as the case may be, is set forth next to such
Former Shareholder’s or Inside Shareholder’s name on the signature page of this Voting Agreement
and the number of Investor Shares anticipated to be issued to each of the Investors, assuming the
Investors earn all the Earnout Shares and elect to convert all the Note Shares into Buyer Common
Stock, is set forth next to each such Investor’s name on the signature page of this Voting
Agreement;

     WHEREAS, as a condition to signing the Master Agreement, the Company and such Shareholders
desire to enter into this Agreement so as to impose the within restrictions and obligations on the
Shareholders for the mutual benefit of the parties hereto.

     In consideration of the mutual covenants contained herein and for other valuable
consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:

     1. Voting of Shares for Investor Nominees.

          (a) Commencing on the date hereof, all Shareholders shall vote or cause to be voted all Shares
(as defined in Section 3 below) in the Company owned by him, her or it, or over which he,
she or it has voting control, at such meeting or in such consent, and otherwise use his, her or its
respective best efforts, so as to cause six (6) people named by the Investors to be elected to the
Board of Directors of the Company. Notwithstanding the foregoing, until the earlier of the Merger
or September 30, 2008, all Shareholders shall vote or cause to be voted all Shares (as defined in
Section 3 below) in the Company owned by him, her or it, or over which he, she or it has
voting control, at such meeting or in such consent, and otherwise use his, her or its respective
best efforts, so as to cause three (3) people named by the Investors to be elected to the Board of
Directors of the Company.

          (b) The six (6) members of the Board of Directors of the Company designated by the Investors
shall be divided as equally as possible among Class A, Class B and Class C directors (as defined in
the Company’s charter). The six (6) members of the Board of Directors designated by the Investors
shall include at least three “independent” directors, as defined in the rules of the Securities and
Exchange Commission and the rules of any applicable stock exchange.

          (c) With respect to the Company, the parties hereby agree that: (i) no director shall be
removed from office without the consent of the Shareholder or Shareholders entitled to designate
such director; (ii) any director may be removed from office at any time, with or without cause, at
the request of the Shareholder or Shareholders entitled to designate such director or at the
request of or upon the death of such director, and a director so removed shall be replaced by a
nominee selected by the Shareholder or Shareholders entitled to designate such director; and (iii)
a director removed or replaced by a Shareholder or Shareholders entitled to designate such director
shall be deemed to have ceased to be a director and to have any of the powers or authorities of a
director from and after the date of service upon the Company of notice of such removal and whether
a shareholders’ meeting confirming his removal is held or not.

     2. Voting of Shares for Inside Shareholder Nominees

          (a) Commencing on the date hereof, all Shareholders shall vote or cause to be voted all Shares
(as defined in Section 3 below) in the Company owned by him, her or it, or over which he,
she or it has voting control, at such meeting or in such consent, and otherwise use his, her or its
respective

-2-

 

best efforts, so as to cause six (6) people named by the Inside Shareholders to be elected to
the Board of Directors of the Company. Notwithstanding the foregoing, until the earlier of the
Merger or September 30, 2008, all Shareholders shall vote or cause to be voted all Shares (as
defined in Section 3 below) in the Company owned by him, her or it, or over which he, she
or it has voting control, at such meeting or in such consent, and otherwise use his, her or its
respective best efforts, so as to cause three (3) people named by the Inside Shareholders to be
elected to the Board of Directors of the Company.

          (b) The six (6) members of the Board of Directors of the Company designated by the Inside
Shareholders shall be divided equally among Class A, Class B and Class C directors (as defined in
the Company’s charter). The six (6) members of the Board of Directors designated by the Inside
Shareholders shall include at least three “independent” directors, as defined in the rules of the
Securities and Exchange Commission and the rules of any applicable stock exchange.

