Document:

Registration Rights Agreement

 Exhibit 4.12 
 REGISTRATION RIGHTS AGREEMENT 
 by and among 

BOX SHIPS INC. 
 and 
 PROPLOUS NAVIGATION INC., OR ITS NOMINEE 

AND 

PARAGON SHIPPING INC. 
 Dated as of April 19, 2011 

 REGISTRATION RIGHTS AGREEMENT, dated as of April 19, 2011, by and among BOX SHIPS INC., a
Marshall Islands corporation (the “Company”), PROPLOUS NAVIGATION INC., a Marshall Islands corporation, or its nominee (“Proplous Navigation”) and PARAGON SHIPPING INC., a Marshall Islands corporation
(“Paragon Shipping” and, together with Proplous Navigation, the “Shareholders”). 
 In
consideration of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

 

	1.	Certain Definitions. 

 In addition to the terms defined elsewhere in this Agreement, the following terms shall have the following meanings: 
 “Affiliate” of any Person means any other Person which directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such
Person. The term “control” (including the terms “controlling,” “controlled by” and “under common control with”) as used with respect to any Person means the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” means this Registration Rights Agreement, including all amendments, modifications and supplements and any
exhibits or schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 
 “Business Days” means any day that is not a Saturday, Sunday or other day in which banks are required or authorized by law to be closed in the City of New York or Athens Greece.

 “Common Shares” means shares of Common Stock, par value $0.01 per share, of the Company and any other shares
into which such shares are converted pursuant to a recapitalization or reorganization. 
 “Company” has the
meaning set forth in the introductory paragraph. 
 “Demand Registration” has the meaning set forth in
Section 2(a) hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Governmental Entity” means any national, federal, state, municipal, local, territorial, foreign or other government or
any department, commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or 

 
public or private tribunal. 
 “Holder” means any holder
of record of Registrable Common Shares and any transferees of such Registrable Common Shares from such Holders. For purposes of this Agreement, the Company may deem and treat the registered holder of Registrable Common Shares as the Holder and
absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 
 “Initiating
Holders” has the meaning set forth in Section 2(a) hereof. 
 “Person” means any individual, sole
proprietorship, partnership, limited liability company, joint venture, trust, incorporated organization, association, corporation, institution, public benefit corporation, Governmental Entity or any other entity. 

“Piggyback Registration” has the meaning set forth in Section 4(a) hereof. 

“Prospectus” means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by
any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Common Shares covered by such Registration Statement and by all other amendments and supplements to the prospectus, including issuer free writing
prospectuses, post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 

“Qualifying IPO” means the sale in an underwritten initial public offering registered under the Securities Act of shares
of common equity securities of the Company. 
 “Registrable Common Shares” means the Common Shares held by the
Shareholders or affiliates of the Shareholders as of the date of the Qualifying IPO; provided, however, that Registrable Common Shares shall not include any securities that are or become tradeable without restriction as to volume pursuant to Rule
144 or that are sold by a Person to the public either pursuant to a Registration Statement or Rule 144. 
 “Registration
Expenses” has the meaning set forth in Section 7(a) hereof. 
 “Registration Statement” means any
registration statement of the Company which covers any of the Registrable Common Shares pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all materials incorporated by reference in such Registration Statement. 
 “SEC”
means the United States Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of
1933, as amended. 
 “Shelf Registration” has the meaning set forth in Section 3(a) hereof. 

“Shareholders” has the meaning set forth in the introductory paragraph. 

 “Suspension Notice” has the meaning set forth in Section 6(e) hereof.

 “Underwritten registration” or “underwritten offering” means a registration in which
securities of the Company are sold to underwriters for reoffering to the public. 
 “Withdrawn Demand
Registration” has the meaning set forth in Section 2(f) hereof. 
  

	2.	Demand Registrations. 

(a) Right to Request Registration. At any time following the first anniversary of the closing of a Qualifying IPO, any Holder
or Holders may request registration under the Securities Act (“Initiating Holders”) of all or part of the Registrable Common Shares (“Demand Registration”); provided, that each Demand Registration be at least equal
to 10% of the Company’s aggregate outstanding Common Shares immediately following the closing of such Qualifying IPO. The Company shall use its commercially reasonable efforts to effect, as expeditiously as possible, the Demand Registration of
any number of Registrable Common Shares for which it receives requests in accordance with this Section 2. 
 Within 10 days
after receipt of any such request for Demand Registration, the Company shall give written notice of such request to all other Holders of Registrable Common Shares and shall, subject to Sections 2(c) and 2(d) hereof, include in such registration all
such Registrable Common Shares with respect to which the Company has received written requests for inclusion therein within 15 Business Days after the receipt of the Company’s notice. 

