Document:

Amendment to Loan and Security Agreement

 Exhibit 10.1 
 Silicon Valley Bank 
 Amendment to Loan and Security Agreement 
  

	Borrower: 	eGain Communications Corporation 

  

	Date: 	December 22, 2006 

 This Amendment to Loan
and Security Agreement is entered into between Silicon Valley Bank (“Silicon”) and the borrower named above (“Borrower”) as of the above-stated date. 
 The Parties agree to amend the Loan and Security Agreement between them, dated October 29, 2004 (as otherwise amended, if at all, the “Loan
Agreement”), as follows, effective as of the date hereof unless otherwise specifically set forth herein. (Capitalized terms used but not defined in this Amendment, shall have the meanings set forth in the Loan Agreement.) 
 1. New Section 2.1.7—Equipment B Advances. The Loan Agreement is hereby amended to add a new Section 2.17 thereto regarding the
making of new equipment advances, which shall be deemed inserted immediately following Section 2.1.6 and which shall read as follows: 
 “2.1.7 Equipment B Advances. 
 (a) Through June 30, 2007 (the “Equipment B Availability End Date”), Bank
will make advances (individually referred to an “Equipment B Advance” and collectively referred to as the “Equipment B Advances”) not exceeding Five Hundred Thousand Dollars ($500,000) in the aggregate. The Equipment B Advances
may only be used to finance or refinance Equipment and related items purchased on or after 90 days before the date of each Equipment B Advance and may not exceed 100% of the equipment invoice amount thereof. Not more than 50% of each Equipment B
Advance may be for software licenses (which shall all be transferable), leasehold improvements or other “soft” costs (including without limitation sales tax, freight and installation expenses). Each Equipment B Advance must be for a
minimum of $50,000. Equipment B Advances shall be limited to one per calendar quarter. Equipment financed with Equipment B Advances shall not be subject to any Liens in favor of any other Person (including without limitation Liens which would fall
within the definition of ‘Permitted Liens’). 
 (b) Interest accrues from the date of each Equipment B Advance at a rate equal to
the Prime Rate in effect from time to time, plus two percentage points (2.00%) per annum, fixed, based on the Prime Rate in effect on the date of the making of the Equipment B Advance. 

			
	Silicon Valley Bank	  	Amendment to Loan Agreement

  

 (c) Each Equipment B Advance shall be repaid in 24 equal monthly payments of principal and interest,
commencing on the first day of the first month following the date the Equipment B Advance is made, and continuing on the first day of each succeeding month, provided that if Borrower desires to prepay any Equipment B Advance, or any portion thereof,
prior to the stated maturity thereof, Borrower is permitted to do so as long as Borrower also pays to Bank all accrued and unpaid interest thereon together with a prepayment amount equal to one-half of one percent (0.5%) of the principal amount so
prepaid. 
 (d) Equipment B Advances when repaid may not be reborrowed. 
 (e) To obtain an Equipment B Advance, Borrower must notify Bank (the notice is irrevocable) by facsimile no later than 12:00 p.m. Pacific time one
(1) Business Day before the day on which the Equipment B Advance is to be made. The notice in the form of Exhibit D (Payment/Advance Form) must be signed by a Responsible Officer or designee and include a copy of the invoice for the Equipment
being financed. 
 (f) The term “Credit Extension” includes (without limitation) all Equipment B Advances.” 
 2. Modification to Section 6.2(e) of Loan Agreement. Section 6.2(e) of the Loan Agreement is hereby amended to read as follows:

 “(e) Allow Bank to audit Borrower’s Collateral at Borrower’s expense. Such audits will be conducted no more often than two
times in any consecutive twelve-month period, unless an Event of Default or an event which, with notice or passage of time or both would constitute an Event of Default, has occurred and is continuing, or in Bank’s good faith business judgment,
there has been deterioration in Borrower’s financial performance or the Collateral or its performance. The foregoing audits shall be at Borrower’s expense and the charge therefor shall be $750 per person per day (or such higher amount as
shall represent Bank’s then current standard charge for the same), plus reasonable out-of-pocket expenses.” 
  

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	Silicon Valley Bank	  	Amendment to Loan Agreement

  

 3. Modification to Credit Limit Section of Schedule 1. Section 1 of Schedule 1 to the
Loan Agreement entitled “1. Credit Limit (Section 2.1.1)” is hereby amended in its entirety to read as follows: 
 “1.
CREDIT LIMIT (Section 2.1.1): An amount not to exceed: 
  

	 	(a)	the lesser of 

 “(1) $2,000,000 at any one
time outstanding (the ‘Committed Revolving Line’), minus all amounts for services utilized under the Cash Management Services Sublimit, or 
 (2) The sum of the following: 
  

	 	(A)	80% (an ‘Advance Rate’) of the amount of Borrower’s Eligible Accounts (the ‘Borrowing Base’); 

  

	 	(B)	50% (an ‘Advance Rate’) of an amount equal to (i) Borrower’s unrestricted cash on deposit with Bank, minus (ii) the total outstanding balance of the
Obligations; 

 Minus 
  

	 	(b)	the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), and the FX Reserve and minus all amounts for services utilized under the Cash
Management Services Sublimit. 

 Bank may, from time to time, modify the Advance Rate, in its good faith business judgment,
upon notice to the Borrower, based on changes in collection experience with respect to Accounts or other issues or factors relating to the Accounts or other Collateral. 
 Letter of Credit Sublimit 
 (Section
2.1.2):            $2,000,000 
 Bank will issue or have issued Letters of
Credit for Borrower’s account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base, minus (ii) the outstanding principal balance of the Advances minus the FX Reserve and minus all amounts for services
utilized under the Cash Management Services Sublimit; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not exceed the Letter of Credit Sublimit set forth above. 
  

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	Silicon Valley Bank	  	Amendment to Loan Agreement

  

 FX Reserve 
 (Section 2.1.3):            $2,000,000 
 Cash Management 
 Services Sublimit 
 (Section 2.1.4):            $2,000,000” 
 4. Modification to Interest. Section 2 of Schedule 1 to the Loan Agreement entitled “2. Interest Rate (Section 2.3(a))” is hereby amended in its entirety to read as follows: 
 “2. INTEREST. 
 Interest Rate

 (Section 2.3(a)): 
 A rate
equal to the Prime Rate in effect from time to time, plus 1.75% per annum (the “Regular Rate”), provided that if Borrower has an Adjusted Quick Ratio of greater than or equal to 1.40 to 1.00 at the end of any calendar
month (such ratio for such period being referred to as the “AQR Target”), then the interest rate shall be reduced to a rate equal to the Prime Rate in effect from time to time, plus 1.00% per annum (the “Reduced
Rate”). 
 If the interest rate is reduced to the Reduced Rate as provided above, and as of the end of any month thereafter
Borrower’s Adjusted Quick Ratio is less than 1.40 to 1.00, then the interest rate shall return to the Regular Rate. 
 A reduction in
interest rate to the Reduced Rate or a return to the Regular Rate, based on Borrower’s Adjusted Quick Ratio as set forth above, shall go into effect as of the first day of the month following the Loan Agreement-required date of Borrower’s
delivery to Silicon of its financial reports and information pertaining to the above financial covenant measure, subject to Silicon’s review of Borrower’s financial statements and confirmation of Borrower’s Adjusted Quick Ratio.

