Document:

EX-10.7

 

Exhibit 10.7

A. SCHULMAN, INC.

2006 INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

GRANTED TO

JOSEPH M. GINGO on FEBRUARY 29, 2008

A. Schulman, Inc. (“Company”) believes that its business interests are best served by extending to
you an opportunity to earn additional compensation based on the growth of the Company’s business.
To this end, the Company adopted, and its stockholders approved, the A. Schulman, Inc. 2006
Incentive Plan (“Plan”) as a means through which employees like you may share in the Company’s
success. Capitalized terms that are not defined herein shall have the same meanings as in the
Plan.

This Award Agreement describes many features of your Award and the terms and conditions of your
Award. To ensure you fully understand these terms and conditions, you should:

	 	•	 	Read the Plan carefully to ensure you understand how the Plan works;
	 
	 	•	 	Read this Award Agreement carefully to ensure you understand the nature of your Award
and what you must do to earn it; and
	 
	 	•	 	Contact Rand Torgler at (330) 668-7224 if you have any questions about your Award.

Also, no later than March 28, 2008, you must return a signed copy of the Award Agreement to:

Rand Torgler

A. Schulman, Inc.

3550 West Market Street

Akron, Ohio 44333

Nature of Your Award

You have been granted Restricted Stock Units. Each Restricted Stock Unit represents the right to
receive cash equal to the Fair Market Value of a Share, subject to the terms and conditions of this
Award Agreement and the Plan. The terms and conditions affecting your Restricted Stock Units are
described in this Award Agreement and the Plan, both of which you should read carefully.

Grant Date: February 29, 2008.

Number of Restricted Stock Units: You have been granted 24,436 Restricted Stock Units (“Total
Units”), subject to the terms and conditions of this Award Agreement and the Plan.

When Your Award Will Vest

Your Restricted Stock Units will be settled or will be forfeited depending on whether the
applicable terms and conditions have been met. For purposes of this Award Agreement, [a]
“Performance Period” shall mean the period beginning on September 1, 2007 and ending on August 31,
2008 and [b] “Normal Vesting Date” shall mean August 31, 2008.

1

 

Normal Vesting Date: Except as otherwise provided in this Award Agreement, the number of
Total Units that will vest on the Normal Vesting Date will depend on the achievement of the
Performance Objectives, as set forth in the table below, during the Performance Period, as
reported to and approved by the Committee. With respect to each Performance Objective, the
number of Restricted Stock Units that will vest on the Normal Vesting Date will equal: [a]
the applicable Percentage of Total Units, as set forth in the table below, multiplied by [b]
the indicated percentage at the Threshold, Target, Stretch Budget and Maximum performance
levels; provided, however, that if a Performance Objective is not achieved or is achieved at
a performance level which is less than Threshold, all of your Restricted Stock Units with
respect to that Performance Objective will be forfeited. If the achievement of a
Performance Objective is between performance levels, the number of Restricted Stock Units
that vest will be interpolated by the Company. Any Restricted Stock Units that do not vest
as of the Normal Vesting Date shall be forfeited.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	Percentage of	 	Threshold*	 	Target*	 	Stretch*	 	Maximum*
	Performance Objective	 	Total Units	 	(33.33%)	 	(66.67%)	 	(83.33%)	 	(100%)
	Net Income
	 	 	40	%	 	 	85.71	%	 	 	100.00	%	 	 	114.00	%	 	 	131.37	%
	Cash Flow
 (Excluding Capital Expenditures)
	 	 	30	%	 	 	85.65	%	 	 	100.00	%	 	 	114.20	%	 	 	131.34	%
	Return on Invested Capital
	 	 	30	%	 	 	86.17	%	 	 	100.00	%	 	 	113.83	%	 	 	130.85	%

 

			
	*	 	Expressed as percentages for public filing and confidentiality purposes

Notwithstanding the foregoing, your Restricted Stock Units may vest earlier in the
circumstances described below.

How Your Restricted Stock Units Might Vest Earlier Than the Normal Vesting Date: Your
Restricted Stock Units will immediately vest and all Performance Objectives will be deemed
to have been met at the Maximum performance level if there is a Change in Control.

How Your Termination Will Affect Your Restricted Stock Units: You may forfeit your
Restricted Stock Units if you Terminate before the Normal Vesting Date, although this will
depend on why you Terminate.

2

 

[a] If you Terminate because of [i] death, [ii] Disability or [iii] after qualifying for
Retirement if the Committee agrees to treat your Termination as a Retirement, a prorata
portion of your Restricted Stock Units granted through this Award Agreement will vest
but only if the Performance Objectives described above are actually met at the Normal
Vesting Date:

	 	 	 	 	 	 
	Number of Restricted
Stock Units that would
have vested if you had
not Terminated before
the Normal Vesting Date
	 	X	 	the number of whole months between
the Grant Date and your Termination date	 
	

	 		 	
6	 

If those Performance Objectives are not met, all of your Restricted Stock Units will be
forfeited.

[b] If you Terminate under any other circumstances, all of the Restricted Stock Units
granted through this Award Agreement will be forfeited.