          (c) With respect to the Company, the parties hereby agree that: (i) no director shall be
removed from office without the consent of the Shareholder or Shareholders entitled to designate
such director; (ii) any director may be removed from office at any time, with or without cause, at
the request of the Shareholder or Shareholders entitled to designate such director or at the
request of or upon the death of such director, and a director so removed shall be replaced by a
nominee selected by the Shareholder or Shareholders entitled to designate such director; and (iii)
a director removed or replaced by a Shareholder or Shareholders entitled to designate such director
shall be deemed to have ceased to be a director and to have any of the powers or authorities of a
director from and after the date of service upon the Company of notice of such removal and whether
a shareholders’ meeting confirming his removal is held or not.

     3. Shares. Except as set forth in this Section 3, “Shares” shall mean only
the Former Shareholder Shares, the Insider Shares and the Investor Shares, and any additional
shares of Common Stock issued as a result of a stock dividend or stock split with respect to the
Former Shareholder Shares, the Insider Shares and the Investor Shares. For purposes of
clarification, except as specifically set forth in this Section 3, Shares shall not include
any Common Stock acquired either upon the exercise of warrants originally issued immediately prior
to the Company’s initial public stock offering or Common Stock purchased in the open market.

     4. Voting of Shares for Joint Board Nominee. During the term of this Agreement, all
Shareholders shall vote or cause to be voted all Shares (as defined in Section 3 above)
owned by him, her or it, or over which he, she or it has voting control, at such meeting or in such
consent, and otherwise use his, her or its respective best efforts, so as to cause one person
jointly selected by the Investors and the Inside Shareholders to be elected to the Board of
Directors of the Company. If the Investors and the Inside Shareholders fail to agree on the joint
nominee, then such vacancy on the Company Board of Directors shall be filled by reference to
arbitration as set forth in Section 10(c) hereof.

     5. Size of Board; Required Affirmative Vote of Board on Certain Actions; Amendment to
Bylaws. The Shareholders shall vote at a regular or special meeting of shareholders such Shares
that they own in each of the Company and Buyer to ensure that the size of the Board of Directors of
the Company and Buyer shall be set at thirteen (13) members. The Board of Directors of each of the
Company and Buyer shall establish a shipping committee (the “Shipping Committee”) of three (3)
directors to consider and vote upon all matters involving shipping and ship finance. The Board of
Directors of each of the Company and Buyer shall delegate all such matters to their respective
Shipping Committee. The Boards of Directors of each of the Company and Buyer shall cause their
respective Shipping Committee to be composed of two “inside” directors appointed by the Investors
and one director (either “inside” or “independent”) appointed by the Inside Shareholders. Any
vacancies on the Shipping Committees shall be filled by the party that made the appointment of the
person whose resignation or

-3-

 

removal has caused such vacancies. If requested by a third party, the Board of Directors
shall ratify any and all actions taken by the Shipping Committee as the acts of the Board of
Directors. The Board of Directors of the Company and the Buyer agree, and the Articles of
Incorporation and bylaws of the Buyer shall be amended to provide, that the respective Boards of
Directors may not (i) dissolve the Shipping Committee; or (ii) alter the duties or composition of
the Shipping Committee without an affirmative vote of not less than 80% of the Board of Directors.
In addition, the bylaws of Buyer shall be amended to provide that the provisions of such bylaws
relating to (i) the Shipping Committee; and (ii) the duties of the Chief Executive Officer,
including but not limited to those relating to the voting of securities owned by Buyer set forth in
Section 4.3, may not be amended without the affirmative vote of not less than 80% of the Board of
Directors. Notwithstanding the foregoing, any transactions involving the issuance of the Company’s
or Buyer’s capital stock or transactions involving a related party shall not be referred to the
Shipping Committee, regardless of subject matter, but shall instead be considered by the entire
Board of Directors. Buyer, in its capacity as sole shareholder of Buyer’s subsidiaries that handle
shipping matters, shall vote its shares so as to ensure that the composition of their respective
boards of directors mirrors that of the Shipping Committee. The parties hereto acknowledge and
agree to use their respective best efforts to promptly amend the Company’s and Buyer’s Articles of
Incorporation and bylaws to provide for a staggered board of directors to facilitate the
implementation of the Shipping Committee.