 As used herein, “Adjusted Quick Ratio” means the ratio of (i) Borrower’s cash, cash equivalents and net accounts
receivable to (ii) Borrower’s current liabilities (excluding the current portion of deferred revenue). 
 As used herein,
“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing
within 1 year from the date of acquisition thereof, (b) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within 1 year from the
date of acquisition thereof and, at 

  

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	Silicon Valley Bank	  	Amendment to Loan Agreement

  

 
the time of acquisition, having the highest rating obtainable from either S&P or Moody’s, (c) commercial paper maturing no more than 270 days
from the date of acquisition thereof and, at the time of acquisition, having a rating of A-1 or P-1, or better, from S&P or Moody’s, money market funds investing primarily in any of the foregoing, and (d) certificates of deposit or
bankers’ acceptances maturing within 1 year from the date of acquisition thereof either (i) issued by Silicon or any bank organized under the laws of the United States or any state thereof which bank has a rating of A or A2, or better,
from S&P or Moody’s, or (ii) certificates of deposit less than or equal to $100,000 in the aggregate issued by any other bank insured by the Federal Deposit Insurance Corporation.” 
 5. Modification to Fee Section. Section 3 of Schedule 1 to the Loan Agreement is hereby amended to read as follows: 
 “3. FEES (Section 2.4(a)): 
  

			
	Facility Fee:	  	$32,000 shall be due and payable by Borrower in connection with the Amendment to Loan Agreement dated December 22, 2006 by and between Bank and Borrower (the “December 2006
Amendment”), which fee shall be deemed fully earned by Bank as of the date of such Amendment and shall payable by Borrower in two installments as follows: (a) $20,000, concurrently with the closing of the December 2006 Amendment; and (b)
$12,000 on the first anniversary of the December 2006 Amendment.
		
	Collateral Monitoring Fee:	  	$750 per month, payable in arrears (prorated for any partial month at the beginning and at termination of this Agreement), provided that such fee shall not be payable at such times that the
AQR Target has been satisfied and remains satisfied with the understanding that any changes in the payment of such fee shall coincide with the effectiveness of any changes to the applicable interest rate from the Regular Rate to the Reduced Rate
and vice versa.”

 6. Modification to Revolving Maturity Date. The Revolving Maturity Date as set forth in
Section 4 of Schedule 1 to the Loan Agreement is hereby amended to be “December 22, 2008.” 
  

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	Silicon Valley Bank	  	Amendment to Loan Agreement

  

 7. Modification to Financial Covenants. Effective with the period ending November 30,
2006 and thereafter, Section 5 of Schedule 1 of the Loan Agreement is hereby amended to read as follows: 
 “5. Financial
Covenants (Section 6.7). Borrower shall maintain at all times, to be tested as of the last day of each month, on a consolidated basis: 
 (a) Tangible Net Worth. A Tangible Net Worth of not less than Negative $750,000 (“Minimum Tangible Net Worth”), plus (i) 60% of all consideration received after November 7, 2006 for equity securities
and Subordinated Debt of the Borrower, plus (ii) 50% of the Borrower’s net income in each fiscal quarter ending after the date of the December 2006 Amendment. Increases in the Minimum Tangible Net Worth based on consideration received for
equity securities and subordinated debt of the Borrower shall be effective as of the end of the month in which such consideration is received, and shall continue effective thereafter. Increases in the Minimum Tangible Net Worth based on net income
shall be effective on the last day of the fiscal quarter in which said net income is realized, and shall continue effective thereafter. In no event shall the Minimum Tangible Net Worth be decreased. 
 As used herein the term “Tangible Net Worth” shall mean, as of any date and as determined in accordance with GAAP, the consolidated total
assets of Borrower and its Subsidiaries minus (a) any amounts attributable to (i) goodwill, (ii) intangible items including unamortized debt discount and expense, patents, trade and service marks and names, copyrights and
research and development expenses except prepaid expenses, (iii) notes, accounts receivable and other obligations owing to Borrower from its officers or other Affiliates, and (iv) reserves not already deducted from assets, minus
(b) Total Liabilities, plus (c) Subordinated Debt.” 
 8. Limited Waiver. Borrower has failed to comply (the
“Financial Covenant Defaults”) with the EBIT financial covenant set forth in Section 5 of Schedule 1 of the Loan Agreement (as in effect prior to the effectiveness of this Amendment) for the periods ending September 2006 and October
2006. Bank and Borrower agree that said Financial Covenant Defaults are hereby waived. It is understood by the parties hereto that such waiver does not constitute a waiver of any other default under the Loan Agreement or any other Loan Document, nor
an agreement by Bank to waive or forbear from exercising its rights and remedies in the future regarding defaults under any financial covenant or with respect to any other defaults under the Loan Agreement or the Loan Documents. 
 9. Revival. Prior to entering into this Amendment to Loan Agreement, the revolving maturity date regarding the obligations evidenced by the Loan
Documents, including the Loan Agreement had passed. Regardless of such occurrence, the parties hereto now desire and intend that the Loan Documents shall be revived and considered to be in full force and effect, and that the Loan Agreement, when
taken with this Amendment and any other documents evidencing the obligations shall reflect a full agreement of the parties with respect to the subject matter thereof. 
  

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	Silicon Valley Bank	  	Amendment to Loan Agreement

  

 10. Limitation of Amendments. 
 A. The amendments set forth herein are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to
(a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any
Loan Document. 
 B. This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 
 11. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

 A. Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true,
accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Default or Event of
Default has occurred and is continuing; 
 B. Borrower has the power and authority to execute and deliver this Amendment and to perform its
obligations under the Loan Agreement, as amended by this Amendment; 
 C. The organizational documents of Borrower delivered to Bank in
connection with the original execution of the Loan Agreement remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 
 D. The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by
this Amendment, have been duly authorized; 
 E. The execution and delivery by Borrower of this Amendment and the performance by Borrower of
its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower,
(c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
 F. The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by
this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on either
Borrower, except as already has been obtained or made; and 
  

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	Silicon Valley Bank	  	Amendment to Loan Agreement

  

 G. This Amendment has been duly executed and delivered by Borrower and is the binding obligation of
Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited under law by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable
principles relating to or affecting creditors’ rights. 
 12. Other General Provisions. This Amendment, the Loan Agreement, any
prior written amendments thereto signed by Bank and the Borrower, and the other written documents and agreements between Bank and the Borrower set forth in full all of the representations and agreements of the parties with respect to the subject
matter hereof and supersede all prior discussions, representations, agreements and understandings between the parties with respect to the subject hereof. 
 13. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 14. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party
hereto; and (b) Borrower’s payment of the fee set forth herein plus all expenses of Bank incurred in connection herewith and as otherwise payable under the Loan Agreement. 
 [Signature Page Follows] 
  

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	Borrower:	 		 	Silicon:
			