(b) Number of Demand Registrations. Subject to the provisions of Section 2(a), the Initiating Holders of Registrable
Common Shares shall collectively be entitled to request an aggregate of three Demand Registrations. A registration shall not count as one of the permitted Demand Registrations (i) until it has become effective, (ii) if the Initiating
Holders requesting such registration are not able to have registered and sold at least 50% of the Registrable Common Shares requested by such Initiating Holders to be included in such registration or (iii) in the case of a Demand Registration
that would be the last permitted Demand Registration requested hereunder, if the Initiating Holders requesting such registration are not able to have registered and sold all of the Registrable Common Shares requested to be included by such
Initiating Holders in such registration. 
 (c) Priority on Demand Registrations. The Company shall not include in
any Demand Registration any securities which are not Registrable Common Shares without the written consent of the Holders of a majority of the Registrable Common Shares to be included in such registration, or, if such Demand Registration is an
underwritten offering, without the written consent of the managing underwriters. If the managing underwriters of the requested Demand Registration advise the Company in writing that in their opinion the number of shares of Registrable Common
Shares proposed to be included in any such registration exceeds the number of securities which can be sold in such offering without having an adverse affect on such offering, including the price at which such Registrable Common Shares can be sold,
the Company shall include in such registration only the number of shares of Registrable Common 

 
Shares which in the opinion of such managing underwriters can be sold without having the adverse effect referred to above. If the number of shares which can be sold without having the
adverse effect referred to above is less than the number of shares of Registrable Common Shares proposed to be registered, the amount of Registrable Common Shares to be so sold shall be allocated (i) first, the Registrable Common Shares
requested to be included therein by the Shareholders, pro rata between the Shareholders on the basis of the number of shares requested to be registered by the Shareholders, and (ii) second, the Registrable Common Shares requested to be included
therein by the other Holders, if any, pro rata among such Holders on the basis of the number of shares requested to be registered by such Holders. If the number of shares which can be sold exceeds the number of shares of Registrable Common Shares
proposed to be sold, such excess shall be allocated pro rata among the other holders of securities, if any, desiring to participate in such registration based on the amount of such securities initially requested to be registered by such holders or
as such holders may otherwise agree. 
 (d) Restrictions on Demand Registrations. The Company shall not be obligated
to effect any Demand Registration within three months after the termination of an offering under a previous Demand Registration or a previous registration under which the Initiating Holder had piggyback rights pursuant to Section 4 hereof where
the Initiating Holder was permitted to register and sell all of the Registrable Common Shares requested to be included therein. The Company may postpone for up to 90 days the filing or the effectiveness of a Registration Statement for a Demand
Registration if, based on the good faith judgment of the Company’s board of directors, such postponement or withdrawal is necessary in order to avoid premature disclosure of a matter the board has determined would not be in the best interest of
the Company to be disclosed at such time; provided, that in no event shall the Company withdraw a Registration Statement after such Registration Statement has been declared effective; and provided, further, that in the event described above, the
Initiating Holders requesting such Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations. The Company shall
provide written notice to the Initiating Holders requesting such Demand Registration of (i) any postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant to this Section 2(d), (ii) the
Company’s decision to file or seek effectiveness of such Registration Statement following such withdrawal or postponement and (iii) the effectiveness of such Registration Statement. The Company may defer the filing of a particular
Registration Statement pursuant to this Section 2(d) only once during any 12-month period. 
 (e) Selection of
Underwriters. If any of the Registrable Common Shares covered by a Demand Registration are to be sold in an underwritten offering, the Initiating Holders shall have the right to select the managing underwriter or underwriters to administer
the offering subject to the approval of the Company, which will not be unreasonably withheld. 
 (f) Effective Period of
Demand Registrations. After any Demand Registration filed pursuant to this Agreement has become effective, the Company shall use its commercially reasonable efforts to keep such Demand Registration effective for a period equal to one year
from the date on which the SEC declares such Demand Registration effective (or if such Demand Registration is not effective during any period within such period, such period shall be extended 

 
by the number of days during such period when such Demand Registration is not effective), or such shorter period which shall terminate when all of the Registrable Common Shares covered by such
Demand Registration have been sold pursuant to such Demand Registration or are otherwise permitted to be resold freely by all selling shareholders in such Demand Registration under Rule 144 without regard to volume. If the Company shall
withdraw any Demand Registration pursuant to Section 2(d) (a “Withdrawn Demand Registration”), the Initiating Holders of the Registrable Common Shares remaining unsold and originally covered by such Withdrawn Demand
Registration shall be entitled to a replacement Demand Registration which (subject to the provisions of this Section 2 the Company shall use its best efforts to keep effective for a period commencing on the effective date of such Demand
Registration and ending on the earlier to occur of the date (i) which is one year from the effective date of such Demand Registration and (ii) on which all of the Registrable Common Shares covered by such Demand Registration have been sold
or are otherwise permitted to be resold freely by all selling shareholders in such Demand Registration under Rule 144 without regard to volume. Such additional Demand Registration otherwise shall be subject to all of the provisions of this
Agreement. 
  

	3.	Shelf Registration. 

 (a)
At such time as the Company is eligible to use Form F-3 under the Securities Act (or any successor form) for sales of Registrable Common Shares by a Holder, at the request of Holders of the lesser of (x) 5% of the Registrable Common Shares
(without reduction for Common Shares that cease to be Registrable Common Shares) and (y) Registrable Common Shares having an aggregate market value of at least $10 million, the Company shall use its commercially reasonable efforts to effect, as
expeditiously as possible, the registration under the Securities Act of any number of Registrable Common Shares for which it receives requests in accordance with this Section 3 (the “Shelf Registration”). The Company shall
use its commercially reasonable best efforts to cause such Registration Statement to become effective as promptly as practicable and maintain the effectiveness of such Registration Statement (subject to the terms and conditions herein) for a period
ending on the earlier of (i) three years following the date on which such Registration Statement first becomes effective (but one year if the Company is not able to use Form F-3 under the Securities Act (or any successor form)) and
(ii) the date on which all Registrable Common Shares covered by such Registration Statement have been sold and the distribution contemplated thereby has been completed or have become freely tradeable pursuant to Rule 144 without regard to
volume. 
 (b) The Shelf Registration Statement pursuant to this Section 3 shall to the extent possible under applicable
law, be effected to permit sales on a continuous basis pursuant to Rule 415 under the Securities Act. Any takedown under the Shelf Registration pursuant to this Section 3 may or may not be underwritten; provided, however, that (i) Holders
may request any underwritten takedown only to be effected as a Demand Registration (in which event, unless such Demand Registration would not require representatives of the Company to meet with prospective purchasers of the Company’s
securities, a Demand Registration must be available thereunder and the number of Demand Registrations available shall be reduced by one under Section 2(b)) or (ii) Holders may request an unlimited number of underwritten takedowns to be
effected in accordance with the terms of Section 4. The Company shall be entitled to effect the 

