Document:

EX-10.4

	MEMORANDUM OF AGREEMENT.

	ships Adopted by The Baltic and International
Maritime Council(BlMCO) in 1956
Dated: Code-name
SALEFORM 1993

	[ Revised 1966, 1983 and

	GOLDIE NAVIGATION LTD — MARSHALL ISLANDS
hereinafter called the Sellers, have agreed to
sell, and

	SEANERGY MARITIME CORP. of Marshall Islands or Guaranteed nominee 1

	hereinafter called the Buyers, have agreed to buy 2

	Name: AFRICAN ZEBRA 3

	Classification Society/Class: Bureau Veritas 08041S 4
Built: 1985 By: CSBC TAIWAN 5

	Flag: BAHAMAS            Place of Registration: NASSAU 6

	Call Sign: C6UE7 Grt/Nrt: 23,207mt / 12,963 mt 7

	Register Number: 8000937 8

	hereinafter called the Vessel, on the following terms and conditions: 9

	Definitions 10

	“Banking days” are days on which banks are open both in the country of the currency 11

	stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8.
12

	“In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa,
13

	a registered letter, telex, telefax or other modern form of written communication. 14

	“Classification Society” or “Class” means the Society referred to in line 4. 15

	“Master Agreement” means a master agreement of even date herewith made by and among, inter alios,
the Seanergy and the Sellers.

	“Shareholder Approval” has the meaning set forth in the Master
Agreement. “Effective Date” means the date of issuance of the
Shareholder Approval.

	“Seanergy” means Seanergy Maritime Corporation of Marshall Islands, being the parent company of the
Company to be nominated as buyer of the Vessel and of the buying companies of the other Vessels
referred to in Clause 17.

	1. Purchase Price 16

USD 34,500,000 cash (Thirty four million five hundred United States Dollars) only.

	2. Deposit 17

	As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 20% 18

	(twenty per cent} of the Purchase Price as per Clause 17 . witeifi-3-(three)) banking-days from the
-date of this Agreement by both parties. This deposit shall be placed with FBB — First Business
Bank, 62 INotara & Sotiros Dios Str, Piraeus, Greece. Phone: + 30 210 41 18 711, Fax : + 30
21041 32 058, 20

	and held by them in a joint account between Sellers and the Buyers ___:,

	to be released in accordance with joint written instructions of the Sellers and the Buyers, The
Buyers to produce all documents required for the opening of the joint account. Interest, if any, to
be credited to the 22

 

 

 

 

 

 

	underwater damage, if any, impose condition/recommendation of class. The decision of
class as to whether underwater damage, if any, imposes a condition and/or
recommendation of class shall be final and binding for both parties. Notice of
Readiness not to be tendered prior completion of the underwater inspection.

	If damage affecting class found, that does not necessitate immediate docking. Buyers and
Sellers authorised representatives to meet to try to agree a compensation amount for Buyers
taking over the vessel with such damages, it cannot agree, repair quotes to be obtained From
two reputable repair yards nearest to the delivery port, one yard to be chosen by each party,
with compensation amount to be the average of the two repair quotes.

	(iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry-

	docking facilities are available at the port of delivery, the Sellers shall take the Vessel

	to a port where suitable drydocking facilities are available, whether within or outside
the delivery range as per Clause 5 b) Once drydocking has taken place the Sellers shall
deliver 11
the Vessel at a port within the delivery range as per Clause 5 b) which shall, for the

	purpose of this Clause, become the new port of delivery. In such event the cancelling date
provided for in Clause 5 b) shall be ectended by the additional time required tor the
drydocking and extra steaming, but limited to a maximum of 14 running days.

	C) if the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above

	(i) the Classification Society may require survey of the taitshaft system, the
extent of the suruey being to the satisfaction of the Classification surveyor. If
Such survey is not required by the Classification Society, the Buyers shall have the
right to require the tailshaft 11 to be drawn and surveyed by by the
Classifaication Society, the extent of the survey being in accordance withe the
Classification accordance with the Classfication Society’s rules for taishaft survey
and consistent and with the current stage of the Vessel’s survey cycle. The Buyers
shall declare whether they require the \tailshaft to be drawn and surveyed not
later than by the completion of the

	inspection by the Classification Socitey the drawing and refitting of the tailshaft shall be
123

arranged by the Sellers. Should any parts of the tailshaft System be condemned or found 124

	defective so as to affect the Vessel’s class, those parts shall be renewed or made good at
condition/recommendation.* the sellers expense to the satisfaction of the Classification
Society without 128

	(ii) the expenses relating to the survey of the tailshaft system shall be bome by
the Buyers unless the Classification Society requires such survey to be earned out,
in which case the Sellers shall pay these enpenses. The Sellers shall also pay the
expenses 130 if the Buyers require the survey and parts of the system are
condemned or found defective or broken so to affect the Vessels class.*

	(iii) the expenses in connection with putting the Vessel in and taking her out
of 133 drydock, including the drydock dues and the Classification Society fees
shall be paid by 134 the seller if the Classifiation Socirty issues any
condition/recommendation*as a result of the survey or if it requires survey of
the tailshaft system. In all other cases the Buyers 136 shall pay the aforesaid
ecpenses, dues and fees. (iv) the Buyers representative shall have the right to
be present in the drydock. but without interfering with the work, or docisions
of the Classification surveyor

	(v) the Buyers shall have the right to have the underwater part of the Vesael 1*0

	cleaned and painted at their risk and expense without interfering with the Sellers ‘ or the
Classifaiction surveyor’s wort, if any, and wilhOulaneclitig The Vessel’s brie 142

	however the Buyers’ work in drydock is still In progress when the Seller have 143

	completed the work which the Sellers are required to do, tha additionall docking time 144

	needed to complete the Buyers work shall be far the buyers risk end: expense in the event 145

	that the Buyers’ worK requires such additional time. The Sellers may upon compeletion of
the 146 Sellenj- work lender Notice of Readiness for delivery whilst the Vessel is still In
drydock

	and The Buyera shall be obliged to take delivery in accordence with Clause 3. wheathe- 1 *6

the Vessel is  in drydock or not and irrespective of Clause 5 b).