Settling Your Award

Your vested Restricted Stock Units will be settled no later than the 15th day of the third month
following the applicable vesting date for a cash payment equal to the whole number of vested
Restricted Stock Units to be settled, multiplied by the Fair Market Value of a Share on the
applicable settlement date. All Restricted Stock Units relating to fractional Shares will be
cancelled without any consideration.

Other Rules Affecting Your Award

Rights During the Performance Period: During the Performance Period, you will have no voting
rights with respect to the Shares underlying your Restricted Stock Units. You shall be entitled to
receive any cash dividends that are declared and paid during the Performance Period with respect to
the Shares underlying two-thirds of your Total Units (the “Target Units”), subject to the terms and
conditions of the Plan and this Award Agreement. If a cash dividend is declared and paid during
the Performance Period on the Shares underlying the Target Units, you will be deemed to have been
credited with a cash amount equal to the product of [a] the number of the Target Units that have
not been settled or forfeited as of the dividend payment date, multiplied by [b] the amount of the
cash dividend paid per Share. Such amount shall be subject to the same terms and conditions as the
related Target Units and shall vest and be settled in cash if, when and to the extent the related
the Target Units vest and are settled. In the event a Target Unit is forfeited under this Award
Agreement, the related dividends will also be forfeited.

Beneficiary Designation: You may name a beneficiary or beneficiaries to receive any Restricted
Stock Units and any other right under the Plan that are unexercised or unsettled at your death. To
do so, you must complete a new beneficiary designation form by contacting Rand Torgler at (330)
665-7224 or the address below. If you die without completing a beneficiary designation form or if
you do not complete that form correctly, your beneficiary will be your surviving spouse or, if you
do not have a surviving spouse, your estate.

3

 

Tax Withholding: Applicable withholding taxes must be withheld with respect to your Award. These
taxes may be paid in one of several ways. They are:

	 	•	 	By the Company withholding this amount from other amounts owed to you (e.g., from
your salary);
	 
	 	•	 	By giving the Company a check (payable to “A. Schulman, Inc.”) in an amount equal to
the taxes that must be withheld; or
	 
	 	•	 	By having the Company withhold a portion of the cash payment that otherwise would be
distributed to you equal to the taxes that must be withheld.

You must choose the approach you prefer before the Restricted Stock Units are settled, although the
Company may reject your preferred method for any reason (or for no reason). If this happens or if
you do not choose a method within 30 days of the applicable settlement date, the Company will
specify (from among the alternatives just listed) how these taxes are to be paid.

Transferring Your Restricted Stock Units: Normally, your Restricted Stock Units may not be
transferred to another person. However, as described above, you may complete a beneficiary
designation form to name the person to receive any Restricted Stock Units that are settled after
you die. Also, the Committee may allow you to transfer your Restricted Stock Units to certain
Permissible Transferees, including a trust established for your benefit or the benefit of your
family. Contact Rand Torgler at the address or number given below if you are interested in doing
this.

Governing Law: This Award Agreement will be construed in accordance with and governed by the laws
(other than laws governing conflicts of laws) of the State of Ohio, except to the extent that the
Delaware General Corporation Law is mandatorily applicable.

Other Agreements: Also, your Restricted Stock Units will be subject to the terms of any other
written agreements between you and the Company or a Related Entity to the extent that those other
agreements do not directly conflict with the terms of the Plan or this Award Agreement.

Adjustments to Your Restricted Stock Units: Subject to the terms of the Plan, your Award will be
adjusted, if appropriate, to reflect any change to the Company’s capital structure (e.g., the
number of your Restricted Stock Units will be adjusted to reflect a stock split).

Other Rules: Your Restricted Stock Units also are subject to more rules described in the Plan.
You should read the Plan carefully to ensure you fully understand all the terms and conditions of
this Award.

*****

You may contact Rand Torgler at the address or number given below if you have any questions about
your Award or this Award Agreement.

*****

4

 

Your Acknowledgment of Award Conditions

Note: You must sign and return a copy of this Award Agreement to Rand Torgler at the address given
below no later than March 28, 2008.

By signing below, I acknowledge and agree that:

	 	•	 	A copy of the Plan has been made available to me;
	 
	 	•	 	I understand and accept the conditions placed on my Award and understand what I must
do to earn my Award;
	 
	 	•	 	I will consent (in my own behalf and in behalf of my beneficiaries and without any
further consideration) to any change to my Award or this Award Agreement to avoid
paying penalties under Section 409A of the Code, even if those changes affect the terms
of my Award and reduce its value or potential value; and
	 
	 	•	 	I must return a signed copy of this Award Agreement to the address shown below by
March 28, 2008.