     6. Officers of the Company and Buyer. Beginning on the date hereof and continuing
through the term of this Agreement, Dale Ploughman and Georgios Koutsolioutsos shall serve as Chief
Executive Officer and Chairman of the Board of Directors of the Company and Buyer, respectively.
If Mr. Ploughman is unable or unwilling to serve in such position, the Investors shall have the
right to appoint his replacement.

     7. Termination. This Agreement (other than the obligations of the Company and the
Buyer under Section 9 hereof, which shall survive any termination hereof) shall terminate in its
entirety two (2) years after the date hereof. Notwithstanding the foregoing, if the Investors
should own less than 50% of the Former Shareholder Shares and the Investor Shares (combined as if
they were all issued in the Company), the Inside Shareholders shall have the option to terminate
this Voting Agreement, and if the Inside Shareholders should own less than 50% of the Insider
Shares, the Investors shall have the option to terminate this Voting Agreement.

     8. No Revocation. This Voting Agreement is coupled with an interest and may not be
revoked, except by an amendment, modification or termination effected in accordance with
Sections 7 or 10 hereof. Nothing in this Section 8 shall be construed as limiting
the provisions of Sections 7 or 10 hereof.

     9. Restrictive Legend. All certificates of the Company representing Shares owned by
the Shareholders shall, for so long as this Voting Agreement shall remain in effect, have affixed
thereto a legend substantially in the following form:

“The shares of stock represented by this certificate may be subject
to certain voting agreements as set forth in a Voting Agreement, as
amended from time to time, by and among the company and certain
named Shareholders of the company, a copy of which is available for
inspection at the offices of the Secretary of the company.”

     The Company shall cooperate with the Shareholders to facilitate the removal of such legend if
this Voting Agreement shall be terminated or prior thereto if Shares shall be sold, assigned or
otherwise transferred by a Shareholder to an unaffiliated third party.

-4-

 

     10. General.

          (a) Severability. The invalidity or unenforceability of any provision of this Voting
Agreement shall not affect the validity or enforceability of any other provision of this Voting
Agreement.

          (b) Specific Performance. Each party acknowledges and agrees that there can be no
adequate remedy at law for any breach by such party of the terms of this Voting Agreement, that any
such breach may result in irreparable harm to the non-breaching party for which monetary damages
would be inadequate to compensate the non-breaching party, and that the non-breaching party shall
have the right, in addition to any other rights available under applicable law, to obtain from any
court of competent jurisdiction injunctive relief to restrain any breach or threatened breach of,
or otherwise to specifically enforce, any covenant or obligation of such party under this Voting
Agreement, without the necessity of posting any bond or security.

          (c) Effect of Merger. On and after the effective date of the Merger, all references
to the Company in this Voting Agreement shall instead refer to the Buyer and all references to
Common Stock shall instead refer to Buyer Common Stock, and this Voting Agreement shall remain
equally as applicable to the Buyer and the Buyer Common Stock as it had been to the Company and the
Common Stock.

          (d) Absence of Merger. If the Merger has not occurred by September 30, 2009, then all
references to the Company in this Voting Agreement shall refer to both the Company and to the Buyer
and all references to Common Stock shall refer both to Common Stock and Buyer Common Stock. In
essence, the Shareholders who own Common Stock shall vote pursuant to this Voting Agreement with
respect to the Company, and the Shareholders who own Buyer Common Stock, including the Company,
shall vote Buyer Common Stock pursuant to this Voting Agreement with respect to the Buyer.

