Document:

Severance and Release Agreement

 Exhibit 10.18 
 SEVERANCE AND RELEASE AGREEMENT 
 THIS SEVERANCE AND RELEASE AGREEMENT (this “Agreement”)
is made and entered by and among JAMES V. SUSKIEWICH (the “Executive”), FEDERAL TRUST CORPORATION (the “Company”), and FEDERAL TRUST BANK (the “Bank”), a wholly owned subsidiary of the Company (the Company and the Bank
collectively being the “Corporation”) effective as of the last date written below. 
 WHEREAS, the Executive has been employed by
the Company under the terms of that Employment Agreement by and between the Executive and the Company and dated October 1, 2005 (the “Employment Agreement”); 
 WHEREAS, the Company exercised its right under the Employment Agreement to terminate the employment of the Executive, without cause, by delivering to him
a Notice of Termination on September 14, 2007 (the “Notice Date”); 
 WHEREAS, under the Employment Agreement, the Executive
is entitled to certain severance payments and benefits upon delivering to the Company a full release for any potential claims related to the Employment Agreement or the Executive’s employment with the Company; and 
 WHEREAS, under that Salary Continuation Agreement by and between the Executive and the Bank, as last amended and restated by that Addendum dated
December 31, 2005 (the “Salary Continuation Agreement”), the Executive is entitled to certain additional compensation upon the termination of his employment, subject to modification as provided herein to comply with the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (collectively, “Section 409A”); 
 NOW, THEREFORE, in consideration of the mutual promises and covenants in this Agreement, the Executive and the Corporation agree as follows: 
 1. Recitals. The parties hereto acknowledge and agree that the above-stated recitals are true and accurate, and they form an integral part of this Agreement. 
 2. Removal and Termination. From and after the Notice Date, the Executive is removed from all offices of and appointments by the Corporation. The
Executive’s employment by the Corporation will be terminated at the end of the day on October 14, 2007 (the “Termination Date”). 
 3. Compensation Prior to the Termination Date. Prior to and including the Termination Date, the Executive shall be entitled to all compensation set forth in Schedule B to the Employment Agreement
(“Schedule B”). All payments of any such compensation shall be subject to all taxes and withholding required under applicable federal and state law, and shall be paid in accordance with the Corporation’s customary payroll practices.

 4. Compensation After the Termination Date. 
 a. After the Termination Date, subject to the obligations of the Executive under this Agreement, in addition to accrued and unpaid amounts payable to the
Executive pursuant to Paragraph 3 above, the Executive shall be entitled to the compensation described in Exhibit 1 attached hereto and incorporated herein by this reference. The Company and the Bank shall be jointly and severally responsible
for payment of such compensation described in Paragraph 4 of Exhibit 1 (“Salary Continuation Payments”). All payments of any such compensation shall be subject to all taxes and withholding required under applicable federal and state
law, and shall be paid in accordance with the Corporation’s customary payroll practices. 
 b. The parties hereto acknowledge and agree
that the payment of Salary Continuation Payments is subject to the provisions of Section 409A, including, but not limited to, the six month delay rule, as addressed in Paragraph 4 of Exhibit 1, and the restriction on acceleration upon a
change of control, as addressed in Section 4.c. below. 
 c. In the event of a Change of Control (as defined below), the Salary
Continuation Payments payable to the Executive or his spouse after the date of such Change of Control shall be accelerated so that the present value of such remaining amounts payable as of the date of such Change of Control (determined by applying
an annual discount rate of eight percent (8%) and assuming a life expectancy for the Executive or his spouse, as the case may be, of 82 years) shall be due and payable within sixty (60) days after the date of such Change of Control. For
purposes of this paragraph, “Change of Control” means a change in control with respect to either the Bank or the Company, as defined in 12 C.F.R. Section 574.4(a) or (b) of the Office of Thrift Supervision, provided such change
of control also qualifies as a change in the ownership or effective control of the Company or the Bank, or a change in the ownership of a substantial portion of the assets of the Company or the Bank, within the meaning of Section 409A. The
Executive acknowledges and agrees that, notwithstanding the provisions of the Salary Continuation Agreement, the Executive is required by Section 409A to immediately make an election with respect to the acceleration of Salary Continuation
Payments in the event of a Change of Control, and this Paragraph b constitutes such election. 
 d. The parties hereto acknowledge and agree
that, after the Termination Date, except for the compensation described in this Paragraph 4, the Corporation and its subsidiaries shall owe to the Executive no other compensation or benefits. 
 5. Indebtedness. The Executive represents and warrants that the Executive is not indebted to the Corporation (other than indebtedness secured by a
mortgage on the Executive’s residence). To the knowledge of the Corporation, the Executive is not indebted to the Corporation (other than indebtedness secured by a mortgage on the Executive’s residence). 
 6. Unconditional General Releases. 
 a. In consideration of the compensation to the Executive provided above, the adequacy and receipt of which is hereby acknowledged, the Executive, on behalf of himself and his heirs, personal or legal representatives, successors and assigns,
agrees that the Executive is hereby forever giving up and waiving any claims, whether known or unknown, 