	EGAIN COMMUNICATIONS CORPORATION	 		 	SILICON VALLEY BANK
					
		 		 		 	By	 	/s/ James Hori
					
	By	 	/s/ Ashutosh Roy	 		 	Title	 	Senior Vice President
		 	President or Vice President	 		 		 	
					
	By	 	/s/ Eric Smit	 		 		 	
		 	Ass’t Secretary	 		 		 	

 [Signature Page to Amendment to Loan and Security Agreement dated December 22, 2006 between
Silicon Valley Bank and eGain Communications Corporation]Form of Amended and Restated Management Agreement

 Exhibit 4.4 
 DATED 8 March 2007 
 TSAKOS ENERGY NAVIGATION LIMITED 
 AND 
 TSAKOS ENERGY MANAGEMENT
LIMITED 
  

 MANAGEMENT AGREEMENT 
 (amending the Management Agreement dated 30 May 1996 
 as amended on 5 June 1998 and 28 September 2004 
 and as amended and restated with effect from 1 January 2007) 
  

 HOLMAN FENWICK & WILLAN 

 TABLE OF CONTENTS 
  

					
	1.	  	DEFINITIONS	  	1
			
	2.	  	APPOINTMENT AND TERM	  	2
			
	3.	  	MANAGEMENT SERVICES	  	3
			
	4.	  	RIGHTS AND OBLIGATIONS	  	5
			
	5.	  	TAX	  	7
			
	6	  	REMUNERATION AND FEES	  	7
			
	7.	  	PAYMENT OF BONUS	  	9
			
	8.	  	UNDERTAKINGS	  	10
			
	9.	  	EXCLUSION OF LIABILITY	  	10
			
	10.	  	TERMINATION	  	11
			
	11.	  	RATIFICATION	  	12
			
	12.	  	ASSIGNS AND SUCCESSORS	  	13
			
	13.	  	CONFIDENTIALITY	  	13
			
	14.	  	SUBSIDIARIES	  	13
			
	15.	  	NOTICES	  	14
			
	16.	  	GOVERNING LAW	  	14
			
	17.	  	ENTIRE AGREEMENT	  	14
			
	18.	  	THIRD PARTIES	  	14
			
	19.	  	ARBITRATION	  	15

 THIS MANAGEMENT AGREEMENT is made
                     2007 
 BETWEEN: 

 

	(1)	TSAKOS ENERGY NAVIGATION LIMITED (the “Company”) a company incorporated in Bermuda with limited liability with Incorporation Number EC18508 whose registered office
is at Richmond House 12 Par-la-Ville Road, Hamilton, MH08 Bermuda; 

  

	(2)	TSAKOS ENERGY MANAGEMENT LIMITED (the “Manager”) a company incorporated in Liberia whose registered office is at 80 Broad Street, Monrovia, Liberia.

 WHEREAS: 
  

	(A)	The Company appointed the Manager on 30 May 1996 (the “Appointment Date”) to manage the business of the Company and its various ship-owning subsidiaries (the
“Subsidiaries”) from time to time and their respective operations and external affairs and the Manager accepted such appointment on that date. 

  

	(B)	The Parties wish to amend and restate the terms and conditions of the appointment of the Manager as herein set forth. 

 NOW THEREFORE IT IS HEREBY AGREED: 
  

	1.	DEFINITIONS 

  

	1.1	In this agreement the following terms shall have the following meanings: 

 “Board” means the Board of Directors of the Company or of a Subsidiary (as the context may require) and references in this Agreement to the Board or any board of directors of the Company or any or all of the
Subsidiaries shall be deemed to include in the alternative a reference to any duly constituted committee thereof or to any person or persons duly authorised to exercise the power in question by either the Board or such board of directors or such a
committee (as appropriate); 
 “Bonus” has the meaning given to it in Clause 7; 
 “Effective Date” means 1 January 2007; 
 “Euribor” means the British Banker’s Association Interest Settlement Rate for Euro for 12 month Euribor displayed on the appropriate page of the Telerate screen at 11.00 a.m. (London time) on any relevant day for the offering
of deposits in Euro provided that if such agreed page is replaced or the service ceases to be available, the Company may specify another page or service displaying the appropriate rate; 
 “Euro” means the single currency of participating member states of the European Union; 
 “Euro-Zone Interbank Market” means the interbank market for Euros operating in participating member states; 
 “GAAP” means generally accepted accounting principles and “US GAAP” means those principles as determined in the United States of
America; 
 “Management Fees” has the meaning given to it in Clause 6.1; 
 “Management Services” has the meaning given to it in Clause 2.1; 
  

 1 

 “Newbuildings” means Ordinary Newbuildings and Specialised Newbuildings; 
 “Operated Ships” means: 
  

	 	(a)	ships chartered to, and operated by, the Company or its Subsidiaries during the Term; 

  

	 	(b)	ships owned by the Company or its Subsidiaries and bareboat chartered out during the Term; and 

  

	 	(c)	Ordinary Newbuildings; 

 “Ordinary Newbuildings”
means those newbuilding ships which are under construction and owned by the Company or its Subsidiaries but not yet delivered under the relevant shipbuilding contract, excluding Specialised Newbuildings; 
 “Owned Ships” means ships owned and operated by the Company or its Subsidiaries during the Term and shall include: 
  

	 	(a)	Specialised Newbuildings, upon and from the date of signing of the relevant shipbuilding contract; and 

  

	 	(b)	Ordinary Newbuildings, upon and from their delivery under the relevant shipbuilding contract; 

 “Specialised Newbuildings” means those newbuilding ships which are under construction and owned by the Company or its Subsidiaries being of a
specialised design and construction, including, without limitation, LPG and LNG ships and FPSO ships and Specialised Ships shall mean those ships; 
 “Sub-Managers” means any persons, being individuals or corporate entities, to which the Manager may sub-contract from time to time part of or the whole of the Management Services in accordance with the provisions of Clause 4;

 “Ships” means the Owned Ships and the Operated Ships; 
 “Target” has the meaning given to it in Clause 7; and 
 “Term” has the meaning given to it in Clause 2.2. 
  

	1.2	References to the “Company” shall, where appropriate, be deemed to include in addition any Subsidiary that may become a party to this Agreement by accession in accordance
with the provisions of Clause 13. 

  

	1.3	References to “Clauses”, “Sub-Clauses” and the “Annex” shall be references to Clauses and Sub-Clauses of, and the Annex to, this Agreement.

  

	2.	APPOINTMENT AND TERM 

  

	2.1	The Company hereby appoints the Manager to perform the services set forth in Clause 3 (the “Management Services”) and the Manager agrees to perform the Management
Services, subject to the terms and conditions set out in this Agreement. 

  

	2.2	The appointment of the Manager to perform the Management Services shall continue for an initial term of ten (10) years (the “Term”) commencing from the Effective
Date, which Term shall be deemed to be renewed on each anniversary of the Effective Date, unless such appointment is earlier terminated in accordance with Clause 10. 