          (e) Governing Law; Consent to Jurisdiction. This Voting Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York (without reference
to the conflicts of law provisions thereof. Any dispute regarding this Agreement shall be
exclusively referred to arbitration in London in accordance with the Arbitration Act 1996 (London
and Wales) or any statutory modification or re-enactment thereof, and the parties agree to submit
to the personal and exclusive jurisdiction and venue of such arbitrators. Any and all disputes
hereunder shall be referred by the parties hereto to three arbitrators, each party to appoint one
arbitrator and the two so appointed shall appoint the third who shall and as chairman of such panel
of arbitrators. Upon receipt by one party of the nomination in writing of such other party’s
arbitrator, that party shall appoint its arbitrator within ten days, failing which the decision of
the single arbitrator appointed shall apply. The two arbitrators so appointed shall appoint the
third arbitrator within ten days, failing which the single arbitrator shall act as sole arbitrator
and any decision of the sole arbitrator shall be binding on both parties. The arbitration shall be
conducted in accordance with the terms of the London Maritime Arbitrators Association then in
effect. For purposes of this Section of this Agreement, the Investors shall be deemed to be one
party and the Inside Shareholders shall be deemed to be one party.

          (f) Notices. All notices, requests, consents and other communications under this
Voting Agreement shall be in writing and shall be deemed delivered (i) upon delivery when delivered
personally, (ii) upon receipt if by facsimile transmission (with confirmation of receipt thereof),
or (iii) one business day after being sent via a reputable nationwide overnight courier service
guaranteeing next business day delivery, in each case to the intended recipient as set forth below:

          If to any Inside Shareholder:

-5-

 

c/o Vgenopoulos & Partners Law Firm

15, Filikis Eterias Square

10673 Athens, Greece

Facsimile: +30-210-7231-462

Attention: John Papapetros

          If to any Investor or Former Shareholder:

Investor or Former Shareholder Name

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

Attention: Dale Ploughman

Facsimile: +30-210-898-3595

          With a copy (which shall not constitute notice) to:

Investor or Former Shareholder Name

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

Attention: Evan Breibart

Facsimile: +30-210-898-5430

Broad and Cassel

2 S. Biscayne Boulevard, Suite 2100

Miami, Florida 33131

Attention: A. Jeffry Robinson, Esq.

Facsimile: +1-305-343-9443

     Any party may change the address to which notices, requests, consents or other communications
hereunder are to be delivered by giving the other parties notice in the manner set forth in this
Section.

          (g) Complete Agreement. This Voting Agreement constitutes the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof, and supersedes all
prior Voting Agreements and understandings relating to such subject matter.

          (h) Amendments and Waivers. This Voting Agreement may be amended or terminated and the
observance of any term of this Voting Agreement may be waived with respect to all parties to this
Voting Agreement (either generally or in a particular instance and either retroactively or
prospectively), with the written consent of the Investors who own a majority of the Investor Shares
(as to Investor Shares and Former Shareholder Shares) and with the written consent of the Inside
Shareholders who own a majority of the Insider Shares. No waivers of or exceptions to any term,
condition or provision of this Voting Agreement, in any one or more instances, shall be deemed to
be, or construed as, a further or continuing waiver of any such term, condition or provision.

          (i) Assignment or Transfer of Common Stock. If any Inside Shareholder desires to
transfer Insider Shares, any Investor desires to transfer Investor Shares (or the rights to Former

-6-

 

Shareholder Shares), or if any Earnout Shares or Note Shares will be issued to a person or
entity other than an Investor, the transferee of such shares or the new nominee named to receive
Earnout Shares or Note Shares must sign a counterpart of this Voting Agreement and agree to be
bound hereto as a condition to the transfer or receipt of such shares of Common Stock.

          (j) Pronouns. Whenever the context may require, any pronouns used in this Voting
Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns and pronouns shall include the plural, and vice versa.

          (k) Counterparts; Facsimile Signatures. This Voting Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, and all of which together
shall constitute one and the same document. This Voting Agreement may be executed by facsimile
signatures.

          (l) Filing of Beneficial Ownership Reports with the Commission. The parties hereto
acknowledge that they may, by virtue of the agreements herein contained, constitute a “group” for
purposes of Section 13 of the Exchange Act and the rules and regulations of the Commission
promulgated thereunder, and shall cooperate with each other to timely prepare and file any and all
beneficial ownership reports required to be filed with the Commission as a “group” thereunder.