	 	 	 	 	 	 	 	 	 
	JOSEPH M. GINGO

	 	 	 	A. SCHULMAN, INC.	 	 
	 
	/s/ Joseph M. Gingo
 

(signature)

	 	 
	 	By:
	 	/s/ Paul F. DeSantis
 

	 	 
	 
	 	 	 	 	 	 	 	 
	Date signed: March 23, 2008

	 	 	 	Date signed: March 17, 2008	 	 

A signed copy of this Award Agreement must be sent to the following address no later than March 28,
2008:

Rand Torgler

A. Schulman, Inc.

3550 West Market Street

Akron, Ohio 44333

(330) 668-7224

5ex4-2.htm

    Exhibit
4.2

     

    
      Date 19
September 2007

      

      

      

      CAPITAL
PRODUCT PARTNERS L.P.

      as
Borrower

      

      

      

      THE
BANKS AND FINANCIAL INSTITUTIONS

      listed
in Schedule 1

      as
Lenders

      

      - and
-

      

      HSH
NORDBANK AG

      as Swap
Bank

      

      

      - and
-

      

      

      HSH
NORDBANK AG

      as
Bookrunner

      

      

      - and
-

      

      

      HSH
NORDBANK AG

      as Agent
and Security Trustee

      

      

      __________________________________

      

      SUPPLEMENTAL
AGREEMENT

      ___________________________________

      

      in
relation to a Loan Agreement dated

      22 March
2007 relating to revolving credit

      and term
loan facilities not exceeding US$370,000,000

       

       

       

       

      
        
          
            WATSON,
FARLEY & WILLIAMS

            Piraeus

          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Clause

              	
                Page

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                1

              	
                INTERPRETATION

              	
                3

              
	 
      	 
      	 
      
	
                2

              	
                AGREEMENT OF THE CREDITOR
      PARTIES

              	
                4

              
	 
      	 
      	 
      
	
                3

              	
                CONDITIONS PRECEDENT

              	
                4

              
	 
      	 
      	 
      
	
                4

              	
                REPRESENTATIONS AND
      WARRANTIES

              	
                5

              
	 
      	 
      	 
      
	
                5

              	
                AMENDMENTS TO LOAN AGREEMENT AND
      OTHER FINANCE DOCUMENTS

              	
                5

              
	 
      	 
      	 
      
	
                6

              	
                FURTHER ASSURANCES

              	
                8

              
	 
      	 
      	 
      
	
                7

              	
                EXPENSES

              	
                9

              
	 
      	 
      	 
      
	
                8

              	
                NOTICES

              	
                9

              
	 
      	 
      	 
      
	
                9

              	
                SUPPLEMENTAL

              	
                9

              
	 
      	 
      	 
      
	
                10

              	
                LAW AND JURISDICTION

              	
                9

              
	 
      	 
      
	
                EXECUTION PAGES

              	
                11

              
	 
      	 
      
	
                SCHEDULE
      1   LENDERS

              	
                14

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          Table of Contents

        

      

       

      

      THIS AGREEMENT is made on 19
September 2007

      

      BETWEEN

      

      
        	
                (1)

              	
                CAPITAL PRODUCT PARTNERS
      L.P. (the “Borrower”);

              
	 
      	 
      
	
                (2)

              	
                THE BANKS AND FINANCIAL
      INSTITUTIONS  listed in Schedule 1, as Lenders;

              
	 
      	 
      
	
                (3)

              	
                HSH NORDBANK AG acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Germany, as Agent;

              
	 
      	 
      
	
                (4)

              	
                HSH NORDBANK AG acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Germany, as Security Trustee;

              
	 
      	 
      
	
                (5)

              	
                HSH NORDBANK AG acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Germany, as Swap
      Bank; and

              
	 
      	 
      
	
                (6)

              	
                HSH NORDBANK AG acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Germany as Bookrunner.

              

      

      

      
        BACKGROUND

      

       

      
        	
                (A)

              	
                By
      a loan agreement dated 22 March 2007 and made between (i) the Borrower,
      (ii) the Lenders, (iii) the Agent, (iv) the Security Trustee, (v) the Swap
      Bank and (vi) the Bookrunner, the Lenders agreed to make available to the
      Borrower revolving credit and term loan facilities not exceeding
      US$370,000,000.

              
	 
      	 
      
	
                (B)

              	
                The
      Borrower has made a request to the Creditor Parties to make available a
      new tranche in the amount of up to US$30,000,000 (“Tranche D”) under the
      Loan Agreement (by reducing the maximum amount of Tranche A by
      US$30,000,000) to allow the Borrower to part-finance the acquisition of
      all the shares in Ross Shipmanagement Co. and to provide it with working
      capital for its general corporate purposes or to part-finance future
      acquisitions of vessels or shares in shipowning companies or for any of
      the purposes applicable to Tranche C.

              
	 
      	 
      
	
                (C)

              	
                This
      Agreement sets out the terms and conditions on which the Creditor Parties
      agree, with effect on and from the Effective Date, at the request of the
      Borrower to make available Tranche D and the consequential amendments to
      the Loan Agreement and the other Finance
  Documents.