  

 2 

	3.	MANAGEMENT SERVICES 

  

	3.1	In consideration of the payment of the Management Fees, the Manager shall, on its own or through a Sub-Manager (appointed pursuant to Clause 4), for and on behalf of the Company and
each Subsidiary: 

  

	 	3.1.1	provide planning, managerial and advisory services in respect of the whole operations of the Company and the Subsidiaries; 

  

	 	3.1.2	provide or contract for all general administrative, office and support services necessary for the operation of the Company and of each Subsidiary and each Ship including the
employment of technical and clerical personnel, accountants and managerial staff, the provision of telecommunications, accounting and data processing services and the provision of office space at the Manager’s offices in Athens;

  

	 	3.1.3	seek suitable Ships for purchase and/or determine Ships suitable for sale by the Subsidiaries and negotiate the terms of any such purchase or sale and arrange and complete the
acquisition, sale or other disposition of the Ships; provided that the Manager shall only enter into a binding commitment on the part of the Company or the relevant Subsidiary with any third party in respect of the sale or purchase of the Ships
after receiving express authority from the Board of the Company and of the relevant Subsidiary to do so; 

  

	 	3.1.4	supervise and perform the delivery of the Ships to and by the Company and the Subsidiaries; 

  

	 	3.1.5	in the case of the Company and the relevant Subsidiary, seek employment for the Ships and negotiate, arrange, complete and supervise the chartering or other employment of the Ships
(and keep the Board of the Company and the relevant Subsidiary informed on a regular basis of the employment and location of the Ship); provided that the Manager shall not enter into any binding charterparty or other contract of employment for a
Ship for a period of longer than twelve months (or such shorter period as may be determined by the Company and notified to the Manager) without receiving the express authority of the Company and the relevant Subsidiary; 

  

	 	3.1.6	provide bunkers and lubricants necessary for the operation of the fleet; 

  

	 	3.1.7	upon prior instructions from the Board of the Company, negotiate all borrowing and deposit or lending arrangements of the Company and the Subsidiaries and supervise the
implementation of such arrangements and advise the Board and the relevant Subsidiary from time to time of the arrangements for financing the acquisition and the operation of Ships; provided that the Manager shall only enter into any binding
commitment in respect of any borrowing or financing after receiving express authority from the Company and the relevant Subsidiary to do so; 

  

	 	3.1.8	open and operate such bank accounts with such bankers and in such names as the Company and/or the relevant Subsidiary may require and liaise with the Company and the relevant
Subsidiary and instruct the Bankers and such Subsidiary in connection with their respective obligations and duties; 

  

	 	3.1.9	provide customary technical management services including in relation to but not limited to voyage operation, superintendence, surveys, maintenance, drydocking, repairs,
alterations, maintenance and renewals to hull, machinery, boilers, auxiliaries, equipment and accommodation; 

  

 3 

	 	3.1.10	provide at cost price officers and crew and perform all customary owners’ obligations in relation to manning and crew welfare and amenities and usual services to the Ships;

  

	 	3.1.11	keep separate books, records and accounts relating to all the activities of the Company, each Subsidiary and of each Ship in accordance with the advice of the internal auditor of
the Company from time to time and good business and shipping accounting practice and in order to comply with the requirements of any stock exchange on which all or any part of the Company’s share capital is listed and all applicable Bermuda
laws and regulations; 

  

	 	3.1.12	prepare and submit annual budgets and quarterly projections for the approval of the Board and, if requested, provide monthly statements of accounts and quarterly statements of
account and analysis of operating income and expenses as well as such other statements, special reports, memoranda and original or copies of documents as the Board of the Company or the relevant Subsidiary may reasonably require all such books,
records and accounts to be available to the Board of the Company and of the relevant Subsidiary or authorised officers of the Company for inspection at all reasonable times; 

  

	 	3.1.13	in addition to the requirements of Clause 3.1.12, at the end of each three monthly period, provide to the Board or the relevant Subsidiary an analysis of the previous three
months’ trading and results of operations together with the intended budget for the operations of each Subsidiary and each Ship in the next quarter; 

  

	 	3.1.14	prepare and submit all documents and returns required by the Securities Exchange Commission in respect of the Company and its Subsidiaries and by loan agreements to which the
Company or its Subsidiaries are party; 

  

	 	3.1.15	ensure that the Ships are at all times insured for hull and machinery, war, loss of hire (as appropriate or necessary) and P&I risks in accordance with good shipping practice
and handle all claims arising in connection with the insurance of the Ships and otherwise including: 

  

	 	(a)	the preparation, documentation and submission of claims to insurers and/or P&I Clubs; 

  

	 	(b)	the making of settlements of claims against insurers and/or P&I Clubs subject to the instructions from time to time of the Company and the relevant Subsidiary; and

  

	 	(c)	the following-up of claims and settlements; 

  

	 	3.1.16	keep the Board informed of planned drydocking and other significant off-hire periods; and arrange for and supervise drydocking, surveys and repairs, renewals, alterations,
improvements and maintenance of the Ships; 

  

	 	3.1.17	in the event of an emergency affecting a Ship, take any necessary steps as quickly as possible on its own initiative (though consulting with the directors of the Company and any
relevant Subsidiary to the extent practicable) including the engaging of salvage or towage services, the posting of security, notification to brokers and insurers, engagement of surveyors or other experts and, without limitation, the taking of any
other steps necessary or desirable in the circumstances; 

  

	 	3.1.18	undertake all the functions, duties and obligations of the secretary of each Subsidiary in accordance with the laws and regulations of their respective places of incorporation

  

 4 

	 	  	and any other laws applicable to them, including but not limited to the keeping and updating of company records and statutory books and the filing of all necessary documents with
the relevant authorities; 

  

	 	3.1.19	subject to the limitations provided elsewhere in this Agreement, enter into, make and perform all contracts, agreements and other undertakings as may be, in the opinion of the
Manager, necessary or advisable or incidental to the carrying out of the objectives of this Agreement; 

  

	 	3.1.20	ensure that the Company’s Code of Business Conduct is observed by it, its officers and employees and also by the Sub-Manager from time to time and its officers and employees
but only whilst engaged in the business of the Company and its Subsidiaries; and 

  

	 	3.1.21	ensure that the Company’s internal auditor has access during business hours to the records of the Sub-Manager from time to time relating only to the business of the Company and
its Subsidiaries. 

  

	4.	RIGHTS AND OBLIGATIONS 

  

	4.1	In relation to the Management Services the Manager may appoint any person or corporate entity (the “Sub-Managers”), to perform as agents and/or sub-contractors such parts
of the Management Services in relation to such of the Ships as may seem to the Manager convenient or appropriate; provided that the Manager shall not knowingly delegate any part of its functions to any person, firm or company who is for the time
being resident for tax purposes in any country or jurisdiction if the Company or any Subsidiary would thereby become liable for tax on any part of its income in the country or jurisdiction of such residence, without the specific consent of the
Company and each Subsidiary which is or may be affected and in the event of the Manager becoming aware of any such liability the Manager shall take immediate steps to withdraw from such person any authority so delegated unless the Company and the
relevant Subsidiary otherwise specifically determines. The Manager shall exercise its powers of delegation only on terms which include: 

  

	 	4.1.1	the right of the Company and of any Subsidiary affected by any failure by the Sub-Manager fully and properly to perform its duties to take direct action against such Sub-Manager
with respect to such failure and to compensation with respect thereto; and 

  

	 	4.1.2	a provision binding on the Sub-Manager in terms similar in all respects to this Clause 4.1 in such form as the Company may reasonably require unless, in a particular case, otherwise
agreed by the Company. 