  

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the Executive may have against the Corporation, its affiliates, their employees, officers, directors, lawyers, or agents for any personal or monetary relief
for the Executive that is based, in whole or in part, on conduct that occurred before the date the Executive signs this Agreement. By waiving and giving up such claims, the Executive understands that the Executive is releasing the Corporation, its
affiliates, their employees, officers, directors, lawyers, and agents from any liability or obligation for any expense, damage, or losses the Executive might claim based on, among other things, the following: (a) the Executive’s employment
with the Corporation or the termination of that employment; (b) any Corporation policy, practice, contract or agreement; (c) any tort or personal injury; (d) any policies, practices, laws or agreements governing the payment of wages,
commissions or other compensation; (e) any laws governing employment discrimination including, but not limited to, the Rehabilitation Act of 1973, Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act,
the Older Worker Benefit Protection Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Executive Retirement Income Security Act, the Florida Civil Rights Act, and any ordinance or local authority; (f) any laws or
agreements that provide for punitive, exemplary or statutory damages; and (g) any laws or agreements that provide for payment of attorneys’ fees, costs or expenses; in each case, except as specifically provided in this Agreement.

 b. In consideration of the covenants and obligations of the Executive provided in this Agreement, the adequacy of which is hereby
acknowledged, the Corporation, on behalf of itself and its affiliates, legal representatives, successors and assigns, agrees that the Corporation is hereby forever giving up and waiving any claims, whether known or unknown, the Corporation and its
affiliates may have against the Executive for any personal or monetary relief for the Corporation and its affiliates that is based, in whole or in part, on conduct that occurred before the date the Corporation signs this Agreement. 
 7. Claims Not Waived. The Executive understands that this Agreement does not waive (a) any claims that the Executive may have for
compensation for illness or injury or medical expenses under any workers’ compensation statute, (b) any claims that the Executive may have as a shareholder of the Company, or (c) any claim that by law cannot be waived or released. The
Executive also understands that even though he has waived and released the claims described in Paragraph 6, the Executive is not prohibited from filing a charge or cooperating with any government agency for matters not waived and released.

 8. Covenant Not to Compete; Confidentiality. 
 a. For a period of six (6) months after the Termination Date, the Executive shall not directly or indirectly: 
 i. Engage in the services of, carry on, participate in, render services to, own any interest in, share in the earnings of, or invest in the obligations or securities of, any business in the Territory (as hereinafter
defined) which is the same or similar to the business of the Corporation, whether as an individual for his own account or for or with any other person, firm, corporation, partnership, joint venture, trust, enterprise or any entity whatsoever;

  