	* Notes, if any. In the surveypr’s . report which are accepted by the Classification Society

	without condition/recommendation are not to be taken into account

 

 

 

 

	aepuprcents jg sjdn aE-DDsr;bla f!flfl*-ihf—diite flf 1h»? Agn9trr*nK—

	All the time cf dalivery tfie Buyers and 5allc*S Sllnir i*gn ar.rj tfeliuer to each other
a PfrfidflWl of Delivery and Acceptance- Donfirrping the date and I’TO 01 ^livery of the
Vessel ftomtto SoSda (0 Die Buy-ens

	Al the time oJ delivery We Seders shell hand to Iho BuyOn; l’-r dftss-ficetton Dertilicatei.Ej as xrtll as £1 £00
PlanE/dravfln^.’inainicbDnrjDrihB nSartivc b main injme pnd auidiErieaSOPEP^ublicaliCini as <?n board
dc., which are dh board ttie vshq! Ohr’ cftrlifir^»|^ which are on bDanl the Vesstl            Z01
thai: also
be handed nwr laihe Buyera unksi Bw £el|era ?re requJred In rEtain saint, m which cbs* the
Buyert to have rT« iiphl lo tube CO(ii«S A:: other lechnicel dDcumenUlmr &-.? plans Etc astnre which may iC I
ba in the 50ll(tfS’ poasesBion Ehaii be prampBy fomardcd 10 Ihe Buyers 0f tnelr experree il 1hey W
ftqu«l Tlve StUers may keeptrte Vessel1! Ing backs bul the Suyera 1o have tite nght b 1ak<
copie? of S3me 206

	9. Encumbrantas 207

	The Sellers vrarraTiL lhai tfh; Vessel. Bl 1he tme of ddwery, is Tr« from ft;\ cha*5e*5,
e^umbranc*!!.
nvortgageB andtor maritipss liftf-S Or any dher deb1& and/ar dairng wf^fllspeyer agamE-ttfie Vtssel
BndJartha IDE
Sellers The Se-ier& herafiy tindcdak* 1u Indemnify tm Buyers agar«t 4II eanseduenceE al d-r -ni
made 210
against ihe- Vas&al which hiut teen mcyrred prinr In ihe h’m* fff dell«ry and rcferenca 10- Oause
^.3 a-’ Ihe
Master Agnaarmnt

	10. Taxes, etc

	Anytatifrl. lots and enpefisea in cntinectinn with It* purtftwe and regiHtradDn una«r tht
Buyera’ flag ihal bftfar lh& Buyera’ account, whefea& sirflil&r Cfijrg^a In DornadiDfi
with 1ht dosing of the SallMS1 register shall be tar Bra Setters’ aK6unt

	11. ConditJonOndBfiV**V

	Tht Vtt«l *«1H ewerylhing bElonging to he* Shall be attfte SellareC risk and ^K^nse ^rrtit sha is
deliwerad to lh» Buyers, but subject to 1he tenra and oondlbqn& at Ihis Ajgreemcnl She shall be 2lB

 

 

	dedverad and La*jen ovor as Sh& rf#S Bt the Hme of inspection, fair wear and tsar en-Mptetl
f’.OY^Wva:. Ihfr VfcSs*! SflaH be defcven&l wfc, h& ene&efW-Class fuHy maintained wimflul
CCndltiPntteCiG*nrnen<JalN?n’. and free at average damage affecting lint VMSol’S Cla5S.*fid with her AH
ClaS3i1i«1i(Ki Certifies and her National and Inlernaliana! Ccrtfica^c. hj b* cl83fi. a& well es a\\ other
cernficateF; ihe Vesstf Had ad the time of inspection, ciean. v^’tf Sfld une-jrtended wtthsul condign/
recommendation dy Class or Ihe rE*eua.Td Audxirilcs at Chfl lime fll Denary
CSM rtgms to be clem and up ts !ha date al Hit hmtoF (he- Vfljsera delivery or do on board
without any nrian-iipM OF Outstanding i^h<M <^«MwnfreTMmmef^^
DuthP’-iUtjc at ipo timn fjf CtOliVMy
Coot catGs of Ufei alls. CQ2. FV« t Ftmguisheri e-1c to db Jaan and valid at thfl l^ne trf delrvery
•InspKUort” in this dSU*e 11. ahall mftEn ^he Buyers inspection according to Cbpuse 4 a) or A b>. If
appHcatle. or ire Buyers’ inspection poor (d 1he signing dl Ihie ^QflMjinfent If the Vessel \s taken over
without inspection Ihe date of irug Agreement shall be Urn ^ev?ml dace
Not*S. .’ a-iy. m ‘he aurveyor1? repnrta which are acceplefl by 1nc Classifita1iciH Society
WlttHUl MndHioniTewrmnendstior- are not (d bra taVen Into KKdunt. 22?

	12. NflmcfTnarKings

	Upon dtfrwtry the buyers undertaXa to change Ihe n4rn« C-1 ihe Weaael and alia* PunA*! n^SfKings.
13. Buyers’ default 232

	ShouH the deposh not tra paid In ic«tf3»ripewrtrt Cleuse 2 and 17. Ihe S^ftera have Ihe riph! 10 cancel 1tiit2a3
Agrsenent. and frfy s*i*l| t* e^ttJed tp cleim cnmpansation for their imeee and for afl fttpenses
incurtod together ivitfi irrtereet.
Should me Purdifi&e pi«b riot bt paid In (romance with Clausa 3. H>e Selle-a have 1ho Hsht to
cancel ihe Agresmanl. in */H»th ewe the depoEit togaBicr wnlh int&res: earned shalf be reltased ie tfw
Sellere. IT The depo&iL do** «*t cc^ef meir toss, the SellSH shaJI be entitled In claim fufil ie<
comp*rhialiori far 1heif Icsaes and For ii cKponse* Inciuirad IngalhBf rtHti Inlaneal. provided HOwemer            Z33

	tttlt S&leri will nol be e^titied lo rfaim any fompetiBalinn wnatsdtver rf Seanenj^ farls lo ctla-n
Ihe

	ShaneftQldef Appjowal.