  

	4.2	The Manager and the Sub-Managers shall observe and comply with the Articles of Incorporation and Bye-Laws (as applicable) of each of the Company and the Subsidiaries, the
resolutions of the Boards of each of the Company and the Subsidiaries notified to them and the provisions of any prospectus, explanatory memorandum or other such document relating to the Company distributed to the Manager from time to time by or on
behalf of the Company. All activities engaged in by the Manager and the Sub-Managers hereunder including the chartering of a Ship shall at all times be subject to the control of and review by the Company and the relevant Subsidiary and, without
limiting the generality of the foregoing, the Company and the relevant Subsidiary may from time to time instruct the Manager as to the exercise of the rights attached to ownership of the relevant Ship and the Manager and the Sub-Managers shall use
their best endeavours to procure that any person, firm or company to whom they delegate any of their functions hereunder shall give effect to all such directions and shall use their best endeavours (but without guarantee) to procure that any person,
firm or company to whom any functions may be directly delegated by the 

  

 5 

	  	Company or any of the Subsidiaries shall give effect to all such directions. In connection with their performance of the Management Services, the Manager and the Sub-Managers shall
not, without the express written consent of the Company and the relevant Subsidiary, commit the Company or such Subsidiary to any expenditure in respect of any one item or in any month in respect of the Ship which exceeds the limits (if any) from
time to time prescribed by the Company and such Subsidiary; provided that such consent shall be deemed to have been given if such expenditure was included in a budget provided pursuant to the provisions of Clause 3.1.11 or 3.1.13 and thereafter
approved by the Company and such Subsidiary. 

  

	4.3	Notwithstanding the provisions of Clause 4.2, the Manager and the Sub-Managers (where so specified in the terms of their appointment) shall have the discretion to commit the Company
or a Subsidiary to extra expenditure not included in the budget up to a limit prescribed by the Company or a Subsidiary where they deem such expenditure to be required for the safe and sound maintenance and operation of the Ship.

  

	4.4	The Manager covenants with the Company and the Subsidiaries to ensure that the Sub-Managers shall at all times properly exercise and perform the powers, rights and duties so
conferred on them. The Manager’s power to delegate performance of any of the Management Services hereunder is without prejudice to the Manager’s liability to the Company and/or the Subsidiaries to perform such Management Services with the
intention that the Manager shall be liable to the Company and/or the Subsidiaries for the wilful default or negligence on the part of any such Sub-Managers in the performance of such Management Services. 

  

	4.5	In the event that any Sub-Manager fails to perform any of the powers, rights or duties delegated to it by the Manager or is in breach of any contract between it and the Manager for
the performance of any of the Management Services and if, within 14 days of their receipt of notice in writing from the Company or any of the Subsidiaries, the Manager has failed, to the reasonable satisfaction of the Company or any of the
Subsidiaries so affected, to take action against such Sub-Manager in respect of such failure to perform or breach then without prejudice to any other rights that the Company or any of the Subsidiaries may have against the Manager pursuant to the
terms of this Agreement or at law: 

  

	 	4.5.1	the Company or any affected Subsidiary shall be entitled if it so desires to prosecute in the name of the Manager for its own benefit any claim for indemnity or damages or otherwise
which the Manager may have against such Sub-Manager in respect of such failure to perform or breach and shall have full discretion in the conduct of any proceedings or in the settlement of any such claim and the Manager agrees to give all such
information and assistance as the Company or any Subsidiary may require in this regard; or 

  

	 	4.5.2	if the Company or Subsidiary shall reasonably determine that the remedy provided in Clause 4.5.1 above would not adequately compensate it for such failure to perform or breach, the
Company or any Subsidiary shall be entitled to call for the assignment of any chose in action in respect of such failure to perform or breach which the Manager may have against any such Sub-Manager and for the purposes of such assignment the Manager
hereby irrevocably appoints the Company or any Subsidiary as its attorney for it and in its name and on its behalf and as its act and deed to do all such acts, matters, deeds and things and to execute all such agreements, authorities, deeds and
writings as may be necessary or desirable in order to give effect to the assignment of any such chose in action. 

  

	4.6	The provisions of this Clause 4 concerning the obligations of the Manager arising out of the appointment by it of a Sub-Manager do not apply in the case of any Specialised Ships
where the owning Subsidiary concerned has contracted technical management of the ship direct with a technical manager, so that the appointment is not made by the Manager pursuant to Clause 4.1. 

  

 6 

	5.	TAX 

  

	5.1	The Manager will at all times exercise the rights and powers and perform the duties or any of them conferred upon it by this Agreement, any supplemental agreement, or otherwise by
the Company or any Subsidiary so as not knowingly to render the Company or any Subsidiary liable for any tax imposed by any jurisdiction on any part of its income without the consent of the Company or any Subsidiary. 

  

	6.	REMUNERATION AND FEES 

  

	6.1	In consideration of the services provided by the Manager under this Agreement the relevant Subsidiary, failing which the Company, agrees to pay to the Manager fees calculated from
the Effective Date as follows (the “Management Fees”): 

  

	 	6.1.1	US$20,000 per Owned Ship per month calculated on a daily basis 

  

	 	(a)	from the date: 

  

	 	(i)	of delivery to the relevant Subsidiary under the relevant sale contract; or 

  

	 	(ii)	in the case of Ordinary Newbuildings, of delivery to the relevant Subsidiary under the relevant shipbuilding contract; or 

  

	 	(iii)	in the case of Specialised Newbuildings, of signing of the relevant shipbuilding contract; or 

  

	 	(iv)	where the acquisition is structured as an acquisition of shares, on which the Company acquires the shares in a company which owns a ship; 

  

	 	(b)	to the date upon which: 

  

	 	(i)	the relevant Subsidiary ceases to own or operate the Ship; or 

  

	 	(ii)	the Company ceases to own the shares in the relevant Subsidiary. 

 For these purposes, the number of Ships under management shall not affect the monthly management fee. 
  

	 	6.1.2	US$15,000 per Operated Ship per month calculated on a daily basis 

  

	 	(a)	from the date: 

  

	 	(i)	of delivery of a ship to the relevant Subsidiary under the relevant charter; or 

  

	 	(ii)	in the case of Ordinary Newbuildings, on which the Company or the relevant Subsidiary enters into a shipbuilding contract for the construction of a ship; or

  

	 	(iii)	where the acquisition is structured as an acquisition of shares, on which the Company acquires the shares in a company which owns a ship under construction;

  

 7 

	 	(b)	to the date upon which: 

  

	 	(i)	the relevant Subsidiary ceases to charter the ship; or 

  

	 	(ii)	in the case of Ordinary Newbuildings, the ship is delivered under the shipbuilding contract; or 

  

	 	(iii)	the Company ceases to own the shares in the relevant Subsidiary having a ship under construction; or 

 For these purposes, the number of ships under management or the type of charter shall not affect the monthly management fee. 
  