              

      

      

      IT IS AGREED as
follows:

      

      
        	
                1

              	
                INTERPRETATION

              
	 
      	 
      
	
                1.1

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

              
	 
      	 
      
	
                1.2

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

              
	 
      	 
      
	 
      	
                “ATTIKOS”  means
      the oil tanker of approximately 12,000 deadweight metric tons registered
      in the ownership of Ross under Liberian flag with the name
      “ATTIKOS”;

              
	 
      	 
      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          Table of Contents

        

      

       

       

      
        	 	 “Attikos
      Charter”  means a time charter in respect of “ATTIKOS”
      dated 31 May 2007 and made between Ross as owner and Trafigura Beheer BV
      as charterer;
	 	 
	 
      	
                “Effective
      Date”  means the date on which all the conditions
      precedent referred to in Clause 3.1 have been fulfilled by the Borrower,
      to be a Business Day not later than 24 September 2007 (or such later date
      as the Lenders may agree with the Borrower);

              
	 
      	 
      
	 
      	
                “Loan
      Agreement”  means the loan agreement dated 22 March 2007
      referred to in Recital (A);

              
	 
      	 
      
	 
      	
                “Ross”  means
      Ross Shipmanagement Co., a Marshall Islands corporation whose registered
      office is at Trust Company Complex, Ajeltake Road, Ajeltake Island,
      Majuro, Marshall Islands; and

              
	 
      	 
      
	 
      	
                “Tranche
      D”  means an amount of up to $30,000,000 to be made
      available by the Lenders to the Borrower in up to two Advances pursuant to
      the terms of the Loan Agreement (as supplemented by this Agreement) of
      which:

              

      

      

      
        	 
      	
                (a)

              	
                $20,500,000
      shall be paid by the Borrower to Capital Maritime & Trading Corp. in
      part-financing the acquisition of all the shares in
  Ross;

              
	 
      	 
      	 
      
	 
      	
                (b)

              	
                $9,500,000
      shall be used by the Borrower for its general corporate purposes or to
      part-finance future acquisitions of vessels or in shipowning companies or
      for any of the purposes applicable to Tranche
C.

              

      

      

      
        	
                1.3

              	
                Application of construction and
      interpretation provisions of Loan Agreement.  Clauses
      1.2, 1.3, 1.4 and 1.5 of the Loan Agreement apply, with any necessary
      modifications, to this Agreement.

              
	 
      	 
      
	
                2

              	
                AGREEMENT OF THE CREDITOR
      PARTIES

              
	 
      	 
      
	
                2.1

              	
                Agreement of the
      Lenders.  The Lenders agree, subject to and upon the
      terms and conditions of this Agreement, to make available Tranche D to the
      Borrower under the Loan Agreement.

              
	 
      	 
      
	
                2.2

              	
                Agreement of the Creditor
      Parties.  The Creditor Parties agree, subject to and upon
      the terms and conditions of this Agreement, to the consequential amendment
      of the Loan Agreement and the other Finance Documents in connection with
      the matters referred to in Clause 2.1.

              
	 
      	 
      
	
                2.3

              	
                Effective Date. The
      agreement of the Lenders and the other Creditor Parties contained in
      Clause 2.1 shall have effect on and from the Effective
    Date.

              
	 
      	 
      
	
                3

              	
                CONDITIONS PRECEDENT

              
	 
      	 
      
	
                3.1

              	
                General.  The
      agreement of the Lenders and the other Creditor Parties contained in
      Clauses 2.1 and 2.2 is subject to the fulfilment of the conditions
      precedent of Part D of Schedule 3 of the Loan Agreement as supplemented by
      this Agreement and in Clause 3.2.

              
	 
      	 
      
	
                3.2

              	
                Conditions Precedent to Tranche
      D.  The conditions referred to in Clause 3.1 are that, in
      addition to the fulfilling of the conditions precedent referred to in Part
      D of Schedule 3 of the Loan Agreement as supplemented by this Agreement,
      the Agent shall have received the following documents and evidence in all
      respects in form and substance satisfactory to the Agent and its lawyers
      on or before the Effective Date (or such later date as the Lenders may
      agree with the Borrower):

              
	 
      	 
      

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          Table of Contents

        

      

       

       

      
        	 (a)	
                documents
      of the kind specified in paragraphs 3, 4 and 5 of Schedule 3, Part A of
      the Loan Agreement in relation to the Borrower updated with appropriate
      modifications to refer to this Agreement;

              
	 	 
	
                (b)

              	
                originals
      of this Agreement duly executed by the parties thereto;

              
	 
      	 
      
	
                (c)

              	
                the
      endorsement at the end of this Agreement signed by the relevant
      Owners;

              
	 
      	 
      
	
                (d)

              	
                documentary
      evidence that the agent for service of process named in Clause 30 of the
      Loan Agreement has accepted its appointment; and

              
	 
      	 
      
	
                (e)

              	
                any
      further opinions, consents, agreements and documents in connection with
      this Agreement and the Finance Documents which the Lenders may request by
      notice to the Borrower prior to the Effective Date.

              
	 
      	 
      
	
                4

              	
                REPRESENTATIONS AND
      WARRANTIES

              
	 
      	 
      
	
                4.1

              	
                Repetition of Loan Agreement
      representations and warranties.  The Borrower represents
      and warrants to the Creditor Parties that the representations and
      warranties in clause 10 of the Loan Agreement, as amended and supplemented
      by this Agreement and updated with appropriate modifications to refer to
      this Agreement, remain true and not misleading if repeated on the date of
      this Agreement with reference to the circumstances now
      existing.