          (m) Section Headings and References. The section headings are for the convenience of
the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of
the parties. Any reference in this Voting Agreement to a particular section or subsection shall
refer to a section or subsection of this Voting Agreement, unless specified otherwise.

          (n) Further Assurances. Each party agrees that it will execute and deliver, or cause
to be executed and delivered, on or after the date of this Agreement, all such other documents and
instruments as are reasonably required for the performance of such party’s obligations hereunder
and will take all commercially reasonable actions as may be necessary to consummate the
transactions contemplated hereby and to effectuate the provisions and purposes hereof.

(Remainder of page intentionally left blank. Signature pages to follow.)

-7-

 

     IN WITNESS WHEREOF, this Voting Agreement has been executed by the parties hereto as of the
day and year first above written.

	 	 	 	 	 	 	 	 	 
	The Former Shareholders	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Panagiotis Zafet	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Panagiotis Zafet, by his attorney-in-fact	 	 	 	Number of Former Shareholder Shares	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Simon Zafet	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Simon Zafet, by his attorney-in-fact	 	 	 	Number of Former
Shareholder Shares	 	 
	 
	 	 	 	 	 	 	 	 
	The Investors	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	UNITED CAPITAL INVESTMENTS CORP.	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Number of Investor Shares	 	 
	By:

	 	/s/	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ATRION SHIPHOLDING S.A.	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Number of Investor Shares	 	 
	By:

	 	/s/	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	PLAZA SHIPHOLDING CORP.	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Number of Investor Shares	 	 
	By:

	 	/s/	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	COMET SHIPHOLDING, INC.	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Number of Investor Shares	 	 
	By:

	 	/s/	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	The Inside Shareholders	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Georgios Koutsolioutsos	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Georgios Koutsolioutsos	 	 	 	Number of Insider Shares	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Alexios Komninos	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Alexios Komninos	 	 	 	Number of Insider Shares	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Ioannis Tsigkounakis	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Ioannis Tsigkounakis	 	 	 	Number of Insider Shares	 	 

 

 

	 	 	 	 	 
	SEANERGY MARITME CORP.

 	 	 
	By:  	/s/
 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

 

 

EXHIBIT F-1

Definition of “Accredited Investor”

     The term “accredited investor” means:

     (1) A bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan
association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether
acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section
15 of the Securities Exchange Act of 1934; an insurance company as defined in Section 2(13) of the
Securities Act; an investment company registered under the Investment Company Act of 1940 (the
“Investment Company Act”) or a business development company as defined in Section 2(a)(48) of the
Investment Company Act; a Small Business Investment Company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; a plan
established and maintained by a state, its political subdivisions or any agency or instrumentality
of a state or its political subdivisions for the benefit of its employees, if such plan has total
assets in excess of US $5,000,000; an employee benefit plan within the meaning of the Employee
Retirement Income Security Act of 1974 (“ERISA”), if the investment decision is made by a plan
fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan
association, insurance company, or registered investment advisor, or if the employee benefit plan
has total assets in excess of US $5,000,000 or, if a self-directed plan, with investment decisions
made solely by persons that are accredited investors.

     (2) A private business development company as defined in Section 202(a)(22) of the Investment
Advisers Act of 1940.

     (3) An organization described in Section 501(c)(3) of the Internal Revenue Code, corporation,
Massachusetts or similar business trust, or partnership, not formed for the specific purpose of
acquiring the securities offered, with total assets in excess of US $5,000,000.

     (4) A director or executive officer of Buyer.

     (5) A natural person whose individual net worth, or joint net worth with that person’s spouse,
at the time of his or her purchase exceeds US $1,000,000.

     (6) A natural person who had an individual income in excess of US $200,000 in each of the two
most recent years or joint income with that person’s spouse in excess of US $300,000 in each of
those years and has a reasonable expectation of reaching the same income level in the current year.