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 ii. Reveal or make available to any person or entity any information or technology with
regard to the business of the Corporation, except as may be required by law, or use or attempt to use his knowledge concerning the business of the Corporation in any manner which may injure, cause loss or otherwise be detrimental, or may be intended
to injure, cause loss or be otherwise detrimental, to the business of the Corporation, or which may benefit, or may be intended to benefit, any other person or entity which is engaged in the same or similar business as the business of the
Corporation; or 
 iii. Consult with or render services of any nature to any person or entity that is engaged in the Territory
in a business which is the same or similar to the business of the Corporation. 
 For purposes of this Paragraph 8, “Territory” shall mean
Seminole, Lake, Volusia, Flagler, and Orange Counties, all in the State of Florida. 
 b. The Executive will not at any time use for his own
benefit, copy or make known in any manner to any person, firm, corporation or other entity the contents of any agreements (including this Agreement), memoranda, correspondence, writings, drawings, reports, charts, or other media, of or related to
information, data, methods, systems, processes, concepts or technologies, used or developed by the Executive and/or the Corporation, including, without limitation, any and all trade secrets (as defined under Florida law), proprietary information or
other confidential information acquired by Executive in connection with the Executive’s employment with the Corporation. The Executive understands and agrees that the lists of existing or prospective customers, vendors, and contractors of the
Corporation, as such may exist from time to time, and information concerning such customers, vendors, and contractors are valuable, special and unique assets of the Corporation’s business which are entitled to protection under the provisions of
this Paragraph 8. 
 c. If any of the covenants in this Paragraph 8 should be found unreasonable by a court of competent jurisdiction, a
lesser restriction shall be enforced against the Executive. The provisions of this Paragraph 8 are severable and if any one or more provisions should be determined by a court of competent jurisdiction to be invalid or otherwise unenforceable, in
whole or in part, the remaining provisions (and any partially unenforceable provision to the extent enforceable in any jurisdiction) shall, nevertheless, be binding and enforceable. 
 d. If the Executive violates any covenant or obligation under this Paragraph 8, then the expiration of the Executive’s obligations under this
Paragraph 8 shall be tolled and extended for a period of time equal in duration to the period of time that the Executive was in breach thereof. During such time that the Corporation in good faith believes that the Executive is violating any covenant
or obligation under this Paragraph 8, the Corporation shall pay all payments described in Paragraphs 2 and 4 of Exhibit 1 to Foley & Lardner LLP, as escrow agent, or another escrow agent mutually agreeable to the parties to this
Agreement (the “Escrow Agent”), to be held by the Escrow Agent in a non-interest bearing account according to the terms of this Paragraph 8. Such amounts paid into escrow pursuant to this Paragraph 8 

  

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shall be paid out by the Escrow Agent according to the joint written instructions of the Corporation and the Executive or the final, non-appealable order of
a court of competent jurisdiction (the “Court”). 
 The following provisions shall also apply with respect to the Escrow Agent:

 i. The duties of the Escrow Agent hereunder are entirely administrative and not discretionary. The Escrow Agent is
obligated to act only in accordance with the terms of this Agreement, any joint written instructions given to it by the Corporation and the Executive, and a final non-appealable order of the Court. 
 ii. The Escrow Agent may act in reliance upon any instrument or signature believed by it to be genuine. 
 iii. The Corporation and the Executive agree, jointly and severally, to indemnify and hold the Escrow Agent, and its partners, directors,
officers, employees, affiliates and representatives (individually, an “Indemnified Party” and collectively, the “Indemnified Parties”) harmless from and against any and all loss, damage, claims, liabilities, judgments and other
costs and expenses of every kind and nature which may be incurred by an Indemnified Party by reason of the Escrow Agent’s acceptance of, and its performance under, this Agreement, including, without limitation, reasonable attorneys’ fees
for the defense of any liabilities incurred or otherwise, except to the extent any such loss, damage, claim, liability, judgment, cost or expense resulted from the Escrow Agent’s willful misconduct or gross negligence. 
 iv. The Escrow Agent may resign at any time by giving ten (10) days’ prior written notice to the Corporation and the Executive
and by delivering all funds then held in escrow hereunder to the Court in any action, whether or not initiated by Escrow Agent. 
 v. The Executive agrees that, in the event of any dispute involving the Executive, on the one side, and the Corporation, on the other side, Foley & Lardner LLP shall not be prohibited from serving as legal counsel for the
Corporation adverse to the Executive, notwithstanding its role as Escrow Agent hereunder. 
 9. Nondisparagement. The Executive
agrees that he will not make statements to any person accusing the Corporation or any other person or entity released in Paragraph 6 of discriminatory, wrongful, or unfair conduct in relation to his employment or the termination of his employment
with the Corporation. The Corporation agrees that its executive officers and directors, and the executive officers and directors of the Corporation’s affiliates, will not make disparaging statements regarding the Executive to any person. This
paragraph shall not apply to either party’s compliance with any subpoena or other compulsory legal process.  
 10. Injunctive
Relief. Each party hereto agrees that the other party will suffer irreparable damage if the first party violates any covenant in Paragraph 8 or Paragraph 9 