              
	 
      	 
      
	
                4.2

              	
                Repetition of Finance Document
      representations and warranties.  The Borrower and each of
      the Security Parties represents and warrants to the Creditor Parties that
      the representations and warranties in the Finance Documents (other than
      the Loan Agreement) to which it is a party, as amended and supplemented by
      this Agreement and updated with appropriate modifications to refer to this
      Agreement remain true and not misleading if repeated on the date of this
      Agreement with reference to the circumstances now
  existing.

              
	 
      	 
      
	
                5

              	
                AMENDMENTS TO LOAN AGREEMENT AND OTHER
      FINANCE DOCUMENTS

              
	 
      	 
      
	
                5.1

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

              
	 
      	 
      
	
                (a)

              	
                by
      adding in Clause 1.1 thereof each of the definitions in Clause 1.1 of this
      Agreement (other than the definitions “Effective Date” and
      “Loan
      Agreement”);

              
	 
      	 
      
	
                (b)

              	
                by
      adding in Clause 1.1 thereof the following
  definition:

              

      

      

      
        	 
      	
                ““Attikos
      Advance”  has the meaning given to that term in Clause
      4.2(d);”;

              
	 
      	 
      
	
                (c)

              	
                by
      adding a new sub-paragraph (h) in the definition of “Existing Charter” in
      Clause 1.1 thereof as follows:

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          Table of Contents

        

      

      
 

        

        
          	 
      	
                  “(h)

                	
                  “ATTIKOS”,
      the Attikos Charter;

                

        

        

        
          	
                  (d)

                	
                  by
      adding a new sub-paragraph (h) in the definition of “New Ships Owners” in
      Clause 4.1. thereof as follows:

                

        

        

        
          	 
      	
                  “(h)

                	
                  Ross
      Shipmanagement Co. (“Ross”);”

                

        

        

        
          	
                  (e)

                	
                  by
      adding a new sub-paragraph (p) in the definition of “Owner” in Clause 1.1
      thereof as follows:

                

        

        

        
          	 
      	
                  “(p)

                	
                  “ATTIKOS”,
      Ross”;

                

        

         

      

      
        	
                (f)

              	
                by
      construing all references to “Ships” in the Loan Agreement as if the same
      included reference to “ATTIKOS”;

              
	 
      	 
      
	
                (g)

              	
                by
      deleting the figure “$60,000,000” from the definition of “Tranche A” in
      Clause 1.1 thereof and replacing it with “$30,000,000”;

              
	 
      	 
      
	
                (h)

              	
                by
      adding in the definition of “Tranche” in Clause 1.1 thereof the words “and
      Tranche D” after reference to “Tranche C” and by deleting the word “and”
      between the “Tranche B” and “Tranche C”;

              
	 
      	 
      
	
                (i)

              	
                by
      deleting the figure “$60,000,000” from Clause 2.1(a) thereof and replacing
      it with “$30,000,000”;

              
	 
      	 
      
	
                (j)

              	
                by
      adding a new sub-paragraph (d) in Clause 2.1 thereof as
      follows:

              

      

      

      
        	 
      	
                “(d)

              	
                Tranche
      D shall be in an amount not exceeding
  $30,000,000”;

              

      

      

      
        	
                (k)

              	
                by
      redesignating the existing sub-paragraph (d) of Clause 2.1 thereof as
      sub-paragraph (e) and by deleting in that sub-paragraph the word “and”
      after the words “four Advances” and by adding the following words at the
      end of the sub-paragraph:

              
	 
      	 
      
	 
      	
                “and
      Tranche D may be drawn down in up to two Advances”;

              
	 
      	 
      
	
                (l)

              	
                by
      adding a new sub-paragraph (d) in Clause 4.2. thereof as fol
      lows:

              

      

      

      
        	 
      	
                “(d)

              	
                each
      Advance under Tranche D shall:

              

      

      

      
        	 
      	 
      	
                (i)

              	
                in
      the case of the Advance which shall be used in part-financing the
      acquisition of all the shares in Ross (the “Attikos Advance”), be in
      an amount of $20,500,000; and

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                (ii)

              	
                in
      the case of the advance which may be used by the Borrower for its general
      corporate purpose, be in the amount of
  $9,500,000;”;

              

      

      

      
        	
                (m)

              	
                by
      redesignating the existing sub-paragraphs (d) and (e) of Clause 4.2
      thereof as sub-paragraphs (f) and (g)
  respectively;

              

      

      
         

        
          	
                  (n)

                	
                  by
      adding a new sub-paragraph (e) in Clause 9.1 thereof as
      follows:

                

        

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          Table of Contents

        

      

      

      
        	 
      	
                “(e)

              	
                that,
      on or before the service of the Drawdown Notice in respect of the Attikos
      Advance, the Agent receives the documents described in Part D of Schedule
      3 in form and substances satisfactory to the Agent and its
      lawyers”;

              

      

      

      
        	
                (o)

              	
                by
      redesignating the existing sub-paragraphs (e), (f) and (g) in Clause 9.1
      thereof as sub-paragraphs (f), (g) and (h)
respectively;

              
	 
      	 
      
	
                (p)

              	
                by
      adding a Part D in Schedule 3 thereof as
  follows:

              

      

      

      “PART
D

      

      
        	 
      	
                The
      following are the documents referred to in Clause 9.1(e) required on or
      before the Drawdown Date of the Attikos Advance.