	M. Ssllfrrs’ rialault 240

	Should ihe SeflerE fail to give N&lice of R&adineES in accordance yjltti Clause 5 a] or fa.l id be readyZ*t
lo validTy comptetie a Ifegil tfihifer by (he date stipulated in line 51 the Buyers .shall hsve2^2
lha option of Cancslling ma Aflreemeot pravidad al^an thai the Sallem shalt be granted a2d-
mpKimLrm of 3 banting days after Nolico of Rewlinees has bean given 1* make arranflamehti244
ferine documentation &et cut m ClauM &• K after Hctica of Rfl&rjinaai has been giver, but beHone
me Buyera haw taken delivery. 1ht Veaael ceases id ba physically feady Tor dalfveJy and is nol
made physically n&ady again jn every ncspect by Ihe dale stipulated in line 61 sncl new hiDt’-w tf
Re«Jlne« gl^ftrt. ine B^era aha;! relain fhwf wV*n !a cancel. In Hie *«enl ttipt the Buyers otetfJ48
to cancel ihia Agreerrenl Ihe dcpoSJl — ir paid to ihe jnircl accOu”! by Buyera — tngatfrflr with
interesl earned shall be rdcaSCd to 1he<n
immediately.
ShnuSd tha SB»ert lall 10 glwfl N«ice &f Readiness by me date stipulaled in line 61 ct Fail to be rWdy
id validty tdflflflUj 4 leg*) tranafer as aforesaid they ShSfl meke due compwiwHon Ifl the Buywr* lor
1heir Idas and. for ell expenses tojerhitf wflfi inleneat If iheir feilu^e it tf^ lo- prcyen
neg igence end: whether Drnoifr* Buyera caiatf Lnlt Agreement
1S. Buy«Tir repnttentalLvaa
Afltf-tHiti^raemgrt-ftBS-BQQfi signod by btflh pariiea-ane-the^O^ ^fiflBit t^eeeiv4adyKMttfi Btfyefs—35§
hStfe-ltTe-nqht to plaac iwd r^pfg&»H^l^flfl tm feord 1ho VoCMMtL pteirsgbrishand a<pen^a ^p^35J
nni^ni nt ................................................ ofl or aboul et She Fir:; cDriv»fnent pqfl^tacD. For V*rt(— ^esDcle :hjlmtfl  — 366
—

	tfl^*iwe^*d on me Qacing Dote dp dofinad In \f* ttuppte=wr^Ag->4y^nL. 1te ^ufsft-eh,-^
ha*e-the-ngH

to p^oe twe-feofeseffetiWEr^m-egg*d-4lia-^as3el-JHhc ir cd!q rigk Wl e-Mpe^se-en-
trw-flaHi Ooeaflaul obtainf.

	Gharohnldor jppfgvfl^^-ttfi-aucJiearter-g^alB dp doompj ptftftfinary. dp as to Dnwia-rcpG havc-a-m^wium
I-*.:-, w,.. < !;.ii-..inri/flti*in fMndd-ofltiaafri-
JhfisQ r&pfDEOnlutlrtUi arp on nogrd fcw-rTe-puf^e6e-of-tam*ligFiwfteri aHd-tfl-1r**3p«ttyo4—
oaservprD only, dnd IFnty ftftall fuel inteffefeHni nny mspcd w|h tJ>a maMMng-Bf-tHe-V^s^l^pe^aBoH-gf—
Kl» V«sal amfr’iM cre^fr 4x»mal-WBAing-pFa€ticer^>t* Buy*W feprLjcntatiws chali sq^ Ifte-ufrual .. ^ZSi

	$OJl«ft:-P-»txl.-l-Olu&4enfl* rfmrientnity prior 1n Liroir gmtofkafcon.

 

 

	16. hnbr.ia1.cn 262

	?)” ThFs Agreement -ahaH be governed by Arid wnstiUijfj in ^tcc^nc^ wll?i rriQllf.’-i ihw arv: 36?
anydispute aritng out of t^is Agterrer.1 snail be referred !o srbilranon in London before
three AiMralors m accordance win the Araitration Ad 1fl96 or any gtatu1oi> medificaliDn nr 26*

	nj.enactnenl Ihenwr Tor Ihs lime being in force and th* larm& o1 lh& Lo’tlDn MarrtrniE ArbilraEmn
ASSutibU’on lhc~ in force. onE arbitrator be.ng appainted by eacK pary. 2B?
On (he rectipt tv cr* party of pm nonvnaLon in writing of Ere alher party’s arbrtralor, EG?
that parr/ shaH appoint their arbitrator within fourteen days. 259

	Cf thpt P3J1/ toeft nol apfXMnl its own arbitrator wth^thB fourteen da^epcDrfigd. Ihc- pa rty 2H’
refenuv] 4 OutRile 10 arMratiOn m^v wifnout tha raquirwrigni of an^ fjrlhtr ^o^r r Dlrcc It the £B^
other paly, app&rl |U arbihabi as sole asbilralnr and EhaR adviSo Inc dlhc- par:y ac^rdingly 2B.?
The swart ijf the sole er&flralor s-^&il bt L -Jmg On toffi pwlips fl< if d hart rW«n gpfrtmtert 6^ 26£
agreement. The rv»o arhlrsbrs pyuperly eppOlnted thil ipOSint (he tfvind *n»rjfl(UM wha 9?iall ad 269

	as chairman of the Tribunal 27U
b}3 ........................................ Thm /VflrpDmDnt chaH be gerarrved tiy-ano-a&ft&tfucd in DQGDKJanDO wth Titln E) af rtiO —Wl
Un>1»J Etorrw Cwo j.nd tho Law ^4hg-5^te-af HQ*-yerfr-ard^twld-JHy-dttfJii46-ariWfrm-Of • —97?
IrtiB Agreement, thft imtl«<4*HfcGfit4**hSH 41B.fWfWH^4«-Ww*«-riWtOrte-St-PJfl* Vort. (m&4o—
rj-_- rp=:-jin?6-3 oy each cri the-parttes hsreto arKHhe-lhiKiby-thelwa—GfrGfiti&BFiT*wf ....................................... I’M
dooiiiiDn or that of any-hvQ of them BhaH-bc final. and^for-purpaGD of pnTaftifTff-Bny Jwfflf J. IHIt—^/t
^gmpnrpDnt may be made a rulrj of fro Caun.