 
Shelf Registration on any available form under the Securities Act. 
 (c)
Within 10 Business Days after receipt of any such request for the Shelf Registration, the Company shall give written notice of such request to all other Holders of Registrable Common Shares and shall include in such registration all such Registrable
Common Shares with respect to which the Company has received written requests for inclusion therein within 15 Business Days after the receipt of the Company’s notice. 
 (d) The number, percentage, fraction or kind of shares referred to in this Section 3 shall be appropriately adjusted for any stock dividend, stock split, reverse stock split, combination,
recapitalization, reclassification, merger or consolidation, exchange or distribution in respect of the shares of Common Stock. 

(e) The Company, and any other holder of the Company’s securities who has registration rights, may include its securities in any
Shelf Registration effected pursuant to this Section 3. 
  

	4.	Piggyback Registrations. 

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

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

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

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

(d) Selection of Underwriters. If any Piggyback Registration is an underwritten primary offering, the Company shall have the
right to select the managing underwriter or underwriters to administer any such offering. 
 (e) Other
Registrations. If the Company has previously filed a Registration Statement with respect to Registrable Common Shares, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to
become effective any other registration of any of its securities under the Securities Act, whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least 90 days has elapsed from the termination
of the offering under the previous registration. 
  

	5.	Holdback Agreements. 

 The
Company and each Holder agrees to enter into a reasonable and customary lock-up agreement with the underwriters for any underwritten Demand Registration upon request of such underwriters. 

 

	6.	Registration Procedures. 

(a) Whenever the Holders request that any Registrable Common Shares be registered pursuant to this Agreement, the Company shall use its
commercially reasonable efforts to effect the registration and the sale of such Registrable Common Shares in accordance with the intended methods of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible:

  

	 	(i)	 prepare and file with the SEC a Registration Statement with respect to such Registrable Common Shares and use its best efforts to cause such
Registration Statement to become effective as soon as practicable thereafter; and before filing a 

	 	
Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable Common Shares covered by such Registration Statement and the underwriter or
underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated by reference in the Prospectus and, if requested by such Holders, the exhibits incorporated by reference, and such Holders shall have the
opportunity to object to any information pertaining to such Holders that is contained therein and the Company will make the corrections reasonably requested by such Holders with respect to such information prior to filing any Registration Statement
or amendment thereto or any Prospectus or any supplement thereto; 

  

	 	(ii)	prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep
such Registration Statement effective for a period of not less than one year, in the case of a Demand Registration or such shorter period as is necessary to complete the distribution of the securities covered by such Registration Statement and
comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in
such Registration Statement; 

  

	 	(iii)	furnish to each seller of Registrable Common Shares such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus included
in such Registration Statement (including each preliminary Prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Common Shares owned by such seller;

  

	 	(iv)	use its best efforts to register or qualify such Registrable Common Shares under such other securities or blue sky laws of such jurisdictions as any seller reasonably
requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Common Shares owned by such seller (provided, that the
Company will not be required to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph 6(a)(iv), (y) subject itself to taxation in any such jurisdiction, or
(z) consent to general service of process in any such jurisdiction); 

  

	 	(v)	 notify each seller of such Registrable Common Shares, at any time when a Prospectus relating thereto is required to be delivered under the Securities
Act, of the occurrence of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the
request of any such seller, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Common Shares, such Prospectus shall not contain an untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein not 

	 	
misleading; 

  

	 	(vi)	in the case of an underwritten offering, enter into such customary agreements (including underwriting agreements in customary form with customary indemnification
provisions) and take all such other actions as the Holders of a majority of the Registrable Common Shares being sold or the underwriters reasonably request in order to expedite or facilitate the disposition of such Registrable Common Shares
(including, without limitation, making members of senior management of the Company available to participate in, and cause them to cooperate with the underwriters in connection with, “road-show” and other customary marketing activities
(including one-on-one meetings with prospective purchasers of the Registrable Common Shares)) and cause to be delivered to the underwriters and the sellers, if any, opinions of counsel to the Company in customary form, covering such matters as are
customarily covered by opinions for an underwritten public offering as the underwriters may request and addressed to the underwriters and the sellers; 

  

	 	(vii)	make available, for inspection by any seller of Registrable Common Shares, any underwriter participating in any disposition pursuant to such Registration Statement, and
any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and
independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement; 

 

	 	(viii)	use its best efforts to cause all such Registrable Common Shares to be listed on each securities exchange on which securities of the same class issued by the Company
are then listed; 

  