  

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above; therefore, each such party shall be entitled, in addition to any other rights or remedies that such party may possess, without the posting of any bond
or other security, to injunctive and other equitable relief to restrain the breach or threatened breach of, or otherwise to specifically enforce, any of the covenants of Paragraph 8 or Paragraph 9 above. 
 11. Duty to Return Property. The Executive represents and warrants that he has returned to Corporation all property, including equipment and
documents, of the Corporation which he had in his possession or control. 
 12. Release of Rights in Intellectual Property. The
Executive hereby transfers, grants, conveys, assigns, and relinquishes exclusively to the Corporation, all of the Executive’s right, title, and interest of every kind throughout the world in and to all intellectual property developed for or by
the Corporation, including all United States and international copyrights or patents thereto, and any renewals or extensions thereof, together with all other interests accruing by reason of international conventions with respect to intellectual
property. 
 13. Duty of Cooperation. For a period of six (6) months after the Termination Date, the Executive agrees to
cooperate with the Corporation and to provide all information, that the Corporation may hereafter reasonably request with respect to any matter involving Executive’s present or former relationship with the Corporation, the work the Executive
has performed, or present or former employees or clients of the Corporation, including but not limited to any litigation with respect to such matters. Without limiting the foregoing, the Executive shall: 
 a. Furnish such information and assistance as may be reasonably required by the Corporation in connection with any litigation or settlement of any dispute
between the Corporation and a customer or other third party (including, without limitation, appearing as a witness for the Corporation in any judicial or administrative proceeding); and 
 b. Furnish such information and assistance as may be reasonably required by the Corporation in connection with any regulatory examination by any state or
federal regulatory agency. 
 Notwithstanding the foregoing provisions in this Section 13, prior to giving such cooperation and
providing such information and assistance, Executive shall have the right to consult with the Corporation’s legal counsel to assess the reasonableness and legality of such request. Furthermore, Executive shall continue to be covered by the
Corporation’s errors and omissions insurance and be subject to the Corporation’s standard indemnification provisions for officers. This provision shall survive termination of this Agreement. 
 14. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement. In addition, if the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit enforcement thereof to its fullest extent, then such restriction or covenant shall be
enforced to the maximum extent permitted by law. 
  