	 	6.1.3	Such amounts as are necessary to reimburse the Manager for all out of pocket costs and expenses, to include travelling, auditing, legal assistance and all extraordinary expenses in
connection with technical and/or operational assistance and other unexpected expenses, incurred in connection with the provision of the Management Services, whether by the Sub-Managers or the Manager. 

  

	6.2	The Management Fees referred to in Clause 6.1.1 shall be reduced to US$15,000 per month in the case of Specialised Ships; and in those cases the Manager shall, notwithstanding
Clause 6.6, be entitled to charge the Subsidiary concerned for all sums payable by it to the Sub-Manager, where it has appointed the Sub-Manager under Clause 4. 

  

	6.3	In addition to the Management Fees referred to in Clause 6.1 and notwithstanding Clause 6.6, in the case of each Newbuilding the Company shall, at the direction of the Manager, pay
on behalf of the Subsidiary concerned to any Sub-Manager appointed by it under Clause 4 in relation to the relevant Newbuilding, a fee of US$200,000 (or such other sum as may be agreed between the Manager and the Sub-Manager concerned) on delivery
of the Newbuilding in payment for the cost of design and supervision of the Newbuilding by that Sub-Manager. 

  

	6.4	The applicable rate of remuneration payable to the Manager under Clauses 6.1.1 and 6.1.2 shall be adjusted upwards with effect from 1 January 2008 and subsequent anniversaries
of that date by application, to the relevant per Ship amount, of a percentage figure reflecting 12 month Euribor, unless the parties agree otherwise. 

  

	6.5	The applicable rate of remuneration payable to the Manager under Clauses 6.1.1 and 6.1.2 shall be further adjusted upwards with effect from 1 January 2008 and subsequent
anniversaries of that date (the “Revision Date”) if : 

  

	 	6.5.1	the Euro should have strengthened against the US$ at the business day preceding the Revision Date by more than 10 per cent from the rate existing on the business day following
the Effective Date, in which case the rate of remuneration shall be adjusted upwards for the year in question by the percentage amount by which the Euro has so strengthened against the US$; or 

  

	 	6.5.2	the Manager should incur a material unforeseen increase in the costs of providing the Management Services, in which case the amount of such increase will be agreed between the
Company and the Manager. 

  

	6.6	The Manager shall bear and pay the remuneration, however described, of the Sub-Managers and the Sub-Managers shall not be entitled to charge any fee, commission or turn by way of
remuneration howsoever described which would be borne by the Company or any Subsidiary. The Manager and the Sub-Managers (if any) and their appointees or substitutes shall be entitled nevertheless to charge for: 

  

	 	6.6.1	sale and purchase brokerage commissions; 

  

 8 

	 	6.6.2	chartering commissions; 

  

	 	6.6.3	bunkers and lubricants commissions; and 

  

	 	6.6.4	average adjusting fees; 

 any such charges to be at the
rate currently agreed at the date of this Agreement or, where appropriate, at a rate determined on a basis no less favourable than that generally charged by the relevant Sub-Manager to its general customers. 
  

	7.	PAYMENT OF BONUS 

  

	7.1	In addition to the Management Fees, the Company may, in its absolute discretion, pay to the Manager an annual bonus (the “Bonus”), calculated in accordance with the
guidelines for calculation of a target bonus figure (the “Target”) set out in this Clause 7. 

  

	7.2	The Target will be determined by the Company’s governance, nomination and compensation committee at its September/October meeting. The Target for fiscal 2007 shall be
calculated as follows: 

  

			
	 Return on Equity
	  	$ Target
	 Less than 15%
	  	Nil
	 Greater than or equal to 15% and less than 17.5%
	  	1,500,000
	 Greater than or equal to 17.5% and less than 20%
	  	2,250,000
	 Greater than or equal to 20% and less than 22.5%
	  	3,000,000
	 Greater than or equal to 22.5% and less than 25%
	  	3,750,000
	 Greater than or equal to 25%
	  	4,500,000

 The Target for fiscal 2006 payable on or before 31 March 2007 applies to fiscal 2006
operations and ranges from nil to $3,500,000 as previously agreed. 
  

	7.3	A Bonus, if payable, shall be paid on or before 31 March in each year of the Term commencing 31 March 2007 in an amount equal to the Target, where the Relevant Financial
Statements are those of the preceding financial year. 

  

	7.4	For the purposes of this Clause 7, the following expressions shall have the following meanings: 

 “Earnings Per Share” means the earnings per issued share of the Company as determined by US GAAP for the relevant period; 
 “Relevant Financial Statements” mean those financial statements of the Company for the period identified in Clause 7.3; 
  

 9 

 “Return on Equity” means Earnings Per Share divided by Share Value; and 
 “Share Value” means the book value per issued share of the Company determined as at 31 December of the preceding year, as shown in the
Relevant Financial Statements. 
  

	8.	UNDERTAKINGS 

  

	8.1	The Manager undertakes to carry out the Management Services efficiently and in the best interests of the Company. 

  

	8.2	Neither the Manager nor any of Sub-Managers shall contract on behalf of the Company or any of the Subsidiaries or arrange any contract or transaction for or on behalf of the Company
or any Subsidiary with itself or any of its Sub-Managers or any of their respective Associates (as defined in the Bye-Laws of the Company at the date of this Agreement) (all such contracts and transactions being “interested party
transactions”) except on terms no less favourable than would exist if such contract or transaction were to be entered into with unrelated third parties on an arms-length basis. The Manager shall also not so contract if any interested party
transaction is reasonably likely to involve payments or a value in excess of US$100,000 individually to such contract or transaction or in aggregate with any related transactions within any period of five years, without the approval of the Board of
Company and any affected Subsidiary except: 

  

	 	8.2.1	subject as provided pursuant to Clause 6.6 and this Clause 8.2, any permitted fee, commission or turn described in Clause 6.6; 

  

	 	8.2.2	where the payment or payments concerned represent on-charging by or reimbursement to the Manager or relevant Sub-Manager in respect of arrangements with third parties where the
Manager or relevant Sub-Manager has contracted as agent on behalf of the Company; 

  

	 	8.2.3	where the relevant contract or transaction occurs following or connected with emergency situations relating to the operation of the Company’s Ships; and

  

	 	8.2.4	where the Board of Directors consider that certain contracts or transactions or a class of contracts or transactions may occur repeatedly and have given a general exemption for such
transactions or class of transactions. 

 All interested party transactions not specifically approved in advance by the Board of
the Company and any affected Subsidiary shall be reported to the Board of the Company no less frequently than three monthly in arrears. 
  

	8.3	All discounts, commissions, rebates and benefits of whatever nature received by the Manager and the Sub-Managers in the course of their performance of the Management Services shall
be held to the account of the relevant Subsidiary or, if a particular Subsidiary cannot be identified, the Subsidiaries equally. 