	 	(ix)	if requested, use its commercially reasonable efforts to cause to be delivered, immediately prior to the effectiveness of the Registration Statement (and, in the case
of an underwritten offering, at the time of delivery of any Registrable Common Shares sold pursuant thereto), letters from the Company’s independent certified public accountants addressed to each selling Holder (unless such selling Holder does
not provide to such accountants the appropriate representation letter required by rules governing the accounting profession) and each underwriter, if any, stating that such accountants are independent public accountants within the meaning of the
Securities Act and the applicable rules and regulations adopted by the SEC thereunder, and otherwise in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent certified public
accountants delivered in connection with primary or secondary underwritten public offerings, as the case may be; 

  

	 	(x)	 make generally available to its shareholders a consolidated earnings statement (which need not be audited) for the 12 months beginning after the
effective date of a 

	 	
Registration Statement as soon as reasonably practicable after the end of such period, which earnings statement shall satisfy the requirements of an earning statement under Section 11(a) of
the Securities Act; 

  

	 	(xi)	if reasonably requested by the managing underwriter or underwriters or a Holder of Registrable Common Shares being sold in connection with an underwritten offering,
promptly incorporate in a Prospectus supplement, post-effective amendment or issuer free writing prospectus such information as the managing underwriters or the Holders of a majority of the Registrable Common Shares being sold in such underwritten
offering determine, upon advice of counsel, is legally required to be included therein relating to the sale of the Registrable Common Shares, including, without limitation, information with respect to the aggregate number of shares of Registrable
Common Shares being sold to such underwriters, the purchase price being paid therefor by such underwriters and with respect to any other terms of the underwritten offering of the Registrable Common Shares to be sold in such offering; and promptly
make all required filings of such Prospectus supplement post-effective amendment or issuer free writing prospectus; 

  

	 	(xii)	provide a CUSIP number for the Registrable Common Shares no later than the effective date of such Registration Statement; 

 

	 	(xiii)	use commercially reasonable efforts to prevent the happening of any event of the kinds described in clauses (C) and (D) of Section 6(a)(xv);

  

	 	(xiv)	cooperate and assist in any filings required to be made with the Financial Industry Regulatory Association; and 

 

	 	(xv)	promptly notify each seller of Registrable Common Shares and the underwriter or underwriters, if any: 

 

	 	(A)	when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment to the Registration Statement has
been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 

  

	 	(B)	of any comments of the SEC or of any written request by the SEC for amendments or supplements to the Registration Statement or Prospectus that relate to information
provided, or to be provided, by such seller or underwriter; 

  

	 	(C)	of the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness
of the Registration Statement; 

  

	 	(D)	 of the receipt by the Company of any notification with respect to the 

	 	
suspension of the qualification of any Registrable Common Shares for sale under the applicable securities or blue sky laws of any jurisdiction; and 

 

	 	(E)	of the happening of any event which makes any statement of a material fact made in any Registration Statement, Prospectus or any document incorporated therein by
reference untrue or which requires the making of any changes in any Registration Statement, Prospectus or any document incorporated therein by reference in order to make the statements therein (in the case of any Prospectus, in the light of the
circumstances under which they were made) not misleading. 

 (b) The Company shall ensure that no Registration
Statement (including any amendments or supplements thereto and Prospectuses contained therein) shall contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements
therein (in the case of any Prospectus, in the light of the circumstances under which they were made) not misleading (except, with respect to any Holder, for an untrue statement or alleged untrue statement of a material fact or omission or alleged
omission of a material fact made in reliance on and in conformity with written information furnished to the Company by or on behalf of such Holder specifically for use therein). 

(c) The Company shall make available upon request to each Holder whose Registrable Common Shares are included in a Registration Statement
(i) promptly after the same is prepared and publicly distributed or filed with the SEC, one copy of each Registration Statement and any amendment thereto and each preliminary Prospectus and Prospectus and each amendment or supplement thereto,
and (ii) such number of copies of a Prospectus, including a preliminary Prospectus, and all amendments and supplements thereto and such other documents as such Holder may reasonably request in order to facilitate the disposition of the
Registrable Common Shares owned by such Holder. The Company will promptly notify each Holder by facsimile or electronic mail of the effectiveness of each Registration Statement or any post-effective amendment. The Company will promptly
respond to any and all comments received from the SEC, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the SEC as soon as practicable and shall file an acceleration request as soon as
practicable following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to review. 

(d) The Company may require each seller of Registrable Common Shares as to which any registration is being effected to furnish to the
Company any other information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing. 
 (e) Each seller of Registrable Common Shares agrees by having its shares treated as Registrable Common Shares hereunder that, upon notice of the happening of any event as a result of which the Prospectus
included in such Registration Statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein 

 
not misleading (a “Suspension Notice”), such seller will forthwith discontinue disposition of Registrable Common Shares for a reasonable length of time not to exceed 90 days
until such seller is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 6(c) hereof, and, if so directed by the Company, such
seller will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such seller’s possession, of the Prospectus covering such Registrable Common Shares current at the time of receipt of such
notice; provided, however, that such postponement of sales of Registrable Common Shares by the Holders shall not exceed 120 days in the aggregate in any one year. If the Company shall give any notice to suspend the disposition of Registrable
Common Shares pursuant to a Prospectus, the Company shall extend the period of time during which the Company is required to maintain the Registration Statement effective pursuant to this Agreement by the number of days during the period from and
including the date of the giving of such notice to and including the date such seller either is advised by the Company that the use of the Prospectus may be resumed or receives the copies of the supplemented or amended Prospectus contemplated by
Section 6(e). In any event, the Company shall not be entitled to deliver more than three Suspension Notices in any one year. 
  