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 15. Applicable Law and Enforcement. This Agreement shall be governed by and construed and enforced
under the laws of the State of Florida. Exclusive venue for any legal action brought under, or related to, this Agreement shall be in Seminole County, Florida. Additionally, the Executive waives his right to trial by jury with respect to any action
concerning the enforcement of, arising or resulting from the alleged breach of, or in any other way related to this Agreement (including litigation seeking a construction or declaration of its meaning, terms or effect). 
 16. Entire Agreement. This Agreement, together with Exhibit 1, contains the entire agreement of the parties with respect to the subject
matter contained herein, and no amendment, modification, or waiver of any provision hereto shall be valid unless in writing and signed by the Executive and the Corporation. Without limiting the foregoing, this Agreement specifically supersedes the
Employment Agreement and the Salary Continuation Agreement, including all of the exhibits thereto, each of which shall be terminated as of the Termination Date. 
 17. Attorneys’ Fees and Costs. In the event any litigation, arbitration or similar proceeding, including any action pursuant to Paragraph 10 above (“Litigation”) is commenced or defended by any
party hereto claiming, in such litigation or defense a breach of this Agreement by the other party hereto, and in the event such commencing or defending party is successful on the merits of such claim or defense, and substantially prevails in
Litigation, the other party shall pay to the prevailing party, all costs and expenses, including, without limitation, reasonable attorneys’ fees, court costs, and cost of experts and investigation, whether at trial, upon appeal, or during
investigation, of such prevailing party in prosecuting such claim or establishing such defense. This Paragraph 17 shall not apply to any action by the Executive regarding the validity of this Agreement under the Age Discrimination in Employment Act.

 18. Captions. Any captions to or headings of the paragraphs of this Agreement are solely for the convenience of the parties, and
shall not be interpreted to affect the validity of this Agreement or to limit or affect any rights, obligations, or responsibilities of the parties arising hereunder. 
 19. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all such counterparts together shall constitute but one and the same instrument.

 20. Required Notifications Under the Older Worker Benefit Protection Act. By my signature below, I, the Executive, acknowledge the
following: 
 a. I am releasing claims that I may have under the Age Discrimination in Employment Act (the “ADEA”); 
 b. I have read and fully understand the terms of this Agreement; 
 c. I have agreed to execute this Agreement knowingly and voluntarily; 
  

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 d. I have the right to consult with an attorney prior to executing this Agreement; 
 e. I am releasing only those claims arising prior to the date of the effectiveness of this release; 
 f. I have twenty-one (21) days after the Termination Date in which to consider this release of claims under the ADEA, which I acknowledge to be a
reasonable and sufficient period of time for review, deliberation, and negotiation; 
 g. I have full knowledge of the implications of such
settlement and release of claims; and 
 h. I may revoke my release of claims under the ADEA for a period of seven (7) days from the
date of my execution of this Agreement by delivering a written notice of revocation to the Company. 
 [The remainder of this page is
intentionally blank.] 
  

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 IN WITNESS WHEREOF, the parties have fully read, understood and freely executed this Agreement as of
dates written below. 
  

							
	Witnesses:	    	COMPANY:
		
		    	FEDERAL TRUST CORPORATION
			
	 /S/ LISA HAAS
	    	By:	 	 /S/ DENNIS T. WARD

				
	Print:	 	  
	    	Print:	 	  

				
		 		    	Its:	 	 PRESIDENT AND CEO

				
		 		    	Date:	 	 11/1/07

			
	 /S/ MARCIA ZDANYS
	    		 	
				
	 Print:
	 	  
	    		 	
			
		 		    	BANK:
			
		 		    	FEDERAL TRUST BANK
			
	 /S/ LISA HAAS
	    	By:	 	 /S/ DENNIS T. WARD

				
	Print:	 	  
	    	Print:	 	  

				
		 		    	Its:	 	 PRESIDENT AND CEO

				
		 		    	Date:	 	 11/1/07

			
	 /S/ MARCIA ZDANYS
	    		 	
				
	Print:	 	  
	    		 	
			
		 		    	EXECUTIVE:
		
	 /S/ JULIE E. GASTFIELD
	    	 /S/ JAMES V. SUSKIEWICH

	  
 Print:
	 	  
  
	    	JAMES V. SUSKIEWICH
				
		 		    	Date:	 	 10/31/07

			
	 /S/ SUSAN C. PIERDOMINICI
	    		 	
				
	Print:	 	  
	    		 	

  

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 Exhibit 1 
 Compensation 
  

	1.	Payment for twelve (12) days of unused vacation time calculated at the daily prorated rate of the Executive’s Base Salary as defined in Schedule B as of the Termination
Date, payable on or before the next regularly scheduled pay day for the Corporation’s employees following the effective date of this Agreement. 