     (7) A trust, with total assets in excess of US $5,000,000, not formed for the specific purpose
of acquiring the securities offered, whose purchase is directed by a sophisticated person as
described in Rule 506(b)(2)(ii) (i.e., a person who has such knowledge and experience in financial
and business matters that he is capable of evaluating the merits and risks of the prospective
investment).

     (8) An entity in which all of the equity owners are accredited investors. (If this
alternative is checked, the Investor must identify each equity owner and provide statements signed
by each demonstrating how each is qualified as an accredited investor.)

 

 

EXHIBIT F-2

Definition of “U.S. Person”

     (1) “U.S. person” (as defined in Regulation S) means:

     (i) Any natural person resident in the United States;

     (ii) Any partnership or corporation organized or incorporated under the laws of the
United States;

     (iii) Any estate of which any executor or administrator is a U.S. person;

     (iv) Any trust of which any trustee is a U.S. person;

     (v) Any agency or branch of a foreign entity located in the United States;

     (vi) Any non-discretionary account or similar account (other than an estate or trust)
held by a dealer or other fiduciary for the benefit or account of a U.S. person;

     (vii) Any discretionary account or similar account (other than an estate or trust) held
by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in
the United States; and

     (viii) Any partnership or corporation if: (A) organized or incorporated under the laws
of any foreign jurisdiction; and (B) formed by a U.S. person principally for the purpose of
investing in securities not registered under the Securities Act, unless it is organized or
incorporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not
natural persons, estates or trusts.

     (2) Notwithstanding paragraph (1) above, any discretionary account or similar account (other
than an estate or trust) held for the benefit or account of a non-U.S. person by a dealer or other
professional fiduciary organized, incorporated, or (if an individual) resident in the United States
shall not be deemed a “U.S. person.”

     (3) Notwithstanding paragraph (1), any estate of which any professional fiduciary acting as
executor or administrator is a U.S. person shall not be deemed a U.S. person if:

     (i) An executor or administrator of the estate who is not a U.S. person has sole or
shared investment discretion with respect to the assets of the estate; and

     (ii) The estate is governed by foreign law.

     (4) Notwithstanding paragraph (1), any trust of which any professional fiduciary acting as
trustee is a U.S. person shall not be deemed a U.S. person if a trustee who is not a U.S. person
has sole or shared investment discretion with respect to the trust assets, and no beneficiary of
the trust (and no settlor if the trust is revocable) is a U.S. person.

     (5) Notwithstanding paragraph (1), an employee benefit plan established and administered in
accordance with the law of a country other than the United States and customary practices and
documentation of such country shall not be deemed a U.S. person.

 

 

     (6) Notwithstanding paragraph (1), any agency or branch of a U.S. person located outside the
United States shall not be deemed a “U.S. person” if:

     (i) The agency or branch operates for valid business reasons; and

     (ii) The agency or branch is engaged in the business of insurance or banking and is
subject to substantive insurance or banking regulation, respectively, in the jurisdiction
where located.

     (7) The International Monetary Fund, the International Bank for Reconstruction and
Development, the Inter-American Development Bank, the Asian Development Bank, the African
Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any
other similar international organizations, their agencies, affiliates and pension plans shall not
be deemed “U.S. persons.”

 

 

EXHIBIT F-3

Accredited Investor Representations

     Each of the Investors indicating that it is an Accredited Investor, severally and not jointly,
further represents and warrants to Seanergy and Buyer as follows:

     1. Such person or entity qualifies as an Accredited Investor on the basis set forth on
Schedule 2.

     2. Such person or entity has sufficient knowledge and experience in finance, securities,
investments and other business matters to be able to protect such Investor’s interests in
connection with the transactions contemplated by this Agreement.

     3. Such person or entity has consulted, to the extent that it has deemed necessary, with its
tax, legal, accounting and financial advisors concerning its investment in the Investment Shares.

     4. Such person or entity understands the various risks of an investment in the Investment
Shares and can afford to bear such risks for an indefinite period of time, including, without
limitation, the risk of losing its entire investment in the Investment Shares.