	7.	Registration Expenses. 

(a) All expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all
registration and filing fees, fees and expenses of compliance with securities or blue sky laws, listing application fees, printing expenses, transfer agent’s and registrar’s fees, cost of distributing Prospectuses in preliminary and final
form as well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons retained by the Company (all such expenses being herein called “Registration
Expenses”) (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Shares or fees and expenses of more than one counsel representing the Holders of Registrable Common Shares), shall be
borne by the Company. In addition, the Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or
quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which they are to be listed. 

(b) In connection with each registration initiated hereunder (whether a Demand Registration or a Piggyback Registration), the Company
shall reimburse the Holders covered by such registration or sale for the reasonable fees and disbursements of one law firm chosen by the Holders of a majority of the Registrable Common Shares included in such registration or sale. 

(c) The obligation of the Company to bear the expenses described in Section 7(a) and to reimburse the Holders for the expenses
described in Section 7(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when any of the
foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable Common Shares (unless 

 
withdrawn following postponement of filing by the Company in accordance with Section 2(d)(i) or (ii)) or any supplements or amendments to a Registration Statement or Prospectus resulting
from a misstatement furnished to the Company by a Holder shall be borne by such Holder. 
  

	8.	Indemnification. 

 (a) The
Company shall indemnify, to the fullest extent permitted by law, each Holder, its officers, directors and Affiliates and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or any violation or alleged violation by the Company of the Securities Act, the Exchange Act or applicable blue sky laws, except
insofar as the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s
immediate purchaser a copy of the Registration Statement or Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered). In connection with an underwritten offering, the Company shall
indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holders. 

(b) In connection with any Registration Statement in which a Holder of Registrable Common Shares is participating, each such Holder shall
furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company,
its officers, directors Affiliates, and each Person who controls the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement
of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly for use therein or caused by
such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the Registration Statement or Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the
Company has furnished such Holder with a sufficient number of copies of the same; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders and the liability of each such Holder shall be in
proportion to and limited to the net amount received by such Holder from the sale of Registrable Common Shares pursuant to such Registration Statement. 
 (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification, provided that the
failure to notify the indemnifying party shall not relieve the indemnifying party 

 
from any liability that it may have under this Section 8 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such
failure; and provided, further, that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to an indemnified party otherwise than under this Section 8 and (ii) unless in
such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party which are in addition to or may conflict with those available to
another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder. 
 (d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or
controlling Person of such indemnified party and shall survive the transfer of securities. 
 (e) If the indemnification
provided for in or pursuant to this Section 8 is due in accordance with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each
applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses (i) in such proportion
as is appropriate to reflect the relative benefits received by the indemnified party on the one hand and the indemnifying party on the other hand from the offering to which such Registration Statement or prospectus relates or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnified party
on the one hand and the indemnifying party on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits
received by a party shall be deemed to be in the same respective proportions as the net proceeds from such offering (before deducting expenses) received by such party and the total underwriting discounts and the commissions received by the
underwriters therefor, if any bear to the aggregate proceeds received from the sale of Company securities thereunder. The relative fault of the indemnifying party on the one hand and of the indemnified Person on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party,
and by such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall the liability of any selling Holder be greater in amount than the

 
amount of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been obligated to pay by way of indemnification if the indemnification
provided for under Section 8(a) or 8(b) hereof had been available under the circumstances. 
  

	9.	Participation in Underwritten Registrations. 

 No Person may participate in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting
arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the
terms of such underwriting arrangements. 
  

	10.	Rule 144. 

 The Company
covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, and it will take such further action as any Holder may reasonably request
to make available adequate current public information with respect to the Company meeting the current public information requirements of Rule 144(c) under the Securities Act, to the extent required to enable such Holder to sell Registrable Common
Shares without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (ii) any similar rule or regulation hereafter
adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such information and requirements. 

 

	11.	Miscellaneous. 

 (a)
Notices. All notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand delivered or mailed postage prepaid by registered or certified mail or by facsimile or electronic
mail transmission (with immediate telephone confirmation thereafter), 
 if to the Company: 

Box Ships Inc. 

15 Karamanli Avenue 
 Voula, 16673 
 Athens, Greece 

Attention: 

Facsimile No.: 

with a copy to: 

Seward & Kissel LLP 

 One Battery Park Plaza 

New York, New York 10004 
 Attention: Gary J. Wolfe, Esq. 
 Facsimile No.: (212) 480-8421

 if to the Shareholders: 
 Proplous Navigation 
 c/o Allseas Marine S.A. 

15 Karamanli Avenue 
 Voula, 16673 
 Athens, Greece 

Attention: Ms. Maria Stefanou 
 Facsimile No.: +30 210 89 95 088 
 Paragon Shipping Inc. 

15 Karamanli Avenue 
 Voula, 16673 
 Athens, Greece 

Attention: Ms. Maria Stefanou 
 Facsimile No.: +30 210 89 95 088 
 or if to another Holder, to the addresses set forth on the
counterpart signature pages of this Agreement signed by such Holders. 
 If to a transferee Holder, to the address of such
Holder set forth in the transfer documentation provided to the Company or at such other address as such party each may specify by written notice to the others, and each such notice, request, consent and other communication shall for all purposes of
this Agreement be treated as being effective or having been given when delivered personally or upon receipt of facsimile or electronic mail confirmation if transmitted by facsimile or electronic mail, or, if sent by mail, at the time of its receipt.