  

	 2.
	 Severance payments in the amount of $1,125,000, payable in seventy-eight (78) equal, semi-weekly installments of
$14,423.08 commencing on the next regularly scheduled pay day for the Corporation’s employees following the effective date of this Agreement and continuing every two weeks thereafter, until the 78th installment has been paid. 

  

	3.	Continued participation for the Executive and his spouse, in all the following benefit plans at the Corporation’s expense, less any premium amount paid by the executive
officers of the Corporation for comparable coverage (which amount shall be withheld from the foregoing severance payments), upon the same terms and with the same elections and options as in place on the Notice Date, in each case until the earliest
to occur of (1) the date the Executive becomes eligible to participate in the comparable employee benefit plan or program of another employer, or (2) the third anniversary of the Termination Date: 

 a. Medical - United Healthcare 
 b.
Dental - Guardian 
 c. Life, LTD - Prudential 
 In the event participation in such benefit plans continues until the third anniversary of the Termination Date, thereafter the Executive (and/or his spouse) may elect to participate, at the Executive’s (and/or
his spouse’s) expense, in health care continuation (COBRA) coverage as provided pursuant to Sections 601 through 608 of the Employee Retirement Income Act of 1974, as amended, or any successor statute, rule or regulation. 
 In the event the Corporation substantially changes its medical, dental and life insurance programs, and/or the portion payable by the executive officers
of the Corporation, the Executive shall receive Corporation-paid benefits similar to that of the executive officers. 
  

	4.	 Early retirement payments (a) payable to the Executive, during the lifetime of the Executive, in the amount of $202,500 annually, and (b) payable to the
Executive’s spouse, if she survives the Executive, during the lifetime of the Executive’s spouse, in the amount of $162,000 annually, paid in equal quarterly installments of $50,625 each commencing on November 1, 2007 and continuing
on the first day of each February, May, August, and November thereafter; provided, however, pursuant to Section 409A, 

	 	 
the installments payable on November 1, 2007 and February 1, 2008 shall each be reduced by $20,812 (or $16,650, if the Executive dies prior to such
a date and he is survived by his spouse) (the “Delay Amount”). The aggregate amount of the Delay Amount shall be payable to the Executive (or his spouse) together with the quarterly installment payable hereunder on May 1, 2008.

 For example, assuming the executive survives to at least August 2, 2008, the quarterly early retirement payments
shall be as follows: 
  

							
	 Payment Date
	  	Delay Amount	  	Payment Amount
	 November 1, 2007
	  	$	 - 20,812	  	$	29,813
	 February 1, 2008
	  	 	- 20,812	  	 	29,813
	 May 1, 2008
	  	 	41,624	  	 	92,249
	 August 1, 2008 (and thereafter)
	  	 	0	  	 	50,625

  

 11Form of Memorandum of Agreement for sale-leaseback vessels

 Exhibit 10.23 
 Memorandum of Agreement 
 Norwegian Shipbrokers’ 
 Association’s Memorandum of Agreement for sale and purchase of ships. Adopted by 
 The
Baltic and International Maritime Council (BIMCO) in 1956. Code-name Saleform 
 1993. Revised 1966, 1983, and 1986/87 
 Dated: July 2007 
 Coal Glory Shipco LLC, guaranteed by Quintana
Maritime Limited, both of the Marshall Islands hereinafter called the Sellers, have agreed to sell, and Coal Glory AS of Norway, hereinafter called the buyers, have agreed to buy 
  

			
	Name: MV Coal Glory	  	
	Classification Society/Class: American Bureau of Shipping
	Built: 1.997	  	By: Hyundai Heavy Industries Co. Ltd, Ulsan, South Korea
	Flag: Marshall Islands	  	Place of Registration: Majuro
	Call Sign: V7HZ8	  	Grt/Nrt: 38,891/24,614
	IMO Number: 9100102
	Hereinafter called the Vessel, on the following terms and conditions:

 Definitions 
 “Banking days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8. 
 “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, telex, telefax or other
modern form of written communication. 
 “Classification Society” or “Class” means the Society referred to in line 4. 