	43TO-pf<jgggdmqB-cl-jll fao GDrtdvUKQd in a cdofdartip ^th r>* rufe* &1’ Itm-£jcn64y
<rf Marit4HKi SF?

	A^lfalor-i. Fnc Now Yor1<, .............................................................................................. #8
tpAfty-gH&liijLB a’.ti-q PUl HJF friE. Agi’Mmunl t.-.all b* iH*rtHfad tMFtlriFffUftH-fl^—
—r-Et^gct (»tho piooHiaJLH ei ap|ii.oabt* tr>e«?:- -—290
Thn Inwp of— —nhall yniom IhiD AgmamDnL —2*1
T$si 16 W *ntf J 6 Cj ifB jrf*rti^fivifrj. (Jsrfl(le w^ircnevtf tf no! applicable, in ihe absence of 293

	ofeisr>an5 aftemanne 16 a) to apply ^•H-

	AddJlllonal CUU*« from 17 to IB form *r> integral part Cl thl* Wenierandum at Agreement

 

 

	AapendFx to Memorandum gf ftnjwamaiti code name SMEFORM
19Q3-J3lfrCi 3 Haw BOPa — HI/V “AF RICAN ZEBRA”

	CLAUSE 17

	The ZD pet CfcpGSit Shell be mads on thu Inlltal losing Data as defied m Claube 2.4(b] 0? the
Master AgrMm&nt (*<*«#rj *&^ani>co31 hftretrf. The 20 pet dapasit aid Salflnce af 80 pet
together with ctfre pdyrnoKH If* JiitXJils arm nr Oun’ners. id M paid en day o-T delivery
9! Sellers’ nominated bank prOvded hnwBYSY that if ttw VeHel ie dElivEHarJ Oft the Inrbsl Cta&ing
Dale. Buyer? will not be required lo pay IMfe 20% dapflsit into- the pim account related to in
Clause 2 ano ITsy Will makn payment of IDDft ffl tne purctiasE pn« dif«cti/ to fre Selters. On
delivery of lha Vessel, in exchartge for paymern d? the pgrtliasE price af ITw V&aMl and
Extra paymeM For lubails afdlv Dunkflre, Sellers Will prnvido the Byyare with aflame!
delivery doajmants r«ason0tVy rwedsd fcy Bu/er& (d acquire tejal cwnEfBtnO arid TBgiBter
thft vCSSftl under her new (lag. Such documents to be mutually sarfrsd ana li&ifld m &n Addendum
t& ITie MemOF^ndum oT AflraeirwrH but shall Incfcifl*. wthcut limitation. 1he dSosinfl aehverias
bs requifftd by Clause Z.2 antf 2.4 fl( the Mssler AgfHftffl«rH as wen as oacri party’s
nc&pftd>ve officer cErttjftcate dsled the Inrtial Closing Dale setting forth names and
signalizes tf signalories lo WOA and olher related documents as well certityingi and aWaehlng
charter d&&Jments of suCtl pifty m eEfad y& of :hs oats of ms Initial CloSir^ Dale end duly
executed ghenetinldEir and clireclor reBSlurtmru approvng rh-p enlry into the WaELer Agnternent
refef red to Ih Clause 31 herwiF. INiS MOA. nltwr rslaled dacunrtPis and the tnjrtsadiam
ciWlemplSrted hereby and thereby. Siginirtg flf Uie Addendum Shall nal delay inning, of MoA and
bodging til 1he deposit

	CLAUSE 19

	Sflllera 10 confirm m mitihg on delivery thai to the best at wies fcnOVIrteclge (he v*SI6l

	U irot ilMWJslsd by art^ Arab coumnoB / naliflns Of any Dlhcr COljntrie? or
cKgafllZBlionE has not louched bolloni since hfrf last dry docking.

	CLAUSE 19

	All negrti*t»on and Hventual ss’e 10 be kept strictly pfi^atE srtd esnTideritigl betwear all
parties involv«d exwpl wtwro iBquinod by Statutory m U.S. SlSC* leled requifamentl.
Hawever should dsspita th* flfforta or an\ partiBE involved oeta: s of the tale tiewme hmawr ar
repoHed in the market neither IN) S*Me.ra not thB Buj/Ere have lf*e right to withdraw from the
Bale ttf fall 15 fulfill all their ob^alksrvs tinder this Agn^amsnt.

	Thu Memofandum cf Agreement iB drawn up ip two origmilt W*lh even inrUir and data. One
Ofl$mai ahall te relainad by the Sellers grd one original StiaU be reSainad by the Bjyer&.

	CLAUBEJa

	Vessel to bft Oflhverea free of sarga. targo fesiduBs and face of any dunnagfr, wtttl holds swept,
dean and dry on completion of last voyage, prior denary.

 

 

	CLAUSE Jl

	Seller warrant that on the date hereof and c*l (He 4. — of Vassal* dnlrvor? thr vps-sb!
shall bfi enlillMJ to tjada worldwide wrttiin InsMule Wsrra ntf L^ilS wit -ut restriction or
llmrtalion

	Seller also to confirm on deUery tha! vessel hat nr Iraded dunng the Last two (2; years in Cl£
Pacific Countries, but if Iratfed. lhen. a valid Pbytoaanitary Ci rrficsta !o &e presented

	CLAUSE 22

	Caroling dale !d ba siirty (50) days after Inicla: dosll | Date

	CLAUSE 23

	Sailer has gqrad and mg^wtpbte tflfe 1o, Is the eKC j^ve teojal and equriable owner gf. and has
the unresbncted power ana rigWto tall. assig-ancidelivei Iha Vessel.

	CLAUSE^

	Each party hereto Is an en^[y duly incorporated validly existing and in good Etandmg una«f 1*ie
law& of th6 Juristfjdlon of it& incorponalion. with 1he requisite power and authflrity In
Bntorinto 1hi& MOA and the transactionsi cjntemplilPd hereby E»^- paHy |ie.re:o is duly
quS’ified 10 conduct auai”.ciss arJ ib in good Staodi^ be a foreign corporation
or oftiar legal entity in nasti jurisdiction n w.ich thfr nituce of Ihe busimss canductad or
property owned ny it makes suoh queliFication necesEary. accept vvhcre the ‘a ^ure to- be &o
q-ja: fied or 11 ggod Standing. 84 the case may be could not individually or in the
aggregate, have- cu feasonably be e-vpect*d to rasJL Iri d Malerial Ad^rse Effect (as, defined in
the Master A^rtfrntnnl}.