  

	9.	EXCLUSION OF LIABILITY 

  

	9.1	Without prejudice to Clause 9.2, the Manager and any Sub-Manager shall be under no liability whatsoever for any damages or loss of whatsoever nature (including loss of profit due to
detention or delay) whensoever and howsoever arising in course of performance of the Management Services by the Manager or any Sub-Manager or any agents, superintendents, officers, crew, management personnel or other persons or independent
contractors employed by the Manager or any Sub-Manager in connection with the Management Services UNLESS the same shall be proved to have resulted from the wilful default or negligence of the Manager or any Sub-Manager or any person to whom
performance of any of the Management 

  

 10 

	  	Services has been delegated by the Manager in which case (save where loss, damage, delay or expense has resulted from the Manager’s personal act or omission committed with the
intent to cause the same, or recklessly and with knowledge that such loss, damage, delay or expense would probably result), the Manager’s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a
total of ten times the annual Management Fees. 

  

	9.2	Subject to the obligations of the Manager to effect insurances pursuant to Clause 3.1.16, the Manager shall not be responsible for the loss of or damage to any property of the
Company and the Subsidiaries in the possession of the Manager or for any failure to fulfil its duties to the Company under this Agreement if such loss, damage or failure shall be caused by or directly or indirectly due to war damage, enemy action,
the act of any Government or other competent authority, riot, civil commotion, rebellion, storm, tempest, accident, fire, lockout, strike or other cause whatsoever beyond the control of the Manager or any Sub-Managers or other persons to whom
performance of the Management Services has been delegated by the Manager provided that the Manager or such Sub-Managers or other persons shall use all reasonable efforts to avoid or minimise the effects of the same. 

  

	9.3	Notwithstanding anything that may appear to the contrary in this Agreement, the Manager shall not be liable for any of the actions of the crew employed in connection with the Ships,
even if such actions are negligent or in wilful default of obligations, except only to the extent that they are shown to have resulted from a failure by the Manager to discharge its obligations to provide the Management Services, in which case its
liability shall be limited in accordance with the terms of Clause 9.1. 

  

	10.	TERMINATION 

  

	10.1	This Agreement will terminate automatically: 

  

	 	10.1.1	following an order made or resolution passed for the purpose of winding up of the Manager or if a receiver shall be appointed of the undertaking or property of the Manager or if the
Manager shall cease to carry on its business or make any special arrangement or composition with its creditors; 

  

	 	10.1.2	upon the completion of the winding-up of the business of the Company following liquidation or otherwise. 

  

	10.2	The Company or the Manager may terminate this Agreement by giving 14 days’ notice in writing to the other in any of the following events: 

  

	 	10.2.1	at any time if the other shall commit any breach of its obligations under this Agreement by virtue of its wilful misconduct or negligence and (if such breach is capable of remedy)
shall fail within 30 days of receipt of notice so requiring it to make good such breach and such breach is material to the party giving notice; or 

  

	 	10.2.2	if the Manager shall be unable or otherwise fail to perform any or all of the Management Services to a material extent for a continuous period of two months in circumstances covered
by Clause 9.2; 

 provided that the Company may not terminate this Agreement by reason of such an event which relates to any of
the Subsidiaries. 
  

	10.3	The Company may terminate this Agreement by giving 180 days notice in writing to the Manager if there has been a change of control in the shareholding of the Manager, unless such
change has previously been agreed in writing by the Board of the Company. 

  

 11 

	10.4	The Manager may terminate this Agreement by giving the Company and the Subsidiaries not less than one year’s notice of intention to terminate the same, any such notice of
termination to be given on or before an anniversary of the Appointment Date to take effect on the succeeding anniversary of the Appointment Date. Any such termination shall be without prejudice to any claims each party may have upon the others.

  

	10.5	The appointment of the Manager or any of its Sub-Managers may be terminated with immediate effect by the Company or any of the Subsidiaries in relation to itself by notice in
writing if the Manager or such Sub-Manager respectively shall be, become or be deemed to be or become resident for tax purposes or carry on business within the United Kingdom or the United States or elsewhere in circumstances which cause the Company
or any of the Subsidiaries to become liable for tax on any part of its income in the country of such residence or carrying on of business. 

  

	10.6	The Manager may terminate this Agreement at any time upon ten (10) business days’ prior written notice to the Company in the event that the Company undergoes a
“Change of Control”. For the purposes of this Clause 10.6, “Change of Control” shall mean the election of any director whose election was not recommended by the then current Board of Directors. Any such notice must be given
within two months of the Change of Control. 

  

	10.7	Upon the effective date of termination pursuant to Clause 10.6 the Manager shall promptly terminate its services under this Agreement, as may be required in order to minimise any
interruption to the business of the Company and the Subsidiaries. 

  

	10.8	Upon termination, the Manager shall as promptly as possible, submit a final accounting of funds received and disbursed under this Agreement and of any remaining Management Fees due
from the Company, calculated pro rata to the date of termination (but subject to Clause 10.9) and any disbursed funds of the Company or the Subsidiaries in the Manager’s possession or control will be promptly paid by the Manager as directed by
the Company or may be set off against any sums from the Company. 

  

	10.9	If this Agreement is terminated under Clause 10.6, the Company shall pay to the Manager an amount equal to the net present value calculated at a discount rate of six per cent
(6%) per annum of: 

  

	 	10.9.1	the total aggregate Management Fees to which the Manager would be entitled under Clause 6.1 from the date of such termination to the end of the Term being 30 June in the tenth
year following the date of termination under Clause 10.6, based on the number of Owned Ships and Operated Ships at the date of termination; and 

  

	 	10.9.2	the average of the Bonuses previously paid to the Manager under Clause 7, multiplied by ten, being the number of years of the Term left to run. 

  

	10.10	The authorities contained in this Agreement are continuing ones and shall remain in full force and effect until revoked by termination of this Agreement in accordance with the
provisions of this Clause 10. Such revocation shall not affect any liability in any way resulting from transactions initiated prior to such revocation. 

  

	11.	RATIFICATION 

  

	11.1	Subject to Clause 4, the Company and the Subsidiaries hereby ratify and confirm and undertake at all times to allow, ratify and confirm all and whatsoever the Manager and/or
Sub-Managers shall lawfully do or cause to be done in the performance of its duties as Manager or Sub-Manager hereunder. Except to the extent that the Manager and any Sub-Manager would be liable under Clause 9.1, the Company and the Subsidiaries
further undertake at all times hereafter to keep the Manager or Sub-Manager indemnified on demand 

  

 12 

	  	against all actions, proceedings, claims and demands or liabilities whatsoever which may be brought commenced or prosecuted against or incurred by the Manager or Sub-Manager and
also against all costs, damages and expenses which the Manager or Sub-Manager may in any way pay or incur in defending or settling the same or otherwise in consequence of the Manager or Sub-Manager acting as Manager or Sub-Manager of the affairs of
the Company and the Subsidiaries or of any Ship or in respect of any matters or things in relation thereto. In addition, the Company and the Subsidiaries agree to reimburse to the Manager or any Sub-Manager any moneys which it may properly expend on
behalf of the Company or any of the Subsidiaries in connection with its duties under this Agreement. The obligations of the Company or any of the Subsidiaries under this Clause shall be several (and not joint) and such obligations shall be
apportioned to the Company or any of the Subsidiaries as appropriate but where any obligation does not clearly arise solely with respect to the Company or any one of the Subsidiaries alone such obligation shall be apportioned between the Company and
the Subsidiaries in such manner as the Manager may reasonably determine to be appropriate. In particular, costs in connection with any proposed acquisition which proves abortive shall be the joint responsibility of the Company and the relevant
Subsidiary. 