“Bareboat Charter” means the bareboat charter for the Vessel between the Buyers (as Owners) and the Sellers and Quintana Maritime Limited (as Charterers on
a joint and several basis) dated as of the date hereof. 
  

	 	1.	Purchase Price 

 US$ 34,500,00
(ThirtyFourMillionFiveHundredThousandUnitedStatesDollars) 
  

	 	2.	Deposit 

 No deposit shall be paid prior to delivery. 

	 	3.	Payment 

 The said Purchase Price shall be paid in full free of
bank charges to Sellers’ nominated account on delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect physically ready for delivery in accordance with the terms and conditions of this Agreement and Notice
of Readiness has been given in accordance with Clause 5. 
  

	 	4.	Inspections 

 a)* The Buyers have inspected and accepted the
Vessel’s classification records. The Buyers have also inspected the Vessel at/in                          on
                         2007 and have accepted the Vessel following this inspection and the sale is outright and definte,
subject only to the terms and conditions of this Agreement. 
  

	 	5.	Notices, time and place of delivery 

  

	 	a)	The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with 14, 10, 5, and 3 days notice of the estimated time of arrival at the
intended place of delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

	 	b)	The Vessel shall be delivered and taken over safely afloat at a safe and accessible port/berth/anchorage or at high sea in Seller’s option, but delivery at high seas, if
applicable, shall be subject to Buyer’s financiers’ approval. 

 Expected time of delivery: Between 20th June and 30th July 2007 
 Date of canceling (see Clauses 5 c), 6 b)
(iii) and 14): 15th August 2007 
  

	 	c)	If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the canceling date they may notify the Buyers in
writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new canceling date. Upon receipt of such notification the Buyers shall have the option of either canceling this Agreement in accordance with
Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new canceling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers’ notification or if the Buyers accept
the new date, the date proposed in the Sellers’ notification shall be deemed to be the new canceling date and shall be substituted for the canceling date stipulated in line 61. 

 If this agreement is maintained with the new canceling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c)
shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original canceling date.

	 	d)	Should the vessel become an actual, constructive or compromised total loss before delivery this Agreement shall be null and void 

  

	 	6.	Drydocking/Divers Inspection 

 Sellers warrant that
the Vessel has not touched bottom or suffered any underwater damage at any time whilst the Vessel has been in their ownership. 
  

	 	7.	Spares/bunkers, etc. 

 The Sellers shall deliver
the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of
inspection used or unused, whether on board or not, shall become the Buyers’ property, but spares on order are to be excluded. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare
propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. The radio installation and navigational equipment shall be included in the sale
without extra payment if they are the property of the Sellers. Unused stores and provisions shall be excluded from the sale and be retained by the Sellers. 
 The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles bearing the Sellers’ flag or name, provided they replace same with similar unmarked items. Library forms, etc.,
exclusively for use in the Sellers’ vessel(s), shall be excluded without compensation. Captain’s, Officers’ and Crew’s personal belongings including the slop chest are to be excluded from the sale, as well as the following
additional items (including items on hire): 
 The Buyers shall not take over the remaining bunkers and unused lubricating oils which shall
remain the property of the Sellers in their capacity as Charterers. 
  

	 	8.	Documentation 

 The place of closing: Athens, Greece 
 In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers and the Buyers shall furnish the Sellers with delivery Documents as set out in the
list attached as Exhibit 1 to this Agreement. 