	CLAUSE 26

	Eicti pirty hereto Has Ihc ractulstta wrporalft power ind authority toflnter inlo and to consum
mate tne transactions oontemplaled by thi& MOA and otherwise to Caffy flUt lt£ OblijatiOna here
under. The ekecul’on and delivery of ihis MOA and the consummation by it ot the trantactiD-s
corrl*m(itaL40 hereby havfr baen duly authorizod by ah nKSSsary Mf^ofate action other coqwrgte or
oLher action Or proceeding on tne par! of eith&r paity herein is neccE&ar^ to- authorize Ihis MOA
or the congummalion of the transactions cofTtemfHatefl Hereby This MOA fiss been duly executed by
each party na«td and. when dattvered. will can&lilute iy>e valid and birding obligation of each
such pflrtj. eofprceablE agamBt Bach Buch party In accordance wrlh its terms, except (\} as may be
limited by applicable bankruptcy, insolvency, rtargarvzation. morsloriuro. frsuduleni conveyance
a^d any pi^er laws rjf ganHral aflpfotion ffHcebng nnfereBmonl of cnsditora’ rights gensraty, of
(lil as limited by la/ffi relpting lo the availability of Specific performance, injuridive
ralief or other equrtabl* TDmodifrG

	CMIJS6 25

	The eK£culiqn delivEry and QErformance of this MQA by each party hereto and Um con&ufnnngtiCKi by
such party of the traniact-ons Mritemplalftd nerefiy (>o not and will not (i) conlict wilh or
widlalt any provision of its- respect.TM charter documents, (n) CoftfJid with, Ch’ ConslHule a
cfefputt l.or an event tfial wHti notce or lapse ol time <y coth v^ould beMme a oeFauirlj ynder.
m give- to Dlhftr* atiy tignis (rf t*rmifla(icin. amendma^it, atcslflration or
cajicfllladiOn {w:1h or ftilhOUl flffhoe, Iflpss of time or both} of, any contract :c which
sljc^i party .5 a pa.ly thereto- or by which any property or asset cf sucn parly ii bqyna
or stlefled, [ill) :esut In 3 violallon d any law, rule, statute & jagutatioji 10 which sutn parly
is SUt^Ct M (ivj rsstlll In arty violarlksn of any andflr-, ;uo<amanl, mjunchon. diecree or
c^har restn’dion of any governmental authority to which such party is subject, or by wtiich any
property or asse! of such OJrly is bound or a^ected; except Jn the case of eacfi of clauaea (i/)
and ^iiij, such aE coukj no!, irtdlvlduaVy or in [he aggregate, have or r&aionabty be expected to
resud in a Material Adverse Effect (ae defined -ti Ihe Master AgHamariL}.

	SJ.AUSE2T

 

 

	NiJI—cr parly Is required [n obtain arry consfinl. waivor, aijlhGrnBripn, or order Off. flive any
ndti« to. or make any <illng or registration wUh. any flnvemmentBl authority or other person Or
entlly in connexion win thd cjtKiitiDn (Jeluer)1 and perfDrmarrai by iUCh paHj- uJ Uii&
MOA. olherthan ITiDae 1t-.al huvfc tiEen ftladn ar oblBk-^ ^ turfi party prior to ihfr d#|e oMhfe
MQA.

	CLAUSE 2fl

	This AflraBfnefrl is o« of 111* “MOA’s ralEmHl 1C and defined in (1) Ihe Maste Agreement dated the
date he^aof 3J>d KCCUtftd and dElivereil conorrrcnlly hprewKh b^ the SElisrL, the Buyers, and
oilier? If (her? is any irtaraiEtengy belvrtitn LhE Lerm& 3fid «>nditions of 1hit Aigreemsnl
and the terms and COIvllLifjns nF sad fclwter AgraEment with neswcl tfi ihc safe and purchase of
int Vessel, thsn Ihe lerms and conditions of this Agreement ahnli ffevail.

	NotivihSlanding the abtve. 1hw OblinjIJDns of each parly UPtter in* MQA &M tul^act 10.

	(i) Seine^gy otilaining tfie Initial Closing / Shstneholder Apprawal            at tfef.ned in
fr* MaEter AgrBanfrntTr and

	> Ths saiisfadtion pr ^tUvcr of oacn cf the spphuble i^nntJilons »r forth in
Article VIM c-I fl* Uaater AgrtimerU ‘

	In «sc Ssanergv Fails lo ottlain ths Shareholder AppcovsH 1he Inrbal Closing as fleFmed m the Master
AjrenmoM does not take piat* 36 pro^dad in Ihe Mesler Agreeirent, tnis Mefliorandum of A^feemenl
vnair be au*cma:’cell> term;naiad, cancelled anc aF no further t&rce »no effect wUh&ut (etponsftHHj’ of
ar>y nf the parties. /

	Fortna Setartfl)EX-10.5

	MEMORANDUM OF AGREEMENT            Norwegian shiphrokers’ assocation’s vemo
randum of agreement for sale and purchase of
ships adopred by The balance and Intercoucil (BIMOCO)in 1956
SALEFORM 1993
Revised 1996 .1983 1986/87and
Dated: 20 May 2008

KALISTOS MARITME CORP. of Marshall Islands or Guaaranteed nominee

	hereinafter called the Sellers, have agreed to
sell, and

	SEANERGY MARITIME CORP. of Marshall Islands or Guaranteed nominee 1
hereinafter called the Buyers, have agreed to buy 2
Name: AFRICAN ZEBRA 3
Classification Society/Class: Bureau Veritas OS041S 4
Built: 1985By: CSBC TAIWAN 5