  

	12.	ASSIGNS AND SUCCESSORS 

  

	12.1	The Manager may with the prior consent in writing of the Company and the Subsidiaries, to be exercised in their respective discretions, assign all its rights and obligations
hereunder to any other company, person, firm or institution acceptable to the Company and the Subsidiaries and the assignee shall, upon filing with the Company and the Subsidiaries an instrument in writing whereby it shall assume the obligations of
the Manager hereunder and agree to be bound by the provisions hereof, become the successor to the Manager hereunder and thereafter such successor may exercise all of the powers and enjoy all of the rights and be subject to all of the duties and
obligations of the Manager hereunder as fully as though originally named as a party to this Agreement. 

  

	13.	CONFIDENTIALITY 

  

	13.1	None of the parties hereto shall (except under compulsion of law or in compliance with the requirements of any regulatory authority or stock exchange on which the shares of the
Company are listed) either before or after the termination of this Agreement disclose to any person not authorised by the relevant party to receive it any confidential information relating to such party or to the affairs of such party of which the
party disclosing the same shall have become possessed during the period of this Agreement and each party shall use all reasonable endeavours to prevent any such disclosure as aforesaid. 

  

	14.	SUBSIDIARIES 

  

	14.1	The Company shall procure that each Subsidiary shall become a party to this Agreement on or before the date upon which that Subsidiary enters into any contractual agreement to
acquire a Ship by the execution of an accession agreement substantially in the form of the Annex. The parties to this Agreement (including any which have become so by executing such an accession agreement) hereby authorise any director of the
Company from time to time to execute each such accession agreement on their behalf so as to bind them. Such accession agreement shall become effective immediately upon notification thereof as provided in Clause 15 by delivery of a copy thereof to
each party to this Agreement (unless any such party shall previously have waived in writing its right to receive such notification). 

  

	14.2	Subject to Clause 14.1, the Company is entering into this Agreement on behalf of each of its Subsidiaries. 

  

 13 

	15.	NOTICES 

  

	15.1	Any notice to be given by any party to this Agreement shall be in writing and will be deemed duly served if delivered personally or by registered post or sent by fax to the
addressee at the address set out below: 

  

			
	the Company:    	  	Tsakos Energy Navigation Limited
		  	Richmond House
		  	12 Par-la-Ville Road
		  	Hamilton HM08
		  	Bermuda
		  	Fax No: 001 441 295 1348
		
	the Manager:	  	Tsakos Energy Management Limited
		  	367 Syngrou Avenue
		  	175 64 P. Faliro
		  	Greece
		  	Fax No: 00 30 210 940 7716

 or at such other address as the party to be served may have notified as its address for service.

  

	15.2	Any notice sent by fax shall be deemed served when despatched and shall be effective when actually received save that if sent outside normal office hours shall be deemed to be
effective at commencement of business on the succeeding business day and any notice served by registered post shall be deemed served when received. In proving the service of any notice it will be sufficient to prove, in the case of a fax, that such
fax was duly despatched to a current fax number of the addressee. 

  

	16.	GOVERNING LAW 

  

	16.1	This Agreement shall be governed in all respects by the laws of England. 

  

	 16.2
	 The Company hereby irrevocably appoints HFW Nominees Limited of Marlow House, Lloyd’s Avenue, London, EC3N 3AL as
their agents for service of process in England under this Agreement and the Manager hereby irrevocably appoints Tsakos Shipping (London) Limited of 2nd Floor, 18 Buckingham Gate, London, SW1E 6LB as their agents for service of process in England under this Agreement. 

  

	17.	ENTIRE AGREEMENT 

  

	17.1	This Agreement constitutes the entire agreement between the parties with respect to the subject matter herein and supersedes all prior agreements and understandings, written or
oral, with respect thereto. 

  

	18.	THIRD PARTIES 

  

	18.1	This agreement is not intended to, nor shall it create, any rights, claims or benefits enforceable by any person not a party to it. A person who is not a party to this agreement may
not enforce or otherwise have the benefit of, any provision of this agreement under the Contracts (Rights of Third Parties) Act 1999. 

  

 14 

	19.	ARBITRATION 

  

	19.1	Any dispute arising out of this Agreement shall be referred to arbitration in London, the dispute being settled by a single Arbitrator to be appointed by the parties hereto. If the
parties cannot agree upon the appointment of the single Arbitrator the dispute shall be settled by three Arbitrators, each party appointing one Arbitrator, the third being appointed by the Arbitrators of the parties. If the Arbitrators fail to agree
on the appointment of the third Arbitrator, such appointment shall be made by The London Maritime Arbitrators Association in London. If either of the appointed Arbitrators refuses or is incapable of acting, the party who appointed him shall appoint
a new Arbitrator in his place. 

  

	19.2	If one party fails to appoint an Arbitrator - either originally or by way of substitution - for two weeks after the other party having appointed his Arbitrator has sent the party in
default notice to make the appointment, the London Maritime Arbitrators Association shall, after application from the party having appointed his Arbitrator, also appoint an Arbitrator on behalf of the party in default. 

  

	19.3	The award rendered by the Arbitration Tribunal shall be final and binding upon the parties and may if necessary be enforced by the Court or any other competent authority in the same
manner as a judgment of the Court. 

 AS WITNESS the hands of the duly authorised representatives of the parties 
  

					
	SIGNED by	 	)	 	
	for and on behalf of	 	)	 	 /s/ D. John Stavropoulos

	TSAKOS ENERGY	 	)	 	
	NAVIGATION LIMITED	 	)	 	
			
	SIGNED by	 	)	 	
	for and on behalf of	 	)	 	 /s/ Nikolas P. Tsakos

	TSAKOS ENERGY	 	)	 	
	MANAGEMENT LIMITED	 	)	 	

  

 15 

 ANNEX 
 ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT is made the
                 day of 
 BETWEEN: 
  

	(1)	The parties to the Management Agreement dated 30 May 1996, as amended and restated from time to time (the “Management Agreement”), (including all parties which have
acceded thereto prior to the date hereof by a like agreement to this Agreement); 

  

	(2)	                                       
                                        
     Registration Number
[                                        ](the
“Subsidiary”); and 

 WHEREBY IT IS AGREED that the Subsidiary shall become a party to the Management Agreement with effect
from the date hereof in all respects as if it had been an original party to the Management Agreement. 
 AS WITNESS the hands of the duly authorised
representatives of the parties: 
  

					
	SIGNED by	 	)	 	
	for and on behalf of the parties	 	)	 	
	of the first part pursuant to	 	)	 	
	Clause 14 of the Management	 	)	 	
	Agreement	 	)	 	
			
	SIGNED by	 	)	 	
	for and on behalf of	 	)	 	
		 	)	 	

  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]