              
	 
      	 
      
	 
      	
                In
      Part D of Schedule 3, the following definitions shall have the following
      meanings:

              

      

      

      
        	 
      	
                1

              	
                Copies
      of resolutions of the shareholders and directors of Ross and the Borrower
      authorising the execution of each of the Finance Documents to which Ross
      is a party and, in the case of the Borrower, approving the borrowing of
      the Attikos Advance and authorising named directors or attorneys to give
      the Drawdown Notices and other notices under this
    Agreement.

              
	 
      	 
      	 
      

      

       

      
        	 
      	
                2

              	
                The
      original of any power of attorney under which any Finance Document is
      executed on behalf of Ross.

              
	 
      	 
      	 
      
	 
      	
                3

              	
                Copies
      of all consents which Ross or the Borrower requires to enter into, or make
      any payment under, any Finance Document.

              
	 
      	 
      	 
      
	 
      	
                4

              	
                A
      duly executed original of the Guarantee of Ross and of the Mortgage, the
      General Assignment and the Owner’s Earnings Account Pledge relative to
      “ATTIKOS”, and of each document to be delivered pursuant to each such
      Finance Document.

              
	 
      	 
      	 
      
	 
      	
                5

              	
                A
      duly executed original of the Charterparty Assignment in respect of the
      Attikos Charter and of each document to be delivered pursuant to such
      Charterparty Assignment.

              
	 
      	 
      	 
      
	 
      	
                6

              	
                Evidence
      satisfactory to the Agent that Ross is a direct or indirect wholly-owned
      subsidiary of the Borrower.

              
	 
      	 
      	 
      
	 
      	
                7

              	
                The
      originals of any documents required in connection with the opening of the
      Earnings Account in respect of “ATTIKOS”.

              
	 
      	 
      	 
      
	 
      	
                8

              	
                Documentary
      evidence that:

              
	 
      	 
      	 
      
	 
      	
                (a)

              	
                “ATTIKOS”
      is registered in the ownership of Ross under an Liberian
    flag;

              
	 
      	 
      	 
      
	 
      	
                (b)

              	
                “ATTIKOS”
      is in the absolute and unencumbered ownership of Ross save as contemplated
      by the Finance Documents;

              
	 
      	 
      	 
      
	 
      	
                (c)

              	
                “ATTIKOS”
      maintains the highest available class with a classification society which
      is a member of the IACS as the Agent may approve free of all overdue
      recommendations and conditions of such classification
    society;

              
	 
      	 
      	 
      
	 
      	
                (d)

              	
                the
      Mortgage relating to “ATTIKOS” has been duly registered or recorded
      against “ATTIKOS” as a valid first preferred ship mortgage in accordance
      with the laws of the Republic of Liberia; and

              
	 
      	 
      	 
      

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          Table of Contents

        

      

       

       

      
        	 
      	
                (e)

              	
                “ATTIKOS”
      is insured in accordance with the provisions of this Agreement and all
      requirements therein in respect of insurances have been complied
      with.

              
	 
      	 
      	 
      
	 
      	
                9

              	
                A
      copy of the Management Agreement and a duly executed original of the
      Approved Manager’s Undertaking in relation to
“ATTIKOS”.

              
	 
      	 
      	 
      
	 
      	
                10

              	
                Copies
      of:

              
	 
      	 
      	 
      
	 
      	
                (a)

              	
                the
      document of compliance (DOC) and safety management  certificate
      (SMC) referred to in paragraph (a) of the definition of the ISM Code
      Documentation in respect of “ATTIKOS” and the Approved Manager certified
      as true and in effect by Ross; and

              
	 
      	 
      	 
      
	 
      	
                (b)

              	
                the
      ISPS Code Documentation in respect of “ATTIKOS” and Ross certified as true
      and in effect by Ross.

              
	 
      	 
      	 
      
	 
      	
                11

              	
                Two
      valuations (at the cost of the Borrower) of “ATTIKOS”, addressed to the
      Agent, stated to be for the purposes of this Agreement and dated not
      earlier than 4 weeks before the Drawdown Date relative to the Attikos
      Advance, each from an Approved Broker (such valuations to be made in
      accordance with Clause 15.4).

              

      

       

      
        	 
      	
                12

              	
                A
      survey report in respect of “ATTIKOS” prepared (at the cost of the
      Borrower) by an independent marine surveyor appointed by the Agent dated
      no later than 20 days prior to the Drawdown Date of the Attikos Advance in
      form, scope and substance satisfactory to the Agent and its technical
      advisers.

              
	 
      	 
      	 
      
	 
      	
                13

              	
                At
      the cost of the Borrower, a favourable opinion from an independent
      insurance consultant acceptable to the Lenders on such matters relating to
      the insurances for “ATTIKOS” as the Agent may require.