 At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of Delivery and Acceptance
confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 
 At the time of delivery the Sellers shall hand to the Buyers a copy
of the classification certificate(s) which are no board the Vessel. A copy of any other certificates, all plans, etc. which are on board the Vessel at the time of delivery shall also be handed over to the buyers upon Buyers request at a reasonable
time. Copies of all technical documentation, which may be in the Sellers’ possession shall be promptly forwarded to Buyers at their expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers to have the right
to take copies of same. Originals of all technical documentation regarding the Vessel shall remain on board the Vessel and shall be delivered to the Buyers (as owners) on redelivery of the Vessel under the Bareboat Charter. 
  

	 	9.	Encumbrances 

 The Sellers warrant that the Vessel, at the time of
delivery, is free from all charters except for the Bareboat Charter, the Time Charter dated [x] with [y] and any sub-charters, encumbrances, mortgages and maritime liens or any other debts whatsoever. The Sellers hereby undertake to indemnify the
Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of delivery. 
  

	 	10.	Taxes, etc. 

 Any taxes, fees and expenses in connection with the
purchase and registration under Buyers’ flag shall be for the Buyers’ account, whereas similar charges in connection with the deletion of the Sellers’ title from the current register shall be for the Sellers’ account. 

 

	 	11.	Condition on delivery 

 The Vessel with everything belonging to her
shall be at the Sellers’ risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of inspection, fair wear and tear excepted.
However, the Vessel shall be delivered at her current condition as it appears from the relevant class certificates with her class maintained without condition/recommendation*, free of average damage affecting the Vessel’s class, and with her
classification certificates and national and international certificates, as well as all other certificates the Vessel had at the time of delivery. “Inspection” in this Clause 11, shall mean the Buyer’s inspection according to Clause 4
a). 
 *Notes, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken
into account. 

	 	12.	Name/markings 

 The Sellers will in their capacity as Charterers
after delivery to Buyers under this MoA and from Buyers to Charterers under the Bareboat Charter of this date maintain the existing name of the vessel. 
 The
Buyers undertake for the duration of the Bareboat Charter to maintain the existing name of the Vessel and not to alter any funnel markings unless agreed by the Sellers. 
  

	 	13.	Buyers’ default 

 Should the purchase price not be paid in
accordance with Clause 3, the Sellers have the right to cancel the Agreement, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest. 
  

	 	14.	Sellers’ default 

 Should the Sellers fail to give Notice of
Readiness in accordance with Clause 5 a) or fail to be ready to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have the option of canceling this Agreement provided always that the Sellers shall be granted a
maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every respect by the date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. Should the Sellers fail to give Notice of
Readiness by the date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to
willful act or proven negligence and whether or not the Buyers cancel this Agreement. 
  

	 	15.	Buyers’ representatives 

  

	 	16.	Arbitration 

 Clause 30 (a) of Barecon 2001 shall apply.

 Additional Clauses 17 and 18 herewith form an integral part of this Agreement. 

 MV COAL GLORY 
 ADDITIONAL CLAUSES 17-18 
 TO MEMORANDUM OF AGREEMENT DATED 
 JULY 2007 
  

	 	17.	CHARTER 

 Upon the delivery of the Vessel under
this Agreement, the Vessel shall simultaneously be delivered back to the Sellers as Charterers under the Bareboat Charter. 
  

	 	18.	NO BLACKLISTING 

 The Sellers confirm that to the
best of their knowledge the Vessel is not blacklisted by the Arab Boycott League in Damascus or any other country of organization whilst the Vessel has been under their ownership. 
  

					
	For the Sellers:	 		 	For the Buyers:
			
	 	 		 	 
	Name:	 		 	Name:
	Title:	 		 	Title:

 In consideration of the Buyers agreeing to purchase the Vessel from the Sellers under this Agreement and the
Sellers being our subsidiary, we, Quintana Maritime Limited, hereby guarantee the correct fulfillment of the Sellers’ obligations under this Agreement, including any obligations of the Sellers to pay damages to the Buyers in accordance with the
terms hereof. 
  

	
	
	
	  
	Name:
	Title:

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