	Flag:BAHAMAS            Place of Registration; NASSAU 6

	Call Sign: C6XD9 Grt/Nnt: 23, 207mt M2, 363 mi 7

	Register Number: 8000937 8

	hereinafter called the Vessel, on the following terms and conditions: 9
Definitions 10
“Banking days” are days on which banks are open both in the country of the currency 10
stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause B. 11
“In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, 12
a registered letter, telex, telefax or other modern form of written communication. 14
“Classification Society” or “Class” means the Society referred to in line 4. 15
“Master Agreement” means a master agreement of even date herewith made by and among, inter
alios, the Seanergy and the Sellers.
“Shareholder Approval” has the meaning set forth in the Master
Agreement. “Effective Date” means the date of issuance of the
Shareholder Approval.
“Seanergy” means Seanergy Maritime Corporation of Marshall Islands, being the parent company of
the Company to be nominated as buyer of the Vessel and of the buying companies of the other
Vessels referred to in Clause 17.
1. Purchase Price 16
USD 34, 500, 000 cash (Thirty four million five hundred United States Dollars) only,
2. Deposit 17

	As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 20% 18

	(twenty per cent} of the Purchase Price as per Clause 17. within 3 (throe) banking days from tho -
date of this Agreement by both parties. This deposit shall be placed with FBB — First Business
Bank, 62 INotara & Sotiros Dios Str, Piraeus, Greece. Phone: + 30 210 41 18 711, Fax: + 30
21041 32 058, 20

	and held by them in a joint account between Sellers and the Buyers :,
to be released in accordance with joint written instructions of the Sellers and the Buyers, The
Buyers to produce all documents required for the opening of the joint account. Interest, if any, to
be credited to the 22

 

 

	Buyers. Any fee charged for holding the said deposit shal be borne equally by the Sellers and the 23

	Buyers. The expenses for the opening of the joint accoun and the closing fees to be shared equally
between the Sellers and the Buyers 24

	3. Payment (See also Clause 47-) 25

The said Purchase Price shall be paid in full free of bank charges to Sellers to: HSH NORDBANK AG
HAMBURG, GERMANY, SORT CODE: 21050000. with JP MORGAN CHASE BANK NA NEW YORK, USA. SWIFT: CHASUS33,
ACCOUNT: 001-1-331808 in favor of LINCOLN FINANCE CORP., USD ACCOUNT:

	1100175430, IBAN: DE15210500001100175430 26

	27

	on delivery of the Vessel, but not later than 3 banking days after the Vesse! is in every respect 28

	physically ready for delivery in accordance with the terms and conditions of this Agreement and 29

	Notice of Readiness has been given in accordance with Clause 5. 30

	4. Inspections 31

	The-Buyers have waived their right to inspect-the-Vessel-and her- class records.
a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers 32

	have also inspected the Vessel at/in DURBAN 33
and have accepted the Vessel following this inspection and the sale is outright and definite, 34
subject only to the terms and conditions of this Agreement, 35
b)* The Buyers-shall have-the F-tgfrt-te-ifrepect the Vessel’s classifcation-records and declare 36
whether same-are accepted or not within 37
The-Sollers shall provide for inspection-of the Vessel at/in 38
The- Buyers shall undertake the-tnspection without undue delay-to tha Vessel. Should the 39
Buyers cause-undue delay-they shall compensate the Sellers for-the-lesses thereby incurred. 40
Tee-Buyers shall inspeet-the-Vessel-without opening up and without cost to the Sellers. 41
During tho inspection, the Vessels deck and engine log books shall-be made ovailable for 42
examination by the Buyers. If the Vessel is accepted after such inspection, the sale shall 43
become outright and definite, subject -only to the terms and conditions of this Agreement, 44
provided-the Sellers-peeeive written notice of acceptance from the Buyers within 72 hours 45
after completion of such inspection. 46
Should notice of acceptance of the Vessel’s classification records-and of thg-Vesset-not-be 47
received-by the Sellers-as-aforesaidi the -deposit together with interest corned shall be 46
feteased-immediately to the Buyers, whereafter this Agreement shall bo null and void. 49

	* 4 a) and 4b) are alternatives; delete whichever is not applicable. In the absence of
deletions, 50

	alternative 4a) to apply. 51

	5. Notices, time and place of delivery 52

	a)The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall 53

	provide the Buyers with 30, 21, 14 and 7 days approximate definite and 24 hours definite 54

	notice of the estimated time of arrival at Hie intended place of drydeckinig/underwater 55

	inspection/delivery. 56

	When the Vessel is at the place of delivery and in every respect physically ready for delivery 57

	in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of 58

	Readiness for delivery,
b)The Vessel shall be delivered and taken over cargo free and stowaways free at a safe and 59
accessible port, anchorage, and/or safe and accessible berth always safely afloat at Sellers’ 60
option at a place to be mutually agreed. Place of delivery in accordance

 

 

	with Vessel’s trade/charter obligation.
Expected time of delivery: to be mutually agreed 61

Dale of canceling as per Clause 24 (see-Glauses-5-e), 6 b) (iii) and 14
-30th-Septembier-i-2-CQ§ in 62
Buyers’ option but if vessel is on a sea passage that takes her beyond this date, then the ve ssel 63
wilt be delivered at the first next port of call but immediately after the original canceling date and
therefore canceling date will be extended accordingly.
c)If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 64
Vessel will not be ready for delivery by the cancelling bate they may notify the Buyers in 65
writing stating the date when they anticipate that the Vessel will be ready for delivery and 66
propose a new cancelling date. Upon receipt of such notification the Buyers shall have the 67
option of either cancelling this Agreement in accordance with Clause 14 within 7 running 68
days of receipt of the notice or of accepting the new date as the new cancelling date. If the 69
Buyers have not declared their option within 7 running days of receipt of the Sellers’ 70
notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification 71
shall be deemed to be the new cancelling date and shail be substituted for the cancelling
date stipulated in line 61,
If this Agreement is maintained with the new cancelling date all other terms and conditions 72
hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full 73
force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any 74
claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by 75
the original cancelling date. 76
7
d)Should the Vessel become an actual, constructive or compromised total loss before delivery 7:
the deposit together with interest earned shall be released immediately to the Buyers
whereafter this Agreement shall be null and void. 7

	6 Drydocking/Divers Inspection 8

a)*1 The Sellers shall place the Vessel in dfydock at the port of delivery for inspection-by -the 8