 (b) No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and
not exclusive of any rights or remedies provided by law. 
 (c) Successors and Assigns. The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, it being understood that subsequent Holders of the Registrable Common Shares are intended third party beneficiaries of this
Agreement provided, that the transferee or assignee of such rights assumes in writing the obligations of such transferor under this Agreement. 
 (d) Governing Law. The laws of the State of New York shall govern the enforceability and validity of this Agreement, the construction of its terms and the interpretation

 
of the rights and duties of the parties, without regard to the principles of conflicts of laws thereof. 
 (e) Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby may be brought in any federal or state court located in the County and State of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such
suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit,
action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of
any such court.
 (f) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(g) Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by facsimile) and by
different parties hereto in separate counterparts, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same
instrument. This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all of the other parties hereto. 
 (h) Entire Agreement. This Agreement contains the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes and replaces all other prior agreements,
written or oral, among the parties hereto with respect to the subject matter hereof. 
 (i) Captions. The headings
and other captions in this Agreement are for convenience and reference only and shall not be used in interpreting, construing or enforcing any provision of this Agreement. 
 (j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 (k) Amendments. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given without the prior written consent of the Holders of a 

 
majority of the Registrable Common Shares (as constituted on the date hereof); provided, however, that without a Holder’s written consent no such amendment, modification, supplement or
waiver shall affect adversely such Holder’s rights hereunder in a discriminatory manner inconsistent with its adverse effects on rights of other Holders hereunder (other than as reflected by the different number of shares held by such Holder);
provided, further, that the consent or agreement of the Company shall be required with regard to any termination, amendment, modification or supplement of, or waivers or consents to departures from, the terms hereof, which affect the Company’s
obligations hereunder. This Agreement cannot be changed, modified, discharged or terminated by oral agreement. 
 (l)
Aggregation of Shares. All Registrable Common Shares held by or acquired by any Affiliated Persons will be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

(m) Equitable Relief. Without limiting the remedies available, the parties hereto acknowledge that any failure by the Company
to comply with its obligations under this Agreement will result in material irreparable injury to the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the
event of any such failure, any Holder shall have the right to obtain such relief as may be required to specifically enforce the Company’s obligations under this Agreement. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each
of the parties hereto as of the date first written above. 
  

			
	BOX SHIPS INC.
		
	By:	 	 /s/ Robert Perri

	Name: Robert Perri
	Title: Chief Financial Officer
	
	NEIGE INTERNATIONAL INC., AS NOMINEE FOR PROPLOUS NAVIGATION S.A.
		
	By:	 	 /s/ Michael Bodaroglou

	Name: Michael Bodaroglou
	Title: President
	
	PARAGON SHIPPING INC.
		
	By:	 	 /s/ George Skrimizeas

	Name: George Skrimizeas
	Title: Chief Operating OfficerPurchase Agreement dated April 19, 2011

 Exhibit 4.13 

 

			
	 MEMORANDUM OF AGREEMENT
  

Dated: 19TH APRIL 2011
	 	
Norwegian Shipbrokers’ Association’s Memo-
randum 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.

 ERIDANUS TRADER CO. of Liberia 
 hereinafter called the Sellers, have agreed to sell,
and 
 A company to be nominated by BOX SHIPS INC. of Marshall Islands 
 hereinafter called the Buyers, have agreed to buy 
 Name: M.V. “BOX
TRADER” 
 L.O.A 228.62M / BEAM 32.22M / L.B.P. 218.22 M 
 DWT 42,600 MT ON 12.03 M 
 MAIN ENGINE: WARTSILLA SULZER 7RT-FLEX 82c

 TEU CAPACITY: 3,426, HOMOG: 2,418@14T, REEFER PLUGS: 500 
 GEARLESS / CELLULAR 
 Classification Society/Class: G.L. 

 

			
	Built: 2010	  	By: Howaldtwerke–Deutsche Werft Gmbh. Germany HULL No. 419
		
	Flag: Liberia	  	Place of Registration: Monrovia
		
	Call Sign: A8W06	  	GRT/NRT: G.T./N.T. 36,087 / 15,775
		
	Register IMO Number: 9423035	  	

 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. 

1. Purchase price 
 USD
34,617,200.00 cash (United States Dollars Thirty Four Million Six Hundred Seventeen Thousand Two Hundred Only) plus an aggregate of 1,133,300 (One Million One Hundred Thirty Three Thousand Three Hundred) shares of common stock in BOX SHIPS INC.
Incorporated in the Marshall Islands. 
 2. Deposit – There shall be no deposit payable under this agreement. 

As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10% (ten per cent) of the Purchase Price within banking
days from the date of this Agreement This deposit shall be placed and held by them in a joint account for the Sellers and the Buyers, to be released in accordance with joint written instructions of the Sellers and the Buyers. Interest, if any, to be
credited to the Buyers. Any fee charged for holding the said deposit shall be borne equally by the Sellers and the Buyers. 