     5. Such person or entity has had access to Seanergy’s publicly filed reports with the SEC.

     6. Such person or entity has been furnished during the course of the transactions contemplated
by this Agreement with all other public information regarding Seanergy and Buyer that such person
or entity has requested and all such public information is sufficient for such person or entity to
evaluate the risks of investing in the Investment Shares.

     7. Such person or entity has been afforded the opportunity to ask questions of and receive
answers concerning Seanergy and Buyer and the terms and conditions of the issuance of the
Investment Shares.

     8. Such person or entity is not relying on any representations and warranties concerning
Seanergy and Buyer made by Seanergy and Buyer or any officer, employee or agent of Seanergy and
Buyer, other than those contained in this Agreement.

     9. Such person or entity is acquiring the Investment Shares for such person’s or entity’s, as
the case may be, own account, for investment and not for distribution or resale to others.

     10. Such person or entity will not sell or otherwise transfer the Investment Shares, unless
either (a) the transfer of such securities is registered under the Securities Act or (b) an
exemption from registration of such securities is available.

     11. Such person or entity understands and acknowledges that Seanergy and Buyer is under no
obligation to register the issuance of the Investment Shares for sale under the Securities Act.

     12. Such person or entity consents to the placement of a legend on any certificate or other
document evidencing the Investment Shares substantially in the form set forth in Section 4.2(e)(i).

     13. Such person or entity represents that the address furnished in Schedule 2 is the principal
residence if he is an individual or its principal business address if it is a corporation or other
entity.

 

 

     14. Such person or entity understands and acknowledges that the Investment Shares have not
been recommended by any federal or state securities commission or regulatory authority, that the
foregoing authorities have not confirmed the accuracy or determined the adequacy of any information
concerning Seanergy and Buyer that has been supplied to such person or entity and that any
representation to the contrary is a criminal offense.

     15. Such person or entity acknowledges that the representations, warranties and agreements
made by such person or entity herein shall survive the execution and delivery of this Agreement and
the purchase of the Investment Shares.

 

 

EXHIBIT F-4

Non U.S. Person Representations

     Each Investor indicating that it is not a U.S. person, severally and not jointly, further
represents and warrants to Seanergy and Buyer as follows:

     1. At the time of (a) the offer by Seanergy and Buyer and (b) the acceptance of the offer by
such person or entity, of the Investment Shares, such person or entity was outside the United
States.

     2. No offer to acquire the Investment Shares or otherwise to participate in the transactions
contemplated by this Agreement was made to such person or entity or its representatives inside the
United States.

     3. Such person or entity is not receiving the Investment Shares for the account or benefit of
any U.S. person, or with a view towards distribution to any U.S. person, in violation of the
registration requirements of the Securities Act.

     4. Such person or entity will make all subsequent offers and sales of the Investment Shares
either (x) outside of the United States in compliance with Regulation S; (y) pursuant to a
registration under the Securities Act; or (z) pursuant to an available exemption from registration
under the Securities Act. Specifically, such person or entity will not resell the Investment
Shares to any U.S. person or within the United States prior to the expiration of a period
commencing on the Closing Date and ending on the date that is one year thereafter (the
“Distribution Compliance Period”), except pursuant to registration under the Securities Act or an
exemption from registration under the Securities Act.

     5. Such person or entity is acquiring the Investment Shares for such Investor’s own account,
for investment and not for distribution or resale to others.

     6. Such person or entity has no present plan or intention to sell the Investment Shares in the
United States or to a U.S. person at any predetermined time, has made no predetermined arrangements
to sell the Investment Shares and is not acting as a Distributor of such securities.

     7. Neither such person or entity, its Affiliates nor any Person acting on behalf of such
person or entity, has entered into, has the intention of entering into, or will enter into any put
option, short position or other similar instrument or position in the U.S. with respect to the
Investment Shares at any time after the Closing Date through the Distribution Compliance Period
except in compliance with the Securities Act.

     8. Such person or entity consents to the placement of a legend on any certificate or other
document evidencing the Investment Shares substantially in the form set forth in Section
4.2(e)(ii).