	G-lassification-Seciety of the Vessel’s underwater parts below the dcopest-loa4-ltfleT-toe 8
extent of the inspection being in accordance-with the-Classification-Society’s rules. If the 8
fudder, propeller, bottom or other undsrwator-parts-£etow4be-deepost-toad-4me arc found 8

	broken, damaged-or defective so as to affect the Vossel’c class, such defects-stall be mode 8

	good at the Sellers’ expense to the satisfaetion of the Classification Society without

	condition/rooommondaliotf*

	b)** (i) The Vessel is to be delivered without drydocking. However, the Buyers
shall
have the right at their expense to arrange for an underwater inspection by a diver approved
by the Classification Society prior to the delivery of the vessel. The Sellers shall at their 9;
cost make the Vessel available for such inspection. The extent of the inspection and the 9;
conditions under which it is performed shall be to the satisfaction of the Classification 9:

	Society. If the conditions at the port of delivery are unsuitable for such inspection, the 9,

	Sellers shall make the Vessel available at a suitable alternative place near to the delivery 9;

	port. Inspection of Vessel’s underwater parts shall be carried out in the presence of class

surveyor to be invited by the Sellers and Sellers’/Buyers’ representatives.

	9;

	(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line 9

	are found broken, damaged or defective so as to affect the Vessel’s class, then unless 9

	repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers 9
shall arrange for the Vessel to be drydocked at their expense for inspection by the 10;
Classification Society of the Vessel’s underwater parts below the deepest load line, the 10;

	extent of the inspection being in accordance with the Classification Society’s rules. If the 10:

	rudder, propeller, bottom or other underwater parts below the deepest load line are found 10;

	broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made 10;

	good by the Sellers at their expense to the satisfaction of the Classification Society 10;
without condition/recommendation*. In such event the Sellers are to pay also for the cost of 10;

	the underwater inspection and the Classification Society’s attendance.

	The Buyers’ Class and the Sellers’ Class shall at all times be the sole arbitrators as to
whether

 

 

 

 

 

 

	deey FReffe-as-sseH-as-pos&ibie QftaMrte-date-ef-4ri4S-AgreefrteF& 1-SG

	At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of
197

	Delivery and Acceptance confirming the date and tims of delivery of the Vessel from the Sellers to
the 108

Buyers. 193

	At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as
we!i as all 200

	Plans/drawings/insiructionbooks relative to main engine and auxiliaries/SOPEF/pubtications as on board,
etc., which are on board the Vessel. Other certificates which are on board the Vessel 201

	shall also
be handed over to the Buyers unless the Sellers are required to retain same, in which case the 202

	Buyers to have the right to take copies. Aii other technical documentation and pians, etc. ashore
which may 203

	be in the Sellers’ possession shall be promptly forwarded to the Buyers at their expense, if they so 204

	request. The Sellers may keep the Vessel’s log books but the Buyers to have the right to take 205

	copies of same. 20G
9. Encumbrances 207

	The Sellers warrant that the Vessel, at the time of delivery, is free from all etertefs,
encumbrances, mortgages and/or maritime liens or any other debts and/or claims whatsoever against
the Vessel and/or the 20E

	Sellers, The Sellers hereby undertake to indemnify the Buyers against all consequences of claims
made 210

	against the Vessel which have been incurred prior to the time of delivery and reference to clause 7. 3 of the
Maste r Ag reement 211

	10. Taxes, etc. 212

	Any taxes, fees and expenses in connection with the purchase and registration under the Buyers’ flag 213

	shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ 214

	register shall be for the Sellers’ account. 215

	11. Condition on delivery 216

	The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is 217

	delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be 218

 

 

 

 

	16. Arbitration 262

	a)* This Agreement shall be governed by and construed in accordance with English law and 253

	any dispute arising out of this Agreement shall be referred to arbitration in London before
three Arbitrators in accordance with the Arbitration Act 1996 or any statutory modification or 264

	re-enactment thereof for the time being in force and the terms of the London Maritime Arbitration
Association then in force, one arbitrator being appointed by each party. 265
On the receipt by one party of the nomination in writing of the other party’s arbitrator, 267

	that party shall appoint their arbitrator within fourteen days. 268

	If that party does not appoint its own arbitrator within the fourteen days specified, the party 269

	referring a dispute to arbitration may, without the requirement of any further prior notice
to the 266
other party, appoint its arbitrator as sole arbitrator and shall advise the other party
accordingly, 267
The award of the sole arbitrator shall be binding on both parties as if it had been appointed
by 268

	agreement. The two arbitrators properly appointed shall appoint the third arbitrator who
shall act 269

as chairman of the Tribunal. 270

	b)*This Agreement shall governed by and construed in accordance with Title 9 of the 271

	United States Code and tho Law of the State of New York and should any dispute arise out of
272

	this Agreement, the matter in dispute shall be referred to three persons at New York, one to
273
be appointed by each of the parties hereto, and the third by the two so chosen: their 274
decision or that of any two of them shall-be final, and for purpose of enforcing any award,
this 275

	Agreement may be made a rule of the Court. 276
Tho proceedings shall be conducted in accordance with the rules of the Society of Maritime
277
Atbitraters, Inc. New York 278

	e)*Any dispute-arising-out of-this Agreement-shall be referred to arbitration at 279

	subject to the procedures applicable there. 280

	The-laws-of shall-govern this Agreement. 281

	* 16 a), 16 b) and 16 c) are alternatives; delete whichever is not applicable. In the absence of
282

	deletions, alternative 16 a) to apply. 283

	Additional Clauses from 17 to 18 form an integral part of this Memorandum of Agreement

1

 

	Appendix to Memorandum of Agreement code-name SALEFORM
1993-dated 9 May 2008-M/V “DAVAKIS G.”