 3. Payment 
 The said Purchase Price shall be paid in full free of bank charges to the Sellers’ nominated account and bank on delivery of the Vessel with the Sellers providing the Buyers with
the agreed delivery documents as per line 176 of this agreement, but not later than 3 5 (five) 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 and the Vessel’s classification records. The Buyers have also inspected the
Vessel at/in and have accepted the Vessel following this inspection and the sale is outright and definite, subject only to the terms and conditions of this Agreement. 

 

	b)*	The Buyers shall have the right to inspect the Vessel’s classification records and declare whether same are accepted or not within

 The Sellers shall provide for inspection of the Vessel at/in 

The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall
compensate the Sellers for the losses thereby incurred. The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. During the inspection, the Vessel’s dock and engine log books shall be made available for
examination by the Buyers. If the Vessel is accepted after such inspection, the sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided the Sellers receive written notice of acceptance from the
Buyers within 72 hours after completion of such inspection. 
 Should notice of acceptance of the Vessel’s
classification records and of the Vessel not be received by the Sellers as aforesaid, the deposit together with interest earned shall be released immediately to the Buyers, whereafter this Agreement shall be null and void. 

 

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

 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 15, 7, and 3 days
approximate notice and probable port and 2 and 1 days definite notice of delivery and port. of the estimated time of arrival at the intended place of drydocking/underwater inspection/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 within the Vessel’s trading area, safely afloat at a safe and accessible berth or anchorage
at/ Worldwide in Sellers’ option. The vessel shall be delivered with a time charter attached as per clause 17 herein. 

in the Sellers’ option. 
 Expected time of delivery: 01 April to 30 June 2011 
 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 30th June 2011 in Buyers’ option. 
  

	c)	If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling 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 cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling 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 cancelling 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 cancelling date and shall be substituted for the cancelling date stipulated in line 61. 

 If this Agreement is maintained with the new cancelling date all other terms and conditions
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 cancelling date. 
  

	d)	Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to
the Buyers whereafter this Agreement shall be null and void. 

 6. Drydocking/Divers Inspection – See clause 18

  

	a)**	The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater parts below
the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as
to affect the Vessel’s class, such defects shall be made good at the Sellers’ expense to the satisfaction of the Classification Society without condition/recommendation*. 

 

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

 (ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are found
broken, damaged or defective so as to affect the Vessel’s class, then unless repairs can be carried out afloat to the satisfaction of the Classification society, the Sellers shall arrange for the Vessel to be drydocked at their expense for
inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other
underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made good by the Sellers at their expense to the satisfaction of the Classification Society without
condition/recommendation*. In such event the Sellers are to pay also for the cost of the underwater inspection and the Classification Society’s attendance. 
 (iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port
where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5 b). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5 b) which
shall, for the purpose of this Clause, become the new port of delivery. In such event the cancelling date provided for in Clause 5 b) shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum
of 14 running days. 
 If the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above 

(i) the Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of
the Classification surveyor. If such survey is not required by the Classification Society, the Buyers shall have the right to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance
with the Classification Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the
completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to effect the Vessel’s
class, those parts shall be renewed or made good at the Sellers’ expense to the satisfaction of the Classification Society without condition/recommendation*. 

	c)	(ii) the expenses relating to the survey of the tailshaft system shall be borne by the Buyers unless the Classification Society requires such survey to be
carried out, in which case the Sellers shall pay these expenses. The Sellers shall also pay the expenses if the Buyers require the survey and parts of the system are condemned or found defective or broken so as to affect the Vessel’s
class*. 

 (iii) the expenses in connection with putting the Vessel in and taking her out of
drydock, including the drydock dues and the Classification Society’s fees shall be paid by the Sellers if the Classification Society issues any condition/recommendation* as a result of the survey or if it requires survey of the tailshaft
system. In all other cases the Buyers shall pay the aforesaid expenses, dues and fees. 
 (iv) the Buyers’
representative shall have the right to be present in the drydock, but without interfering with the work or decisions of the Classification surveyor. 
 (v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk and expense without interfering with the Sellers’ or the Classifications
surveyor’s work, if any, and without affecting the Vessel’s timely delivery. If, however, the Buyers’ work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional
docking time needed to complete the Buyers’ work shall be for the Buyers’ risk and expense. In the event that the Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work tender Notice or
Readiness for delivery whilst the Vessel is still in drydock and the Buyers shall be obliged to take delivery in accordance with Clause 3, whether the Vessel is in drydock or not and irrespective of Clause 5 b). 

* 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. 
 ** 6a) and 6b) are alternatives; delete whichever is not applicable. In
the absence of deletions, alternative 6 a) to apply. 
 7. Spares/bunkers, etc. – see also clause 19 

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. Forwarding charges, if any, shall be for the Buyer’s account. 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 Broached and Unbroached stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. 

The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles bearing the Seller’s 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 take
over the remaining bunkers and unused lubricating oils in storage tanks and sealed drums and pay the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel. 

Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price. 

8. Documentation. 
 The place of closing:
To be mutually agreed 
 A list of delivery documents to be drawn up and attached to this Agreement as an Addendum no. 1

 In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery documents, namely:

	a)	Legal Bill of Sale in a form recordable in (the country in which the Buyers are to register the Vessel), warranting that the Vessel is free from all
encumbrances, mortgages and maritime liens or any other debts or claims whatsoever, duly notarially attested and legalized by the consul of such country or other competent authority. 

 

	b)	Current Certificate of Ownership issued by the competent authorities of the flag state of the Vessel. 

 

	c)	Confirmation of Class issued within 72 hours prior to delivery. 