              
	 
      	 
      	 
      
	 
      	
                14

              	
                Favourable
      legal opinions from lawyers appointed by the Lender on such matters
      concerning the laws of the Republic of Liberia and such other relevant
      jurisdictions as the Agent may require.

              
	 
      	 
      	 
      
	 
      	
                15

              	
                If
      the Agent so requires, in respect of any of the documents referred to
      above, a certified English translation prepared by a translator approved
      by the Agent.

              

      

      

      
        	 
      	
                Every
      copy document delivered under this Schedule shall be certified as a true
      and up to date copy by a director or the secretary (or equivalent officer)
      of the Borrower.”;

              

      

      

      
        	
                (q)

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

              
	 
      	 
      
	
                5.2

              	
                Amendments to Finance
      Documents.  With effect on and from the Effective Date
      each of the Finance Documents other than the Loan Agreement, shall be, and
      shall be deemed by this Agreement to be, amended as
    follows:

              
	 
      	 
      
	
                (a)

              	
                the
      definition of, and references throughout each of the Finance Documents to,
      the Loan Agreement and any of the other Finance Documents shall be
      construed as if the same referred to the Loan Agreement and those Finance
      Documents as amended and supplemented by this
Agreement;

              
	 
      	 
      
	
                (b)

              	
                by
      construing references throughout each of the Finance Documents to “this
      Agreement”, “this Deed”, “hereunder” and other like expressions as if the
      same referred to such Finance Documents as amended and supplemented by
      this Agreement.

              
	 
      	 
      

      

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          Table of Contents

        

      

       

       

      
        	
                5.3

              	
                Finance Documents to remain in
      full force and effect.  The Finance Documents shall
      remain in full force and effect as amended and supplemented
      by:

              
	 
      	 
      
	
                (a)

              	
                the
      amendments to the Finance Documents contained or referred to in Clauses
      5.1 and 5.2 ; and

              
	 
      	 
      
	
                (b)

              	
                such
      further or consequential modifications as may be necessary to give full
      effect to the terms of this Agreement,

              
	 
      	 
      
	
                6

              	
                FURTHER ASSURANCES

              
	 
      	 
      
	
                6.1

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

              
	 
      	 
      
	
                (a)

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

              
	 
      	 
      
	
                (b)

              	
                effect
      any registration or notarisation, give any notice or take any other step,
      which the Agent may, by notice to the Borrower or other party, specify for
      any of the purposes described in Clause 6.2 or for any similar or
      related purpose.

              

      

       

      
        	
                6.2

              	
                Purposes
      of further assurances.  Those purposes are:

              
	 
      	 
      
	
                (a)

              	
                validly
      and effectively to create any Security Interest or right of any kind which
      the Security Trustee intended should be created by or pursuant to the Loan
      Agreement or any other Security Document, each as amended and supplemented
      by this Agreement; and

              
	 
      	 
      
	
                (b)

              	
                implementing
      the terms and provisions of this Agreement.

              
	 
      	 
      
	
                6.3

              	
                Terms of further
      assurances.  The Security Trustee may specify the terms
      of any document to be executed by the Borrower or any other party under
      Clause 6.1, and those terms may include any covenants, powers and
      provisions which the Security Trustee considers appropriate to protect its
      interests.

              
	 
      	 
      
	
                6.4

              	
                Obligation to comply with
      notice.  The Borrower or any other party shall comply
      with a notice under Clause 6.1 by the date specified in the
      notice.

              
	 
      	 
      
	
                6.5

              	
                Additional corporate
      action.  At the same time as the Borrower or any other
      party delivers to the Agent any document executed under Clause 6.1(a), the
      Borrower or any other party shall also deliver to the Agent a certificate
      signed by 2 of the Borrower’s or that other party’s directors which
      shall:

              
	 
      	 
      
	
                (a)

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

              
	 
      	 
      
	
                (b)

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

              
	 
      	 
      
	
                7

              	
                EXPENSES

              
	 
      	 
      
	
                7.1

              	
                Expenses.  The
      provisions of clause 20 (Fees and Expenses) of the Loan Agreement, as
      amended and supplemented by this Agreement, shall apply to this Agreement
      as if they were expressly incorporated in this Agreement with any
      necessary modifications.

              

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          Table of Contents

        

      

       

      
        	
                8

              	
                NOTICES

              
	 
      	 
      
	
                8.1

              	
                General.  The
      provisions of clause 28 (Notices) of the Loan Agreement, as amended and
      supplemented by this Agreement, shall apply to this Agreement as if they
      were expressly incorporated in this Agreement with any necessary
      modifications.

              
	 
      	 
      
	
                9

              	
                SUPPLEMENTAL

              
	 
      	 
      
	
                9.1

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

              
	 
      	 
      
	
                9.2

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

              
	 
      	 
      
	
                10

              	
                LAW AND JURISDICTION

              
	 
      	 
      
	
                10.1

              	
                Governing
      law.  This Agreement shall be governed by and construed
      in accordance with English law.

              

      

       

      
        	
                10.2

              	
                Incorporation of the Loan
      Agreement provisions.  The provisions of clause 30 (Law
      and Jurisdiction) of the Loan Agreement, as amended and supplemented by
      this Agreement, shall apply to this Agreement as if they were expressly
      incorporated in this Agreement with any necessary
      modifications.