	CLAUSE 17

	The 20 pet deposit shall be made on the Initial Closing Date as defined in Clause 2.4{b) of the
Master Agreement referred to in Clause 31 hereof, The 20 pct deposit and balance of 80 pct
together with extra payment for luboils and or bunkers, to be paid on day of delivery at Sellers’
nominated bank provided however that if the Vessel is delivered on the Initial Closing Date,
Buyers will not be required to pay the 20% deposit into the joint account referred to in Clause 2
and they will make payment of 100% of the purchase price directly to the Sellers. On delivery of
the Vessel, in exchange for payment of the purchase price of the Vessel and extra payment for
luboils and/or bunkers, Sellers will provide the Buyers with against delivery documents
reasonably needed by Buyers to acquire legal ownership and register the vessel under her new flag.
Such documents to be mutually agreed and listed in an Addendum to the Memorandum of Agreement, but
shall include, without limitation, the closing deliveries as required by Clause 2.2 and 2.4 of the
Master Agreement as well as each party’s respective officer certificate dated the Initial Closing
Date setting forth names and signatures of signatories to MOA and other related documents as well
certifying and attaching charter documents of such party in effect as of the date of the Initial
Closing Date and duly executed shareholder and director resolutions approving the entry into the
Master Agreement referred to in Clause 31 hereof, this MOA, other related documents and the
transactions contemplated hereby and thereby. Signing of the Addendum shall not delay signing of
MoA and lodging of the deposit.

	CLAUSE 18

	Sellers to confirm in writing on delivery that to the best of their knowledge the vessel:

	is not blacklisted by any Arab countries / nations or any other countries or
organizations; has not touched bottom since her last dry docking.

	CLAUSE 19

	All negotiation and eventual sale to be kept strictly private and confidential between all parties
involved except where required by Statutory or U.S. Stock listed requirements. However should
despite the efforts of all parties involved details of the sale become known or reported in the
market neither the Sellers not the Buyers have the right to withdraw from the sale or fail to
fulfill all their obligations under this Agreement.

	This Memorandum of Agreement is drawn up in two originals with even tenor and date. One original
shall be retained by the Sellers and one original shall be retained by the Buyers.

	CLAUSE 20

	Vessel to be delivered free of cargo, cargo residues and free of any dunnage, with holds swept,
clean and dry on completion of last voyage, prior delivery.

2

 

	CLAUSE 21

	Sellers warrant that on the date hereof and on the date of Vessel’s delivery, the Vessel shall be
entitled to trade worldwide within Institute Warranty Limits without restriction or limitation.

	Sellers also to confirm on delivery that vessel has not traded during the last two (2) years in
CIS Pacific Countries, but if traded, then, a valid Phytosanitary Certificate to be presented.

	CLAUSE 22

	Canceling date to be sixty (60) days after Initial Closing
Date CLAUSE 23

	Seller has good and marketable title to. is the exclusive legal and equitable owner of, and has
the unrestricted power and right to sell, assign and deliver the Vessel.

	CLAUSE 24

	Each party hereto 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 MOA and the transactions contemplated hereby. Each party hereto 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 (as defined in the Master Agreement).

	CLAUSE 25

	Each party hereto has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this MOA and otherwise to carry out its obligations hereunder. The
execution and delivery of this MOA and the consummation by it of the transactions contemplated
hereby have been duly authorized by all necessary corporate action, other corporate or other action
or proceeding on the part of either party hereto is necessary to authorize this MOA or the
consummation of the transactions contemplated hereby. This MOA has been duly executed by each party
hereto and, when delivered, will constitute the valid and binding obligation of each such party,
enforceable against each such party 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, or (ii) as
limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies.

	CLAUSE 26

	The execution, delivery and performance of this MOA by each party hereto and the consummation by
such party of the transactions contemplated hereby do not and will not (i) conflict with or violate
any provision of its respective 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 party is a party thereto or by which any property
or asset of such party is bound or affected, (iii) result in a violation of any law, rule, statute
or regulation to which such party is subject or (iv) result in any violation of any order,
judgment, injunction, decree or other restriction of any governmental authority to which such party
is subject, or by which any property or asset of such party 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 (as defined in the Master
Agreement).

	CLAUSE 27

3

 

	Neither party is 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 or
entity in connection with the execution, delivery and performance by such party of this MOA, other
than those that have been made or obtained by such party prior to the date of this MOA,

	CLAUSE 2S

	This Agreement is one of the “MOA“s referred to and defined in (1) the Master Agreement dated the
date hereof and executed and delivered concurrently herewith by the Sellers, the Buyers, and
others, If there is any inconsistency between the terms and conditions of this Agreement and the&
terms and conditions of said Master Agreement with respect to the sale and purchase of the Vessel,
then the terms and conditions of this Agreement shall prevail.

	Notwithstanding the above, the obligations of each party under this MOA are subject to:

	(i) Seanergy obtaining the Initial Closing / Shareholder Approval, as defined in the
Master Agreement; and

	(ii) The satisfaction or waiver of each of the applicable conditions set forth in
Article VIII of the Master Agreement.”

	In case Seanergy fails to obtain the Shareholder Approval the Initial Closing as defined in the
Master Agreement does not take place as provided in the Master Agreement, this Memorandum of
Agreement shall be automatically terminated, cancelled and of no further force and effect without
responsibility of any of the parties.

	Clause 29 Warranty Claims

	At the time of the delivery of the Vessel under this MOA, the Sellers shall, pursuant to the terms
of a separate assignment agreement, assign to the Buyers, all of their rights againest the Builder
regarding any guarantee claims (Art. 9 of the Shipbuilding Contract). Sellers will act as agent
and/or grant a POA to the Buyers to achieve the same effect at no cost to the Sellers and subject
to the Buyers’ providing the Sellers with an indemnity in a form acceptable to the Sellers.

	Clause 30

	if the Charterer does not exercise its option to extend the period of the Charter, then the Owner
shall be deemed to have appointed the Charterer as its exclusive chartering broker for the Vessel
for a period ending on the second anniversary of the date on which this Agreement enters into
effect. The chartering services shall include seeking and negotiating employment for the Vessel and
the conclusion of charter parties or other contracts relating to the employment of the Vessel The
Owner shall pay the charaterers a commission equal to one point two five per cent (1.25%) of all
gross freights and hires received by the Owner under charter perties or other contracts relating to
the employment of the Vessel concluded pursuant hereto.

	For the Sellers (1) For the Buyers (2)
/s/ /s/
NAME:(ELLIGIBLE) NAME:(ELLIGIBLE)
TITLE:ATTORNEY IN FACT            TITLE: PRESIDENT

4

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