 

	d)	Current Certificate issued by the competent authorities stating that the Vessel is free from registered encumbrances. 

 

	e)	Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of deletion appropriate to the Vessel’s registry at the
time of delivery, or, in the event that the registry does not as a matter of practice issue such documentation immediately, a written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith and furnish a Certificate
or other official evidence of deletion to the Buyers promptly and latest within 4 (four) weeks after the Purchase Price has been paid and the Vessel has been delivered. 

 

	f)	Any such additional documents as may reasonably be required by the competent authorities for the purpose of registering the Vessel, provided the Buyers notify
the Sellers of any such documents as soon as possible after the date of 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 the classification certificate(s) as well as all plans, etc., which are on board the Vessel. Other certificates which are on board the Vessel
shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers to have the right to take copies. Other technical documentation which may be in the Sellers’ possession shall be promptly forwarded
to the 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. 
 9. Encumbrances 
 The Sellers warrant that the Vessel, at the time of delivery, is free from
all 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 the Buyers’ flag shall be for the Buyers’ account, whereas
similar charges in connection with the closing of the Sellers’ 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: 
 The vessel will be delivered and taken over with everything belonging to her
in the same condition as at the time of inspection fair wear and tear excepted and with all national, international and trading certificates as well as all other certificates the vessel had at the time of inspection to be clean and valid.

 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 with her class maintained without condition/recommendation*, free of average damage affecting the
Vessel’s class, and with her classification certificates and 

 
national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and unextended without condition/recommendation* by Class or the relevant
authorities at the time of delivery. 
 “inspection” in this Clause 11, shall mean the Buyers’ inspection according to
Clause 4 a) or 4 b), if applicable, or the Buyers’ inspection prior to the signing of this Agreement. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 

 

	*	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 
 Upon redelivery under the Time Charter Party the Buyers undertake to change the name of the Vessel and alter funnel markings. 

13. Buyers’ default 
 Should the
deposit not be paid in accordance with Clause 2, the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest. 

Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to cancel the Agreement, in which case the deposit together
with interest earned shall be released to the Sellers. If the deposit does not cover their loss, 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 cancelling 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. In the event that the
Buyers elect to cancel this Agreement the deposit together with interest earned shall be released to them immediately. 
 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 proven negligence and whether or not the Buyers cancel this Agreement. 
 15. Buyers’ representatives

 After this Agreement has been signed by both parties and the deposit has been lodged, the Buyers have the right to place
two 3 (three) representatives on board the Vessel at their sole risk and expense upon
                     arrival at
                         on or about These representatives are on board for the purpose of familiarisation and in the
capacity of observes only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers’ representatives shall sign the Sellers’ letter of indemnity prior to their embarkation. 

One Buyers Superintendent to be allowed to attend the physical delivery/taking over. 

16. Arbitration 
  

	a)*	 This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of this Agreement shall be referred to
arbitration in London in accordance with the Arbitration Acts 1950 and 1979 or any statutory modification or re-enactment thereof for the time being in force, one arbitrator being appointed by each party. On the receipt by one party of the
nomination in writing of the other party’s arbitrator, 

 
that party shall appoint their arbitrator within fourteen days, failing which the decision of the single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree
they shall appoint an umpire whose decision shall be final. 
  

	b)*	This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Law of the State of New York and should any
dispute arise out of this Agreement, the matter in dispute shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be
final, and for purpose of enforcing any award, this Agreement may be made a rule of the Court. 

The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. New York.

  

	c)*	Any dispute arising out of this Agreement shall be referred to arbitration at
                                         
       , subject to the procedures applicable there. The laws
of                                         shall
govern this Agreement. 

  

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

 Additional clauses 17 to 20 are to be fully incorporated into this agreement. 

Clause 17. Time Charter Employment 
 This sale includes a Time Charter of the Vessel as follows: 
  

	 	•	 	 Charterers: Compania Sud Americana de Vapores S.A. Valparaiso, Chile 

	 	•	 	 C/P Date
19th July 2010 

	 	•	 	 Period: 24 months plus/minus upto 45 days in Charterers option 

	 	•	 	 Hire: USD 20,000.00 (United States Dollars twenty thousand) per day 

	 	•	 	 Commencement of the TimeCharter: 20TH August 2010 at 22:01 GMT

 Clause 18. – Drydocking 
 The vessel will be delivered without drydocking. The Sellers shall issue a letter on the date of delivery confirming that to the best of their knowledge, the vessel has not touched bottom.

 Clause 19. – Bunkers/Lubeoils 
 Buyers to pay extra only for unused lubricating oils in tanks, sealed and unbroached drums at Sellers last supply net prices, as evidenced by Sellers invoices. There shall be no payment for the
Bunkers as they are the property of the Time Charterers. 
 Clause 20. Subjects 

This agreement is subject to Buyers Board of Directors approval declarable no later than 30th April 2011. 

 

					
	 The Buyers
	 		  	The Sellers
			
	 /s/ Tony Smith
	 		  	 /s/ Maria Stefanou

	 Name: Tony Smith
	 		  	Name: Maria Stefanou
	 Date: 19 April 2011
	 		  	Date: 19 April 2011

 Copyright Norwegian Shipbrokers’ Association, Oslo, Norway. 
 Printed and sold by S-Gruppen A/S Halvorsen & Larsen, Oslo, Norway. 
 Fax: 47-22-25 28 69.
Phone: 47-22-25 81 90.

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