     9. Such person or entity is not acquiring the Investment Shares in a transaction (or an
element of a series of transactions) that is part of any plan or scheme to evade the registration
provisions of the Securities Act.

     10. Such person or entity has sufficient knowledge and experience in finance, securities,
investments and other business matters to be able to protect such person’s or entity’s interests in
connection with the transactions contemplated by this Agreement.

 

 

     11. Such person or entity has consulted, to the extent that it has deemed necessary, with its
tax, legal, accounting and financial advisors concerning its investment in the Investment Shares.

     12. Such person or entity understands the various risks of an investment in the Investment
Shares and can afford to bear such risks for an indefinite period of time, including, without
limitation, the risk of losing its entire investment in the Investment Shares.

     13. Such person or entity has had access to Seanergy’s publicly filed reports with the SEC.

     14. Such person or entity has been furnished during the course of the transactions
contemplated by this Agreement with all other public information regarding Seanergy and Buyer that
such person or entity has requested and all such public information is sufficient for such person
or entity to evaluate the risks of investing in the Investment Shares.

     15. Such person or entity has been afforded the opportunity to ask questions of and receive
answers concerning Seanergy and Buyer and the terms and conditions of the issuance of the
Investment Shares.

     16. Such person or entity is not relying on any representations and warranties concerning
Seanergy and Buyer made by Seanergy and Buyer or any officer, employee or agent of Seanergy and
Buyer, other than those contained in this Agreement.

     17. Such person or entity will not sell or otherwise transfer the Investment Shares, unless
either (A) the transfer of such securities is registered under the Securities Act or (B) an
exemption from registration of such securities is available.

     18. Such person or entity understands and acknowledges that Seanergy and Buyer are under no
obligation to register the issuance of the Investment Shares for sale under the Securities Act.

     19. Such person or entity represents that the address furnished in Schedule 2 is the principal
residence if he is an individual or its principal business address if it is a corporation or other
entity.

     20. Such person or entity understands and acknowledges that the Investment Shares have not
been recommended by any federal or state securities commission or regulatory authority, that the
foregoing authorities have not confirmed the accuracy or determined the adequacy of any information
concerning Seanergy and Buyer that has been supplied to such person or entity and that any
representation to the contrary is a criminal offense.

     21. Such person or entity acknowledges that the representations, warranties and agreements
made by such person or entity herein shall survive the execution and delivery of this Agreement and
the purchase of the Investment Shares.

 

 

EXHIBIT G:

Form of Brokerage Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT H:

Form of Acknowledgment and Agreement

 

 

ACKNOWLEDGEMENT AND AGREEMENT

     This ACKNOWLEDGEMENT AND AGREEMENT (this “Agreement”) to that certain Master Agreement dated
as of May ___, 2008 by and among Seanergy Maritime Corp. (“Seanergy”), Seanergy Merger Corp.
(“Buyer”), the Sellers set forth in Schedule 1 thereto and the Investors set forth in
Schedule 2 thereto (the “Master Agreement”) is made as of the       day of
                      , 2008
by the undersigned (the “Joining Party”). Capitalized terms used but not defined herein shall have
the meanings given such terms in the Master Agreement.

     The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this
Agreement, the Joining Party will be deemed to be a party to the Master Agreement as if such
Joining Party had executed the Master Agreement. The Joining Party hereby joins in the
representations and warranties of Seanergy and Buyer set forth in the Master Agreement and
acknowledges that each is true and correct as to the Joining Party as of the date hereof.

     Buyer hereby acknowledges and agrees that the Joining Party is its Buyer subsidiary nominee
under the Master Agreement in connection with the purchase of the Vessel,
                       
                        .

     IN
WITNESS WHEREOF, the undersigned has executed this Agreement as of the ___ day of
                , 2008.

	 	 	 	 	 
	 	 	 
	 
	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Its: 	 	 
	 

	 	 	 	 	 
	 	Seanergy Merger Corp.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]