              

      

      

      THIS AGREEMENT has been duly
executed as a Deed on the date stated at the beginning of this
Agreement.

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          Table of Contents

        

      

       

       

      EXECUTION PAGES

      

      BORROWER

      
        	 
      	 
      
	
                EXECUTED as a DEED

              	
                )

              
	
                by
      CAPITAL PRODUCT PARTNERS
      L.P.

              	
                )

              
	
                acting
      by 

              	
                )

              
	
                its
      duly authorised attorney-in-fact

              	
                )

              

      

      

      

      

      LENDERS

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                HSH
      NORDBANK AG

              	
                )

              

      

      

      

      

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                ALPHA
      BANK A.E.

              	
                )

              

      

      

      

      

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                DEUTSCHE
      SCHIFFSBANK AG

              	
                )

              

      

      

      

      

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                NATIONAL
      BANK OF

              	
                )

              
	
                GREECE
      S.A.

              	
                )

              

      

      

      

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                FORTIS
      BANK

              	
                )

              

      

      

      

      

      AGENT

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                HSH NORDBANK
      AG

              	
                )

              

      

      

      

      
        
          
          

        

        
          11

          
            

          

        

        
          Table of Contents

        

      

      

      

      SECURITY
TRUSTEE

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                HSH
      NORDBANK AG

              	
                )

              

      

      

      

      

      

      SWAP
BANK

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                HSH
      NORDBANK AG

              	
                )

              

      

      

      

      

      

      BOOKRUNNER

      

      

      
        	
                SIGNED
by

              	
                )

              
	
                for
      and on behalf of

              	
                )

              
	
                HSH
      NORDBANK AG

              	
                )

              

      

      

      

      

      
        	
                Witness
      to all the above

              	
                )

              
	
                signatures:

              	
                )

              

      

      

      Name:

      

      Address:

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          Table of Contents

        

      

       

      
We hereby
confirm and acknowledge we have read and understood the terms and conditions of
the above Supplemental Agreement and agree in all respects to the same and
confirm that the Finance Documents to which we are a party shall remain in full
force and effect and shall continue to stand as security for the obligations of
the Borrower under the Loan Agreement (as amended by the Supplemental Agreement)
and shall, without limitation, secure the Loan.

      

       

      

      

      

      
        	 
      	 
      	 
      	 
      	 
      
	
                for
      and on behalf of

              	 
      	
                for
      and on behalf of

              
	
                APOLLONAS
      SHIPPING COMPANY

              	 
      	
                CANVEY
      SHIPMANAGEMENT CO.

              

      

      

      

      

      

      
        	 
      	 
      	 
      	 
      	 
      
	
                for
      and on behalf of

              	 
      	
                for
      and on behalf of

              
	
                CARNATION
      SHIPPING COMPANY

              	 
      	
                CENTURION
      NAVIGATION LIMITED

              

      

      

      

      

      
        	 
      	 
      	 
      	 
      	 
      
	
                for
      and on behalf of

              	 
      	
                for
      and on behalf of

              
	
                IRAKLITOS
      SHIPPING COMPANY

              	 
      	
                POLARWIND
      MARITIME S.A.

              

      

      

      

      

      

      
        	 
      	 
      	 
      	 
      	 
      
	
                for
      and on behalf of

              	 
      	
                for
      and on behalf of

              
	
                SHIPPING
      RIDER CO.

              	 
      	
                TEMPEST
      MARITIME INC.

              

      

      

      

      

      

      
        	 
      	 
      	 
      	 
      	 
      
	
                for
      and on behalf of

              	 
      	
                for
      and on behalf of

              
	
                LAREDO
      MARITIME INC.

              	 
      	
                EPICURUS
      SHIPPING COMPANY

              

      

      

      

      Dated: 19
September 2007

      

      

      
        
          
          

        

        
          13

          
            

          

        

        
          Table of Contents

        

      

       

       

      
        SCHEDULE 1

         

      

      LENDERS

       

      

      
        	
                Lender

              	
                Lending
      Office

              
	 	 
	
                HSH
      Nordbank AG

                 

              	
                Gerhart-Hauptmann-Platz
      50

                20095
      Hamburg

                Germany

                 

                Fax
      No: +(49) 40 33 33 34118

              
	 	 
	
                Alpha
      Bank A.E.

              	
                Akti
      Miaouli 89

                185
      38 Piraeus

                Greece

                 

                Fax
      No: +30 210 429 0348

              
	 	 
	
                Deutsche
      Schiffsbank AG

                 

              	
                Domshof
      17

                D-28195
      Bremen

                 

                Fax
      No: +49 421 3609329

              
	 	 
	
                National
      Bank of Greece S.A.

                 

              	
                Bouboulinas
      2 & Akti Miaouli

                185
      35 Piraeus

                 

                Fax
      No: +30 210 414 4120

              
	 	 
	
                Fortis
      Bank

              	
                166
      Syngrou Ave

                176
      71 Athens

                Greece

              

      

      
 

       

       

       

      14

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